Thursday, August 6, 2020
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Petrobarometer

    NNPC: N2.68bn trading surplus recorded in May

NNPC: N2.68bn trading surplus recorded in May

The Nigerian National Petroleum Corporation (NNPC) says it recorded N2.68 billion trading surplus in May 2020 against N30.81 billion deficit recorded in April. Kennie Obateru, general manager, public affairs division, NNPC, disclosed this in a statement on Wednesday. Obateru explained that details of the report is contained in the corporation's May 2020 version of its monthly financial and operations report (MFOR). “The May [...]

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    IPMAN: Kano marketers to sell petrol at N150 per litre

IPMAN: Kano marketers to sell petrol at N150 per litre

The Kano state chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to sell petrol at N150 per litre. The directive was contained in a statement issued on Wednesday by Bashir Danmallam, the IPMAN chairman, Kano chapter. Danmallam said the directive followed the new price modulation announced by the Petroleum Products Marketing Company (PPMC), adding that members [...]

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    Petrol may sell at N155 per litre as FG reduces ex-depot price to N138.62

Petrol may sell at N155 per litre as FG reduces ex-depot price to N138.62

The price of premium motor spirit, also known as petrol, may rise to N155 per litre as the federal government has fixed the ex-depot price at N138.62 litre. The Petroleum Products Marketing Company (PPMC) disclosed the new ex-depot price in a memo in Abuja on Wednesday. The memo, which was signed by Mohammed Bello, manager, sales, PPMC, also disclosed that the new [...]

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    Reps set up 30-member panel for speedy passage of PIB

Reps set up 30-member panel for speedy passage of PIB

The house of representatives has set up a 30-member committee for the speedy passage of the petroleum industry bill (PIB). The sixth, seventh and eight assemblies failed in passing the legislation for the country's oil sector. In the case of the seventh assembly the lower legislative chamber passed it but the senate failed to concur. The eight assembly subsequently broke the PIB into [...]

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    NNPC enters $1.5bn oil prepayment deal with traders

NNPC enters $1.5bn oil prepayment deal with traders

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    Mele Kyari: Fuel subsidy removal reduced FG’s expenses by $400m

Mele Kyari: Fuel subsidy removal reduced FG’s expenses by $400m

Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC), says the act of removing fuel subsidy from the 2020 budget has saved the government $400 million. Speaking in an interview with THISDAY Newspaper, Kyari said it is unlikely that fuel subsidy will return despite the rising crude oil prices. "My personal view is that subsidy should be removed, and [...]

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    PPPRA: Deregulation will force down petrol price

PPPRA: Deregulation will force down petrol price

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    Ijaw leaders threaten to disrupt AKK gas project over neglect of $16bn export processing zone

Ijaw leaders threaten to disrupt AKK gas project over neglect of $16bn export processing zone

The Ijaw and Itsekiri people of Gbaramatu and Ugborodo in Delta state have threatened to disrupt the federal government’s $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline project. Speaking at a joint press conference on Sunday, Godspower Gbenekawa and Mike Odeli, representatives of Gbaramatu and Itsekiri respectively, demanded an immediate resumption of work on the abandoned $16 billion export processing zone (EPZ) in [...]

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    Sylva: We didn’t promise to keep petrol prices low permanently

Sylva: We didn’t promise to keep petrol prices low permanently

Timipre Sylva, minister of state for petroleum resources, says the federal government did not promise to permanently reduce petrol price. [...]

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    Reps probe NNPC over ‘$1bn illegal withdrawal’ from NLNG account

Reps probe NNPC over ‘$1bn illegal withdrawal’ from NLNG account

The house of representatives has resolved to investigate the Nigerian National Petroleum Corporation (NNPC) for "illegal withdrawals" from the Nigerian Liquefied Natural Gas Limited (NLNG) account. At Tuesday’s plenary session, the green chamber accused the NNPC management of illegally withdrawing up to $1 billion from NLNG funds without due process. The resolution followed a motion from Ndudi Elumelu, minority leader, who said [...]

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    Oil prices drop as US COVID-19 cases surge raise demand concerns

Oil prices drop as US COVID-19 cases surge raise demand concerns

Oil prices fell on Tuesday, erasing earlier gains, on fears that the recent spike in confirmed COVID-19 cases in the US could affect the recovery in oil demand. US West Texas Intermediate (WTI) crude futures dropped 0.64 percent to $40.37 per barrel, while Brent crude futures fell to $42.92 (0.42 percent).   [...]

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    NEITI wants ECA funds moved to NSIA as part of economic reform

NEITI wants ECA funds moved to NSIA as part of economic reform

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    Atlas Petroleum resumes development of OML 109

Atlas Petroleum resumes development of OML 109

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    ‘They first said I stole $801m… they’ve reduced it to N200m’ — Adoke attacks Italian prosecutors

‘They first said I stole $801m… they’ve reduced it to N200m’ — Adoke attacks Italian prosecutors

Mohammed Bello Adoke, former attorney-general of the federation, has described as "evil and despicable" claims by Italian prosecutors, led by Fabio De Pasquale (pictured), that he benefited N200 million "in kind" from the OPL 245/Malabu deal of 2011. Sergio Spadaro, the Italian deputy prosecutor, had told a Milan court on Thursday that Adoke bought a property worth N500 million for only N300 [...]

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    Top management staff affected in NNPC shake-up

Top management staff affected in NNPC shake-up

The Nigerian National Petroleum Corporation (NNPC) has announced new appointments and redeployments among its top managerial level. [...]

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    EFCC denies dropping Adoke from key OPL 245 case — despite evidence

EFCC denies dropping Adoke from key OPL 245 case — despite evidence

The Economic and Financial Crimes Commission (EFCC) has denied dropping Mohammed Bello Adoke from a key OPL 245 case -- despite evidence to the contrary. In the original case filed on December 21, 2016 with suit no FHC/ABJ/CR/268/2016, the name of the former attorney-general of the federation was No. 3 on the charge sheet. However, when the defendants were arraigned on July [...]

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NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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