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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will no longer fix prices or release templates for Premium Motor Spirit (PMS). Authority Chief Executive (ACE), Mr Farouk Ahmed, who said this at a news conference in Abuja on Friday, said that market forces would henceforth dictate prices under the liberalised market. “As
The Nigerian National Petroleum Company Limited (NNPC Ltd) says the decision to remove subsidy on Premium Motor Spirit (PMS) known as fuel by President Bola Tinubu is a welcome development. Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd. made this known at the NNPC Ltd. Towers in Abuja while briefing the newsmen late
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it is working with the NNPC Ltd. and other stakeholders to guarantee a smooth transition following the removal of fuel subsidy. The News Agency of Nigeria (NAN) reports that President Bola Tinubu, in his inaugural speech on Monday, said the fuel subsidy regime had ended
Nigeria's Dangote Petroleum Refinery will be commissioned on Monday amid hopes of an end to the country's recurring fuel shortages, but a lack of crude supply poses a major risk to it achieving full production.
Analysts expect higher oil prices The Organisation of Petroleum Exporting Countries and its allies, (OPEC+), yesterday, agreed to slash its crude production target by two million barrels a day (bpd) from November, the biggest cut since the group reduced quotas by 9.7mn b/d at the start of the Covid-19 crisis in 2020. The coalition has […]