By Oke Peter The Senate has declared as illegal the current payments by the Nigerian National Petroleum Corporation (NNPC) to augment the differentials between the landing cost of the Premium Motor Spirit (petrol) and the pump price. The legislature asked the corporation to stop further payment of subsidy, but should clear the arrears owed marketers…
The level of fatalities in the nation’s power sector has continued to raise serious concerns among the stakeholders in the sector in Nigeria. Besides, stakeholders are worried that almost five years after the privatisation of the successor companies of the defunct Power Holding Company of Nigeria (PHCN) by the Federal Government, the hundreds of accidents…
Energy Worth with Agency Report The Federal Ministry of Water Resources has disclosed that the delay in the connection of power transmission lines to the national grid was responsible for non-completion of the Kashimbilla Multipurpose Dam in Taraba. The Acting Director, Dams and Reservoir Operations in the ministry, Mr Lawal Muhammad, said this on Friday…
Oil prices rose on Thursday, fuelled by expectations the United States will re-impose sanctions against Iran, a decline in output in Venezuela and ongoing strong demand. Brent crude oil futures were at 74.27 per barrel at 0643 GMT, up 27 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures…
Royal Dutch Shell on Thursday, reported a 42 percent rise in first-quarter profit, its highest in over three years, boosted by higher oil prices and production. Expectations are high for Shell to continue to generate strong profits and cash flow after the Anglo-Dutch company beat larger rival Exxon Mobil on both fronts in 2017 thanks…
The Port Harcourt Electricity Distribution Company (PHEDC), has explained the power outage currently being experienced in Port Harcourt, the capital of oil rich Rivers State. The News Agency of Nigeria (NAN) has reported. The Port Harcourt Disco said the forced power outage is caused by the tripping of 132KV Alaoji/Afam lines, leading to loss of…
By Energy Worth TellCo Europe Nigeria has announced its plan to introduce into the Nigerian market, TellCoSol Off-Grid Solar Power System, a Swiss technology that aims to electrify the country without stress. TellCo Europe Nigeria is a renewable and clean energy Solutions Company incorporated in Nigeria under the Companies and Allied Matters ACT. The company…
By Oke Peter The Coalition for Affordable and Regular Electricity has called on the Federal Government to once again nationalise the power sector, invest massively in it and introduce democratic and transparent management. The group, in a statement on Friday, described the reversal of the privatisation as the only way the electricity needs of Nigerians…
By Oke Peter There are strong indication that the expected open market price of Premium Motor Spirit (petrol) being imported into Nigeria may have risen above N190 as crude oil price climbed towards a four-year high of $75 per barrel. As of March 20, 2018, when the international benchmark for oil prices, Brent, traded around…
Data from Russia’s Federal Customs Service shows they might be after Germany paid less for natural gas from the world’s largest exporter than most other buyers. Only the UK, which produces most of its own gas, had lower import costs among the biggest offtakers, according to the figures obtained by Bloomberg and detailed in the…
