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  • Updated: February 25, 2024

Weekly oil, gas news highlights from February 18 to February 25, 2024

Weekly oil, gas news highlights from February 18 to February

We're glad you're here for the most recent Oil & Gas News collections, where we swiftly present the most interesting AllNews stories from the previous week.

Petrol price: Black market hits N1,000 per litre amid marketers strike

In a concerning development, the price of Premium Motor Spirit (PMS), commonly known as petrol, has surged in the black market across Lagos State and its environs.

With most Independent Petroleum Marketers Association of Nigeria (IPMAN) stations closed due to low supply, consumers are forced to turn to the black market where prices have reached an alarming ₦1000 per litre in some areas. Read more here.

FG intervenes to stop NARTO strike, urges talks with oil marketers

To prevent NARTO members from suspending operations related to the lifting of petroleum products nationwide starting today (Monday), the Federal Government has directed oil marketers to engage in negotiations with the Nigerian Association of Road Transport Owners.

It was discovered over the weekend that there had been about six meetings between NARTO leaders and oil marketers in the two days after the petroleum product carriers declared their plan to halt operations. Read more here.

Nigerian petroleum regulator assures fuel quality compliance

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed on Tuesday that all imported fuels had undergone complete quality re-certification.

Ayo Cardoso, NMDPRA's Coordinator for the Southwest Region, made the assurance during an interview with the NAN in Lagos. Read more here.

NNPCL uncovers 223 illegal oil facilities

The Nigerian National Petroleum Company Limited (NNPCL) is intensifying its crackdown on crude oil theft, having recently uncovered 223 new illegal connections and refineries in the Niger Delta region.

These discoveries were made between February 10th and 16th, 2024, as revealed in a two-minute video obtained on its Twitter page on Wednesday. Read more here.

200 oil, gas dealers to shut down operations over forex crisis

Oil and gas dealers in Nigeria are sounding the alarm, warning that over 200 members of the Nigerian Oil and Gas Suppliers Association (NOGASA) may cease operations next month unless the government intervenes urgently.

They cite challenging operating conditions and the collapse of 70% of downstream oil sector businesses. Read more here.

These are the latest Oil & Gas news that made trends during the week. Visit our website https://allnews.ng for more Oil & Gas news around the world.

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