Business

Rising Oil Price: NNPC Subsidiary Foresees Demand Growth

Published

4 years ago

March 4, 2022

The price of crude oil continued its rise on Thursday, increasing to $113.06/barrel at 5.40pm Nigerian time, as the National Petroleum Investment Management Services projected that the demand for oil would continue to increase till 2050.

NAPIMS, a subsidiary of the Nigerian National Petroleum Company Limited, is the corporate services unit of NNPC mandated to manage the company’s upstream business.

The PUNCH reported on Wednesday that Brent, the crude against which Nigeria’s oil is priced, rose to $111.03/barrel. On Thursday, the commodity moved up further to $113.06/barrel, as the war by Russia in Ukraine entered its first week.

Speaking at the Nigeria International Energy Summit 2022, the Group General Manager, NAPIMS, Bala Wunti, said the products from fossil, particularly the demand for crude oil, would continue to grow.

He said, “You have nuclear also growing, natural gas will grow, the oil will grow. Up to the year 2050, the oil will continue to grow, obviously not at the one or two per cent that we used to know.

“Gas will continue to grow and it, therefore, means that up to 2050 hydrocarbons will continue to grow. So we better do something with the supply.

“When you look at the energy mix equation, we think over 50 per cent of the global energy will be met by hydrocarbon oil and gas.”

He added, “It is precisely about 52 per cent, and specifically when you talk about oil and gas, that will constitute almost 57 per cent. Therefore, for the world to think that they can ignore and overlook hydrocarbon, it is to put in place a recipe for social destabilisation.

“It is a recipe for bringing down development and growth, causing shortfall in energy supply and that’s why we need investments. However, the reality today is that there’s no investment.”

Wunti told delegates at the summit that Nigeria was sitting on 28 billion barrels of liquid oil reserves and about 160 trillion cubic feet of gas being managed by NAPIMS both in terms of liquid and gaseous forms.

“We manage 75 per cent of the nation’s hydrocarbon reserves,” he stated, adding that there was a need for robust investments in the sector to adequately take advantage of its potentials.

Business

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

Published

1 day 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.