Business

Oil Price Increases As OPEC Projects Slow Growth In 2022

Published

4 years ago

January 4, 2022

The price of Brent, the crude against which Nigeria’s oil is priced, increased marginally on Monday as the Organisation of Petroleum Exporting Countries projected a slow growth momentum in terms of economic recovery this year.

Also, OPEC announced the appointment of its next Secretary-General, expected to assume office in August 2022, following the expiration of the second term of Nigeria’s Sanusi Barkindo, in July.

Oil price figures seen in Abuja on Monday showed that the cost of Brent appreciated by 1.12 per cent or $0.87 to $78.65 per barrel as at 5.10pm Nigerian time.

It was further observed that price increases were also recorded in oil grades in the OPEC Basket and WTI crude on Monday.

Crude oil in the OPEC Basket rose to $77.97 per barrel, representing a 5.04 per cent or $3.74 rise as at 5.10pm, when compared to what was posted the previous day.

For WTI crude, the commodity appreciated marginally in price, as it increased by 0.73 per cent or $0.55 to $75.76 as at 5.10pm on Monday.

Meanwhile, in his opening remarks at the 58th Meeting of the Joint Technical Committee via videoconference on Monday, Barkindo expressed hope that the oil sector would record progress in 2022, but stressed that the challenges posed by the Omicron variant of COVID-19 had been tough.

The OPEC scribe noted that the world had learnt several hard lessons over the past two years, as many economies were now better equipped today to manage COVID-19 and its side effects.

“Despite the steady progress that has been made in terms of the economic recovery, we do expect significant levels of uncertainty in the weeks to come, which could slow the growth momentum,” Barkindo, however, stated.

This came as a special meeting of the conference of OPEC, which was held via videoconference on Monday, under the Chairmanship of its President, Bruno Jean-Richard Itoua, announced the appointment of a new Secretary-General for the oil cartel.

OPEC disclosed this in a statement issued by the Vienna-based organisation after the special meeting.

“In accordance with Article 28 of the OPEC Statute and in application of the procedure decided at the 182nd meeting of the conference on December 1, 2021, the conference decided by acclamation to appoint by Mr. Haitham Al-Ghais of Kuwait as Secretary-General of the organisation, with effect from August 1, 2022, for a period of three years,” the statement read in part.

It described Al-Ghais as a veteran of the Kuwait Petroleum Corporation and Kuwait’s OPEC Governor from 2017 to June 2021, as he currently serves as Deputy Managing Director for International Marketing at KPC.

The conference also expressed its appreciation to Nigeria’s Sanusi Barkindo for his leadership during his two-term tenure as Secretary-General beginning on August 1, 2016 and ending on July 31, 2022.

Barkindo is a long-serving veteran of Nigeria’s oil industry and OPEC, who has been instrumental in expanding OPEC’s historical efforts to support sustainable oil market stability through enhanced dialogue and cooperation with many energy stakeholders, including the landmark Declaration of Cooperation since its inception in December 2016.

These efforts are widely credited with helping to stabilise the global oil market since the unprecedented market downturn related to the COVID-19 pandemic, and providing a platform for recovery.

Before being appointed Secretary-General, Barkindo held a number of key roles at OPEC between 1986 and 2010, including acting Secretary-General in 2006.

He is known internationally for helping to produce the United Nations Framework Convention on Climate Change and the Kyoto protocol as the leader of Nigeria’s technical delegation to the UN negotiations in 1991.

He has remained a key contributor to the UNFCCC process, including most recently at the 26th Conference of Parties meeting in Glasgow in October and November 2021.

(PUNCH)

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

21 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.