Dangote Refinery has announced a reduction in the ex-depot price of premium motor spirit (PMS), commonly known as petrol, to N899.50 per litre. This follows a previous price adjustment to N970 per litre on November 24. Anthony Chiejina, Group Chief Branding and Communications Officer for Dangote Group, highlighted that the price cut is aimed at providing relief to Nigerians during the festive season. He stated, “To alleviate transport costs during this holiday season, Dangote Refinery
Uganda has announced plans to fully finance its $4 billion oil refinery project in Hoima District using equity, abandoning earlier plans to seek international market financing. Energy Minister Ruth Nankabirwa revealed that the government, in partnership with UAE-based Alpha MBM Investments, has opted to proceed without external debt financing. This decision marks a significant shift from the original funding model, which projected a mix of 60% debt and 40% equity. The Uganda Refinery Project aims
The Nigerian National Petroleum Company Limited (NNPC) has successfully sold its inaugural shipment of Port Harcourt low-sulfur straight-run fuel oil (LSSR) to Dubai-based Gulf Transport & Trading Limited (GTT). This marks the beginning of operations at the Port Harcourt Refinery and the export of petroleum products. The Wonder Star MR1 vessel is set to load 15,000 metric tons of LSSR, equivalent to approximately 13.6 million liters. Although the current export volume from NNPC is modest,
The recently rehabilitated Port Harcourt Refinery, operational since November 26, 2024, has faced hurdles similar to those affecting Dangote’s refinery, with disputes over fuel pricing threatening its success. Contrary to reports of halted operations, the facility had only scaled down to implement necessary improvements, according to Managing Director Ibrahim Onoja and Executive Director of Operations Moyi Maidunama of the Nigerian Pipeline and Storage Company Limited. During a guided tour, Onoja emphasized that product distribution continues,
LONDON – US oil and gas companies are unlikely to make significant production increases under president-elect Donald Trump, as the industry remains focused on capital discipline, according to Liam Mallon, head of Exxon Mobil’s upstream division. Speaking at the Energy Intelligence Forum in London on Tuesday, Mallon stated, “We’re not going to see anybody in ‘drill, baby, drill’ mode.” He emphasized that the industry’s focus on economic factors and disciplined capital management will likely prevent
Oil futures for January delivery rose to $70.14 per barrel on Friday, marking a 0.06% increase on the New York Mercantile Exchange at the time of reporting. Earlier in the session, prices reached their peak before showing potential support at $66.53 and resistance at $70.75 per barrel. The U.S. Dollar Index Futures, which tracks the dollar’s performance against a basket of six major currencies, gained 0.51%, trading at 107.48. Meanwhile, on the ICE Futures Exchange,
The price of Brent crude oil is expected to decline by $5 to $9 per barrel over the next 12 months due to a significant global supply surplus, particularly from non-OPEC (Organization of the Petroleum Exporting Countries) producers, and weakening demand driven by economic uncertainties in China and Europe. These challenges could intensify if the U.S. government under Donald Trump imposes tariffs on imports from China and Europe. According to international experts interviewed by Broadcast,
The fuel supply challenges in the municipalities of Quiculungo and Bolongongo in Angola’s Cuanza Norte province are set to be resolved with the construction of new fuel stations. These two areas, previously lacking such facilities, will soon benefit from the ongoing development of fuel pumps, according to Luís Fernandes, General Director of the Petroleum Regulatory Institute (IRDP). Fernandes shared this update during a Ministry of Mineral Resources, Oil, and Gas meeting held in Cuanza Norte.
The Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N970 per liter, down from the previous N990. This N20 decrease applies to marketers purchasing directly from the refinery, according to a report by The Punch. Anthony Chiejina, Dangote Group’s Chief Branding and Communications Officer, confirmed the adjustment on Sunday, describing it as a gesture of appreciation for Nigerians as the year draws to a close. “This reduction is
Mozambique plans to conduct independent audits of hydrocarbon companies to evaluate their contributions to local business development under its local content framework. The audits will also assess companies’ compliance with policies and regulations, as well as the effectiveness of government measures promoting local participation. The National Petroleum Institute (INP) has launched an international public tender to select a specialized company for the task. The chosen firm will assist in developing auditing and analytical processes to
