Why we can’t sell petrol at 125/litre – Marketers
Businessam StaffMarch 19, 2020
Private fuel marketers have yet to reduce the pump price of Premium Motor Spirit (petrol), while retail stations belonging to the Nigerian National Petroleum Corporation have started selling at N125 per litre. Investigations at several filling stations including Oando, Mobil and Capital Oil and Gas on the Lagos-Ibadan Expressway as well as Total at Ikosi-Ketu, on […]
Oil slumps to 18-year low as Saudi Arabia ramps up price war
Businessam StaffMarch 18, 2020
Oil prices plunged below $24 a barrel for the first time in almost 18 years after Saudi Arabia doubled down in its price war with Russia, vowing to keep production at a record high “over the coming months.” For the last 10 days, Riyadh has issued nearly daily statements raising the stakes in its shock-and-awe battle with […]
Breaking: FG reduces petrol price to N130 from N145
Businessam StaffMarch 18, 2020
The federal government may have directed the reduction in the pump price of Premium Motor Spirit (PMS) from N145 per liter to about N130. Minister of State for Petroleum Resources, Timipre Sylva, had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in […]
More pain for Nigeria as oil sinks to $29
Businessam StaffMarch 17, 2020
With the international oil benchmark, Brent crude, falling below the $30 per barrel mark on Monday, the oil-dependent Nigerian economy has come under more pressure from the sharp drop in government’s expected revenue. The coronavirus crisis has worsened, leading governments and businesses to shut down as the global economy appeared to be headed towards certain […]
Oil crash: Nigeria may lose $8.63bn in six months
Businessam StaffMarch 16, 2020
Nigeria’s economy may slide into another recession as the sudden crash in crude oil prices is set to wipe $8.63bn from the expected earnings accruable to the country in six months. Already, the nation has lost over $335.7m after the crude oil price plunged last week, hovering between $30 to $36 per barrel. This is […]
Oil flood: Russian oil giants prepare for a production surge
Businessam StaffMarch 14, 2020
Russian oil firms plan to raise their oil production from April and they are comfortable with the current oil prices and even lower, oil executives said after meeting this week with Energy Minister Alexander Novak – a meeting which didn’t discuss the possibility that Russia may return to the OPEC+ production cut deal as earlier […]
The world’s biggest oil trader negotiates Venezuela oil purchase
Businessam StaffMarch 14, 2020
The largest independent oil trader in the world, Vitol Group, is discussing the purchase of Venezuelan crude oil from a Mexican firm that had received the crude in exchange for aid, Bloomberg reported on Friday, citing emails and documents that it has reviewed. Vitol hasn’t traded Venezuelan crude oil since the beginning of last year when the […]
Rig count inches lower in dramatic week for oil
Businessam StaffMarch 13, 2020
Baker Hughes reported that the number of oil and gas rigs in the US fell this week by 1 to 792, with the total oil and gas rigs clocking in at 234 fewer than this time last year. The number of oil rigs increased for the week, by 1 rig, according to Baker Hughes data, […]
Shake-up as NNPC asks 40 GGMs, GMs to go
Businessam StaffMarch 13, 2020
The management of the Nigerian National Petroleum Corporation has retired about 40 group general managers and general managers at the oil firm. It was gathered in Abuja that the affected GGMs and GMs were asked to leave the employ of the oil firm on Wednesday. Sources at the corporation also stated that the reorganisation touched […]
No end in sight for the oil price crisis, says Daniel Yergin
Businessam StaffMarch 13, 2020
Rebalancing the oil market in a context of dropping demand and rising supply will take a while, energy expert Daniel Yergin told media, as quoted by Reuters. With demand subdued more than usual because of the coronavirus pandemic and the oil price war between Saudi Arabia and Russia adding more barrels to the market, it will be […]