FUEL PRICE INCREASE: COURT STOPS NLC FROM GOING ON STRIKE

The National Industrial Court has stopped ‎the Nigerian Labour Congress and the Trade Union Congress from embarking on strike to protest last week’s increase in fuel price by the federal Government.

 

Justice Babatunde Adejumo gave the restraining order after the Attorney General of the Federation, Justice Adejumo, held: “The defendants are hereby restrained from carrying out the threat contained in their communique issued on May 14th pending the hearing and determination of the ‎motion on notice filed on May 16.

 

Read more @ Thisdaylive

NIGERIA NETS N66.13B FROM PETROLEUM PRODUCTS EXPORT

TheNigerian National Petroleum Corporation (NNPC) has disclosed that the Pipelines and Product Marketing Company (PPMC) exported 634.89 million litres of Low Pour Fuel Oil (LPFO) and Naphtha worth about N66.13 billion in 2014.

The figure however, represents over 50 per cent decline from the N116.67 billion it recorded in the previous year.

Read more @ Guardian

NIGERIA: FUEL SCARCITY TO LINGER BEYOND MAY 29

There are strong indications that the on-going fuel scarcity being experienced in the country may linger beyond the May 29, date for handover to the President-elect, Muhamadu Buhari.

According to industry operators, the supply of fuel at the depots cannot meet demand. They unanimouslydeclared that the rate at which the tankers are being loaded at the various deports falls short of what could abate the lingering scarcity in the coming weeks.

Read more @ Sweetcrude Reports

SCARCITY: FUEL SELLS AT N250 PER LITRE IN OYOTHE ALBINO CHILD

Fuel scarcity being experienced in some parts of the country had resulted in a sharp increase in pump price of the product in Iseyin Council Area of Oyo, from the official price of N87 per liter, to N250.

A survey by the News Agency of Nigeria (NAN) on Saturday indicated that while most of the filling stations in the town were closed due to non-availability of the product, few that had it sell from N240 to N250 per litre.

Read more @ SweetCrude

OIL PRICES FALL FURTHER

 Brent crude fell towards $53 a barrel on Wednesday as US crude stocks were forecast to have surged for the tenth straight week to a new record high, fuelling supply concerns of a global oil glut, although a weaker dollar kept a floor under prices.

Brent for May delivery fell 25 cents to $53.26 a barrel in early trading on Wednesday after ending the previous session 7 cents up at $53.51.

Read more @ SweetCrude