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Naira Dips to 410/$ at Official Market – Emefiele

27Feb

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Petroleum

Naira Dips to 410/$ at Official Market – Emefiele

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria has said that the naira has suffered a dip in value to 410 against the dollar at the official market. The apex bank boss disclosed this while speaking at a summit on the economy by Bank CEOs on Friday. He said the depreciation was occasioned by the drop in crude oil revenue and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. Emefiele said, “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.” Reports suggest the naira exchanged for 478/$ at the parallel market on Friday. Speaking on the state of the economy, the Vice President, Prof. Yemi Os...

Atiku Supports Privatisation of Refineries, Other Govt Assets

21Feb

By Obiajulu Joel NwoluNo Comments

Finance, Infrastructure, News, Nigeria, Petroleum, Power

Atiku Supports Privatisation of Refineries, Other Govt Assets

Atiku Abubakar, former Vice President of Nigeria has lent his voice to the Federal Government’s plan to privatise some of its assets. Among the assets to be privatised are the country’s refineries, the International Conference Centre in Abuja, Yola Electricity Distribution Company, Zungeru Hydro Power, Tafawa Belewa Square, among others. It is expected that around N493.4bn will be generated from the sale of the assets which were classified under energy assets, industries and communication department, as well as development institutions and natural resources. The presidential candidate of the Peoples Democratic Party (PDP) in the 2015 presidential election disclosed this in a statement ‘Privatisation of Refineries and Other Assets: Better Late Than Never.’ He urged the Federal G...

17Feb

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

Marketers Hike Petrol to N170

Fuel marketers have commenced increasing their petrol pump prices amid the supply shortfall facing private depots in Apapa, Lagos State. Filling stations in Lagos and Ogun states increased the pump price of petrol to N170 per litre on Tuesday from N162 per litre, Punch reports. Among the stations were Capital Oil and Gas, Fatgbems and Amo Oil, all along the Lagos-Ibadan Expressway. Another station, Enyo Retail, adjusted its pump price to N165 per litre from N162. Speaking on the increment, Mr Mike Osatuyi, the National Operation Controller, Independent Petroleum Marketers Association of Nigeria, said that the members of the association were forced to increase the pump price because they bought the product at N160-N161 from depot owners. On Thursday last week, it was reported th...

PDP Cautions Buhari against Fuel Price Hike

14Feb

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

PDP Cautions Buhari against Fuel Price Hike

The main opposition party, the People’s Democratic Party (PDP) has warned President Muhammadu Buhari administration against the further increase of fuel price. According to the opposition party, the APC administration is undertaking discussions and consultations aimed at the upward review of fuel price in Nigeria from N170 to a higher figure. This was contained in a statement by the PDP titled, ‘Don’t Ever Contemplate Another Fuel Price Increase, PDP Tells APC Administration.’ The PDP asked the APC administration to perish such thoughts. The statement partly read, “Our party cautions the APC to immediately perish such contemplations as it would amount to pushing the already impoverished Nigerians to the wall; a situation that might result in public restiveness and acercabation ...

TUC Tackles Sylva Over Impending Fuel Price Hike

10Feb

By Obiajulu Joel NwoluNo Comments

Cost of Living, Economy, News, Nigeria, Petroleum

TUC Tackles Sylva Over Impending Fuel Price Hike

The Trade Union Congress, TUC, has faulted the Minister of State for Petroleum Resources, Chief Timipre Sylva, over his comment that Nigerians should get ready for the pain associated with the increase in crude oil price. The Manufacturers’ Association of Nigeria, the Lagos Chamber of Commerce and Industry and other critical stakeholders also urged the Federal Government to use rising revenue from crude oil to tackle poverty and drive an all-inclusive growth. They said this in separate interviews with The Punch on Tuesday while reacting to a statement by Sylva, who earlier alerted Nigerians to expect benefits and pain from the rising price of crude oil in the world market. Nigeria’s dependence on crude oi for about 50 per cent of government revenues and over 90 per cent of export ...

