Tag: Oil Prices

Ɗangote cuts fuel price to ₦1,200 amid falling oil prices

Aminu Imam
Dangote cuts petrol price

ÆŠangote Petroleum Refinery has slashed the ex-gantry price of Premium Motor Spirit (PMS) to ₦1,200 per litre, reversing a recent hike.  The reduction of ₦75 per litre comes after the price was earlier raised to about ₦1,275 per litre due to surging global crude oil costs. Industry insiders say the new price adjustment mirrors recent shifts in international oil markets. Global crude prices have dropped sharply in the past few days, providing relief to local fuel pricing. Brent crude fell to $95.05 per barrel – a 13 percent decline –…

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Marketers reduce petrol prices below ÆŠangote, NNPCL rates

Aminu Imam
Marketers reduce

Petrol marketers have reduced their pump prices to levels below what is being offered by the ÆŠangote Petroleum Refinery and the Nigerian National Petroleum Company Limited, (NNPCL). This move has triggered deel competition in the fuel market, even as ÆŠangote continues to urge the Federal Government to ban fuel importation to protect local refining. For instance, SGR station in Ogun offered petrol at ₦847 on Tuesday. Meanwhile, stations associated with ÆŠangote, such as MRS and Heyden, sell between ₦865 and ₦875 per litre. Depot prices have also dropped, with some…

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Oil Crisis: Fresh economic crisis looms as diesel costs, fuel subsidies rise

Aminu Imam

…As petrol scarcity bites harder in Abuja There are growing concerns that the price of Automated Gas Oil (AGO), or diesel, may soon hit an all-time high amid lingering fuel shortages in States across the country. With no end in sight to the continued rise in the cost of importing the product, and subsidising Premium Motor Spirit (PMS), a.k.a petrol, Nigerians are bound to face a resultant foreign exchange-related hardship that may outstrip the gains of subsidy. A clear indication of an imminent danger emerged last Tuesday, when oil marketers…

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Rising crude oil prices great opportunity for Nigeria, Says Buhari

Aminu Imam

President Muhammadu Buhari says rising crude oil prices present a great opportunity for Nigeria, especially with the passage of the Petroleum Industry Act, (PIA). The President stated this in Abuja yesterday, while declaring open the 5th Nigeria International Energy Summit, (NIES). The summit has as its theme: “Revitalising the Industry: ” Future Fuels and Energy Transition”. Global crude oil prices went up to $104 per barrel yesterday following the ongoing hostilities between Russia and Ukraine. Represented by the Minister of State for Petroleum Resources, Chief Timipre Sylva, President Buhari noted…

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‘Surging oil prices will create problems for Nigeria’ – Mele Kyari

Aminu Imam

The Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Mele Kyari, has stated that rising crude oil prices will cause problems for resource-dependent countries such as Nigeria. Brent Crude, the international benchmark of crude oil on Friday traded above $72 per barrel while US West Texas Intermediate (WTI) crude futures sold above $70 per barrel. In 2021, oil prices have continued to surge, sustained by coronavirus vaccine rollout and supply cuts from the Organisation of Petroleum Exporting Countries (OPEC). Kyari on Thursday at the virtual Citizens Energy Congress,…

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Oil marketers say petrol will sell for N230 per litre in March

Aminu Imam

Oil marketers, yesterday, said that Premium Motor Spirit (PMS) otherwise known as petrol is to sell for as much as N230 per litre in March. This is coming against the background of insistence by the Nigerian National Petroleum Corporation, (NNPC), that it has no plans to increase the price of petrol in March. There has been a reported re-appearance of queues at filling stations in some parts of Lagos and Abuja as panic buying and petrol hoarding occurs in some filling stations. According to reports, the National Operations Controller, Independent…

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Crude oil price recover to pre-pandemic levels

Aminu Imam

…Rises above $61 The price of oil has recovered to its pre-pandemic levels as the international oil benchmark, Brent crude, rose further on Tuesday, trading above $61 per barrel. Brent had hit the $60 per barrel mark on Monday for the first in more than a year. The further rise in oil prices, having hit an all-time low last year,comes amidst optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries, (OPEC) and its allies to restrain the supply of crude oil. Brent,…

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Shares, oil prices plummet after Trump contracts COVID-19

Ishaku Yohanna

Oil prices extended losses to about 3 percent on Friday, after US President Donald Trump said he tested positive for COVID-19. Trump tweeted news of his positive result, just hours after the White House announced that Hope Hicks, one of his aides, had come down with the virus after travelling with the president several times this week. Brent crude slipped on the Trump news and was down $1.12, or 2.7 percent, at $39.81 a barrel by 0710 GMT. U.S. oil was also down $1.12, or 2.9%, at $37.60. US and…

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