Tag: NNPC
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…
BREAKING: President Tinubu Proposes Crude Oil Sales to Dangote Refinery in Naira
Abuja, Nigeria — In a significant move aimed at stabilizing fuel prices and the exchange rate between the dollar and the Naira, President Bola Tinubu has extended a vital lifeline to the Dangote Refinery. The Federal Executive Council (FEC) has approved a proposal put forward by the President to sell crude oil to the Dangote…
Minister of State Petroleum Resources Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership
Abuja, Nigeria – Distinguished Senator Heineken Lokpobiri, the Honourable Minister of State Petroleum Resources [Oil], hosted a high-level meeting with key stakeholders to address and resolve ongoing issues surrounding the Dangote Refinery. Attending the meeting were prominent figures in Nigeria’s oil and gas sector: The stakeholders expressed their gratitude to the Honourable Minister for his…
Logistics Challenges and Flooding Behind Fuel Queues, Says NNPC
Abuja, Nigeria – The Nigerian National Petroleum Corporation (NNPC) has attributed the recent fuel queues in the Federal Capital Territory (FCT) and other parts of the country to logistics disruptions caused by adverse weather conditions and flooding. The NNPC explained that the disruptions were primarily due to a recent thunderstorm that impacted the ship-to-ship (STS)…
NNPCL Discovers 122 Illegal Oil Refining Sites in Niger Delta
The Nigerian National Petroleum Company Limited (NNPCL) has uncovered 122 illegal oil refining sites in the past week across the Niger Delta region, highlighting ongoing efforts to combat oil theft and vandalism. In a documentary released by NNPCL on Tuesday, the company detailed its recent findings and actions taken against illicit oil activities. The report…
Federal Government Plans New Audit of N2.8tn Fuel Subsidy Request
The Federal Government is gearing up to launch a fresh audit into the N2.8 trillion fuel subsidy request submitted by the Nigerian National Petroleum Company Limited (NNPC). This move comes in the wake of an initial audit conducted by the auditing firm KPMG, which led to a significant reduction in the subsidy claims from an…
NNPC Initiates Unloading of 240 Million Liters of Petrol to Alleviate Fuel Shortage
In response to the escalating nationwide petrol shortage, the Nigerian National Petroleum Corporation (NNPC) has commenced the unloading of 240 million liters of petrol. This significant importation of fuel is aimed at addressing the fuel scarcity currently experienced across the country. On Monday, five vessels carrying a total of 240 million liters of petrol arrived…