The Nigerian National Petroleum Company Limited (NNPCL) has stated that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) also known as petrol, which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA).Speaking on TVC News’ “Journalists’ Hangout”ContinueContinue reading “Market forces determines petrol prices – NNPCL”
Category Archives: Oil & Gas
NANS declare nationwide protest over fuel price hike
The National Association of Nigerian Students (NANS), on Wednesday issued a notification of a planned massive shutdown of all major cities in Nigeria, effective from September 15. The student body said the protest is in response to the recent fuel price hike and the perceived incompetence of the NNPC Director General, Mele Kyari.The union equallyContinueContinue reading “NANS declare nationwide protest over fuel price hike”
NLC says Tinubu betrayed agreement over petrol price hike
The Nigeria Labour Congress (NLC) has accused President Bola Tinubu of betraying the labour movement and Nigerians at large following the recent hike in petrol prices and the scarcity of the product across the country. NLC President Joe Ajaero, speaking on Tuesday, described the situation as “traumatic and nightmarish,” expressing deep concern over the ongoingContinueContinue reading “NLC says Tinubu betrayed agreement over petrol price hike”
NNPCL raises petrol pump price to N855/litre
There are strong indications that the Nigerian National Petroleum Company Limited (NNPCL) has increased its pump price of petrol to N855 per litre.This is coming on the day Dangote Refinery rolled out its first set of PMS from its 650,000 barrels per day facility.NNPCL on Tuesday changed the pump prices, from N650 to N855/litre.It wasContinueContinue reading “NNPCL raises petrol pump price to N855/litre”
Dangote Refinery roll out petrol to Nigerian market
Dangote Refinery on Tuesday, rolled out its first set of Premium Motor Spirit (PMS), also known as petrol, from its 650,000 barrels per day facility.Alhaji Aliko Dangote, the CEO of the refinery, who addressed newsmen on the roll-out in Lagos, is presently at the plant to witness the grand unveiling of the petroleum products followingContinueContinue reading “Dangote Refinery roll out petrol to Nigerian market”
Breaking: Fire engulfs Dangote refinery
There is great explosion on Wednesday as fire engulfed the Dangote Refinery in Ibeju-Lekki, Lagos State. Videos from the incident scene shared on X revealed heavy smoke coming out from the refinery The cause of the fire is still unknown as at the time of filling this report, and no causality has been reported. MoreContinueContinue reading “Breaking: Fire engulfs Dangote refinery”
Breaking: Aiyedatiwa dissolves OSOPADEC board
The Ondo State Governor, Hon. Lucky Orimisan Aiyedatiwa, has dissolved the board of the Ondo State Oil Producing Areas Development Commission (OSOPADEC).The dissolution which takes immediate effect was contained in a statement signed by his Chief Press Secretary, Prince Ebenezer Adeniyan on Wednesday in AkureThe governor directed the OSOPADEC Chairman to hand over to theContinueContinue reading “Breaking: Aiyedatiwa dissolves OSOPADEC board”
Marketers considers fuel prices reduction as loading begin at PH refinery
Fuel marketers are considering a potential reduction in fuel prices as they prepared to begin loading at the Port Harcourt refinery in April. The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) anticipate a slight decrease in the retail cost of petrol, generated from the Port HarcourtContinueContinue reading “Marketers considers fuel prices reduction as loading begin at PH refinery”
FG orders investigation into oil theft bribery allegations against Naval Chief
The Federal Government has ordered an investigation into allegations of corruption against the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla. Ogalla is accused of providing security for oil thieves and receiving huge sums in return against the federal government’s touted war against oil thieves. A statement by the director of press in the ministryContinueContinue reading “FG orders investigation into oil theft bribery allegations against Naval Chief”
Nigeria, Morocco fast track talks on $30b gas pipeline
The Federal Government has intensified discussions with the Kingdom of Morocco in a bid to fast-track the process of achieving the Final Investment Decision on the $30bn Nigeria-Morocco Gas Pipeline.Both nations held discussions about the deal on the side-lines of a meeting between the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, and theContinueContinue reading “Nigeria, Morocco fast track talks on $30b gas pipeline”