OIL

Protesters, mainly youths, on Thursday blocked the Lagos Benin Expressway at Oluku Junction to express their grievance about the rise in fuel prices and the scarcity of the product. Commuters, who were on their way to Lagos and those hoping to do business in the area, were stranded for long hours. The transporters also lamented the blockade, while also expressing ...

The Major Oil Marketers Association of Nigeria (MOMAN) has said that it sympathizes with Nigerians over the current challenges they face in the purchase of Premium Motor Spirit (PMS) known as petrol at the various filling stations nationwide. However, MOMAN reiterated that a final resolution to these challenges will be the full deregulation of the petroleumdownstream sector to encourage liberalization ...

There are strong indications that some independent petroleum products marketers are now making brisk businesses with the current scarcity of Premium Motor Spirit (PMS) known as Petrol as they now prefer to smuggle the product across Nigerian borders making N6 Million margin for each truck load of Petrol. Financial Energy Review learnt that the independent marketers who source their product ...

The prices of Premium Motor Spirit (PMS) popular called petrol soars as high as N400 per litre in Lagos and some other Nigerian cities. However, it is not clear if subsidy has been gradually or systematically removed since marketers complained of not getting supply at stipulated price. The government is paying over N1 trillion subsidy, starting from this January to ...

Queues at filling stations across the country may continue for a longer time as the Nigeria National Petroleum Company Limited (NNPCL) is yet to begin direct supply of Premium Motor Spirit (PMS) otherwise known as petrol, to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN). It would be recalled that at the peak of negotiations involving the NNPCL, ...

The Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has said that Nigeria will target a 20 Percent Increase in Crude oil Production and the extra will not be for Export. According to Kyari though the nation plans to hit a production target of 1.8 million barrels per day in 2023, but not all will ...

As fuel crisis bites harder the aviation fuel prices is skyrocketing, making Nigerians paid as much as 97 per cent more to fly locally, while the fare paid by citizens for bus transport increased by as much as 45 per cent between November 2021 and November 2022. Data obtained from the latest report by the National Bureau of Statistics (NBS) ...

The Nigerian Content Development and Monitoring Board (NCDMB) says Bank of Industry (BoI), its fund manager, has so far disbursed 293.3 million dollars and N32.8 billion to 61 firms under its Nigerian Content Intervention Fund (NCIF). The General Manager, NCIF and Treasury, Mr Obinna Ofili, said this at the Nigerian Content Capapcity Building workshop for media stakeholders in Lagos on ...

The Federal Government and operators in the downstream oil sector are all culpable for the nationwide prolonged scarcity of the premium motor spirit, popularly called petrol, the Petroleum and Natural Gas Senior Staff Association of Nigeria has said. Oil sector operators in the downstream include: the Nigerian National Petroleum Company Limited, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as ...

The Nigeria Extractive Industries Transparency Initiative, NEITI, has backed the decision of the Federal Government to set up Special Investigative Panel on Oil Theft and Losses. This is occasioned by it’s claim that the country has lost 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion in twelve years from (2009 to 2020). NEITI in a ...