Explosion at an illegal fuel depot in Cotonou, the Republic of Benin, has killed 34 people.

A government official confirmed the incident to newsmen today, Saturday.

The government official said no fewer than 34 people were killed when a contraband fuel dump burst into flames in southern Benin near the border with Nigeria.

“A serious fire occurred in the town of Seme Podji,” Interior Minister, Alassane Seidou told reporters.… Read the rest

The Special Adviser to the President on Energy, Mrs. Olu Verheijen, in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has wrapped up a series of strategic engagements with fifteen (15) leading international and independent Oil and Gas Companies operating in Nigeria. These sessions, held in Lagos and Abuja, were carefully chosen after a detailed review process by NUPRC and the Office of the Special Adviser to the President on Energy and included Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, First E&P, among others.… Read the rest

The retail price of diesel is expected to surge to N1500 per litre in the coming days amid naira depreciation and rising global oil prices, BusinessDay findings have shown.

“With the geopolitics in the global oil sector and Nigeria’s foreign exchange crisis, the price of diesel will top N1500,” a top official of one of the oil marketers with the pseudonym, Abigail Rice, told BusinessDay on Friday.… Read the rest

Madaki Ameh, the managing partner at BBH Consulting, has said that reducing unit operating expenses (OPEX) per barrel when getting oil from the ground in Nigeria, will reduce fuel pump prices.

He said this during a September 21 interview via Arise News when addressing the issue of the return of fuel subsidy payments.  

During the interview, he said the subsidy payments in the country were once defended as being necessary to cushion the vagaries of the international market.… Read the rest

Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies, according to Olu Verheijen, the Special Adviser on Energy to Nigeria’s President Bola Tinubu.

Verheijen and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have recently met with representatives of 15 oil and gas companies operating in Nigeria and have secured their commitment to invest in Nigerian oil and gas, the adviser said in a statement on Friday sent to the Nairametrics outlet in Nigeria.… Read the rest

The Federal Government may spend about N1.68tn as subsidy on Premium Motor Spirit, popularly called petrol, from September to December this year, an analysis of data provided by oil marketers and the sector has shown.

PMS dealers stated on Thursday that the pump price of petrol should be between N890 to N900/litre based on the fall of the naira against the United States dollar and the surge in the price of crude in the international market.… Read the rest

Goldman Sachs raised on Wednesday its 12-month ahead forecast for Brent Crude oil prices to $100 per barrel from $93 previously expected on stronger inventory draws with the extended OPEC+ cuts and global demand growth. But this trigger economic challenges for Nigeria.

“We have nudged up our 12-month ahead Brent forecast from $93 a barrel to $100 a barrel as we now expect modestly sharper inventory draws,” analysts at Goldman Sachs wrote in a note on Wednesday, as seen by Reuters.… Read the rest

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