Tag: Petroleum - Page 7 - African News Today

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...

NNPC Begged People to Buy Oil at $9 – Kyari

23Nov

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

NNPC Begged People to Buy Oil at $9 – Kyari

Mallam Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, has said that the firm had to beg buyers in April to purchase the Nigerian crude oil at $9 per barrel. The collapse in demand coupled with the price war between Saudi Arabia and Russia plummeted the global oil benchmark, Brent cruse to as low as $15.98 per barrel in April, its least since 1999. Kyari in an interview with journalists in Abuja on Friday said, “We sold oil at $9 per barrel in April, and practically we begged people to come and take.” According to him, Nigeria reached a production level of 2.49 million per day in April, adding that the target of three million bpd was achievable. He stated that this year had been challenging for the industry and the world economy, adding...

AGAIN, NNPC Hikes Petrol Price, Marketers to Sell at N168-170/litre

13Nov

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

AGAIN, NNPC Hikes Petrol Price, Marketers to Sell at N168-170/litre

The Petroleum Products Marketing Company (PPMC), has announced a rise in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to N155.17 per litre from N147.67 per litre. The PPMC which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC), revealed this in an internal memo dated November 11, 2020. The memo signed by Tijani Ali said that the new ex-depot price would take effect from Friday (today), Punch reports. The ex-depot price is the price at which petrol is sold y the PPMC to marketers at the depots. According to the PPMC, the pump price of PMS is expected to increase to N161.36 per litre from N153.86 per litre. Reacting to the development, Mr Mike Osatuyi, National Operation Controller, Independent Petroleum Marketers Associatio...

Motorists Lament as Petrol Scarcity Rocks Abuja (Photos)

28Oct

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum, Photos

Motorists Lament as Petrol Scarcity Rocks Abuja (Photos)

There has been scarcity of Premium Motor Spirt (PMS) popularly known as petrol in the Federal Capital Territory (FCT), Abuja as long queues were seen at most filling stations in the city, African News Today reports. Motorists in FCT have had to spend several hours in the queue to buy petrol for their cars. The queues started on Tuesday, October 27 across the capital city and its environs. Our correspondent who visited filling stations experienced long queue in most of them while some were totally shutdown. Roadside sellers popularly known as black market sellers were seen by the roadside selling petrol at exorbitant prices while stranded motorists were forced to patronize them. A manager in one of the stations along the Kubwa expressway in an exclusive interview with African Ne...

Buhari Justifies Increase in Petrol Price, Says It Makes No Sense for Oil to be Cheaper in Nigeria than Saudi Arabia

1Oct

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

Buhari Justifies Increase in Petrol Price, Says It Makes No Sense for Oil to be Cheaper in Nigeria than Saudi Arabia

President Muhammadu Buhari has said it makes no sense for Nigeria to sell petroleum products at cheaper prices than its neighbouring countries. He disclosed this on Thursday while presenting a speech to mark the occasion of Nigeria’s 60th Independence Anniversary at the Presidential Villa, Abuja. He said, “We have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue. “Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources. “In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recogn...

We will Implement Agreement Diligently – NNPC Assures Labour After Strike Suspension

28Sep

By Obiajulu Joel NwoluNo Comments

Cost of Living, Economy, Labour, News, Nigeria, Petroleum

We will Implement Agreement Diligently – NNPC Assures Labour After Strike Suspension

Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has pledged commitment to implement agreements reached with organised labour which led to the suspension of planned strike and protest over the increase of electricity tariff and petrol pump price. Kyari said NNPC would diligently implement the agreement reached on Sunday between labour leaders and Federal Government. Recall that the Nigeria Labour Congress (NLC) and the Trade Union Government (TUC) had planned to commence strike action today over the Federal Government’s refusal to reverse the hike in electricity and fuel pump price. Government had removed subsidy of electricity and petrol leading to an increase in electricity tariff from about N30.23 to about N62.33 per kwh, while the pric...

Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo

27Sep

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Petroleum

Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo

Vice President Yemi Osinbajo has said federal government can no longer afford to sustain fuel subsidy with 60 percent reduction in revenue generation. Osinbajo made the remark at a virtual interactive forum in Abuja. According to a statement by the Vice President’s Media aide, Laolu Akande, Osinbajo said the federal government would focus on developing Compressed Natural Gas, popularly known as auto gas, which costs cheaper as an alternative to petrol. Responding to a question on the removal of petrol subsidy, Osinbajo said, “We have experienced a severe downturn in our finances over the years, so at 60 per cent less revenue, we are in a position where sustaining fuel subsidies is practically impossible simply, because we do not have the resources.” The Vice President while spe...

Kogi Govt Mourns Victims of Tanker Explosion

24Sep

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum, Safety, Transportation

Kogi Govt Mourns Victims of Tanker Explosion

Kogi state government has declared a two-day mourning period in commemoration of those who died in the tanker explosion in Felele, along the Lokoja-Abuja highway on Wednesday killing over 25 persons. The victims which included three nursery school pupils, five students of the state-owned polytechnic, and passersby were burnt beyond recognition in the explosion. The explosion was said to have been caused by a head on collision between a fuel-laden tanker and another vehicle. The crash which was caused by a brake failure in the tanker involved five cars, three tricycles and two motorcycles all of which went into flames instantly. Kogi government in a statement by the Commissioner for Information and Communications, Kingsley Fanwo, said full investigations will be carried o...

Nigerian Police Vows to Vehemently Resist Students Planning Protest Against Fuel, Electricity Tariff Hike

13Sep

By Obiajulu Joel Nwolu1 Comment

Armed Forces, News, Nigeria, Petroleum, Youths

Nigerian Police Vows to Vehemently Resist Students Planning Protest Against Fuel, Electricity Tariff Hike

The Nigerian Police force has vowed to “vehemently resist” students planning a massive protest in Ogun State over the recent spike in petrol price and electricity tariffs. This was made known by spokesperson for the Ogun State Police Command, Abimbola Oyeyemi in a communique on Saturday. This comes as the five days ultimatum issued to the federal government by members of the National Association of Nigerian Students, South-West Zone D, to reverse the hike of petrol and electricity tariff is set to expire on Sunday. The students promised to take to the streets across South-West states if government retained the increment. In his reaction, Oyeyemi cautioned the students to shun such action, noting the force would not tolerate any group to hold the entire good people of Ogun state...

If we Truly Deregulated, Shouldn’t Fuel Price Drop? Atiku Queries

8Sep

By Obiajulu Joel NwoluNo Comments

Cost of Living, News, Nigeria, Petroleum

If we Truly Deregulated, Shouldn’t Fuel Price Drop? Atiku Queries

Former Vice President, Atiku Abubakar has questioned the recent increase in the price of Premium Motor Spirit (PMS), credited to the deregulation of the petroleum sector by asking, “if we truly deregulated, shouldn’t fuel price drop?” The Peoples Democratic Party (PDP) presential candidate in the 2019 election expressed his lack of understanding of the rational behind the increase in a tweet posted on his official Twitter handle. He said that as a businessman, he is concerned with the economic perspective of affairs. Atiku made a comparison between the present price of crude and what was obtainable in 2019. He added that fuel prices are far lower now in US and Europe than they were in 2019. His reaction adds to the pool of criticisms that have trailed the increment of petrol p...