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By 'Dotun Akintomide The Federal Government, Wednesday, debunked claims of paying subsidy on Petrol, saying technically, no subsidy was being paid to the importers of petroleum products, but Nigerian National Petroleum Corporation, NNPC, has been balancing the differential through a certain "under recovery" arrangement. The under recovery, which the NNPC pays to cover the loss,…
February 1, 2018
Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken. Oil prices rallied to three-year high, boosted by a record 10th straight weekly decline in U.S. crude inventories. International benchmark Brent futures were nudging 71…
January 25, 2018
The New Diplomat With Agency Report Crude oil price hits $70 per barrel Monday amid production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and Russia which balanced out the surging production by the United States. The international benchmark Brent crude futures rose above $70 per barrel earlier in the session before trading at…
January 16, 2018
N145 Pump Price Not Sustainable Again, Says Kachikwu Baru: Spiking Prices In Neighboring Countries Led To Fuel Diversion By 'Dotun Akintomide As the lingering fuel crisis hit its crescendo, facts emerged Thursday that the presidency had been subsidising petrol for N26 per litre without authorisation of the parliament which ought to pass such expenditure as…
January 5, 2018
Minister of State for Petroleum, Dr Emmanuel Ibe Kachikwu, has denied news reports that the Federal Government was planning to jack up the pump price of petrol, at present fixed at N145 per litre. Idang Alibi, the Director of Press in the ministry in a statement on Thursday night, clarified the minister’s submission made to…
January 5, 2018
By 'Dotun Akintomide Less than 24 hours after a system collapse was expressed within the Lagos transmission region, the blackout woes spread across Nigeria Wednesday after efforts by the Transmission Company of Nigeria (TCN) to restore electricity failed, following a second system collapse of transmission network at exactly 14.19 hours. According to TCN, the second…
January 4, 2018
Mr Mohammed Saidu, Head Public Affairs Unit of the Department of Petroleum Resources (DPR) says petroleum marketers diverted 129,000 liters of petrol from Abuja on Friday. Saidu, who revealed this to the News Agency of Nigeria (NAN) after monitoring the stations, added that some of the erring filling stations had been given a total fine…
December 22, 2017
The Nigerian National Petroleum Corporation (NNPC) has blamed the current petroleum scarcity in the country on marketers of the product. The Group Managing Director of the company, Maikanti Baru, in a statement by Mr Ndu Ughamadu, the NNPC Spokesman, also said part of the problem was the rumours about purported planned increase in the pump…
December 21, 2017
Royal Dutch Shell Plc and Eni SpA senior executives will face trial for alleged $1.1 billion bribery in Nigeria, an Italian judge ruled yesterday. The trial will start on March 5 in Milan, Justice Giusy Barbara ruled. The long-awaited decision, initially expected several months ago, will not only affect the two companies but 11 individuals,…
December 21, 2017
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By 'Dotun Akintomide The Federal Government, Wednesday, debunked claims of paying subsidy on Petrol, saying technically, no subsidy was being paid to the importers of petroleum products, but Nigerian National Petroleum Corporation, NNPC, has been balancing the differential through a certain "under recovery" arrangement. The under recovery, which the NNPC pays to cover the loss,…
February 1, 2018
Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken. Oil prices rallied to three-year high, boosted by a record 10th straight weekly decline in U.S. crude inventories. International benchmark Brent futures were nudging 71…
January 25, 2018
The New Diplomat With Agency Report Crude oil price hits $70 per barrel Monday amid production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and Russia which balanced out the surging production by the United States. The international benchmark Brent crude futures rose above $70 per barrel earlier in the session before trading at…
January 16, 2018
N145 Pump Price Not Sustainable Again, Says Kachikwu Baru: Spiking Prices In Neighboring Countries Led To Fuel Diversion By 'Dotun Akintomide As the lingering fuel crisis hit its crescendo, facts emerged Thursday that the presidency had been subsidising petrol for N26 per litre without authorisation of the parliament which ought to pass such expenditure as…
January 5, 2018
Minister of State for Petroleum, Dr Emmanuel Ibe Kachikwu, has denied news reports that the Federal Government was planning to jack up the pump price of petrol, at present fixed at N145 per litre. Idang Alibi, the Director of Press in the ministry in a statement on Thursday night, clarified the minister’s submission made to…
January 5, 2018
By 'Dotun Akintomide Less than 24 hours after a system collapse was expressed within the Lagos transmission region, the blackout woes spread across Nigeria Wednesday after efforts by the Transmission Company of Nigeria (TCN) to restore electricity failed, following a second system collapse of transmission network at exactly 14.19 hours. According to TCN, the second…
January 4, 2018
Mr Mohammed Saidu, Head Public Affairs Unit of the Department of Petroleum Resources (DPR) says petroleum marketers diverted 129,000 liters of petrol from Abuja on Friday. Saidu, who revealed this to the News Agency of Nigeria (NAN) after monitoring the stations, added that some of the erring filling stations had been given a total fine…
December 22, 2017
The Nigerian National Petroleum Corporation (NNPC) has blamed the current petroleum scarcity in the country on marketers of the product. The Group Managing Director of the company, Maikanti Baru, in a statement by Mr Ndu Ughamadu, the NNPC Spokesman, also said part of the problem was the rumours about purported planned increase in the pump…
December 21, 2017
Royal Dutch Shell Plc and Eni SpA senior executives will face trial for alleged $1.1 billion bribery in Nigeria, an Italian judge ruled yesterday. The trial will start on March 5 in Milan, Justice Giusy Barbara ruled. The long-awaited decision, initially expected several months ago, will not only affect the two companies but 11 individuals,…
December 21, 2017
