Oil &amp; Gas

Economic Hardship: Dangote Reduces Petrol Price

Dangote Reduces Petrol Price The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) from ₦990 per litre to ₦970 per litre for marketers. The announcement was made in a statement issued by Anthony Chiejina, the Group Chief Branding and Communications Officer. The statement read: “As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true. In addition, this is to thank the government for their support, as this will complement the measures put in…

Nov

2024

NNPC Sack Top Officials, Names Replacements In A Major Shake-Up

Business, News Flash, Oil & Gas

NNPC Sacks Top Official, Names Replacement In A Major Shake-up The Nigerian National Petroleum Corporation (NNPC) has announced the removal of Umar Ajiya as the Chief Financial Officer (CFO) and the appointment of Mr. Adedapo A. Segun as his replacement. This was disclosed in a statement released on Wednesday by the company’s spokesperson, Olufemi Soneye, via NNPC’s official X (formerly Twitter) handle. In addition to this change, the company also appointed Isiyaku Abdullahi as the Executive Vice President (EVP) of Downstream Operations. Furthermore, Udobong Ntia has been named the Executive Vice President (EVP) of Upstream Operations, completing a significant reshuffle…

Oct

2024

Ghana Proposes To Import Petroleum From Dangote Refinery – Official

Ghana To Import Petroleum From Dangote Refinery – Official The National Petroleum Authority of Ghana says it is proposing to import refined petroleum products from Dangote Refinery to boost its energy security and sustain business cooperation with neighbours. Mustapha Abdul-Hamid, chief executive officer, NPAG, said this at the 2024 OTL Africa Downstream Energy Week on Tuesday in Lagos. Speaking as one of the panellists, Abdul-Hamid said that the move was aimed at strengthening Ghana’s energy security and to deepen regional economic cooperation. The 2024 OTL, 18th edition, has the theme ‘Alliances for Growth’. According to Mr Abdul-Hamid, Ghana is seeking…

Oct

2024

Fuel Supply Set To Increase As FGN Grants Licenses For Companies To Operate Refineries In Nigeria

Economy, FGN, News Flash, Oil & Gas

Fuel Supply To Increase As FG Grants Licenses For Companies To Operate Refineries In Nigeria Nigeria’s fuel supply is set to increase as the Federal Government, through the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) has granted licenses to nine modular refineries, seven construction licenses, and four operational licenses. The development was announced by Farouk Ahmed, CEO of NMDPRA, at the 2024 Oil Trading & Logistics Africa Downstream Energy Week in Lagos on Monday. According to Ahmed, under President Bola Tinubu’s administration, Nigeria’s refining capacity has been expanding, particularly with the commencement of production by Dangote Refinery. “Over the course…

Oct

2024

Gov. Otti Assures Of ABIA State Government Support To The Joint Monitoring Team On Crude Oil Production Boost.

Abia State, Economy, News Flash, Oil & Gas, Security

GOV. OTTI ASSURES OF ABIA STATE GOVERNMENT SUPPORT TO THE JOINT MONITORING TEAM ON CRUDE OIL PRODUCTION BOOST. Abia State Governor Dr. Alex Otti, OFR, has assured of the Abia State Government’s support to tackle the issues causing the drop in crude oil production in Nigeria. Governor Otti gave the assurance on Tuesday, 22nd October, in his Umuehim Nvosi Country home, when he received in audience a delegation of the Defence Headquarters Joint Monitoring Team, led by Major Gen. JAL Jimoh, who paid him a working visit. Governor Otti who decried the drastic drop in crude oil production in Nigeria,…

Oct

2024

Nigerians Now Have A Choice To Buy Petrol At N1,000 Per Litre Or CNG For N200 – President Tinubu

FGN, News Flash, Oil & Gas, Presidency

Buy Petrol At N1,000 Per Litre Or CNG For N200 – Tinubu Tells Nigerians President Bola Tinubu says Nigerians can buy premium motor spirit (PMS), also known as petrol, at N1,000 per litre or compressed natural gas (CNG) at N200 per standard cubic meter. In a statement by Bayo Onanuga, special adviser to the president, Tinubu spoke during a meeting with the Nigerian Independent Petroleum Company (NIPCO) on Tuesday at the State House in Abuja. While commending NIPCO’s contributions to the nation’s energy transition efforts, particularly its support for the presidential compressed natural gas initiative (PCNGI), Tinubu said CNG saves…

Oct

2024

Dangote Refinery Asks Court To Annul Import Licenses Of NNPCL, Others In N100bn Lawsuit

Business, Judiciary, News Flash, Oil & Gas

Dangote Refinery Asks Court To Void Import Licences Of NNPCL, Others In ₦100bn Suit Dangote Petroleum Refinery and Petrochemicals has filed a lawsuit at the Federal High Court in Abuja requesting the annulment of import licenses granted to the Nigerian National Petroleum Company Limited (NNPCL), Matrix Petroleum Services Limited, AA Rano Limited, and four other companies. The case centred on the importation of refined petroleum products that Dangote Refinery claimed were already being produced domestically without shortages. In the suit, Dangote Refinery is also demanding ₦100bn in damages from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The refinery…

Oct

2024

NNPCL Increases Fuel Price To N1,030 Per Litre In Abuja, N998 In Lagos

NNPCL Increases Fuel Price To N1,030 Per Litre In Abuja, N998 In Lagos Filling stations belonging to the Nigerian National Petroleum Corporation Limited (NNPCL) have increased the pump price of fuel. The product which previously sold for N897 in Abuja, the nation’s capital, currently sells for N1,030. Daily Trust correspondent who visited an NNPC outlet in Maitama observed how motorists queued up to purchase the product amid complaints. At another NNPC station in Gudu, still in Abuja, motorists queued up while waiting for attendants to commence sale. When our reporter asked an attendant if the station was out of stock,…

Oct

2024

Crude-For-Loans: NNPC Votes 8Million Barrels Monthly For $8.8 Billion Debt – Report