The Senior Special Assistant to the President on Media and Publicity, Tope Ajayi, dismissed rumors on Tuesday of any intentions by President Bola Tinubu’s administration to reintroduce fuel subsidies. Ajayi took to the social media platform X (formerly known as … Continue reading Presidential spokesperson confirms no plans to reintroduce fuel subsidy amidst fuel hike concerns
Nigeria’s oil production took a hit in July, dropping to 1.29 million barrels per day (bpd), as revealed by data from the Nigerian Upstream Petroleum Regulatory Commission. This decline of 12.56 percent from June’s 1.48 million bpd and 1.52 percent … Continue reading Nigeria’s oil production dips to 1.29mbpd as global prices rise
Shell Petroleum Development Company of Nigeria Ltd (SPDC) has issued a warning against sabotage and crude oil theft as three host communities in Delta State—Ogulagha, Iduwini Delta, and Iwereland—inaugurated their development trusts in Warri. The Petroleum Industry Act, which became … Continue reading Sabotage and oil theft must stop – Shell issues warning
Brent, the international benchmark for crude oil, surged to $84 per barrel on Wednesday, leading to speculations that Nigeria may experience another hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, in the coming weeks. … Continue reading Crude oil hits $84 per barrel
On Sunday, a tragic incident occurred in Ore, Odigbo Local Government Area of Ondo State, resulting in the death of at least 20 people. The unfortunate incident took place along the Benin-Ore-Sagamu Expressway when a petrol tanker overturned and spilled … Continue reading Tragic Ondo tanker claims lives of 20 fuel scoopers
The Nigerian government has officially issued and signed licences for the establishment of two crude oil export terminals, with the potential to generate $11 billion in revenue for the country each year. The licences were granted by the Nigerian Midstream … Continue reading FG grants licences for two oil export terminals, aims for $11bn revenue
According to the Advisory Council of President Bola Tinubu’s Energy and Natural Resources subcommittees, Nigeria suffered a staggering loss of $46.16bn due to crude oil theft between 2009 and 2020, along with an annual loss of $10.7bn due to petrol … Continue reading Presidency reveals loss of over $56 billion to oil theft and subsidy
President Bola Tinubu made a significant announcement during his inaugural address in Abuja, stating that his administration would eliminate the subsidy on petroleum products. Emphatically declaring “Subsidy is gone,” Tinubu confirmed that the national budget from June 2023 does not … Continue reading Tinubu announces removal of fuel subsidy
Nigeria has recommenced the exploration of crude oil and gas in the Chad Basin area, marking a return after 28 years of absence. President Buhari, speaking virtually at the Wadi-B Drilling Campaign in Abuja, acknowledged that exploration activities had been … Continue reading Nigeria resumes oil and gas exploration in Chad basin after 28 year hiatus
The Nigerian Federal Government has announced that effective from June 1, 2023, unlicensed dealers of petroleum products will no longer be allowed to load products. The government emphasized that obtaining a license is mandatory for anyone involved in the petroleum … Continue reading Federal government to shut down unlicensed petroleum product dealers starting June 1, 2023
During the official launching of the Dangote Oil Refinery in Lagos State, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, expressed optimism that the refinery would have significant economic benefits for Nigeria. Emefiele stated that the refinery … Continue reading Dangote oil refinery to generate electricity and create over 135,000 jobs
The Dangote Refinery, the world’s largest single-train refinery, is set to commence operations today, processing crude oil grades from Africa, Asia, and America. The refinery, with a capacity of 650,000 barrels per day, is expected to produce a surplus of … Continue reading Dangote refinery: Africa’s largest oil processing facility commences operations, revolutionizing Nigeria’s fuel supply
Nigeria’s oil production in April 2023 dropped below the one million barrels per day (bpd) mark, reaching 998,602 bpd, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This represents a significant decline of 21.26 percent compared to the previous … Continue reading Nigeria’s oil production dips below one million barrels per day, lowest in seven months
The Nigerian National Petroleum Company (NNPC) Ltd has received commendations from prominent businessmen and entrepreneurs, Alhaji Aliko Dangote and Mr. Tony Elumelu, for its exceptional performance and efforts in the oil industry. Dangote, Africa’s richest man and Chairman of Dangote … Continue reading Prominent entrepreneurs applaud NNPC’s remarkable achievements under Kyari’s leadership
United Kingdom Supreme Court has issued a ruling in favor of Shell, a British multinational oil and gas company, regarding a 2011 offshore oil spill. The court concluded that Nigerian claimants were time-barred from suing Shell subsidiaries over the incident, … Continue reading Shell emerges victorious in Niger Delta oil spill lawsuit
Two employees of Pizzaman in Kumasi, Ghana, have been sentenced to five years imprisonment for stealing 20 boxes of chicken wings and two gallons of cooking oil from the company’s warehouse. The accused individuals, Seidu Karim and Rashid Abdullah, were … Continue reading Employees sentenced to 5 years with hard labor for stealing chicken wings and cooking oil from company’s warehouse
Socio-Economic Rights and Accountability Project (SERAP) has recently called on President Muhammadu Buhari to take swift action to ensure the probe of 149 million barrels of crude oil that are allegedly missing. The organisation is warning that if the President … Continue reading SERAP warns Buhari to investigate alleged missing 149 million barrels of crude oil or face legal action
The Nigerian government has expressed its commitment to removing fuel subsidy but is seeking ways to do it without disrupting the livelihoods of average Nigerians. This was disclosed by the Permanent Secretary of the Ministry of Petroleum Resources, Amb. Gabriel … Continue reading Gabriel Aduda: FG plans to remove fuel subsidy without disrupting livelihoods
The Federal Government has disclosed that Nigeria has spent a total of N13 trillion ($74 billion) on subsidizing Premium Motor Spirit, commonly known as petrol, between 2005 and 2021. This revelation was made during a policy dialogue on oil swap, … Continue reading Federal Government reveals that Nigeria lost N29tn due to fuel subsidies and oil theft
The Shell Petroleum Development Company of Nigeria (SPDC) has denied allegations of violating Nigerian Content laws at the EA fields in Bayelsa. The Ijaw Youth Congress had accused SPDC of excluding indigenous players from its operations at the EA fields, … Continue reading SPDC denies violating Nigerian Content Law at EA fields in Bayelsa
On Friday, the Nigerian National Petroleum Company (NNPC) revealed that over N400 billion is being spent on subsidizing Premium Motor Spirit (PMS), commonly known as petrol, on a monthly basis. This was disclosed by Malam Mele Kyari, the NNPC’s Group … Continue reading Budget for fuel subsidy rises above 400 billion monthly – NNPC
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