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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 Jenifer Dike…………… Akwa Ibom Oil Producing Community Development Network (AKIPCON) has kicked against ExxonMobil inability to contain the negative impact of gas flaring from its facilities on the social and economic lives of the people, demanding the immediate payment of compensations to the affected communities. President General of AKIPCON, Ufot Phenson, while interacting with newsmen in Uyo noted that ...

As efforts to reforming Nigeria’s oil and gas sector through passage of the Petroleum Industry Bill (PIB) remains on the front burner, industry experts have continued to weigh in on the provisions that will make the bill a good one, capable of producing desired objectives. Experts posit that a key element of the bill is the Fiscal provisions that takes ...

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 ...

…… Threatens Legal Action Against Online Publication…….. The Nigerian National Petroleum Corporation (NNPC) has dismissed, in its entirety, the allegation that the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project was inflated to the tune of $1.527billion, describing the accusation by an online medium against the National Oil Company as false, baseless and unfounded. A release today in Abuja by the Corporation’s Group ...

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 ...

The Nigerian National Petroleum Corporation (NNPC) in partnerships with Shell Nigeria Exploration and Production Company Limited (SNEPCo) have donated a medical centre, with doctors’ quarters, alternative power system, water treatment plant and a medical ambulance with other equipments to the government and people of Ogun State in Ogijo community in Sagamu local government of the State. The people and leaders ...

The Nigerian Maritime Administration and Safety Agency (NIMASA) is set to revived efforts to change the Terms of Trade for the affreightment of Nigerian crude oil from Free on Board (FOB) to Cost Insurance and Freight (CIF). Director-General of NIMASA, Dr. Bashir Jamoh, disclosed this in Lagos, when he received a delegation from the Nigerian National Petroleum Corporation (NNPC) led ...

For the 2020 half-year performance, Fidelity Bank Plc recorded Profit Before Tax of N12.0bn from N9.8bn in 2019, which translated to a 22% growth. According to the Bank, net profits grew by 33% from N8.5bn to N11.3bn in the reporting period. In other indices, total assets rose by 13.7% from N2.1trillion in 2019 to N2.4trillion this year whilst Total Deposits ...

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 ...