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Petrobarometer
The federal government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), has announced a reduction in the pump price of petrol. A statement signed by Abdulkadir Saidu, PPPRA executive secretary, said the retail price of petrol would be N123.50 in April. The new price is N1.50 lower than the N125 per litre announced on March 18. "The PPPRA, in line with the government [...]
The price of crude oil rose to $30.25 per barrel on Friday. Brent crude, the global benchmark of crude oil, increased by 6.25% from the previous $26 per barrel. US West Texas Intermediate also increased by 2.97% to trade at $26.62 per barrel. The increase was due to comments made by Donald Trump, president of the United States, about intervening in the oil [...]
Independent petroleum marketers in Lagos and some other parts of the country are yet to comply with the directive of reducing the pump price of petrol to N125, checks by TheCable have shown. At its meeting on Wednesday, the federal executive council agreed to reduce the price of petrol after crude oil price dropped to $30. Following the directive, Mele Kyari, the [...]
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Available records show Nigeria's crude oil production capacity stands at 2.2 million barrels per day even as the country has traditionally been ranked Africa's largest producer of oil. After decades of exploration, the oil and gas sector has accounted for a significant part of the government revenue. But despite such endowment, Nigeria has struggled to cater for millions of its citizens, with the [...]
Timipre Sylva, minister of state for petroleum resources, says about one billion barrels of crude oil have been discovered in the north-east. NAN quoted Sylva as saying this on Wednesday at a press conference to mark the end of the 2020 Nigeria International Petroleum Summit in Abuja. The minister said large quantities of oil deposits are yet to be found in the [...]
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