Oil & Gas - Abia ThinkTank News

Mar

2025

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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By Abia ThinkTank

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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By Abia ThinkTank

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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By Abia ThinkTank

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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By Abia ThinkTank

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…

Jan

2025

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By Abia ThinkTank

FG Approves Licence For 10,000 Barrels Per Day Refinery In Delta State

Business, FGN, News Flash, Oil & Gas

FG Approves Licence For 10,000 Barrels Per Day Refinery In Delta State The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has announced the approval of a licence for the construction of a new refinery. The approval was given to MRO Energy Limited, an energy company for the construction of a 10,000 Barrels Per Stream Day Refinery at Imode In Ughelli, Delta State, This development comes two months after the authority granted a license to Process Design and Development Limited to establish and construct a new 27,000 barrels per day refinery located in Dole-Wure, Akko area of…

Jan

2025

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By Abia ThinkTank

Diezani Denies Ownership Of Repatriated $52.8m Loot, Reveals Real Owner’s Name

Crime, News Flash, Oil & Gas, Politics

Diezani Denies Ownership Of Repatriated $52.8m Loot, Reveals Real Owner’s Name Diezani Alison-Madueke, former Minister of Petroleum Resources, has distanced herself from the $52. 8m recently repatriated to Nigeria from the United States of America (USA). Contrary to reports, the ex-minister, who has been in the United Kingdom (UK) since she left Nigeria, said the money does not belong to her. In a statement titled “There is no such thing as Diezani Loot, Alison-Madueke claimed the money that was reportedly linked to her belongs to a Nigeria’s oil magnate, Kola Aluko. In the statement released through her counsel, Prof. Mike…

Jan

2025

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By Abia ThinkTank

Dangote Partners 3 Petrol Stations, Announces New Price Nationwide

Economy, Business, News Flash, Oil & Gas

Dangote Partners 3 Petrol Stations, Announces New Price Nationwide Dangote Refinery has assured Nigerians that three of its partners will sell petrol for ₦970 per litre nationwide despite the company’s recent increase in the ex-depot price of petrol. A spokesman for the refinery Anthony Chiejina said the recent adjustment in the company’s ex-depot price “is directly related to the significant increase in global crude oil prices”. In a statement on Sunday, Chiejina said, “While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably…