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Showing posts with label petrol. Show all posts
Showing posts with label petrol. Show all posts

Friday, 9 August 2024

$20bn Dangote Refinery Will Disrupt Europe’s Oil & Gas Industry – OPEC

 By Ayodele Ifasakin 


The Organisation of Petroleum Exporting Countries (OPEC) has said supplies from Nigeria-based world’s largest single-train Dangote Refinery and Petrochemicals will put pressure on the performance of Europe’s oil industry, especially the Northwest Europe (NWE) Gasoil.

$20bn Dangote Refinery Will Disrupt Europe’s Oil & Gas Industry – OPEC



OPEC in its newly released monthly Oil Market Report for June 2024 listed Dangote Refinery among the top Diesel and jet Fuel suppliers that will disrupt Europe’s oil & gas Industry, a development experts forecasted will positively impact the Nigerian economy.


Recall that Standard & Poor Global quoting trading and the ship tracking sources had earlier predicted that Nigeria’s $20 billion Dangote refinery would shake up international crude flows when it reaches full capacity, having already made an impact since coming online in January, trading sources and ship tracking data show.


The OPEC report revealed that “Upside potential for higher production levels from Nigeria’s Dangote refinery, coupled with strong flows from the Middle East and new supplies from the Mexican Olmeca refinery, will likely exert pressure on NWE gasoil performance in the mid-term.”


It stated further “Europe is one of the world’s largest purchasers of refined petroleum products and relied on imports from Asia and the US after the European Union banned the use of Russian diesel in the bloc.


However, the 650,000bpd capacity refinery which is owned by the Africa’s richest man, Aliko Dangote, is eyeing the wider European market after International Oil Companies stopped supplying its crude oil.


Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin announced the company had earlier exported its first jet fuel cargo to Europe as it rapidly scales production.


The refinery is said to have exported 90 percent of its 3.5 billion litres of jet fuel and diesel to Europe over alleged lack of support from the Nigerian government.



“It is good to note that from the start of production, more than 3.5 billion litres, which represents 90 percent of our production, have been exported,” Edwin said


BP is currently transporting its first jet fuel cargo to Rotterdam from Dangote, after being awarded part of a 120,000 metric tonnes tender offered for the end of May, according to S&P Global.


OPEC stated that, “In June, the jet/kerosene crack spread in Rotterdam against Brent showed a slight decline, influenced by supply-side dynamics. Despite signs of improving air travel activities, subdued jet fuel demand from the aviation sector weighed on the product market


“Going forward, European jet/kerosene demand is expected to see upward pressure as consumption levels from the aviation sector continue to pick up in the coming months.”


S&P had noted that Dangote Refinery in its first six months, scaled to 400,000 b/d and delivered diesel, jet fuel, naphtha, and fuel oil to both domestic and export markets, with Gasoline, Nigeria’s primary fuel type, being expected to be produced from mid-August


Notwithstanding, the refinery has already affected crude flows, with dozens of Nigerian cargoes remaining in-country and US WTI Midland, a comparable light, sweet grade, being imported


The mega-refinery could therefore tighten the light, sweet crude market. “Its diet is WTI and the lighter Nigerian [crudes] so if you were chasing those barrels you’d probably feel it quite keenly,” a West African crude trader told Commodity Insights. “Once they get to 650,000 b/d without any WTI Midland, ‘severely disrupted’ [will be] the headline

Tuesday, 31 March 2020

BREAKING: FG reduces petrol pump price to N123.50 litre

AgegePulse Magazine


The Federal Government has announced a reduction of the pump price of the Premium Motor Spirit (PMS) to N123.50 per litre.

According to the Petroleum Products Pricing Regulatory Agency (PPPRA), Executive Secretary, Mr. Abdulkadir Saidu, the new price takes effect from today, April 1, 2020.


In a statement in Abuja on Tuesday night, he said: “PPPRA, in line with the Government approval for a monthly review of Premium Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per Litre.

“The Guiding price which becomes effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April, 2020.

“PPPRA and other relevant regulatory Agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector. Members of the Public and all Oil Marketing Companies are to be guided accordingly.”

The Nation

Wednesday, 18 March 2020

BREAKING: FG Reduces Fuel Price To N130

AgegePulse Magazine



BREAKING: FG Reduces Fuel Price To N130
President Muhammadu Buhari may have approved the reduction of pump price of the Premium Motor Spirit (PMS) also known as petrol from N145 to N130.

A reliable presidential source, who disclosed this to The Nation at the Presidential Villa on Wednesday, said the approval may have followed a presentation by the Minister of State on Petroleum Resources, Chief Timipre Sylva, to the ongoing Federal Executive Council (FEC) meeting at the Villa.

According to the source, who would not want to be named, Sylva had made a request to the FEC for the reduction of pump price of the product, citing the drop in the price of crude oil at the global market.


Below is the statment released by NNPC

PMS Price Adjustment


In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.

Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.

These reductions will therefore translate to N125/litre retail pump price.

Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.

Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre.

Mele K. Kyari
Group Managing Director, NNPC