Day: March 19, 2020

NNPC retail stations to begin sale of petrol at N125 from Thursday, March 19 5 hours ago 7451 views by  Nurudeen Lawal – The Nigerian National Petroleum Corporation has announced when its retail stations will begin to sell fuel at the adjusted price of N125 per litre – Mele Kyari who is the GMD of NNPC said the corporation will start selling with the new price on Thursday, March 19 – Recall that President Buhari had earlier approved the reduction in the pump price of premium motor spirit from N145 per litre to about N125 The Nigerian National Petroleum Corporation (NNPC) has said that its retail stations will begin to sell fuel at the adjusted price of N125 per litre beginning from Thursday, March 19. This is in line with the federal government’s directive ordering the NNPC to adjust the price of fuel to reflect global market realities. Speaking on the adjustment and new directives to its retail stations, the corporation’s Group Managing Director (GMD), Mele Kyari, said the NNPC has reviewed its Ex-coastal, Ex-depot and NNPC retail pump prices.

Source: 
https://www.legit.ng/1312805-nnpc-retail-stations-sale-petrol-n125-thursday-march-19.html

The price of Brent crude, the international benchmark, tumbled on Wednesday to the lowest level in 16 years as global markets continued to respond to the price war between Saudi Arabia and Russia amid the spread of the coronavirus pandemic.

Brent, against which Nigeria’s crude is priced, fell by $2.23 to $26.11 per barrel as of 4:42 pm Nigerian time on Wednesday, its lowest level since late 2003.

With the oil price now more than 50 per cent lower than Nigeria’s budget benchmark, the country’s oil-dependent economy has come under more pressure, The PUNCH reports.

The 2020 budget, which was signed by the President, Major General Muhammadu Buhari (retd.), in December, was based on oil production of 2.18 million barrels per day with an oil price benchmark of $57 per barrel.

The Federal Government was looking to generate N2.64tn oil revenue, representing 32.34 per cent of expected total revenue for this year, with non-oil revenue projection being N1.80tn.

Source: https://punchng.com/breaking-oil-price-sinks-to-lowest-level-in-16-years/