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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Petrol is now N179 per litre . Marketers must comply, says NNPC



By Akinola Ajibade




The Nigerian National Petroleum Company Limited (NNPC) yesterday, upwardly review the price of Premium Motor Spirit (PMS), also known as petrol from N165 per litre to N179 per litre, marketers have said.

The adjustment of pump price also comes with that of the ex-depot price, the National Oil Company ( NOC) informed  marketers via a statement released yesterday.

NNPC, in a notice to fuel marketers, directed them to change the petrol price on pumps to the new price effective today. 

Hitherto, marketers have been selling fuel above N165 per litre, a reason widely attributed to the scarcity of the product and difficulties in getting it to the consumers.

Like a prayer answered, marketers waste no time in adjusting the pump price of petrol to N179 per litre from N165 per litre. The move, no doubt, is in compliance with NNPC directive on the fuel price adjustment.

In its directive to oil marketers, yesterday, the company had put the new pump price and ex-depot price at N179 per litre and N167 per litre respectively, from Tuesday, July 19, 2022.

Oil marketers have already adjusted their pumps to reflect the directive in Lagos, Abuja and other parts of the nation.

Meanwhile, some Nigerians have reacted that barely hours after the announcement, the adjustment has been made with some fuel stations selling within N200 to N250 but if the price had been downward, they would have dillydallied giving flimsy excuses of not disposing old stock. But on the contrary, they quickly adjusted to the new price.

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