Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
Global energy firms, Shell and Total Energies recorded combined revenues of $21.3bilion, as well as having share buybacks of $8billion in the third quarter of the year.
While shell posted $11.5 profits and also planning to buybacks of $6 billion, Total Energies' quaterly profits rose to $9.8billion, with shares back of $2billion on its neck.
By this feat, both International Oil Companies (IOCs) have through considerable investments in countries, where they operate, beat record- breaking previous quarter results on the back of soaring crude, gas and oil product prices.
Interestingly, the two firms respectively are recording highest quarterly profits, while at the same time, keeping their dividends steady, in order not to disappoint some investors across the world.
Industry watchers have continued to link impressive results, which are being recorded by Shell and Total Energies to developments in the global oil market.
They said that the surge in oil prices and ultimately the profits of some energy companies are driven by Russian invasion of Kuwait, a development which has both negative and positive effects on economies of countries in the world.
Recall that oil prices slumped for two years, leaving an aftermath effects on both on fourteen member countries of Organisation of Petroleum Exporting Countries ( OPEC) and those states under OPEC+.
Brent crude prices resumed increase months ago, a situation, which has delighted companies and countries of having access to huge revenues, as well as growth in economies.
Brent crude prices have risen more than 140 per cent in the last twelve months, with the market reaching
averaging around $114 a barrel in the quarter.
Eni, Exxon Mobil and Chevron are yet to announce results. Though the firm are planning to declare their results this July ending, the industry is waiting to see whether they also would achieve high profit margins.
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