Category: Oil & Gas

N500/Litre: Petrol Sale Drops At Lagos Filling Stations

Efe Wellington

NNPC limited daily consumption figures to collapse Soon, Atedeo Peterside said as Customers apathy for petrol consumption worsens nationwide   The volume of average daily sale at petrol stations across Lagos is dropping as Nigerians buy less fuel than they bought before last week’s price adjustment, according to investigations by BusinessDay. Visit to more than 10 large petrol stations in Lagos show that sale is down by as much as 25 per cent at some stations with three recording more than 32% drop in daily sale over the last one…

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BREAKING: We’re Not Doing Again, NLC Suspends Planned Strike

Aliyu Aliyu

Why we did it, agreed to resume talk with Tinubu June 19 – Ajaero   The Nigerian Labour Congress, on Monday, confirmed that it will no longer proceed with its nationwide strike planned for Wednesday. The decision was part of resolutions announced by the Speaker, House of Representatives, Femi Gbajabiamila and confirmed by the President of the Nigerian Labour Congress, Joe Ajaero, after a nearly six-hour meeting between the Federal Government and the organised labour at the Presidential Villa, Abuja. Monday’s engagement is the third in a series of meetings…

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OPEC Downgrades Nigeria’s 2024 Oil Output To 1.38 million barrels Daily

Abibat Babalola

…As Members Agrees To 4.7 MBD Production Cut In July       The Organization of Petroleum Exporting Countries OPEC+ members agreed to maintain their current supply curbs through the end of 2024, following a weekend of intense oil diplomacy in Vienna. Similarly, quotas for 2024 were lowered for production stragglers, Nigeria, Angola, Azerbaijan, Malaysia, Congo and a few more countries. Under the arrangement Nigeria’s quota was lowered to 1.38 million barrels a day in 2024. READ ALSO: US Cessna Plane Crash Kills Trump Donor’s Family Members The Problem With…

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Nigeria Dwindles Multi-Billion Dollars Crude Oil Swap Deals – Kyari

Efe Wellington

Nigeria’s state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month. The move is part of new Nigerian President Bola Tinubu’s plans to deregulate the gasoline market and reduce the burden on government finances. Tinubu has already scrapped a costly fuel subsidy, effective from last Tuesday, a decision which tripled petrol prices, angering labour unions who have called for a strike starting…

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Totalenergies Excites Shareholders, Okays N21 Final Dividend Payout

Efe Wellington

+ What shareholders said at the 45th AGM of the oil marketing companies   The shareholders of Totalenergies Marketing Nigeria Plc, yesterday approved the company’s N21.00 per share final dividend payout, stressing the sustained dividend payout despite challenges in cost of sales and finance costs. The management had paid shareholders an interim dividend of N4.00 per share and the board proposed a final dividend of N21.00 for the financial year ended December 31, 2022 as against N18.00 paid to shareholders in the corresponding financial year ended December 31, 2021. The…

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PREPARE: NLC Threatens To Begin Nationwide Strike Wednesday

Abibat Babalola

The Nigeria Labour Congress (NLC) has declared a nationwide strike from next Wednesday, of the Federal Government fails to yield to the demand of Nigerians on fuel subsidy removal. This comes amid hike in fuel prices across the country occasioned by President Bola Tinubu’s inaugural speech in which he declared that “fuel subsidy is gone”. NLC President, Joe Ajaero made the announcement after an emergency meeting of the union’s National Executive Council (NEC) in Abuja. He said the government, particularly the Nigerian National Petroleum Company (NNPC) Limited had up until…

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OML 156: Savannah, Amalgamated Oil Sign Multimillion Dollars Gas Deal

Abibat Babalola

Savannah Energy PLC has announced that the Company’s 80% indirectly owned subsidiary, Accugas Limited, has entered into a Natural Gas Sales and Purchase Agreement (the “NGSPA”) with Amalgamated Oil Company Nigeria Limited (“AMOCON”) for gas produced in the OML 156 sole risk petroleum lease area, for onward sale to its customers. Accugas focuses on the marketing, processing, distribution and sale of gas to the domestic Nigerian market. In 2022, Accugas processed and transported an average of 145 MMscfpd of gas through its pipeline network, with all gas sourced from Savannah’s…

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Why TotalEnergies Remained Only Multinational Standing, Leader in Decarbonisation In Nigeria – MD

ADEOLA YUSUF

Expect good result, firm whets shareholders ‘ appetite at Cocktail Party +PHOTOS   Expect Extemely Good Result, TotalEnergies Marketing Nigeria on Wednesday declared to its Shareholders as it hosted them to a cocktail party ahead of its 45th Annual General Meeting (AGM). The Managing Director of TotalEnergies Marketing Nigeria Plc, Dr. Samba Seye, who said this, maintained that company remained only multinational standing in Nigeria, and the leader in decarbonisation based on its belief in Nigeria. READ ALSO: Nigeria Blows N11.35trn On Refineries In 13 Years – Panel N557 Per…

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N557 Per Litre: NNPC Hikes Petrol Prices At Its Filling Stations

ADEOLA YUSUF

State-by-state full price templates released by NNPCL The Nigerian National Petroleum Company Limited (NNPCL) has reportedly increased the pump price of Premium Motor Spirit (PMS) from its filling stations across the country. Platforms Africa repots that the company in a template sent to marketers on its franchise pegged the price from between N557 to N488 per lire depending on the state which a consumer is residing. READ ALSO: Subsidy: Petrol Skyrockets To N600/litre As Marketers Shut Stations Subsidy Removal: MOMAN, IPMAN, DAPPMAN Confirm Possible Price Adjustment Tinubu, Labour Unions To…

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Petrol Hits N350 Per Litre As Queues Resurface

Efe Wellington

Unfair to Nigerians, the best to happen to country, reactions greet Tinubu’s removal of subsidy   The prices of premium motor spirit popularity known as petrol hit N350 per litre in Lagos and Abuja as queues resurfaced in filling stations on Monday. Platforms Africa reports that these were buoyed by operators’ response to the immediate removal of subsidy on petrol by new president of the Africa’s biggest exporter of crude oil. On his inaugural speech yesterday, the new president, Bola Tinubu, had stated that “petroleum subsidy is gone”. READ ALSO:…

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