The prices of refined petroleum products may rise in the coming days following the increase in the cost of Brent, the global benchmark for crude. Crude oil is a major commodity that determines the prices of refined petroleum products. On Sunday, the price of Brent reached $79.76 per barrel. The rise in the cost of…
The National Bureau of Statistics has revealed that the details of the newly rebased Gross Domestic Product will be launched at the end of the month. This was disclosed on Thursday at the sensitisation workshop on GDP and CPI rebasing organised by the Nigerian Economic Summit Group and the NBS in Lagos. In October, the…
The Nigerian National Petroleum Company Limited, NNPCL, says the 150,000 barrels per day, bpd, Port Harcourt Refinery and Kaduna Refinery are currently undergoing a total overhaul designed to meet world-class standards. According to the NNPCL, the rehabilitation done at the 60,000 bpd Port Harcourt Refinery and Warri Refinery was not the typical Turnaround Maintenance, TAM,…
The Minister of Innovation, Science and Technology, Chief Uche Nnaji, has said the Federal Government will soon commence the regulation and licensing of players in the space ecosystem for more revenue generation. Nnaji said this at the inauguration of the Advanced Unmanned Aerial Vehicles Laboratory of the National Space Research and Development Agency in Abuja….
Petroleum Products Retail Outlet Owners Association of Nigeria, PETROAN, has announced that the Port Harcourt refinery will sell petrol at N1,030 per litre, affirming that the refinery is operational as stated by the Nigerian National Petroleum Company Limited. In a statement released by PETROAN spokesman, Mr Joseph Obele who noted that the NNPCL informed the…
Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria have signed a 60 million-litre weekly Premium Motor Spirit supply deal. This comes as IPMAN confirmed that fuel prices have marginally reduced across Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria have signed a 60 million-litre weekly Premium Motor Spirit its member filling…
Food and petrol price hikes have pushed Nigeria’s inflation to 33.88 percent in October 2024, from 32.70 percent recorded in the previous month.The National Bureau of Statistics, NBS, disclosed this on Friday in its Consumer Price Index and Inflation report for October 2024.Looking at the data, month-on-month, Nigeria’s headline inflation rate in October 2024 was…
President Bola Tinubu on Monday, took a cursory assessment of his administration in the last 17 months, saying he has been able to ramp up funds to reduce the debt servicing burden of the nation from 97 percent to 65 percent. Speaking against the backdrop of his subsidy removal policy on fuel, Tinubu said he…
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, NEITI, Dr Orji Ogbonnaya Orji, has said the growth of Nigeria’s extractive industries is dependent on the active engagement of Civil Society Organisations, CSOs, in its activities. He noted that CSOs are the watchdogs of democracy and governance, insisting that their role in the Nigerian…
The report, however, showed that the Federal Capital Territory did not collect any road tax revenue in 2023. The National Bureau of Statistics (NBS) has said that Nigerians paid about 63 per cent more as road taxes to state governments in 2023, highlighting the growing importance of road taxes in state-level finances. The report, however,…