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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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Fuel Costs N617 Per Litre Because Of........ Kyari



By Favour & Akinola Ajibade


The recent surge in the petroleum motoring spirit (PMS) pump price to N617 per litre was caused by market forces, not scarcity of the product, the Group Chief Executive Officer (GCEO),  Nigerian National Petroleum Company (NNPC), Mele Kyari has said.

While a litre of fuel sells at N617 per litre in Abuja, the product is sold at N180 per litre in Lagos. Other states have different prices for fuel, based on the cost of transportation of the product from deports to their outlets.

Speaking to state house correspondents after a meeting with Vice President Kashim Shettima at the Aso Rock Villa, Kyari clarified that the price adjustment is not due to insufficient petrol supply.

He stressed that the market regulates itself, resulting in fluctuating prices.

According to him, “When you go to the market, you buy the product, you come to the market and sell it at its prevailing market price. It has nothing to do with supply. We don’t have supply issues.”

Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), also highlighted the impact of rising global crude oil prices and various expenses faced by importers during the distribution process.

Ahmed explained, “Basically, what we’re seeing is the effect of market forces. You can see that crude oil prices have been on the rise… So naturally, these prices also influence the cost of the product.”

Recall that the Nigerian National Petroleum Company Limited (NNPCL) increased the pump price of petrol, known as Premium Motor Spirit (PMS), from N537 to N617 per litre in May.

The latest increase is the second in less than two months, following the removal of fuel subsidy by the federal government.

NNPC filling stations in Abuja have already implemented the new price, with other stations expected to follow suit.

In the first half of 2023 alone, Nigeria spent N3.6 trillion on fuel subsidy. The Federal Government estimates that discontinuing fuel subsidy payments would save the country close to N6.7 trillion.

According to the Nigeria Extractive Industries Transparency Initiative, Nigeria has spent a staggering N13.7 trillion on fuel subsidy in the past 13 years.

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