Petrol (or fuel) will cost will rise to as much as N462 per litre when the Federal Government eventually removes subsidy by June next year, according to the Nigerian National Petroleum Company Limited (NNPC Limited). It said the average international market-determined landing cost in the second quarter of this year was $1,283 per metric tonne. Marketing and distribution’s cost is …

The National Union of Electricity Employees (NUEE) has restored power after it embarked on strike in the early hours of Wednesday. But the suspension of the industrial action and the consequential power outage across the country will last only two weeks, according to the union. NUEE resolved to hold back the action following the mediation of the team led by …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) at the weekend inaugurated a 12-member Flare Gas Commercialisation Programme Team with the responsibility to ultimately end gas flaring by 2025. The team has the mandate to drive the process and coordinate the Federal Government’s Flare Gas Commercialisation Programme. Gas flaring in the oil and gas industry has continued to be a menace which …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has affirmed that the status quo remains in respect of ExxonMobil/Seplat Energy share acquisition. Responding to media enquiries on the latest development about the transaction, NUPRC Chief Executive, Engr. Gbenga Komolafe clarified that,  in line with the provisions of the Petroleum Industry Act 2021, the commission is the sole regulator in dealing with …

The Minister of Power, Abubakar Aliyu has assured that the first batch of mega transformers under the Presidential Power Initiative (PPI) would arrive by September. In a statement by his Media Adviser, Isa Sanusi on Saturday, Aliyu said the transformers had passed the factory acceptance test at the Siemens’ transformers factory in Trento, Italy. In December 2021, the Federal Executive …

For at least the fourth time this year, the national grid has collapsed again. This latest electricity showdown had at 12:23 pm on Wednesday as the supply crashed to around 40 megawatts. According to The Nation, out of the 11 distribution companies across the country, only the Abuja Electricity Distribution Company recorded 40Mw, while others had zero. The power outage has been …

The Nigerian National Petroleum Company (NNPC) Limited has said that it has no hand in the decision of oil marketers to increase petrol pump price. Reports on Monday evening claimed that NNPC issued a notice to oil marketers, approving an upward review in the pump price from N165 per litre to N179 per litre as well as the ex-depot price …

President Muhammadu Buhari has said that the transformation of the publicly-owned Nigeria National Petroleum Corporation to the commercial entity now known as Nigerian National Petroleum Company (NNPC) Limited  Limited would strengthen the capacity and market relevance of Nigeria’s oil industry. NNPC Limited came into effect on 1 July, and one of benefits of the Petroleum Industry Act (PIA) 2021. The …

The crisis and confusion in the petrol supply chain persists as the scarcity of Petroleum Motor Spirit (PMS) persists across the country. Marketers, who have the product to dispense, sell at arbitrary prices above the N162/N165 approved for a litre. They blame this on the hike in ex-depot prices. Marketers, who shut their filling stations to consumers, say they would …

The two persons who on Sunday night allegedly attacked the facilities of Geometric Power and Aba Power Limited in the Osisioma Industrial Layout, Aba, Abia State, and carted away materials worth millions of Naira have been nabbed. Geometric’s Chief Security Officer, Air Commodore Nicholas Orjiude (rtd.), told media professionals in Aba that the suspects were captured on Monday morning in …