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China applies new standard to measure Russian crude quality

China on Monday started using new standard to measure water content in the imported pipeline crude oil from Russia to better safeguard China’s economic interest, state energy giant, CNPC, said on Monday Chinese quality inspectors found that the Russian way...

Price of brent crude oil rises to $70 on output cuts

The price of brent crude oil rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future...

Oil marketers canvass total deregulation of downstream

  The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) have called for the total deregulation of the downstream sub-sector of the country’s oil and gas industry. The marketers under the aegis of IPMAN...

254 firms bid for purchase of Nigerian crude grades

*Europe biggest buyer of country’s crude oil For the third consecutive year, the gale of transparency and innovation in the marketing and management of Nigeria’s crude oil grades was sustained on Wednesday as a total of 254 indigenous and foreign...

Oil price moves to hit $70 on fewer U.S. rigs, OPEC cut

Oil prices rose on Monday, poised to make above 70 dollars on a slight decline in the number of U.S. rigs drilling for new production and sustained OPEC output cuts. Brent sweet crude futures were at 67.95 dollars a barrel, 33...

Scarcity: Fix nation’s refineries now, NUPENG urges NNPC

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) on Monday called for the rehabilitation of the nation’s refineries to end the recurring scarcity of petrol in the country. Mr Tayo Aboyeji, the South-West Chairman of the union made...

Increased loading in NNPC’s depots will eliminate price hike

Increasing loading of petrol at the Nigerian National Petroleum Corporation (NNPC)’s depots nationwide will compel the marketers to sell the product at N145 per litre, some stakeholders in the industry have said. They said in Lagos that most marketers were...

Petrol scarcity bites harder in Jigawa

As petrol scarcity bites harder in Dutse, residents have urged the Federal Government to take decisive measures to restore normalcy in the supply of the product to the Jigawa State capital. A correspondent who visited all the filling stations in...

Oil price at highest since 2015, as Iran unrest spooks market

Oil price rose further above 68 Dollars a barrel on Thursday to the highest since May 2015, supported by unrest in Iran that raised concerns about supply risks, cold weather in the U.S., boosting demand and OPEC-led output cuts. Six...

DPR shuts down two fuel stations in Calabar

The Department of Petroleum Resources (DPR) in Cross River State has shut down town fillings stations for selling petrol above the government approved price of N145 per litre. Controller of DPR in Cross River, Mr Bassey Nkanga, who shut down...

Commuters stranded in Lagos, beg FG to end fuel scarcity

Hundreds of stranded commuters on the Lagos-Abeokuta Expressway on Wednesday in Lagos appealed to the Federal Government to end petrol scarcity which affected transport cost. The commuters said scarcity of petrol caused an increase in transport cost and reduced the number...

Oil price nears $67 on Libyan pipeline blast

Oil prices have touched two-and-a-half year highs in light volume boosted by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts. Libya has lost around 90,000 barrels per day (bpd) of crude oil from a blast...

DAPPMA owed N26.7b but gets products – NNPC

The Nigerian National Petroleum Corporation (NNPC) on Wednesday said the allegation by the Depot and Petroleum Products Marketers Association (DAPPMA) on the fuel supply situation was untrue. NNPC’s spokesman, Mr Ndu Ughamadu,, denied the allegations in a statement. Ughamadu said...

Petrol sells at N220 per litre in Katsina

The scarcity of petroleum products is biting harder in Katsina State as most independent marketers increase price of petrol to over N220 per litre. A survey conducted by our correspondent indicated that only the NNPC mega station on IBB Way,...

OPEC records highest compliance with oil production cut

The Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) stated that based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for the Month of November 2017, OPEC and participating Non-OPEC producing countries have shown highest level of conformity with...

NURTW calls for mobile courts to prosecute black marketers

The National Union of Road Transport Worker (NURTW), Abdulsalam Motor Parks, Minna, Niger State, has advocated the setting up of mobile courts to prosecute “black marketers’’ to serve as deterrent to hoarders. The union’s Vice Chairman, Alhaji Abdullahi Na’ura, made...

Oil price rises on North Sea pipeline outage, others

Oil prices inched up on Wednesday supported by expectations of a fall in U.S. crude inventories and by the ongoing outage of the North Sea Forties pipeline system. U.S. West Texas Intermediate (WTI) crude futures were at 57.71 dollars a...

DPR advises motorists against panic buying of petrol

The Department of Petroleum Resources (DPR) has advised motorists to desist from panic buying of Premium Motor Spirit (PMS) as the Nigerian National Petroleum Corporation (NNPC) had enough in stock. Mr Victor Enilama, the Head of Downstream sector of DPR...

DPR slams N20m fine on oil depot owners selling above approved price

The management of the Department of Petroleum Resources (DPR) on Tuesday said any depot owner selling petrol above approved ex-depot price would henceforth pay a fine of N20 million. Mr Wole Akinyosoye, the Zonal Operations Controller, DPR, Lagos, in a...

Abakaliki residents decry unofficial hike in price of PMS

Residents of Abakaliki, the Ebonyi State capital on Tuesday decried unofficial hike in the price of  premium motor spirit (PMS), which now sells between N165 and N180 per litre at filling stations. The residents appealed to relevant authorities to compel...

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Obasanjo successfully completes PhD programme at NOUN

Former President, Chief Olusegun Obasanjo, is among 14,771 persons expected to receive honours at the 7th convocation of the National Open University of Nigeria...