Nigerian UpstreamPetroleum Regulatory Commission, NUPRC, yesterday, disclosed that it has commenced the process for the 2024 oil bid round with 12 oil blocks on offer and seven deep offshore blocks from last year’s bid round.

THE federal government has concluded arrangements to receive $1.05 billion syndicated loan backed by oil towards the end of May 2024.

HE price of Liquefied Petroleum Gas, LPG, otherwise known as cooking gas has risen to N14,150 for 12.5kg cyclinder, about 38 per cent Year-on-Year, YoY, against N10, 323.33 it sold in April 2023 last year.

This is even as the price of aviation fuel also rose to between N1, 300 and N1, 500 per litre in the domestic market, from about N1, 000 during the period, indicating an increase of 33 per cent.

In wake of the recent hike in electricity tariff for customers in Band A, the Nigerian Society of Engineers, NSE, has called for stiff sanctions on electricity distribution companies, DisCos, which fail to meet the minimum 20 hours of supply to the customers.

The Federal Government, yesterday, increased the wholesale price of gas to power plants by 11 per cent from $2.18 per MMBTU to $2.42/mmbtu (Million British Thermal Unit), leaving power generation companies with additional cost.