The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has alleged that some local refineries are importing substandard crude into Nigeria to cut costs. PETROAN National Publicity Secretary, Mr. Joseph Obele said on Thursday that the refineries have been importing crude oil with high sulphur content into Nigeria. Asked to mention some of the refineries, Obele declined, saying the …

The Federal Government said it is injecting another N400 billion gas infrastructure fund into beneficiaries in the next two weeks. The Minister of Petroleum Resources (gas), Hon Ekperikpe Ekpo, disclosed this during the ground-breaking ceremony of the 10MMSGF/F CNG Mother Station facility held at Esit Eket Local Government Area of the state on Thursday. The N400bn comes after the FG …

The Independent Petroleum Marketers Association of Nigeria has refuted claims that it opposed the recent reduction in Premium Motor Spirit (petrol) prices by Dangote Refinery and the Nigerian National Petroleum Corporation Limited. A former presidential aide Reno Omokri, in a post on his verified X (formerly Twitter) handle on Saturday night, alleged that IPMAN was protesting against the Federal Government …

NNPC Limited (NNPCL) has strongly refuted claims alleging the termination of the Naira-for-Crude agreement with Dangote Refinery. NNPCL emphasised that it has consistently supplied the refinery with a total of 84 million barrels of crude oil since the refinery began its operations in 2023. In a statement on Monday, the NNPCL Chief Corporate Communications Officer, Mr. Olufemi Soneye stated that …

Nigeria’s petrol imports surged in 2024, doubling despite an increase in domestic refining capacity, highlighting the country’s continued reliance on imported fuel, according to findings by The PUNCH. The latest data from the foreign trade statistics report of the National Bureau of Statistics (NBS) showed that the cost of petrol imports rose by 105.3 per cent to N15.42 trillion in …

Personnel of the Nigerian Navy attached to Forward Operating Base Escravos on Friday night raided the Oteghele community at Obodo Omadinho, Warri South West Local Government Area of Delta State, leading to the discovery and deactivation of two illegal refining sites. The Commanding Officer of FOB Escravos, Navy Captain Ikenna Okoloagu, who led the operation told journalists that ‘the sites …

The Nigerian National Petroleum Company Limited has taken a step to boost domestic gas utilisation, signing a 20-year Gas Sale and Purchase Agreement with Ssonic Petroleum Limited. The agreement, executed on March 6, 2025, will see NNPCL’s subsidiary, NNPC Gas Marketing Ltd, and its partner, NIPCO Gas Ltd, supply 80 million standard cubic feet per day of natural gas to …

Despite improved domestic refining capacity in Nigeria, major oil marketers have continued to import refined petroleum products, as they imported 6.38 billion litres of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) in five months. But independent marketers and retailers, through their various associations, kicked against the development, as the importation of these commodities gulped about N6tn, a development …

The price of Premium Motor Spirit (petrol) may be on a downward slope if the crude oil prices continue to slip. It was reported that this will also be strengthened as the naira maintains its stability against the dollar in the foreign exchange market. Oil prices fell about two per cent to a 12-week low this week amid reports that …

An economist, Paul Alaje has predicted the ongoing price war between the Dangote Refinery and NNPC Limited (NNPCL) will ‘erode abnormal profit’ enjoyed by capitalists. ‘You may want to call it a price war but in economics, when a duopoly fights, it is the best for the populace because they will drive themselves to neutral profits’, Alaje said on Channels …