The Minister of State for Petroleum Resources, Chief Timipre Sylva says Nigeria will take positions that will favour its economic forecast at the up coming OPEC+meeting . Sylva gave the assurance in a statement he signed in Abuja, on Monday. “As Minister of State for Petroleum, I will continue to monitor the impact of COVID-19…
Major and Independent petroleum marketers in Abia have yet to adjust to the new pump price of Premium Motor Spirit, otherwise called petrol, in line with the Federal Government’s directive. The Federal government had last Tuesday announced a new pump price of N123.5 per liter from N125 per liter. However, barely one week after the…
…Market Fundamentals to Determine Petrol Price As part of its contribution to build a robust healthcare for Nigeria, the Oil and Gas Industry has expressed its readiness to embark on the construction of, at least, two hospitals and a world class diagnostics center in each of the geopolitical zones in the Country, in addition to…
The global chemical sector should prepare for an extended downturn along with lower-for-longer oil prices, both of which will have big implications for profitability and investments. “It’s very possible that Q3 could have negative GDP as well [as Q2], and then the question is how big is the bounce back towards the end of the…
Nigerian National Petroleum Corporation has confirmed that the sale of its white products between December 2018 and December 2019 by its subsidiary, the Petroleum Products Marketing Company (PPMC) amounted to 21.861 billion litres, with petrol accounting for 98.41%. Since the disengagement of private importers of petroleum products into Nigeria, the NNPC has been the sole…
The Nigerian National Petroleum Corporation (NNPC) has dismissed insinuation of mass outbreak of Corona virus infection in a facility managed by the national oil company. This followed the reported COVID-19 infected individual at an apartment in the facility in Garki, Abuja last weekend. Explaining the circumstances of the incidence, the national oil company said it…
The spread of the coronavirus pandemic has disrupted the local assembly of meters for supply to electricity customers under the Meter Asset Provider Regulations, the Nigerian Electricity Regulatory Commission has said. NERC had on March 8, 2018 approved the MAP regulations, aimed at fast-tracking the closure of the metering gap in the sector through the…
The Organisation of Petroleum Exporting Countries (OPEC) has delayed a meeting aimed at ending the oil price war, as Riyadh and Moscow trade barbs about who’s to blame for the collapse in oil prices. The alliance is tentatively aiming to hold the virtual gathering on April 9 instead of today, as it previously intended, a…
The Agbado/Oke Odo Unit of the Nigeria Security and Civil Defence Corps (NSCDC) says it averted an oil pipeline explosion in the Aboru, Agbado/Oke Odo Local Council Development Area (LCDA), Lagos State. The commander, Mr Malik Ojetola, said in a statement on Sunday that the unit received a distress call from the Community Development Association…
The Chairman/Chief Executive Officer, Momas Electricity Meters Manufacturing Company Limited, Mr Kola Balogun, in this interview with ’FEMI ASU, speaks on customer metering in the power sector and the challenges facing local meter producers, among other issues The Meter Asset Providers Regulation was introduced in 2018 and the regulator directed that meter rollout should commence…