NNPC Limited has announced that the country requires N4.27 trillion to subsidise fuel in order to alleviate the ongoing nationwide shortage. Its Group CEO, Mallam Mele Kyari said, in a recent interview on Channels TV‘s The 2023 Verdict that the NNPC sells fuel to oil marketing companies at N113 per litre with the goal of setting a market price of …

The anti-fuel/Naira scarcity protest in Ibadan turned bloody on its second day (Saturday) after one person was shot dead by security personnel. Some hoodlums, according to the police in Ibadan, had attacked the security personnel while on patrol around Apata junction market. Long queues at Automated Teller Machines (ATMs) persisted across the country as people raced against time to dispose …

Ogun State Governor, Prince Dapo Abiodun on Saturday announced the suspension of his political campaign until further notice. In Kwara State, Governor AbdulRahman AbdulRazaq called for more supply of the new Naira notes to the citizens to ease things for the masses and stabilise the currency swap policy. In a statement signed by his Chief Press Secretary, Mr Kunle Somorin, the …

Two hundred and seventy filling stations have been shut down for their involvement in diverse infractions such as hoarding, and selling Premium Motor Spirit (PMS) above-approved price, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This is as the Federal Government announced the deployment of operatives of the Department of State Services (DSS) on tankers transporting petrol …

NNPC Limited on Tuesday officially took over Oil Mining Lease (OML) 123/124 and 126/137, operated by Addax Petroleum Development (Nigeria) Limited after concluding all transaction obligations. The deal ends a 24-year production-sharing contract arrangement between both parties. In a statement by its Chief Corporate Communications Officer, Garba Deen Muhammad in Abuja, NNPCL said the transfer was achieved three months after …

The National Association of Energy Correspondents (NAEC) has called on the NNPC Limited and Nigerian Upstream Regulatory Commission to find a lasting solution to the lingering fuel scarcity in the country. A statement signed by the association’s chairman, Olu Phillips, and secretary, John Meze, lamented that the development has led to man-hour loss, which ought to have been put into …

The NNPC Limited has said that it has established a Build, Operate and Transfer (BOT) plan for the renovation of pipelines and depots around the nation. It added that the initiative would successfully diversify the means of delivering petroleum products around the country, and that contracts for the BOT will be granted to successful investors this year. At the 23rd …

In furtherance of the Nigerian Gas Flare Commercialisation Programme (NGFCP) of the Federal Government, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will hold a Bidders’ Conference/Investors Forum in Abuja on 2 February. The event will afford stakeholders and investors in Nigeria’s upstream petroleum sector the opportunity to seek clarifications on the programme. The conference is being organised barely a month after …

The Federal Government has denied issuing any orders to marketers to raise the pump price of petrol from N180 per litre to N195. This denial was made a day after petrol prices were increased by retailers in response to a memo from the Federal Government-owned NNPC Retails Limited. Despite the hike in rate, the queues are still seen at petrol …

Officially, the price of petrol is now N185 per litre, up from N170/litre. The increase takes immediate effect. In the new price regime, the ex-depot price also shot up from N148/litre to N167. But the product – officially known as Premium Motor Spirits (PMS) – has largelly been sold for between N200/litre and N300, and even much more in most …