The Major Oil Marketers Association of Nigeria, MOMAN has said it is not pondering on resumption of petroleum products importation at the moment because the regulatory environment is not profit driven. The Association also observed that the understanding expressed by the Petroleum Products Pricing Regulatory Agency (PPPRA), of possible downward review of pump price of…
Read MorePlayers in the country’s petroleum sector, especially the downstream, are sceptical investing in local crude refining, owing to poor regulatory framework evident in the delay in non-assent to the Petroleum Industry Governance Bill (PIGB). There are indications that some members of the Major Oil Marketers Association of Nigeria (MOMAN) are willing to venture into crude…
Read MoreThe Nigerian National Petroleum Corporation (NNPC) has sought effective collaboration with members of the African Union of Transportation and Logistics Organization to halt incidents of cross-border leakages of petroleum products. The corporation said smuggling of petroleum products remained a blight in the nation’s fuel supply and distribution matrix. NNPC Group Managing Director, Dr. Maikanti Baru,…
Read MoreNigerian crude oil has been offered at its highest levels in almost a year this week, traders said, citing cheaper freight rates and shorter supply of competing grades such as Libyan crude. Major grades such as Bonny Light and Qua Iboe have been offered as high as $2 a barrel above dated Brent, their strongest…
Read MoreThe Nigerian National Petroleum Corporation in a document on key achievements of the current management of the oil firm says it has blocked leakages in the country’s oil and gas downstream sector valued at $1bn (N307bn at the official exchange rate of N307 to a dollar) per annum. The corporation said the leakages were blocked…
Read MoreNigeria’s state oil firm said on Jan. 18 it had paid $993.7 million up to September in arrears owed to its joint ventures with multinational oil companies by September and still had to make up payments of $3.95 billion. The Nigerian National Petroleum Corp. (NNPC) said it was seeking to raise about $2.3 billion in…
Read MoreEko Refinery and Petrochemical Company has appealed to the Federal Government to support local refiners with sovereign guarantees loans for the completion of their modular refineries. Mr Emmanuel Iheanacho, the Chairman of the Company, made the appeal in Lagos against the backdrop of local refiners’ inability to secure loans to complete their ongoing modular refineries.…
Read MoreThe National Bureau of Statistics (NBS) said the average cost of refilling a five kilogramme (kg) cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased from N2,084.74 in November 2018, to N2,052.79 in December 2018. The bureau disclosed this on its “Liquefied Petroleum Gas (Cooking Gas) Price Watch’’ for December 2018 released on its website on…
Read MorePetrol demand in Nigeria averaged 53 million liters/day in 2018, up about 1.5% from the previous two years, the country’s state fuel import regulatory body said. “Based on PPPRA truck-out figures, the PMS [gasoline] national average supply for 2016 and 2017 was around 50 million liters, while estimated average for the year 2018 was about…
Read MoreThe Nigerian Government has extended the submission date for the first step of the licencing round for uptake of flare gas sites in the country. The submission deadline for Registration and Submission of Statement of Qualification (SOQ) for the Request for Qualification (RfQ), for the Nigerian Gas Flare Commercialization Programme (NGFCP), was Sunday, January 20,…
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