The Minister of State for Petroleum Resources, Timipre Sylva, said that Nigeria’s crude oil output dropped from 2m barrels per day (bpd) to 1.412m bpd.
The Nigerian Maritime Administration and Safety Agency (NIMASA) says it has renewed efforts to reconsider the terms of trade for carrying Nigerian crude oil from Free on Board to Cost Insurance and Freight.
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) says deregulation will open up the downstream oil sector for fresh investments.
The Federal Government has said that it lacked funds to subsidise the cost of PMS. This was disclosed by the Minister of State for Petroleum Resources, Chief Timipre Sylva, on Thursday, while addressing newsmen men in Abuja.
The Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, NNPC, has increased the price of petrol to N151.56 per litre.
One of Africa’s leading foods, mining and infrastructure conglomerates, BUA Group is getting set for its mega refinery project in Nigeria. The group signed an agreement with Axens of France for the supply of process technologies to build 10 million tonnes per annum mega refinery and petrochemicals facility.
The Chairman of the Major Oil Marketers Association of Nigeria, Mr Adetunji Oyebanji, has said the pump price of petrol should be closer to N 155 per litre.
The Federal Government has said the dispensing of autogas into automobiles through selected filling stations across the country will commence by the end of September.
The latest data from the Nigerian National Petroleum Corporation (NNPC) shows that the nation’s refineries did not refine a barrel of crude oil in the 12 months to June this year but incurred a combined operating expense of N142. 07 billion.
The Edo Modular Refinery has applied to the Nigerian National Petroleum Corporation for the supply of crude for use in the phase one development of the facility as the refinery near completion.