Nigerian oil output down 40% on Delta pipeline attacks

Nigeria has moved in army reinforcements to hunt the militants but British Foreign Minister Philip Hammond on Saturday said the government needed to the deal with the root causes of the conflict because a military confrontation could end in “disaster”. Kachikwu echoed these sentiments when he told parliamentarians experience had shown that force alone tends Read more

Oil prices rise on Nigerian outages, Goldman forecast

Oil prices jumped over 2 percent on Monday to their highest since October 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit. Brent crude futures were trading at $48.71 per barrel at 0836 GMT, up 88 Read more

NUPENG, PENGASSAN Support Hike

The National Union of Petroleum and Natural Gas workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday threw their weight of support behind the federal government, saying they support the price modulation mechanism it adopted to arrive at the new N145 per litre pump price for fuel, popularly. In Read more

FG To Commence Bidding Round For Bitumen – Fayemi

Minister of solid minerals development, Dr Kayode Fayemi Fayemi, disclosed this during a working visit to bitumen bearing communities in Agbabu area, Ondo State on Thursday and Friday, adding that the bidding round for licence would be for serious investors with proven work and financial plans. In a statement made available to  LEADERSHIP yesterday, the Read more

NNPC Filling station sealed for diverting petrol

The Department of Petroleum Resources (DPR) has sealed the NNPC filling station in Akamkpa Local Government Area of Cross River for allegedly diverting fuel to Cameroon. Mr Bassey Nkanga, the Operation Controller of DPR for Akwa Ibom and Cross River, said on Thursday that an NNPC truck conveying 40,000 litres was intercepted by DPR personnel Read more

Nigeria to Track Trucks as Fuel Stolen During Shortages

Nigeria’s government is planning to plant tracking devices on trucks as nearly a third of the country’s fuel supply is being stolen in the midst of crippling shortages in Africa’s largest oil producer. About 30 percent of Nigeria’s refined fuel is being “diverted” and often smuggled into neighboring countries, Emmanuel Kachikwu, state minister for petroleum Read more

Kenya reduces petrol price for sixth time in a row

Motorists in Kenya are heaving a sigh of relief following further reduction in the price of petrol. The Energy Regulation Commission (ERC) on Thursday announced a reduction of the price per liter by Sh4.7 leaving it at Sh80.71. CCTV Africa reports that the cut was the sixth drop in a row in the montly price Read more

Nigeria loses 137.9bn monthly on shipment of crude oil

The president, Nigeria Indigenous Ship Owners Association (NISA), Aminu Umar, said the nation was losing 700 million dollars monthly (N137.9 billion) to dominance of crude oil shipment by foreign shipowners. Umar made the disclosure in an interview with NAN on Thursday in Lagos on the sideline of the Annual General Meeting of the association. He Read more

FG pays subsidy on PMS

The Federal Government have started paying  subsidy on petrol as it subsidised the commodity by N5.84 for every litre. It also announced that the current official pump prices of petrol would remain at N86 per litre when purchased at filling stations run by the Nigerian National Petroleum Corporation and N86.5 per litre when sold at Read more

Nigeria: Petrol May Sell for N88 Per Litre From Today

Amid the lingering fuel crisis in the country, there were indications yesterday from the Petroleum Products Pricing Regulatory Agency (PPPRA) that the product may be sold for N88 per litre at the Nigerian National Petroleum Corporation (NNPC) stations and N88.50 in other stations starting from today. Until this new template, the NNPC’s official price for Read more