OIL & GAS

Major and independent petroleum product marketers in Lagos State have shut down their dispensing outlets over speculation of possible hike in pump price of Premium Motor Spirit (PMS), commonly called petrol. Our correspondent reports that most filling stations have shut down while few…

Oil marketers, on Sunday, indicated that the cost of Premium Motor Spirit, popularly called petrol, would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market. They also…

The Nigerian National Petroleum Company Limited (NNPC) has finally spud Ebenyi-A well in Nasarawa State, four months after it officially made the announcement. Besides, the company is also frantically working to spud the Wadi-B in Borno state, tentatively by the second week of…

Nigeria’s fuel subsidy removal is affecting refineries far away in Europe and threatening to squeeze European refiners, Reuters reports. The average monthly West African (WAF) gasoline imports fell by 56 per cent in the second quarter compared with the first, according to Refinitiv…

The Nigerian National Petroleum Company Limited (NNPCL) has said the country recorded 240 incidents of crude oil thefts between July 15 and July 21, 2023. The company stated this on Tuesday via its official Twitter account. According to the NNPCL, the war against crude…

Goldman Sachs yesterday predicted that an ‘all-time high’ demand in oil markets leading to a sizeable deficit was in the offing, projecting that Brent crude will rise from above the over $80 per barrel now to $86 per barrel by year end. The…

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said Nigeria’s daily petrol consumption has fallen from 65 million litres per day to 46.38 million litres per day following the removal of fuel subsidy by the Federal Government. The Chief Executive, NMDPRA, Ahmed…

The Federal Government has said that there are over 9,000 licensed filling stations across Nigeria that are fit for the co-location of facilities that dispense autogas fuel. This was contained in a communique issued by the Nigerian Institute of Transport Technology at the…