Oil & Gas - Abia ThinkTank News

Sep

2024

NNPC Reveals Main Reason Behind Petrol Price Hike In Nigeria

NNPC Reveals Main Reason Behind Petrol Price Hike In Nigeria The Nigerian National Petroleum Company Limited (NNPCL) says foreign exchange illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), popularly known as petrol. These, it said, are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA). The newest price hikes, implemented by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, range from N855 to N897 per litre, depending on the location, from the previous N568-N617. Independent marketers have adjusted their prices to between N930 and N1,200 per…

Sep

2024

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By Abia ThinkTank

Just-In: Prepare For More Fuel Scarcity – NNPCL Tells Nigerians

Columns/Opinions/Letters, News Flash, Oil & Gas

Prepare For More Fuel Scarcity — NNPCL Tells Nigerians The Nigerian National Petroleum Company Limited (NNPCL) has warned Nigerians to get ready to witness more fuel scarcity. The warning was given by Adedapo Segun, Executive Vice President of NNPCL (Downstream), during a televised interview on Thursday. Segun’s warning comes on the heels of the recent fuel price hike, which has already caused widespread hardship across the country. The NNPCL executive said there is need for a perfectly competitive market to ensure stable fuel prices and supplies in Nigeria. Details later…

Sep

2024

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By Abia ThinkTank

News Breaking: NANCES Calls For Immediate Reversal Of Petrol Price, Mobilizes For Nationwide Action

Education, News Flash, Oil & Gas

NANCES Calls For Immediate Reversal Of Petrol Price, Mobilizes For Nationwide Action LThe National Association of Nigerian Colleges of Education Students (NANCES) has called for the immediate rescind of the recently reviewed price of the Premium Motor Spirit, popularly known as petrol. In a statement released on Wednesday, 4th September 2024, Comrade Kur Isaac Ushahemba, the Senate President of the organization, said the obnoxious increment of PMS will translate to more inflation, making it impossible for the Nigerian masses to survive. “We are wary that despite the humongous spending on Nigeria’s four refineries, the Nigerian National Petroleum Company Limited (NNPCL)…

Sep

2024

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Dr. Engr. Odo Ijere Admonishes Nigerians To Brace Up And Fight The Petroleum Mafia

Columns/Opinions/Letters, Economy, News Flash, Oil & Gas

THE END GAME OF THE PETROLEUM MAFIA. Dangote is and has always been part of the Petroleum mafia and their scam against the Nigeria people. His job as in this trending Petroleum supply issues is to operationalize the big script to run the newly created superstructure of monopoly of supply approved by the presidency. He recently cried out to high heavens when they wanted to excuse him from the cartel and branding his refinery project derelict. Now they settled and he was brought back into the fold of the big monopoly of the Petroleum products created by NNPC for NNPC…

Sep

2024

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By Abia ThinkTank

Fuel Price Hike: NLC Accuses Tinubu Of Betrayal

Economy, News Flash, Oil & Gas

NLC Accuses Tinubu Of Betrayal Over Fuel Price Hike The Nigeria Labour Congress, NLC, has branded President Bola Tinubu a betrayer following the recent significant hike in fuel prices. In a statement signed by its President, Joe Ajaero, and made available to our correspondent in Abuja on Tuesday, the Labour Centre expressed shock and dismay at the clandestine increase in the pump price of Premium Motor Spirit (PMS), describing it as a “deep sense of betrayal.” The NLC recalled that one of the reasons for accepting the N70,000 national minimum wage was the understanding that the pump price of PMS…

Sep

2024

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Belema Oil Unveils It’s New CEO, CFO As Jack-Rich Focuses On Developing Fintech…

Business, News Flash, Oil & Gas

BELEMAOIL UNVEILS ITS NEW CEO, CFO as Jack-Rich focuses on developing Fintech to promote financial inclusion for massive economic boom. The Founder and President of Belemaoil Producing Limited Tein T.S. Jack-Rich says the company is on a threshold of rapid recovery, transformational growth, and industrial boom to realize its shared vision and deliver superior value to shareholders. Jack-Rich stated this at a meeting of the Board of Directors and Management Staff of Belemaoil to formally unveil the company’s new Managing Director/Chief Executive Officer, Ahmadu Sambo as well as its new Chief Finance Officer, Emmanuel Onos. He said the two appointees…

Aug

2024

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NNPC Reacts To Atiku’s Allegations Of Plan By Tinubu To Mortgage Nigeria’s Future Through OVH Deal

Economy, Columns/Opinions/Letters, News Flash, Oil & Gas

NNPC Reacts To Atiku’s Allegations Of Plan By Tinubu To Mortgage Nigeria’s Future Via OVH Deal The Nigerian National Petroleum Company Limited (NNPC Ltd) has reacted to allegations made by former Vice President Atiku Abubakar, accusing President Bola Tinubu of attempting to mortgage Nigeria’s future through the acquisition of OVH Energy by NNPC Ltd. In a statement titled “OVH Acquisition: The Facts, by NNPC Ltd,” the company denied any personal interest by President Tinubu in the acquisition. NNPC Ltd stated that investment decisions are based on commercial viability and national interest, and provided facts to counter Atiku’s allegations. The company…

Aug

2024

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Rain, Lightning, Thunderstorms Caused Petrol Scarcity – NNPC

Economy, News Flash, Oil & Gas

Rain, Lightning, Thunderstorms Caused Petrol Scarcity – NNPC The Nigerian National Petroleum Corporation Ltd. has blamed the fuel scarcity that has led to long queues in filling stations nationwide due to recent rains, lightning, and thunderstorms. NNPCL’s vice-president (downstream), Dapo Segun, disclosed this at a press conference at the NNPC towers in Abuja. Fuel queues have resurfaced in filling stations across the country, with car owners spending long hours in queues and black markets having a field day with fuel now being sold for as much as over N1,000. Apologising to Nigerians for the queues springing up across the country…

Aug

2024

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NNPC Ltd Speaks On Fuel Supply Situation

Economy, Business, News Flash, Oil & Gas

NNPC Ltd Speaks On Fuel Supply Situation The Nigerian National Petroleum Company Limited (NNPC Ltd.) has breaks silence on fuel supply situation in the country. The NNPC Ltd in a statement released today says the organization regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT. The statement by Olufemi SoneyeChief Corporate Communications OfficerNNPC Ltd attributes the tightness to distribution challenges. NNPCLimited is urging motorists to shun panic buying stressing that it is working round the clock with relevant stakeholders to restore normalcy.

Aug

2024

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Nigerian Refineries Spent N127Billion On Salaries, Employee Benefits In 2 Years Without Producing Oil

Business, Economy, News Flash, Oil & Gas

Nigerian Refineries Spent N127Billion On Salaries, Employee Benefits In 2 Years Without Producing Oil Nigeria’s refinery woes persist, with the country’s facilities struggling to function optimally. A SaharaReporters investigation reveals that despite their inability to refine crude oil or generate revenue, these companies have spent billions on employee compensation. An analysis of the Nigeria National Petroleum Company’s audited financial statements shows that the Kaduna, Port Harcourt, and Warri refinery companies collectively expended N127.326 billion on salaries, wages, and employee benefits between 2020 and 2021. The amount was allocated for salaries and wages in September 2020, despite the fact that all…