The prices of crude oil dropped after official figures showed a significant rise in the gasoline inventories of the United States. The price of Brent crude, the grade at which Nigeria’s crude oil is benchmarked, decreased by 0.41 percent and stood at $62.89 a barrel as of Thursday afternoon. The US West Texas Intermediate (WTI) crude also declined by 0.65 percent, to $59.38 a barrel. The U.S. Energy Information Administration (EIA)  had earlier mentioned that...

The House of Representatives minority caucus has condemned the $1.5bn approval for the rehabilitation of the Port Harcourt refinery, describing the figure as ‘outrageous and heavily inflated’. The lawmakers, there, called for an immediate review of the cost. In a statement issued by the minority leader of the Green Chamber, Ndudi Elumelu, on Tuesday, disclosed that the caucus reached the conclusion after a thorough evaluation of the proposal. The statement was titled, ‘Reps Minority Caucus...