Oil prices were on the rise on Monday following Saudi Arabia’s announcement that it would cut its oil output by one million barrels a day in July. The price of a barrel (159 litres) of North Sea Brent for delivery in August stood at 77.03 US dollars on Monday morning, 90 cents more than on Friday. The price of a …

NNPC Limited has released a new ex-depot price of N479.50 per litre of Premium Motor Spirit (PMS) petrol to the marketers. Marketers are believed not to be against the subsidy removal but are worried that the NNPCL is giving them the product paid for at the old rate since eight months ago for the new rates. They are said to …

The Organisation of Petroleum Exporting Countries (OPEC) and its allies, popularly known as OPEC+ have slashed Nigeria’s oil output, excluding condensate by 20.7 per cent to 1.38 million barrels per day, mb/d, from 1.74 million barrels per day, mb/d in order to achieve stability in the global market. The decision expected to take effect from January 2024 was taken at …

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Sunday, appealed to the Nigeria Labour Congress (NLC) not to embark on its proposed nationwide strike on fuel subsidy removal slated for Wednesday, saying President Bola Tinubu means well for the country’s economy. The Governor, who implored labour leaders to exercise patience on its proposed planned strike, urged the Labour leaders not to …

The Public Affairs Service of CMC Connect LLP, a leading communications consultancy, has counselled the Bola Tinubu administration to channel fuel subsidy funds into investment in public infrastructure, education, health care, agriculture, and jobs creation, among other critical areas. In its advisory on the fuel subsidy tango between the government, labour and the citizens, the firm, which however disagreed with …

President Bola Tinubu, on Thursday, in Abuja, directed Service Chiefs and heads of security and intelligence agencies to “crush” perpetrators of oil theft, saying that his administration would not tolerate the menace. Tinubu also said that, on his watch, insecurity would not bring Nigeria to its knees, while other countries record achievements in key sectors of their economies. The President …

Group Chief Executive Officer of NNPC Limited, Malam Mele Kyari has said that contrary to speculations, the Muhammadu Buhari administration did not make provisions for petroleum subsidy in the 2023 budget. At a meeting with the Senator Abdullahi Adamu-led APC National Working Committee of the All Progressives Congress, held at the party’s National Secretariat in Abuja earlier today, Kyari said: “There …

The Federal Government and organised labour could not reach a consensus in their discussion last night on the hike of petrol pump price, which became effective yesterday. According to the new price template release by the NNPC Limited, Premium Motor Spirit (better known as petrol) will now sell for between N488 and N557, depending on the location. The old rate was …

Former Ekiti State governor, Mr, Ayodele Fayose has said that President Bola Tinubu has taken the best and wisest decision for the collective good of Nigeria and its people on the removal of fuel subsidy. During his inaugural speech on Monday, the President said that the subsidy is no longer sustainable in Nigeria, stressing that it is gone.’ Fayose, a …

Award-winning Nigerian singer, Tiwa Savage has lamented the resurfacing fuel scarcity due to the announcement of the removal of subsidy by President Bola Tinubu. The singer, who recently returned to the country from Brazil, where she went on holiday, said she came back home to fuel scarcity and an epileptic power supply. She also bemoaned the damage to one of …