Category: Energy
Nigeria Takes Major Step Towards Energy Self-Sufficiency: Crude Purchase and Product Sales in Naira Commence
Abuja, Nigeria – September 13, 2024 In a landmark development aimed at reducing pressure on the naira, eliminating transaction costs, and enhancing the availability of petroleum products, the Federal Government has officially launched the sale of crude oil to local refineries and the corresponding purchase of petroleum products in naira. The Honourable Minister of Finance…
Petroleum Marketers Seek Clarity on Dangote Refinery Petrol Pricing
The President of the Petroleum Products Retail Outlets Owners Association, Billy Gillis-Harry, has called on the Dangote Refinery to disclose the pricing of its petrol, stating that local marketers are eager to engage with the refinery but are currently unaware of its pricing structure. Gillis-Harry expressed that the lack of transparency has made it impossible…
Dangote Refinery Agrees to Sell Crude and Buy Fuel in Naira Amid Potential Losses
In a bold move aimed at supporting Nigeria’s economy, Aliko Dangote, Africa’s richest man and owner of the Dangote Refinery, has agreed to the federal government’s proposal to sell crude oil in naira and buy fuel in the local currency, despite the likelihood of incurring significant financial losses. The Vice President of Dangote Group, Edwin…
IPMAN: Fuel Pricing to Be Driven by Competition Between NNPC and Dangote Refinery
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that the price of petrol will determine whether its members purchase from the Nigerian National Petroleum Company (NNPC) or Dangote Refinery. According to Ukadike Chinedu, the National Publicity Secretary of IPMAN, marketers will seek the most cost-effective source as competition between local suppliers sets in….
NNPC Clarifies: Dangote Refinery Free to Offer Competitive Prices in Nigerian Market
The Nigerian National Petroleum Company Limited (NNPC Ltd) has responded to claims made by the Muslim Rights Concern (MURIC) that its actions may be undermining the operations of the Dangote Refinery Limited (DRL). In a statement released today by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., the company emphasized that the Nigerian market…
NNPC Clarifies PMS Price Fluctuations Amid Forex Challenges
Abuja, Nigeria – The Nigerian National Petroleum Company Limited (NNPC Ltd.) has clarified that the recent fluctuations in the price of Premium Motor Spirit (PMS), commonly known as petrol, are primarily due to foreign exchange (forex) illiquidity, as well as the influence of free market forces, in line with provisions of the Petroleum Industry Act…
Dangote Refinery Denies NNPC Lifting of Petrol, Refutes Reports on Pricing
Lagos, Nigeria – The Dangote Group has officially refuted claims that the Nigerian National Petroleum Corporation (NNPC) has begun lifting refined petrol from its refinery, following a misleading headline published by BusinessDay on September 4, 2024. The article alleged that NNPC had started lifting petrol from the Dangote Petroleum Refinery and was selling it at…
BREAKING: Dangote Refinery Begins Petrol Production
Aliko Dangote, Africa’s richest man and founder of the Dangote Group, has officially announced the commencement of petrol production at the highly anticipated Dangote Refinery. The announcement marks a significant milestone in Nigeria’s energy sector. During a press briefing, Dangote expressed his profound gratitude to President Bola Ahmed Tinubu for authorizing the sale of crude…
NNPC Ltd Faces Financial Challenges, Warns of Potential Fuel Supply Disruptions
Abuja, Nigeria — The Nigerian National Petroleum Company Limited (NNPC Ltd.) has confirmed facing significant financial strain due to the rising costs of Premium Motor Spirit (PMS) supply. The company acknowledged recent reports in national newspapers that highlighted its substantial debt to petrol suppliers, which is now threatening the sustainability of fuel supply across the…
FG Vows Action as Independent Marketers Defy Government, Sell Fuel at N1,000/litre
Abuja, August 27, 2024 — The Federal Government has vowed to take decisive action against independent oil marketers selling petrol at exorbitant prices, with some stations reportedly charging between N900 and N1,000 per litre. This defies the Nigerian National Petroleum Company (NNPC)’s efforts to maintain pump prices within the range of N568 to N617 per…