Petrol Crisis: Fuel scarcity forces Nigerians to abandon cars, leading to a 92% drop in daily consumption.
Nigeria’s daily consumption of Premium Motor Spirit (PMS), also known as petrol, has dropped significantly by 92% within a year of President Bola Tinubu’s administration, according to the latest report by the Nigerian Midstream and Downstream Product Regulatory Authority (NMDPRA). The report by Channels Television reveals that petrol consumption stood at 4.5 million litres […]
Energy engineers, project high full prices, imports in Q3
The society of Energy Engineers as projected the prices of fossil fuels will remain high in the third quarter of 20 24. The society also projected that fuel imports will be on the rise in the period, mounting pressure on the Naira. In the projection released recently, the energy engineers said “fuel imports to remain […]
FG begins conversion of rai locomotives from diesel to CNG By Favour Okpale, Abuja
Said Alkali, minister of transportation, said that the federal government has begun the conversion of railway locomotive engines from diesel to Compressed Natural Gas (CNG). The minister who disclosed this on Monday at Idu National Railway Station in Abuja, said that the government intends to drastically reduce the cost of maintenance as well as maintain […]
Nigeria, others need $100bn annual investment to fix energy woes By Cynthia Egboboh, Abuja
Nigeria and other African countries will require over $100 billion in annual investment in the power sector by 2030 to address their electricity woes which continues to minimise the continent’s economic growth. This was disclosed by Amina Benkhadra, the director general of the Office National des Hydro- carbures et des Mines (ONHYM), the national oil […]
NNPC withdraws suit against Exxon Mobil over $1.28bn asset sale to Seplat By Cynthia Egboboh
The Nigerian National Petroleum Company Limited (NNPC) has discontinued its legal action against Mobil Nigeria subsidiaries, clearing the path for their $1.28 billion sale to Seplat Energy Offshore Limited. The application, which was presented by the company’s legal counsel Afe Babalola & Co., on June 11, 2024, requests the court to grant leave for discontinuance […]
Customs moves against illegal export of petrol through nation’s border , intercepts PMS worth N197m
ADEWALE Adeniyi, Comptroller General of the Nigeria Customs Service, (NCS) has declared a total war against the smugglers of Premium Motor Spirit (PMS), petrol out of the country, saying a combined diversion of over of 280,135 litres of PMS valued at about N197 million was recently intercepted by the Customs operatives. Adewale, who stated this […]
Oil-bearing communities should benefit directly from derivation fund – Eno
GOVERNOR Umo Eno of Akwa Ibom State has advocated the payment of the derivation fund directly to the oil-bearing communities to enable them be the beneficiaries of the scheme. Akwa Ibom is a major oil producer but is yet to set up an oil- producing community development commission as it was done in other oil-bearing […]
Port Harcourt refinery and Nigeria petroleum products’ sufficiency – Call on OPEC
THE persistent and severe economic damage caused by the scarcity of petroleum products, particularly premium motor spirit, diesel, and aviation kerosene, continues to plague the Nigerian economy. Despite the anticipation surrounding the Port Harcourt refinery, the situation remains dire. Instead, a wave of misleading information about the refinery is spreading, worsening concerns and leaving the […]