Algeria Crude Oil Output Slumped in 2020

18Jan

By Obiajulu Joel NwoluNo Comments

Algeria, Economy, Finance, News, Petroleum

Algeria Crude Oil Output Slumped in 2020

Algeria’s oil revenue tumbled in 2020, worsening an economic crisis in the North African country which is highly dependent on crude income, according to data released by the Energy ministry on Sunday. The COVID-19 pandemic had taken a toll on oil prices, ravaging the economies of producer nations. “The overall volume of hydrocarbon exports reached 82.2 million tonnes of oil equivalent in 2020, for a value of $20 billion, a decrease of 11 percent and 40 percent respectively compared to 2019,” the ministry said in a statement cited by state news agency APS. The energy ministry said oil income to Algeria’s treasury was down 31 percent year-on-year. The International Monetary Fund forecasts that Algeria, Africa’s fourth-largest economy, will see a 5.2 percent recession in 2020, alo...

8Dec

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

FG Reduces Petrol Price by N5 Per Litre

The federal government has announced a N5 reduction in the price of Premium Motor Spirit, popularly known as petrol, bringing the pump price down to N162.44 per litre. The new price which FG said will take effect from December 14, 2020, came after negotiations with the organised labour. Senator Chris Ngige, Minister of Labour and Employment while addressing newsmen after the meeting with labour leaders disclosed that the meeting had a positive outcome. He said, “Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC), which is the major importer and marketers of petroleum product, and customers have agreed that there will be a slide down of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect...

Autogas, Modular Refinery: PMB Making Conquests Steadily, Surely – Femi Adesina

4Dec

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

Autogas, Modular Refinery: PMB Making Conquests Steadily, Surely – Femi Adesina

Diverse developments in our country often bring to mind lyrics of the song ‘God Moves in a Mysterious Way,’ by William Cowper. The lines go thus: “Behind a frowning providence, He hides a smiling face. His purposes will ripen fast, unfolding every hour.” If we are not discerning enough, the tendency is quite strong to think that all that is happening in Nigeria is evil, evil and more evil. Killings by insurgents, bandits, and assassins. Violent protests leading to loss of lives and wanton destruction. Kidnappings for ransom. Mayhems and murders. Sorrow, tears and blood (dem regular trademark, as Fela Anikulapo-Kuti sang). Yes, all these negative things happen, and you would think all that God does now is to frown at us as Nigerians. He frowns, quite alright, but “behind a frowning pr...

The Essential Buhari: NNPC GMD’s testimony – Femi Adesina

27Nov

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

The Essential Buhari: NNPC GMD’s testimony – Femi Adesina

On Friday last week, Mallam Mele Kolo Kyari, Group Managing Director of Nigeria National Petroleum Corporation (NNPC), held an engagement with energy editors across diverse media platforms. Yours truly was invited. I currently serve as media adviser to President Muhammadu Buhari, but I remain essentially a newspaperman. There’s nothing I love better. And when done in government, the media still beckons, by the grace of God. So I felt quite at home at the NNPC event, which was designed to update the media on current developments in the petroleum industry. When a General Officer Commanding (GOC) moves, the brigade commanders and all other brass hats move too. At that outing with the GMD were the managing directors of subsidiaries, group general managers, and Who is Who in NNPC. The inf...

Oil Prices Hit 8-month Peak Amid Vaccine Hopes

25Nov

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

Oil Prices Hit 8-month Peak Amid Vaccine Hopes

Global oil prices on Tuesday rose to the highest level since March, spiking above $47 per barrel (pb) amid hopes for a COVID-19 vaccine dispatch within weeks revived hopes for more fuel consumption. The international oil benchmark, Brent crude, gained more than 3 percent to climb to $47.82 pb, The Cable reports. WTI Crude last traded at $45 per barrel eight months ago, just before Saudi Arabia and Russia failed to reach an agreement on oil supply in the pandemic which led to an oil price war that resulted in price collapse along with low demand. The spike in oil prices has accompanied a slew of positive updates from pharmaceutical companies on their progress towards developing a COVID-19 vaccine. The University of Exford and AstraZeneca on Monday said that provisional trial dat...