Fuel marketers yesterday closed their filling stations and declined to sell Premium Motor Spirit (PMS), which the federal government on Tuesday reduced the pump price from N125 to N123 per litre, the second slash within a month. The operators, who are mostly members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) , said that…
Read MoreThe collapse of crude oil prices and the oversupply of the commodity in the global market amid shrinking demand may force some producers in Nigeria to shut down their oilfields, ’FEMI ASU reports Given the high cost of producing a barrel of crude oil in Nigeria, the current market turmoil caused by the coronavirus pandemic…
Read More– The Organization of the Petroleum Exporting Countries (OPEC) said on Thursday its daily basket oil price fell to $16.87 a barrel on April 1, down from $22.61 the previous day. The basket includes Algeria’s Saharan Blend, Angola’s Girassol, Congo’s Djeno, Equatorial Guinea’s Zafiro, Gabon’s Rabi Light and Iran Heavy. Iraq’s Basra Light, Kuwait Export,…
Read MoreThe Department of Petroleum Resources has directed oil and gas firms to reduce the number of workers at project sites as part of measures to curb the spread of coronavirus. The DPR, in its latest circular to operators in the nation’s oil and gas industry, described the current situation as a force majeure. The force…
Read MoreThe Independent Petroleum Marketers Association (IPMAN) yesterday said its members would not comply with the new N123.50k per litre price of petrol until they exhausted their old stock. The Federal Government had, through the Petroleum Products Pricing Regulatory Agency (PPPRA), announced a further reduction of the pump price of petrol from N125 to N123.50k per…
Read MoreIn a related development, the DPR on Tuesday began the enforcement of sales and distribution of petroleum products at filling stations, particularly in states where the Federal Government declared a two-week lockdown. It was gathered that the oil sector regulator dispatched more enforcement teams to filling stations in Abuja, Lagos and Ogun states and the…
Read MoreAfrica Oil Corp, said that it has received its second dividend from Prime Oil and Gas a company that holds interests in deepwater Nigeria production and development assets. Prime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50 per cent interest. This payment brings…
Read MoreThe Nigerian National Petroleum Corporation (NNPC) has called on security agencies to allow petroleum products tanker drivers free movement, despite the lockdown ordered in some parts of the country. The Corporation made the appeal in a statement signed by its spokesman, Dr Jennie Obatero, in Abuja, on Tuesday. President Muhammadu Buhari, on March 29, in…
Read MoreThe Petroleum Products Pricing Regulatory Agency (PPPRA) has announced further reduction of the pump price of Premium Motor Spirit (PMS) also known as petrol from N125 to N123.50k per litre. The agency made the announcement in a statement signed by its Executive Secretary, Abdulkadir Saidu, in Abuja on Tuesday night. “PPPRA in line with the…
Read MoreFollowing the reduction of the pump price of petroleum products from N125 to N123.50 per litre, the Kano State branch of the Independent Petroleum Marketers Association (IPMAN) has directed its members to sell the product at N125 per litre until their old stock is exhausted. The Petroleum Products Pricing Regulatory Agency (PPPRA) had on Tuesday…
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