Oil & Energy
Filling Station Explains Fuel Price Reduction …Sells N139 Per Litre

A petrol station operating
in Calabar, the Cross River State capital, Prosperous Oil and Gas Limited, has explained that its aim of reducing the cost of premium motor spirit to N139 from N145 per litre was to lighten the burden on consumers.
The Group Managing Director of Prosperous Oil and Gas Limited, Mr Abiodun Isinkaye, explained on Friday that the gesture was in favour of the consumers because of the hardship they suffered during the period of extreme fuel scarcity in the state.
He promised that the reduction in the price of PMS to N139 per litre which started with the company’s headquarters in Calabar would be extended to other stations owned by the company across the country, adding that apart from reduction in price, customers who patronize the stations would also be given some gift items.
He said that following the removal of subsidy by the Federal Government, there had been steady supply of the product to the Calabar depot.
“Subsidy removal is a welcome development. No nation can survive subsidizing petroleum products. Unfortunately, most of the fuel subsidized by the government is not consumed by Nigerians and this is a big waste,” he stated.
He said in the past, hundreds of trucks that loaded from Calabar depot found their ways out of country, and noted with joy that the situation has changed with the subsidy removal.
“The bulk of the product which was subsidized by government found their way out of the country. The field is now level for those who genuinely need to invest. Now I am coming down to N139, another can go below,” he said.
In his own remarks, the Managing Director of Basol Petroleum Limited, Mr Bassey Sunny-Abang, who also reduced the price from N145 to N139 per litre, said the removal of subsidy on PMS had brought about sanity in the depots.
He said the quantity of tankers loading the product from Calabar depot had dropped since the removal of subsidy and commended Federal Government for the courage to do away with subsidy.
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Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
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