Oil & Gas - Abia ThinkTank News

Mar

2025

Another Explosion Rocks Gas Facility In Rivers State

Another Explosion Rocks Gas Facility In Rivers State Barely a week after a major explosion occurred on the Trans Niger Pipeline in Bodo, Gokana Local Government Area of Rivers State, another explosion has reportedly struck the Soku oil facility in Akuku Toru Local Government Area. The Youths and Environmental Advocacy Centre (YEAC-Nigeria), a grassroots NGO with strong networks across the Niger Delta, confirmed the latest explosion on Sunday. In a statement signed by its Executive Director, Dr. Fyneface Dumnamene Fyneface, YEAC said it received reports from its youth volunteers about an early morning explosion at the Soku oil facility operated…

Mar

2025

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By Abia ThinkTank

Petrol Marketers May Sell In Dollars If Naira-For-Crude Deal Fails – IPMAN

Business, News Flash, Oil & Gas

Petrol Marketers May Sell In Dollars If Naira-For-Crude Deal Fails – IPMAN The National Publicity Secretary of the Independent Petroleum Marketers of Nigeria (IPMAN) Chinedu Ukadike has said that petrol marketers may be forced to retail petroleum products in dollars following the decision of the Dangote Petroleum Refinery to end the sale of petroleum products in Naira and sell in the dollar. This follows the expiration of the first phase of the Naira-for-Crude arrangement between the federal government and local refineries, including Dangote. In a telephone interview with Nairametrics, Ukadike said he was shocked by the announcement by the Dangote…

Mar

2025

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By Abia ThinkTank

Petrol Price Hits N8,000 Per Litre In Niger Republic As Nigeria Shuts Boarder Areas Petrol Stations

Foreign Affairs, News Flash, Oil & Gas

Petrol Price Hits N8,000 Per Litre In Niger Republic As Nigeria Shuts Petrol Stations In Border Areas Despite growing complaints from marketers over revenue losses, the Nigeria Customs Service (NCS) declared on Monday that the stations would remain closed. For about four years, over 400 filling stations owned by independent oil marketers in Nigeria’s border communities have remained shut following the Nigerian government’s directive to curb petrol smuggling into neighbouring countries. Despite growing complaints from marketers over revenue losses, the Nigeria Customs Service (NCS) declared on Monday that the stations would remain closed. The Customs Service insisted on sustaining the…

Mar

2025

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By Abia ThinkTank

Dangote Refinery Cuts Petrol Price To N815/Litre, Intensifying Price War

Economy, Business, News Flash, Oil & Gas

Dangote Refinery Cuts Petrol Price to N815/Litre, Shaking Up Market Dangote Petroleum Refinery on Thursday reduced its petrol loading cost from N825 per litre to N815 per litre, further intensifying the pricing war in the downstream sector. Reports indicate that marketers are taking advantage of the N10 reduction by sourcing petrol directly from the refinery instead of relying on depot owners, who may be forced to lower their prices. The landing cost of imported petrol currently stands at N774.72 per litre, factoring in shipping, import duties, and exchange rates. This lower cost had prompted some retail marketers to turn to…

Mar

2025

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By Abia ThinkTank

‘Fuel Subsidy Removal Was To Protect Your Future’s -Tinubu Tells Nigerian Youths

Economy, FGN, News Flash, Oil & Gas

‘Fuel Subsidy Removal Was To Protect Your Future’ – Tinubu Tells Nigerian Youths President Bola Tinubu on Monday said that every decision he has taken so far, including the fuel subsidy removal is all about Nigerian youths and their future. Tinubu spoke during the inauguration of the Planning Committee for the National Youth Conference at the State House, Abuja. He assured that the ongoing economic reforms were designed to strengthen the economy for the prosperity of Nigerian youths, who constitute more than 60 per cent of the population. “I want to reassure you that you are the hope of this…

Mar

2025

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By Abia ThinkTank

ABIA Included As FGN Approves Construction Of Three New Refineries

Abia State, FGN, News Flash, Oil & Gas

ABIA Included As FGN Approves Construction Of Three New Refineries The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has announced the approval of licences for the construction of three new refineries. The NMDPRA, in a post on its official X handle on Friday, said the new facilities will add 140,000 barrels per day to Nigeria’s domestic refining capacity. It was noted that a 100,000 bpd refinery license was granted to Eghudu Refinery Ltd in Edo State, and a 30,000 bpd refinery license was granted to MB Refinery and Petrochemicals Company Ltd in Delta State. The third…

Feb

2025

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Dangote Crashes Petrol Price By N65, Reveals New Price For Southwest, Other Zones

Economy, News Flash, Oil & Gas

Dangote Crashes Petrol Price By N65, Reveals New Price For Southwest, Other Zones Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025. The price adjustment, according to Dangote was designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace. Recall that Dangote has severally reduced the prices of petrol and other…

Feb

2025

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Troops Destroy 18 Illegal Refineries, Arrest 17 Suspected Oil Thieves In Niger Delta

Crime, News Flash, Oil & Gas, South South

Troops destroy 18 illegal refineries, arrest 17 suspected oil thieves in Niger Delta Troops of 6 Division, Nigerian Army, in collaboration with other security agencies have destroyed 18 illegal refineries and arrested 17 suspected oil thieves in the Niger Delta region. The troops also recovered 25,000 litres of stolen products and demobilized 10 boats during their weeklong operations in the region. Confirming the development, the Acting Deputy Director, 6 Division Army Public Relations, Lt. Col. Danjuma Jonah Danjuma, said n operations conducted within Rivers State, particularly around Kilometre 45, Idama general area in Akuku-Toru Local Government Area (LGA), troops recorded…

Feb

2025

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NNPC Reduces Petrol Price, Directs Filling Stations To Comply

Business, Economy, News Flash, Oil & Gas

NNPC Reduces Petrol Price, Directs Filling Stations To Comply The Nigerian National Petroleum Company Limited (NNPCL) has announced a slight reduction in petrol prices at its retail stations, lowering the pump price from N960 to N945 per litre. The new pricing took effect on Thursday, February 13, 2025, following an official directive from the company’s headquarters. According to Politics Nigeria, At an NNPC filling station in Ejigbo, attendants confirmed the adjustment. One of them stated, “We received instructions this morning (Thursday) to change the price from N960 to N945. As you can see, more customers are coming in, and the…

Feb

2025

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Fuel Marketers Ordered To Reduce Price As Dangote Crashes Supply Rate To N890 Per Litre

Business, Economy, News Flash, Oil & Gas

Fuel marketers ordered to reduce price as Dangote crashes supply rate to N890 per litre The Petroleum Products Retail Outlets Owners Association of Nigeria has urged marketers to reduce the price of Premium Motor Spirit, aka petrol, following the reduction in the ex-depot price of the product from N950 to N890 per litre by the Dangote refinery. Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday. Mr Anthony Chiejina, the Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, said this in a statement on Saturday…