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Nigerian Senate contemplates 10 years jail term for generating sets importers, sellers

 Importers and sellers of electricity generating sets in Nigeria may be in for tough times as the Senate in Nigeria passed for first reading a bill proposing 10 years jail term for generator importers and sellers.  The bill christened “A Bill for an Act to prohibit/ban the importation/use of generating sets to curb the menace …

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Nigeria loses $20.4b yearly to oil theft

Speaker of the Nigerian House of Representatives, Hon Femi Gbajabiamila on Tuesday said the country is losing  400,000 barrels of oil per day (BPD) amounting to about $20.4 billion annually to theft. But the Nigeria National Petroleum Corporation (NNPC) and the Office of the Accountant-General of the Federation said there was no record of the …

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Shock as oil price crashes to $33, loses $11 in hours

The international oil benchmark, Brent crude, which stood at $45.72 per barrel on Sunday, has slumped to $33 per barrel. Oil prices suffered a historic collapse overnight after Saudi Arabia shocked the market by launching a price war against onetime ally Russia. Brent, against which Nigeria’s crude is priced, fell by $11.62 to $33.45 as …

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OPEC recruits Russia’s support on production cut

Saudi Arabia and other members of the Organisation of Petroleum Exporting Countries are seeking to win support from Russia to join them in new additional oil output cuts to prop up prices, which have tumbled by a fifth this year because of the coronavirus outbreak. A technical panel of several representatives from OPEC states, Russia …

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Oil prices tumble over Coronavirus fears, sinks below $50

Coronavirus panic also sent global stock markets and industrial and precious metals prices tumbling, with losses amounting to $5 trillion. The international oil benchmark, Brent crude, has tumbled below the $50 per barrel mark as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand. Brent, which rose to as high …

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Nigeria’s Government to explore rail transport in moving gas, petrol around the country

Plans are underway towards adopting rail transportation in the movement of petrol and cooking gas around the country. This is information released by the Petroleum Equalisation Fund (PEF)  The parastatal had lamented that fuel depots have been at the mercy of vandals with a fleet of tankers posing huge risks to lives and properties daily. …

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