OIL & GAS
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Subsidy removal advice wrong, implementation suicidal, says NUPENG
It is going to be highly suicidal to remove petrol subsidy now and the advice by the Presidential Economic Advisory…
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PEF Plans To Subsidise Cooking Gas Transportation
The Petroleum Equalisation Fund (Management Board) on Sunday charged oil marketers to start moving Premium Motor Spirit, popularly called petrol,…
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Nigeria’s Revenue Threatened As India Slashes Crude Imports By $39.5bn
Nigeria’s revenue earning capacity has come under threat following the reduction of importation of crude oil by India. India, Nigeria’s…
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Remove Petrol Subsidy, Economic Council Tells Buhari, Warns States
The Presidential Economic Advisory Council has asked the President, Major General Muhammadu Buhari (retd.), to remove subsidy on petrol and…
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Mobil Oil delists as Nigerian Exchange loses N39 billion
Trading on the Nigerian Exchange (NGX) Ltd. closed mixed on Friday with the market capitalisation dropping by N39 billion while…
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Crude nears $70, raises fear of federation account depletion
The international oil benchmark, Brent Crude, was less than 30 cents from hitting $70 amid market optimism on the United…
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Distribution of CBN four million meters begins soon – FG
The Federal Government on Wednesday said the distribution of the four million free electricity prepaid meters pledged by the Central…
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Modular refineries: Revoke, re-issue licences, Reps urge NNPC
The House of Representatives has urged the Nigerian National Petroleum Corporation to review the status of the licences issued to…
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Labour kicks as NERC insists on power tariff review
The Nigerian Electricity Regulatory Commission is going ahead with plans to review power tariffs in July this year despite widespread…
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Oil hits six-week high $68.47 as dollar weakens
The international oil benchmark, Brent crude, reached its highest in six weeks on Thursday as strong US economic data, a…
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N15.71bn petroleum products lost to vandalism in 2020 – NNPC
Amid continued pipeline vandalism in the country, petroleum products worth N15.71bn were lost last year, according to the Nigerian National…
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COVID-19 resurgence, threat to oil demand recovery – OPEC
The resurgence of the COVID-19 pandemic in many countries is posing a threat to economic and oil demand recovery, the…
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Oil drops to $65 as India’s COVID-19 cases surge
The global oil benchmark, Brent crude, declined on Monday as the Organisation of the Petroleum Exporting Countries and its allies…
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12 power plants suffer gas shortage, 1,610MW idle
Twelve power plants in Nigeria could not generate 1,609.9 megawatts of their total installed capacity on Sunday as a result…
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NDPHC, Disco sign agreement on 250MW stranded power
The Niger Delta Power Holding Company has signed a framework agreement with Benin Electricity Distribution Company to deliver additional 250…
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Reps query govt, agency reports on gas flaring
The House of Representatives has resolved to investigate the amount of gas so far flared in Nigeria to address the…
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Nigeria businesses lose $29bn annually to poor electricity – World Bank
The World Bank on Wednesday said businesses in Nigeria lose about $29bn annually as a result of the country’s unreliable…
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Petrol landing cost hits N216, daily subsidy now N4.64bn
The landing cost of Premium Motor Spirit (petrol) imported into Nigeria has jumped to N216.31 per litre on the back…
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Higher oil prices push up external reserves by $409m
The country’s external reserves returned to a growth path as it gained $409m in two weeks, latest figures from the…
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Fuel subsidy rises to N500bn, NNPC rules out price hike
With the Federal Government leaving the pump price of Premium Motor Spirit (petrol) unchanged in the first five months of…
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