OIL

by Musa Ibrahim…………. The Federal Government is no more going to be releasing guiding price bands for the sale of petrol at filling stations; hence, oil marketers are now free to fix prices. On March 19, 2020, the government, through the Petroleum Products Pricing Regulatory Agency, commenced what it called a petrol pricing regime, whereby it releases bands showing upper ...

by James Ikenna……….. …..,NOSDRA admits error in the report… The Shell Petroleum Development Company of Nigeria Limited (SPDC) has dismissed a report by National Oil Spill Detection and Response Agency (NOSDRA) that it spilled 45,000 barrels of oil at it’s facility in Nun River, Angiama area of Bayelsa State. In a statement obtained by Vanguard, SPDC’s Media Relations Manager, Bamidele ...

The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) seeks full deregulation of the downstream sector, saying it will enhance national economic growth. In March this year, the government introduced a price modulation policy where international product prices and associated landing costs in Nigeria are used as input in the determination of final pricing in the local market through ...

Independent oil marketers have decried their inability to access foreign exchange to import petroleum products since the Advent of covid-19 pandemic early this year. The independent oil dealers stated that this is not further helped since the government announced the Deregulation of the downstream oil sector and that it is only the Nigerian National Petroleum Corporation (NNPC) that had remained ...

The  Major Oil Marketers Association of Nigeria (MOMAN) said on Friday that the deregulation of the sale of Premium Motor Spirit (PMS), also known as petrol, would be beneficial to Nigeria and Nigerians in the long run. Chairman of the association, Mr Tunji Oyebanji, said in a reaction to the outcry over the latest increment of the ex-depot price of ...

by Ben Ndubuwa………….. Hyde Energy Limited, a global petroleum trading company has unveiled its brand of automotive lubricant products and is expanding it’s portfolio with the downstream network in Nigeria. The unveiling of the products was made during their Stakeholders’ Forum which took place recently in Lagos as the company sets to solidify it’s efforts towards making an influencial footprint ...

The federal government says the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA) will be merged. Timipre Sylva, Minister of State for Petroleum Resources, said this while briefing newsmen on Thursday. He noted that the oil sector regulatory agencies will become one as contained in the new Petroleum Industry Bill (PIB). “PEF and PPPRA will emerge as ...

The Nigerian National Petroleum Corporation (NNPC) has obtained a prepayment funding of circa US$1b to support the upstream operations of its subsidiary, Nigerian Petroleum Development Company (NPDC). The crude oil prepayment has enabled NNPC to pay NPDC’s Tax obligations to the Federal Government of Nigeria, of circa US$700M with the balance utilised to fund NPDC’s capital and operating expenditures. The ...

The Department of Petroleum Resources (DPR) has generated a total sum of N673.7 billion in the first half of this year. The Director of DPR, Mr Auwalu Sarki, disclosed this during the visit of the Federation Allocation Accounts Committee (FAAC) Post-mortem Sub-Committee to the department on Wednesday. The FAAC delegation was led by the Chairman of the committee, Mr Kabir ...

The ex-depot price of Premium Motor Spirit (PMS) otherwise know as petrol hits N151.56 per litre as against N143.50 in July and N148.50 per litre in August last month. As a result marketers have fixed pump price to be N162 per litre with a N10 margin to care of operational cost. The Federal Government on Wednesday announced increment in the ...