ABUJA — The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA), Engr. Farouk Ahmed says the federal government the current pump price would remain for now with the expected high rate of travel during the festive period. Presently, petrol sells at N162/163 per litre in most major petrol stations with independent marketers selling at N165/litre. Ahmed made the disclosure to journalists in Abuja through Ogbogu Ukoha, Executive Director, Distribution Systems,...

A public commentator, Ahmed Bakare in Zamfara state attributed the fuel scarcity experienced in the state as artificial, alleging that the government is involved in the situation. Bakare stated that most of the filling stations in the country are owned by the people in the corridors of power, adding that the federal government has woefully failed in its fight against monumental corruption in the country. He alleged that corruption has become legalized in disguise as...

Nigeria has lost its tank as the top Africa oil producing country to Libya as its crude oil production further fell last month amid lingering supply disruptions. This was according to a news report by the Organization of the Petroleum Exporting Countries (OPEC). According to the report, Nigeria told OPEC that its oil production fell to about 1.23 million barrels per day in October from about 1.23 million bpd in the previous month. This was...

ABUJA — The newly incorporated Nigerian National Petroleum Company (NNPC) Limited has a capitalisation of N200 billion according to Garba Abubakar, registrar/chief executive officer of the Corporate Affairs Commission (CAC). This was documented in a statement issued by Femi Adesina, the presidential spokesperson. According to the statement, the registrar disclosed this on Friday in Abuja after President Muhammadu Buhari received the certificate of incorporation of the NNPC as a limited liability company. Capitalisation is the...