Commodities

Shortage of quality lubricants encourages adulteration – 11 Plc

Shortage of quality lubricants has been identified as a major reason for the emergence of adulterated products at Ikoku Spare Parts Market, Port Harcourt, Rivers State, but the management of 11 Plc, formerly known as Mobil Nigeria, has promised to flood the market with genuine lubricants. Manager, Lubricant Sales and Marketing, 11Plc, Steve Ezendiokwere, gave […]

Read More
Traders work at the Nigerian Stock Exchange in Lagos

Negative performance drags index by 0.3 pct

The negative performance of the Nigerian Stock Exchange, NSE on Monday dragged the NSE All Share Index (ASI) by 0.3% to close at 37,266.86 points while Year to Date, YtD loss worsened to 2.6%. The depreciation recorded in the share prices of some highly capitalised companies such as GT Bank, Zenith Bank, Access Bank, UBA, […]

Read More

Nigeria hopes to reduce production cost of crude oil to $15

Speaking at the just concluded 2018 edition of the Nigeria Oil and Gas (NOG) Strategic Conference and Exhibition in Abuja, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said Nigeria aspired to reduce unit cost of production of crude oil to $15. He stated that there was every need to begin to look […]

Read More

Here’s what $2.5 billlion currency swap deal means for banks, economy

The much-awaited guidelines for the $2.5 billion currency swap deal between the Central Bank of Nigeria (CBN) and The Peoples Bank of China (PBoC) have been unveiled. The deal will widen the trade window for local banks and increase their revenues. But, it could worsen the widening trade gap between Nigeria and China. The deal, […]

Read More

No fuel price hike, says NNPC

There won’t be increase in fuel price, despite the rise in the landing cost of imported fuel, Nigerian National Petroleum Corporation (NNPC) Public Affairs Group General Manager, Ndu Ughamadu, has said. He said the landing cost goes up when the international price increases, adding that it is a normal occurrence in the global crude oil […]

Read More

Rise in shipping cost may cause price of fuel, imported goods to spike

Strong indications emerged at the weekend that Nigerians may pay more for fuel and other goods imported into the country after shipping companies including Maersk and Mediterranean Shipping Company, announced a rate hike in prices of bunker fuel which is a fallout of higher oil prices. The fuel used to power ships is technically known […]

Read More

States wants to determine oil subsidy payment, say 60m litres consumption unrealistic

Governors of the 36 states of the federation want states authorities rather than the Nigerian National Petroleum Corporation (NNPC) to determine how much is paid as subsidy by the Federal Government. According to them, individual states will now determine the quantity of petroleum products consumed in their territories as a basis for calculating the subsidy […]

Read More

‘SNEPCo delivered 763mln barrels of oil from Bonga in 12 years’

Shell Nigeria Exploration and Production Company on Sunday said it had delivered a total of 763 million barrels of oil from the Bonga field between first production in 2005 and 2017. SNEPCo, according to a statement, is also expanding the field with further drilling of wells in Bonga phases 2 and 3 and through a […]

Read More
world news, trump, u.s., business news, stock market, entertainment news, business news, company news, market, commodities, commodity, Africa news

Yemen’s Aden refinery seeking 150,000 tonnes of oil…

ADEN, May 13 (Reuters) – Yemen’s Aden refinery is seeking 150,000 tonnes of oil products for the local market in two separate tenders, the state news agency SABA said on Sunday. The refinery is seeking 30,000 tonnes of unleaded petrol and 30,000 tonnes of diesel in its first tender, as fuel supplies ran low because […]

Read More

Oil recovers after sliding on Donald Trump tweet criticizing OPEC

Oil prices edged up on Friday, stabilizing after an earlier slide driven by U.S. President Donald Trump’s criticism of OPEC’s role in pushing up global oil prices. Brent crude oil futures gained 28 cents, or 0.4 percent, to settle at $74.06 per barrel. West Texas Intermediate crude futures for delivery in June, the most active […]

Read More

Stock markets steady, oil slips after Trump slams OPEC

Global stock markets were subdued Friday amid worries over trade and after a major supplier to Apple forecast continued weak demand for mobile devices. Futures for crude oil fell after U.S. President Donald Trump slammed OPEC for keeping prices high. KEEPING SCORE: Britain’s FTSE 100 was up 0.4 percent to 7,357 and Germany’s DAX down […]

Read More

Oil gains on U.S. crude drawdown, easing of tension in U.S.-China spat

Oil prices rose on Thursday, buoyed by the U.S. government data showing a surprise drawdown in crude stockpiles and an easing of tensions over a trade row between the United States and China. U.S. West Texas Intermediate crude for May delivery was up 20 cents, or 0.3 percent, at $63.57 a barrel by 0646 GMT […]

Read More