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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...

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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...

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YENEGOA — The Bayelsa Government has announced the suspension of all agreements between international oil firms and their host communities across the state. Gov. Douye Diri’s announcement is contained in a statement by his Chief Press Secretary, Mr. Daniel Alabrah on Thursday in Yenagoa. The suspension is on the heels of an allegation by the Bayelsa government that Shell Petroleum Development Company (SPDC) was fueling crises and insecurity of its host communities in the Niger...

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The current ex-depot price of premium motor spirit (PMS), will be maintained until the end of negotiations with organised labour according to the Nigeria National Petroleum Cooperation (NNPC). Kennie Obateru, group general manager, group public affairs division of NNPC, disclosed this in a statement on Friday. He indicated that NNPC will continue to bear the burden of petrol subsidy as the current price will be maintained at N162 until ongoing engagement with the organized labour...

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By John Campbell Nigerian lawmakers are seeking passage of a Petroleum Industry Bill (PIB) that would reorganize the oil industry. Since the establishment of civilian government in 1999 after a generation of military rule, repeated attempts at passing a PIB have been made. But the government, the political class, and the industry’s leaders (foreign and domestic) have never reached a consensus that would make the reordering possible of such a crucial industry. The technical issues are exceedingly complex. Uncertainty around...

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The Controller, Taraba Field Operation’s Office of the Department of Petroleum Resources (DPR) Mr. Jeremiah Mashat has sealed ten filling stations in Jalingo, Taraba state. He said that the action was to ensure compliance and enforcement for selling the product at the government-approved price, insisted that Marketers must adhere to all regulations governing the downstream sector of the petroleum industry. “We are out to ensure that the public is not shortchanged in the consumption of...

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On Wednesday, the Federal Executive Council approved the plan by the Ministry of Petroleum Resources to rehabilitate the country’s 210,000-barrel-a day Port Harcourt refinery with $1.5bn. The decision was taken at the weekly meeting of the council presided over by President Muhammadu Buhari. This was disclosed by the Minister of State for Petroleum Resources, Timipre Sylva, to the state House correspondents at the end of the meeting at the Presidential Villa in Abuja. The minister...

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The Department of Petroleum Resources (DPR), on Tuesday, in Ilorin, sealed up five filling stations for various offences including over-pricing and under-dispensing. The development was the result of the monitoring exercise of over 35 filling stations across the metropolis. Speaking with journalists shortly after the exercise, the controller, Ilorin field office of the DPR, Engineer Sule Yusuf, said there was no fuel scarcity or plan to increase fuel price in the country. “We observed that...

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The Petroleum Products Pricing Regulatory Agency (PPPRA) has deleted the template announcing the new price of petrol stands at N212.6 per litre from its website. The agency published the template on its website http://pppra.gov.ng/pms-guiding-price-for-march-2021/. The publication was welcomed with outrage across the country with fuel queues observed in several filling stations in Abuja and Lagos. The template which was released in the early hour of Friday, indicated petrol price to be sold at a lower...

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ABUJA — Long queues have appeared in Abuja for the purchase of Premium Motor Spirit also known as petrol, few days after normalcy returned to the area. The News Agency of Nigeria (NAN) reports that long queues returned to retail outlets in Wuse, Gwarimpa, Wuye and Kubwa expressway on Friday, while other areas were not selling the product. Meanwhile, Alhaji Suleiman Yakubu, National Public Relations, Independent Petroleum Marketers Association of Nigeria (IPMAN) advised the public...

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