Barely 48 hours after Nigeria, Angola, Iraq and Russia had renewed commitment to OPEC+ decisions; the price of Bonny Light, Nigeria’s premium oil grade, has risen from $38 to $40.15 per barrel, the highest in 2020.
The Senate has started probing about N1.8 trillion the Federal Government invested in the Power Sector through the Electricity Supply Industry, NESI, from 2013 to date. According to the Senate, a holistic investigation would be carried out, especially to find out how interventions by the Federal Government to address the problems associated with the power […]
The Petroleum Products Pricing Regulatory Agency, PPPRA, has removed the cap on the price of Premium Motor Spirit (PMS), also known as petrol, giving marketers freedom to fix price of the commodity and sell above the price stipulated by it. The PPPRA, in a document released, yesterday evening, titled, ‘Market Based Pricing Regime for Premium […]
The Federal Government has paid N168 billion outstanding subsidy debt to oil marketers, as part of measures targeted at stimulating activities in the downstream sector of the petroleum industry. Investigatve reports have indicated that the payment was made through promissory notes, which the major and independent marketers started to collect on June 1, 2020. However, […]
Crude oil prices have slumped following days of riots in the United States which disrupted demand. Oil prices were gradually recovering from a historic price crash as a result of the Coronavirus pandemic. The Organisation of Petroleum Exporting Countries (OPEC) says it is considering meeting this June to discuss whether to extend record production cuts […]