December 16, 2017

Petrol Pump Price Cuts in Nigeria

No-Increase-In-Fuel-Pump-Price

According to Business Monitor International (BMI), the Nigerian government has reduced pump prices of petrol by 10 Naira per litre (N/l), from 971 N/l to 87 N/l. this is in line with BMI’s view that the strong decline in crude oil prices would see the government seize the opportunity to substantially reduce fuel subsidies in H115, while in parallel lowering regulated fuel prices in Nigeria, conserving political capital. Energy Global Nigeria subsidises gasoline and kerosene sales, with a regulated price set up by the Petroleum Products Pricing Regulatory Agency (PPPRA). The steep decline in international crude oil prices is translating…

Nigerian Economy Resilient Despite Falling Oil Prices – Emefiele

Godwin-Emefiele-CBN-Governor

The governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said the Nigerian economy is resilient despite the falling crude oil prices in the international market and uncertainty surrounding the coming elections. Leadership He stated this on the trading floor of the Nigerian Stock Exchange (NSE) yesterday while ringing the closing bell, remarking that there is no need to panic. Emefiele pointed out that some economies in world, including Nigeria, are faced with a drop in the commodity market, saying that “the price of crude oil dropped from $130 per barrel to as low as $50 per barrel…

Tanzania: EWURA Kept Busy With Price Monitoring

Felix Ngamlagosi

EWURA Director General Felix Ngamlagosi announced lower fuel price from this week at a local news conference in Dar es Salaam Petrol World Mr Ngamlagosi said during the month of December, both refined retail and wholesale prices for petrol, diesel and kerosene at the world market fell by 440, 304 and 324 US dollars per metric ton respectively. “Oil marketing companies are free to sell their products at a price that gives them competitive advantage provided that such price does not exceed the price cap for the relevant product,” he noted while urging consumers to demand receipts for every purchase…

Achievements in the Oil & Gas Sector Higlighted in Presidential Campaign

Presidential Campaign

  It’s not just the amount of oil and gas we produce. It’s about producing it cleaner and more efficiently.   Since taking office in 2010, President Goodluck Ebele Jonathan and Honourable Minister of Petroleum Resources, Diezani Alison-Madueke (Mrs.), CON have completely transformed Nigeria’s oil and Gas industry as part of the Transformation Agenda. The results have seen a transformation in Nigeria’s economy, and a transformation in the lives of all Nigerians. We take a closer look at what has been achieved by making the industry more efficient and how the changes are benefiting Nigerians and the country as a…

Forensic Audit Report: We Were Not Indicted – NNPC

NNPC BUILDING

…As Petroleum Minister Directs NNPC to Defray Outstanding $1.48bn NPDC Signature Bonus, Taxes The forensic audit report on the alleged missing $20bn unremitted oil revenue carried out by the reputable international firm, PriceWaterhouseCoopers has absolved the Nigerian National Petroleum Corporation (NNPC) of culpability over the allegation of non- remittance of $20bn, saying that what is due for remittance to the Federation Account is $1.48bn Nigerian Petroleum Development Company (NPDC) being signature bonus, taxes and royalties on the assets transferred to the Corporation’s upstream subsidiary, the Nigerian Petroleum Development Company. In a statement made available to journalists, the Corporation noted that…