Intense pricing competition emerged in the nation’s downstream sector on Saturday after the Nigerian National Petroleum Company Limited (NNPCL) reduced its ex-depot price of Premium Motor Spirit (PMS), commonly referred to as petrol, to N899 per litre. This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlets Owners Association …

Less than a month after the Port Harcourt Refining Company appeared to have resumed production, the facility has stopped working. According to Saturday PUNCH, who visited the refinery on Thursday, 19 December 2024, observed that the lifting of Premium Motor Spirit (petrol) had stopped. Saturday PUNCH gathered that the lifting of petrol actually stopped last Friday, 13 December, as the …

In recent years, international oil companies (IOCs) operating in Africa have been moving to sell off some of their assets and relocate to more profitable, environmentally and socially friendly operational landscapes. While some considered moving from one jurisdiction to another within the continent, others contemplated a complete exit. About 26 oil blocks were to change hands in the process, amid …

The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has urged the Nigerian National Petroleum Company Limited, NNPCL, to slash its ex-depot price of Premium Motor Spirit, PMS, commonly known as petrol. The spokesperson for PETROAN, Joseph Obele, made this call in a statement on Thursday. This comes after Dangote Refinery reduced its ex-depot petrol price to N899.50 per …

Dangote Petroleum Refinery has said that has reduced the price of its Premium Motor Spirit (PMS) (popularly known as petrol) to N899.50 per litre, as against N970. In a statement on Thursday, Group Chief Branding and Communications Officer of the oil major, Mr. Anthony Chiejina said: “Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) product …

In a sign of stability in the downstream sector, the Major Energy Marketers Association of Nigeria (MEMAN), has said that the landing cost of Premium Motor Spirit (PMS), also known as petrol declined marginally to N970 in December 2024, from N971 per litre in November 2024. This comes against the backdrop of a similar drop in the crude oil price …

The Nigeria Customs Service (NCS) has announced the removal of Value Added Tax (VAT) on Liquefied Petroleum Gas (LPG) also known as cooking gas, and the Compressed Natural Gas (CNG). It also announced zero per cent import duty for the products. Its National Public Relations Officer, Mr. Abdullahi Maiwada broke the news in a press statement. The statement said: “In …

The Nigerian National Petroleum Company Limited has said it secured a $1bn loan backed by crude oil to support the coming on stream of the 650,000 barrels per day capacity Dangote Petroleum Refinery. It also stated that the firm facilitated the $3bn Gazelle loan as a critical intervention to help stabilise the federation’s foreign exchange crisis. The Chief Corporate Communications …

In what border operations analysts have described as clinical engagements aimed at ending the protracted smuggling activities, the Nigeria Customs Service (NCS) disclosed it has generated over N500 million from petroleum smugglers across the country. Arewa PUNCH investigations revealed that the newly inaugurated customs special task force team called “Operation Whirlwind” generated the said amount following sting operations carried out …

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged Dangote Refinery to consider reducing its ex-depot price from N970 per litre since the estimated cost of landing petrol on Nigeria’s shores has dropped to N900.28 per litre. Last 29 July, the Federal Executive Council (FEC) endorsed President Bola Tinubu’s proposal for the sale of crude to local refineries in …