African Energy Chamber urges OPEC to reach a deal on ending oil price war
Ben Eguzozie
16 hrs
…organization meets in Vienna on Thursday Ben Eguzozie, with agency report As member-countries of the petroleum producers’ group, OPEC and OPEC+ meet this Thursday April 9 in Vienna, Austria, to try to reach a deal on ending the current oil price war, the African Energy Chamber (AEC) has urged the body to reach a deal […]
Nigeria ready for OPEC talks, says Sylva
Businessam StaffApril 7, 2020
Timipre Sylva, the minister of state for petroleum resources, on Monday pledged Nigeria’s readiness for the deliberations on output cut that the Organization of Petroleum Exporting Countries (OPEC ) has proposed for Thursday. In a statement which he personally issued, he said the “Government of Nigeria wishes to assure the Nigerian and international communities that […]
Seplat, Waltersmith oil firms support Imo State Covid-19 efforts with medical donations
Dikachi FranklinApril 2, 2020
By Dikachi Franklin, in Owerri Seplat Petroleum Development Company and Waltersmith, two oil and gas firms with footprints in Imo State, have donated some medical items to the government of Imo State to help it curb the spread of the virus in the state. The companies made the donations as part of efforts and commitment […]
FG gives Discos three months to improve power supply
Businessam StaffApril 2, 2020
The federal government has issued a three-month ultimatum to power Distribution Companies (Discos) to improve the quality of power supply to their customers or be sanctioned. Mamman Saleh, the minister of power, in a statement wednesday in Abuja, said before the three-month delay on the take-off of the implementation of tariff measures, the Discos must […]
Oil slump, COVID-19: Nigeria, Angola, Ghana, Cameroon, Senegal hardest hit, says AEC
Ben EguzozieApril 2, 2020
Nigeria to suffer $15.4bn loss, Africa’s biggest Africa’s oil producers should unfold incentives, plan for future to survive Ben Eguzozie, with agency report The African Energy Chamber (AEC) based in Johannesburg, South Africa, has come out with results of its analyses of the most vulnerable African countries in the face of oil price plunge following the […]
COVID-19: Ikeja Electric suspends disconnection of customers
Businessam StaffApril 1, 2020
Ikeja Electric (IE) has announced the suspension of all disconnection activities of non-paying customers for a period of two weeks effective April 1, due to the lockdown of Lagos State caused by COVID-19. Folake Soetan, acting chief executive officer, made the announcement in a statement in Ikeja on Wednesday. President Muhammadu Buhari had on Sunday […]
COVID-19: No increase in electricity tariff now, says minister
Businessam StaffApril 1, 2020
dis The Nigerian Electricity Regulatory Commission says there will be a 3-month delay in the implementation of the proposed electricity tariff in the country. The regulator had earlier announced that there would be an upward review of electricity tariff across the country effective April 1. Sale Mamman, minister of power, in a statement in Abuja […]
FG reduces petrol price to N123.5 per litre
Businessam StaffApril 1, 2020
The federal overnment on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre. Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide. It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the oil and gas sector in […]
Oil price plunges to $22, lowest in 18 years
Businessam StaffMarch 31, 2020
The international oil benchmark, Brent crude, plunged to its cheapest in 18 years on Monday as it traded around $22 per barrel. This comes amid growing fears that the global coronavirus shutdown could last months and demand for fuel could decline further. Brent crude, against which Nigeria’s oil is priced, fell by $2.83 to $22.10 […]
Petrol imports: Marketers raise concerns over dollar shortage
Businessam StaffMarch 30, 2020
While the landing cost of petrol has tumbled on the back of the sharp drop in crude oil prices, major fuel marketers are not keen to resume the importation of the product as access to dollar is seen as a major hurdle. The Nigerian National Petroleum Corporation has been the sole importer of petrol into […]