With over N10.7 trillion spent on subsidising petrol between 2006 and 2019, the move by the federal government to exit subsidy and deregulate the downstream sub-sector will create a win-win situation for government, investors and end-users.
The US oil and natural gas rig count slipped 24 this week to 333, rig data provider Enverus said Thursday, as the rate of the decline continued to slow.
Oil futures remained lower Thursday after government data showed an unexpected rise in U.S. crude inventories.
Oil futures lost ground Thursday after data from a U.S. industry trade group showed a rise in crude inventories, raising questions over whether expectations for a sharp recovery in demand were overdone.
Markets in Europe are once again on the rise as investors continue to express optimism that the global economy is turning a corner from the coronavirus pandemic.
Dioctyl terephthalate (DOTP) made at SIBUR-Khimprom plant in Perm has been certified under the European Pharmacopoeia standards for the medical and pharmacological industries, the Russian petrochemical producer Sibur said on Thursday.
China’s Sinopec Corp is expected to start commercial operations at its oil refining and petrochemical complex in Zhanjiang at the end of July, a company spokesperson said on Thursday.
Japan’s estimated gasoline demand in May fell to the lowest monthly level in 37 years as consumers refrained from traveling at the beginning of the month, a period when driving activity typically peaks due to public holidays.
South Korean roads and highways have registered an increase in passenger and commercial vehicle traffic volumes in recent weeks as economic activity gathers pace, paving the way for a rebound in the country’s gasoline consumption in the second quarter.
Asian stocks were mixed on Thursday, with Hong Kong shares tumbling amid deteriorating U.S.-China ties, while some other markets showed resilience.
Chinese customs data showed.