OIL

Prof. Wunmi Iledate, Professor Emeritus Omowumi Iledare, the Ghana National Petroleum Commission (GNPC) Chair of the University of Cape Coast (UCC), has said. NNPL recently released pricing framework, which looks to me like a dominant firm market behaviour. It is basically anticompetitive that is derived from a monopoly import market structure for PMS.. ” NNPCL is basically setting the price ...

The Nigerian National Petroleum Company Limited (NNPCL) said it has reviewed upward the pump prices of petrol (PMS).The NNPCL has also put price template for its retail outlets nationwide. In some outlets prices went up by over 200 per cent bringing the price of fuel to between N488 and N557 per litre, The NNPCL management sent out the new price ...

The Nigeria Extractive Industries Transparency Initiative (NEITI) has lauded the political will and sincerity of purpose demonstrated by President Bola Tinubu in removing fuel subsidy. A statement from NEITI House, Abuja on Tuesday, described the move as a positive move by the administration to decisively implement the findings and recommendations contained in the NEITI reports. The statement, signed by Mrs ...

…….by Ben Ndubuwa…….The Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) applaud and endorse the pronouncement by President Bola Ahmed Tinubu, GCFR, on the phase-out of the petrol subsidy regime. Both industry players said they appreciate the clarity of policy from the Tinubu administration, a direction that signals a courageous and pragmatic ...

The European Union is considering formally banning Russian crude flows via the Druzhba pipeline to Germany and Poland, which have already stopped importing Russia’s crude, Bloomberg reported on Friday, citing documents it has seen. The Druzhba pipeline is a key artery of oil supply from Russia to Europe. It has two branches – a northern one via Belarus to deliver ...

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Osun State has sealed 75 filling stations for operating without valid licences and other infractions. The NMDPRA State Coordinator, Mr Kunle Adeyemo, stated yesterday in Osogbo, the Osun State capital. The coordinator said the filling stations were sealed during a surveillance of the agency last month. Adeyemo said during the ...

Global oil prices have consistently lost momentum, as both Brent and West Texas Intermediate (WTI) crude oil fell as low as $72 per barrel and $68.78/b, respectively as at 1 pm on Thursday, May 4, 2023, due to economic fears in the U.S. and weak manufacturing data in China. Brent price (Nigeria Bonny’s benchmark) declined from $87.33 in April 12 ...

Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami, has dismissed allegations of loss of $2.4 billion on sale of 48 million barrels of crude oil in China as baseless. Malami stated this, yesterday, when he appeared before the House of Representatives Ad-hoc Committee investigating alleged sale of 48 million barrels of crude oil amounting to over ...

……continues consultation with Stakeholders and preparation for final removal…….. The National Economic Council (NEC) has put on hold the planned removal of subsidy on Premium Motor Spirit (PMS) otherwise known as petrol by the end of President Muhammadu Buhari’s administration. The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed disclosed, this while briefing State House correspondents at the ...

…….by Ben Ndubuwa…….. The Federal government and major industry players now close ranks to ensure a successful removal of fuel subsidy. This is because there are strong indications that the government is now putting in place a clear road map and plans as advocated by Major Oil Marketers Association (MOMAN) and other industry stakeholders to ensure that the June 2023 ...