OPEC Daily Basket Price Stood at $80.33 Per Barrel on Tuesday The price of OPEC basket of 13 crudes stood at $80.33 a barrel on Tuesday, July 18, 2023, compared with $80.05 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend…
Market Realities Responsible for Recent Increase in Petrol Pump Price – NNPC The Nigerian National Petroleum Company Limted, has attributed the increase in the price of Premium Motor Spirit (PMS) otherwise known as petrol to the market realities. This was made known by the Group Chief Executive Officer of NNPC, Malam Mele Kyari, during an…
Oil steadies as investors eye U.S. crude supplies – Reuters Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both benchmark contracts fell more than 1.5% on Monday following lacklustre economic data from China, the world’s largest oil importer, as well as the…
Oil marketers begin fuel importation — NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, yesterday, said oil marketers have started importing petrol into the nation. Until now, the importation of the product was solely done by the NNPC Limited. But speaking at the stakeholders’ engagement in Lagos, Monday, the chief executive officer of…
South Africa’s Eskom Recovers Generating Units to Ease Load Shedding South Africa’s Eskom expects to implement Stage 1 and Stage load shedding until further notice following the return to service of at least six generating units at power stations. Unplanned breakdowns and delays in returning generation units to service last week paved way for intense…
How Nigeria can attract investment to oil & gas sector – Seplat CEO Success stories by firms in Nigeria’s oil and gas sector will facilitate fresh investments, the Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, has said. Brown said there is a severe need for funding in the upstream and midstream segment of…
EFCC Arrests 13 Chinese Nationals for Alleged Illegal Mining Activities in Kwara Operatives of the Ilorin Zonal Command of the Economic and Financial Crimes Commission, (EFCC) have arrested 13 Chinese nationals over offences bordering on illegal mining activities in Ilorin, Kwara State. The offence is contrary to, and punishable under Section 1(8) (b) of the…
Nigeria’s Oil Earnings Drop 60% to N308bn in One Month Nigeria earned N308.07 billion from the petroleum industry in February 2023, according to latest data released by the Central Bank of Nigeria, dropping sharply by 60.21 per cent, compared with N774.15 oil and gas revenue recorded in the previous month. However, the CBN, in its…
Local Production, Solution to Petroleum Products Price Hike -IPMAN The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the local production of crude oil was the surest way to crashing the retail price of products. Mr Chinedu Anyaso, Chairman of IPMAN, Enugu Depot Community in charge of Anambra, Ebonyi and Enugu said this…
Nigerians may pay N10,000 for 100 units of electricity if tariffs rise – Experts As apprehension over the anticipated 40 per cent increase in electricity tariff persists, the Chief Executive Officer of PowerCap Limited, Mr. Abiodun Ogunleye, has projected that consumers may be paying as high as N10,000 to vend for 100 units of electricity…
