The Natural Oil and Gas Suppliers’ Association of Nigeria (NOGASA) has raised alarm over the incessant increase in the price of Automotive Gas Oil (AGO) called diesel.
The National President of NOGASA, Mr. Benneth Korie, in a statement on Tuesday, said that the rapid increase in diesel prices has made it difficult for suppliers to access products and loans from commercial banks for doing their business.… Read the rest
There are indications that pressures are mounting on the pump price of petrol as the landing cost has risen by 19.3 per cent to N596.93 per litre as of yesterday, from about N500 per litre in July 2023, when the last pump price adjustment was effected across all retail outlets in Nigeria.
Petroleum marketers attributed the development to the continued rise in crude oil prices in the international market as well as exchange rate volatility in Nigeria’s foreign exchange market which was N970 to the dollar yesterday.… Read the rest
The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) on Tuesday expressed concern over the incessant increases in the price of diesel in the market.
Benneth Korie, NOGASA president in a statement on Tuesday said the rapid increase in diesel prices has made it difficult for suppliers to access products and loans from commercial banks for doing their business.… Read the rest
The Dangote Petroleum Refinery is currently importing crude oil and expects its first crude cargo in two weeks’ time, the Executive Director, Dangote Group, Devakumar Edwin, has revealed.
Although the Nigerian National Petroleum Company Limited trades crude oil on behalf of Nigeria, Edwin in an interview with S&P Global Commodity Insights on Monday, said the NNPCL had committed its crude to other entities.… Read the rest
Following the recent increase in crude oil price to $94 and fears that Premium Motor Spirit (PMS) might cost more, marketers have dismissed the apprehension.
According to them, there has been no announcement by the Nigerian National Petroleum Company Limited (NNPCL) in that respect.
Marketers had explained that the price of crude oil and the exchange rate account for over 80 percent of the cost of petrol.… Read the rest
Gas retailers are sounding the alarm, warning that the price of a 12.5kg cooking gas cylinder could surge to N18,000 by December if the Federal Government does not intervene to regulate the actions of terminal owners.
Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, raised these concerns about the soaring cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas.… Read the rest
The Nigeria Extractive Industries Transparency Initiative (NEITI) said on Monday that the oil and gas industry generated over $23billion in 2021.
The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji said this while presenting highlights on the 2021 Oil and Gas report unveiled in Abuja.
According to Orji, the revenue sources included sales of federation crude oil and gas, taxes, royalties, concession rental, gas flare penalty, bonus and license fees, as well as transportation fees.… Read the rest
The Nigerian National Petroleum Company Limited, on Sunday, announced the appointments of three new Executive Vice Presidents.
NNPCL appointed Oritsemeyiwa Eyesan as the new Executive Vice President, of Upstream; Olalekan Ogunleye as Executive Vice President, of Gas, Power, and New Energy; and Adedapo Segunas as the Executive Vice President, of Downstream.
The announcement, which was posted on the company’s X (formerly Twitter) handle early Sunday, stated that the appointment of the new EVPs was with immediate effect.… Read the rest
Nigeria and other global energy leaders will today converge at the 24th edition of the World Petroleum Congress in Calgary, Canada to deepen talks on sustainable energy transition.
Group Chief Executive Officer of Nigerian National Petroleum Company(NNPCL), Mr. Mele Kyari, is expected to be on a panel session at the global energy event to be supported by the Commission Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission(NUPRC), Mr.Gbenga… Read the rest
The Nigerian National Petroleum Company Limited (NNPCL) on Saturday announced it has signed a gas supply agreement with Indorama Eleme Petrochemicals Limited.
According to NNPCL, the signing of the agreement was in a bid to promote the use of natural gas by large-scale gas utilization industries.
“NNPC Ltd. and Indorama Eleme Petrochemicals Ltd., have signed a Memorandum of Understanding (MOU) to explore and develop suitable opportunities within the remits of both parties’ interests across the hydrocarbon value chain in Nigeria,” the oil firm said in a statement signed by Garba Deen Muhammad, the company’s chief corporate communications officer on Saturday.… Read the rest