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 [...]
Petrobarometer
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Timipre Sylva, minister of state for petroleum resources, says the federal government did not promise to permanently reduce petrol price. [...]
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 [...]
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). [...]
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 [...]
The Nigerian National Petroleum Corporation (NNPC) has announced new appointments and redeployments among its top managerial level. [...]
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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