Author Topic: NNPC cuts price of oil as it sets to woo more customers  (Read 44 times)

0 Members and 1 Guest are viewing this topic.

Offline Goodiez Chibuike Nwachukwu

  • Jr. Member
  • **
  • Posts: 97
    • View Profile
NNPC cuts price of oil as it sets to woo more customers
« on: October 21, 2016, 03:12:22 PM »
Loading...


– The NNPC has reduced the price of oil kinds of crude oil to regain market share

– This is coming at a time Saudi Arabia also reduced the price of its oil

In a bid to woo more world customers, the Nigerian National Petroleum Corporation (NNPC) has cut the price of crude oil.

This move is coming just two weeks after Saudi Arabia cut the prices for November oil sales to Asia and Northwest Europe and for most grades to other regions.

The Punch reports that 20 out of 26 oil grades monitored by Bloomberg revealed that the NNPC lowered its official selling prices by at least $1 per barrel.

The selling price of Qua Iboe for November was reduced to a 17 cent premium to the benchmark Dated Brent, according to the price list, from $1.07.

Also, the price of Bonny Light was reduced to a seven cent premium and Forcados to a 41 cent discount to Dated Brent.

Mele Kyari who is the Group General Manager for the oil-marketing division of the NNPC said the reduction was to gain the market share.

The rise in militancy that has led to the destruction of oil and gas pipelines has affected Nigeria’s oil production.

EshanUl-Haq who is the principal consultant at KBC Process Technology Limited said: “It is a bearish signal for the light, sweet market. In order to capture a higher share of the market, official selling prices have to come down.”

Dr.Ibe Kachikwu who is the minister of state for petroleum said the country would be exempt from any production cuts, though final details of such an agreement have yet to be worked out.

Meanwhile, the National Household Kerosene Price Watch for September 2016 prepared by the National Bureau of Statistics (NBS) has shown that oil marketers have refused to sell at approved price by NNPC.

The marketers are selling the commodity at N288.68 per litre as against the N150 per litre price that NNPC approved.
It reports further that despite the call by NNPC group managing director, Maikanti Baru on petroleum marketers not to sell the commodity above the approved price because issues surrounding the scarcity of kerosene had been addressed, the sellers have remained adamant.

Source:  http://nigeriabreakingnews.com.ng/nnpc-cuts-price-of-oil-as-it-sets-to-woo-more-customers/



 

GOOD NEWS: Price of rice set to crash further as ‘Dangote rice’ hits Nigerian st

Started by jchima14

Replies: 0
Views: 137
Last post August 27, 2016, 02:17:48 PM
by jchima14
Fayose slams Buhari's govt for increasing petrol pump price by N58.50

Started by legendguru

Replies: 0
Views: 121
Last post May 13, 2016, 12:31:45 AM
by legendguru
DPR investigates depot owners for selling petrol above official price

Started by Ereporter

Replies: 0
Views: 53
Last post October 26, 2016, 03:37:17 PM
by Ereporter
NNPC Director urges Nigerians to embrace agric to exit economy recession

Started by Ereporter

Replies: 0
Views: 61
Last post October 24, 2016, 07:58:18 PM
by Ereporter
BREAKING: Nigerian government drops fuel price by N10

Started by jchima14

Replies: 0
Views: 208
Last post January 18, 2015, 11:08:46 PM
by jchima14
Amaechi Alleges Massive Stealing at NNPC, Fingers Presidency as Mastermind

Started by jchima14

Replies: 0
Views: 146
Last post October 10, 2014, 06:38:05 AM
by jchima14
NNPC to build 1,000km Pipeline from Niger Republic to Kaduna Refinery

Started by Ereporter

Replies: 0
Views: 103
Last post November 26, 2016, 10:17:35 AM
by Ereporter
Fuel Price Increase Can't Be Stopped - IPMAN

Started by jchima14

Replies: 0
Views: 94
Last post September 09, 2016, 10:19:00 AM
by jchima14
Revealed: Price of rice set to crash next month

Started by Ereporter

Replies: 0
Views: 78
Last post October 11, 2016, 09:03:02 PM
by Ereporter
NCC Suspends Plan To Increase Data Price

Started by Ereporter

Replies: 0
Views: 304
Last post November 30, 2016, 06:25:45 PM
by Ereporter