Crude oil prices remained steady, on Monday, as storms closed in on the Gulf of Mexico, shutting more than half the region’s oil production. Although, prices were capped by ongoing concerns about fuel demand being sapped by coronavirus lockdowns. Brent futures slipped two cents, or 0.1 per cent to $44.33…
Management of the Nigerian National Petroleum Corporation (NNPC), says it has directed all its partners and suppliers to bring down their cost to between 30 and 40 per cent to ensure production efficiency. NNPC’s Group Managing Director, Malam Mele Kyari, made the disclosure when he featured as a guest on…
Price of oil went up on Monday after OPEC implemented a massive production cut deal and as China’s crude imports hit an all-time high in May. Brent crude was up 51 cents, or 1.2 per cent, at $42.81 per barrel, by 0628 GMT, while U.S. West Texas Intermediate (WTI) crude…
The Independent Petroleum Marketers Association of Nigeria (IPMAN), has called on its members to immediately comply with the recent reduction in the price of Premium Motor Spirit (PMS). The call on Petroleum Marketers followed the recent new price announced by the Petroleum Products Pricing Regulatory Agency (PPPRA), Alhaji Bashir Danmalam,…
The OPEC and Russia meeting scheduled for Monday 6th April 2020 to discuss supply cut and the oil market crisis, has been moved to 9th April 2020. According to CNN, the meeting which was called by Saudi Arabia, comes after President Donald Trump suggested that massive production cuts could be…
The Federal Government has announced a further reduction in the pump price of the Premium Motor Spirit (PMS) to N123.50 per litre, as the international price for crude hit a new low, due to coronavirus pandemic. According to the Petroleum Products Pricing Regulatory Agency (PPPRA), Executive Secretary, Mr. Abdulkadir Saidu,…
The Federal Government of Nigeria on Wednesday 18th March 2020, announced the reduction in the pump price of Petrol to N125 per litre. This new pump price comes after the international crude oil price witnessed it’s heaviest fall in 18years, selling for $26 per barrel. In a statement released by…