Downstream Expert Criticizes Dangote’s Diesel Price as Exploitative Amid Product Lifting Commencement. Amid the commencement of product lifting of Automotive Gas Oil (diesel) from the Dangote refinery by major petroleum products marketers, Dr. Joseph Obele, a respected Stakeholder and Downstream Expert, has voiced criticism over the refinery’s diesel pricing strategy. Dr. Obele, a lecturer at…
AEDC Fined ₦200 Million for Tariff Violation. In a significant development, the Nigerian Electricity Regulatory Commission (NERC) has penalized the Abuja Electricity Distribution Company (AEDC) with a hefty fine of ₦200 million for non-compliance with tariff regulations. The fine stems from AEDC‘s improper implementation of a recent tariff increase, which was meant to apply exclusively…
APC NWC Member Criticizes Electricity Tariff Hike, Alleges Influence of Gencos and Discos Owners. Nze Chidi Duru, a prominent member of the All Progressives Congress (APC) National Working Committee (NWC), has launched a scathing attack on the recent surge in electricity tariffs, attributing the hike to the undue influence of powerful stakeholders associated with Generating…
PETAN Pledges Support for Nigeria’s Oil and Gas Production Expansion. The Petroleum Technology Association of Nigeria (PETAN) has reaffirmed its commitment to supporting the efforts of the Bola Tinubu-led administration in enhancing Nigeria’s oil and gas production to maximize its value. Chairman of PETAN, Mr. Wole Ogunsanya, made this affirmation during a courtesy visit by…
Nigeria Grapples with Aging Infrastructure in Power Sector, Minister Reveals. In a recent inter-ministerial briefing held in Abuja, Minister of Power, Adebayo Adelabu, highlighted the pressing issue of Nigeria’s aging power infrastructure, revealing that some transformers installed as far back as the 1960s are still in use in certain parts of the country. During the…
Orosanye Report Suggests NIWA May be Scrapped The National Inland Waterways Authority (NIWA), headquartered in Lokoja, Kogi State, is set to be dissolved following recommendations from the Steve Oronsaye report. The report suggests transferring NIWA’s functions to both the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA). Under the proposed…
Brent Settles Above $90 for First Time Since October Amid Geopolitical Tension. Oil prices extended gains on Thursday, settling up more than $1 as geopolitical tensions and output cuts outweighed caution about U.S. Federal Reserve rate cuts. Brent futures for June rose above $91 a barrel before settling up $1.30, or 1.5%, to $90.65. U.S….
NERC Approves 300% Tariff Increase for Band A Electricity Customers. The Nigerian Electricity Regulatory Commission (NERC) has authorized an increase in electricity tariffs specifically for consumers falling under Band A classification. This decision, sanctioned by NERC, translates to a significant 300% surge in electricity rates for Band A consumers nationwide. In a press statement issued…
Senegal’s New President Announces Audit of Oil and Gas Sectors. Senegal’s newly elected President, Bassirou Diomaye Faye, has revealed plans to conduct a comprehensive audit of the nation’s oil, gas, and mining sectors. This announcement follows Faye’s campaign promise to re-negotiate contracts with foreign operators in these industries, as Senegal prepares for the commencement of…
OPEC+ Achieves Oil Price in Sweet Spot; Challenge Lies in Sustaining It. The decision by the OPEC+ ministerial committee to maintain the current output targets while addressing over-production within the group aligns with their strategy to balance the global crude oil market. This move indicates that the exporter group believes the market conditions are satisfactory…
