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There are indications that the Nigerian government could spend more on the importation of fuel into the country as oil rose to nearly $100 a barrel on Tuesday, reaching its highest level since 2014, amid the ongoing tension over armed conflict between Russia and Ukraine alongside its Western allies. The New Diplomat reports oil prices…
February 23, 2022
The Nigerian National Petroleum Company (NNPC) Limited started its week with an assurance to Nigerians that the distribution of Premium Motor Spirit (PMS) would soon normalise after it recalled the bad product imported into the country last week. The NNPC Group Executive Director (GED) Downstream, Adetunji Adeyemi, gave the assurance at a briefing in Abuja,…
February 21, 2022
Wednesday’s explosion of a Floating Production, Storage and Offloading Vessel called Trinity Spirit FPSO, in Ugborodo (Escravos) offshore location has caused stir across social media platforms in Nigeria as reports claim 10 crew members onboard the ill-fated facility have been lost to the massive explosion. The New Diplomat had earlier reported that Trinity Spirit FPSO…
February 3, 2022
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the Federal Government has paid bridging claims amounting to N22.7 billion to transporters of petroleum products. The Chief Executive Officer, NMDPRA, Farouk Ahmed, made this known during an interactive session with downstream industry officials on Wednesday in Lagos. Mr Ahmed added that the government would…
February 3, 2022
...OPEC+ confirms 400,000 bpd output hike in shortest meeting in its history. ...The ministers of the OPEC+ alliance, who met via video conference, rubberstamped in just 16 minutes the monthly production hike proposal. ...Brent Crude prices returned to $90 per barrel just after news of the modest production increase. In the shortest meeting so far…
February 2, 2022
Emirates Airlines announced that it will resume flight operations in Nigeria on Saturday, February 5, 2022. The development comes barely 24 hours after the Federal Government through the Nigerian Civil Aviation Authority (NCAA) gave approval for the resumption of flight services between Nigeria and the United Arab Emirates (UAE). The airline in a statement on…
February 2, 2022
The Central Bank of Nigeria (CBN) has issued a downward review of charges for electronic banking transactions in the country. The review of the electronic charges is contained under the revised guidelines on charges issued by the apex bank to commercial banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions. In the amended guidelines to…
January 29, 2022
...U.S. commercial petroleum stocks have fallen in most of the weeks in the past year and a half. ...The continuously declining U.S. petroleum stocks over the past year suggest that supply has not caught up with rebounding demand. ...Petroleum stocks at lower than seasonal norms have contributed to market tightness alongside the OPEC+ group’s inability…
January 25, 2022
The Federal Government is seeking the extension of the implementation of the total removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol by another 18 months. Minister of State for Petroleum Resources, Chief Timipre Sylva, made this disclosure during a press briefing with the State House Correspondents on Tuesday. Speaking during the…
January 25, 2022
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There are indications that the Nigerian government could spend more on the importation of fuel into the country as oil rose to nearly $100 a barrel on Tuesday, reaching its highest level since 2014, amid the ongoing tension over armed conflict between Russia and Ukraine alongside its Western allies. The New Diplomat reports oil prices…
February 23, 2022
The Nigerian National Petroleum Company (NNPC) Limited started its week with an assurance to Nigerians that the distribution of Premium Motor Spirit (PMS) would soon normalise after it recalled the bad product imported into the country last week. The NNPC Group Executive Director (GED) Downstream, Adetunji Adeyemi, gave the assurance at a briefing in Abuja,…
February 21, 2022
Wednesday’s explosion of a Floating Production, Storage and Offloading Vessel called Trinity Spirit FPSO, in Ugborodo (Escravos) offshore location has caused stir across social media platforms in Nigeria as reports claim 10 crew members onboard the ill-fated facility have been lost to the massive explosion. The New Diplomat had earlier reported that Trinity Spirit FPSO…
February 3, 2022
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the Federal Government has paid bridging claims amounting to N22.7 billion to transporters of petroleum products. The Chief Executive Officer, NMDPRA, Farouk Ahmed, made this known during an interactive session with downstream industry officials on Wednesday in Lagos. Mr Ahmed added that the government would…
February 3, 2022
...OPEC+ confirms 400,000 bpd output hike in shortest meeting in its history. ...The ministers of the OPEC+ alliance, who met via video conference, rubberstamped in just 16 minutes the monthly production hike proposal. ...Brent Crude prices returned to $90 per barrel just after news of the modest production increase. In the shortest meeting so far…
February 2, 2022
Emirates Airlines announced that it will resume flight operations in Nigeria on Saturday, February 5, 2022. The development comes barely 24 hours after the Federal Government through the Nigerian Civil Aviation Authority (NCAA) gave approval for the resumption of flight services between Nigeria and the United Arab Emirates (UAE). The airline in a statement on…
February 2, 2022
The Central Bank of Nigeria (CBN) has issued a downward review of charges for electronic banking transactions in the country. The review of the electronic charges is contained under the revised guidelines on charges issued by the apex bank to commercial banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions. In the amended guidelines to…
January 29, 2022
...U.S. commercial petroleum stocks have fallen in most of the weeks in the past year and a half. ...The continuously declining U.S. petroleum stocks over the past year suggest that supply has not caught up with rebounding demand. ...Petroleum stocks at lower than seasonal norms have contributed to market tightness alongside the OPEC+ group’s inability…
January 25, 2022
The Federal Government is seeking the extension of the implementation of the total removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol by another 18 months. Minister of State for Petroleum Resources, Chief Timipre Sylva, made this disclosure during a press briefing with the State House Correspondents on Tuesday. Speaking during the…
January 25, 2022
