The Nigerian National Petroleum Company Limited (NNPCL) has stated that increasing crude oil production from the current 1.7 million barrels per day to three million barrels is achievable. Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, announced this during a stakeholders’ engagement session with journalists covering the National Assembly on Saturday. He attributed the potential for increased production to the …

The landing cost of Premium Motor Spirit (PMS) (popularly called petrol), has dropped from about N1,130 last week to N981 per litre, according to data released on Thursday by the Major Energies Marketers Association of Nigeria. The petrol landing cost came down by over N140 as of 25 September 2024, occasioned the recent drop in global crude oil prices. Crude …

The House of Representatives  has urged the Federal Government to direct the Nigerian National Petroleum Corporation Limited (NNPCL) and the Dangote Refinery to allow independent marketers to lift fuel from the newly established refinery. The resolution was reached after a motion sponsored by Oboku Oforji, representing Yenagoa/Opokuma Federal Constituency, Bayelsa State, during plenary in Abuja. Oforji expressed concerns that only …

Vice President Kashim Shettima has welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, describing it as a clear testament to the administration’s economic reforms and investment-friendly policies. This is coming just as the international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in Nigeria. The Vice President stated this on Wednesday during …

The Federal Government has stated that it will not interfere in the ongoing dispute between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery over the pump prices of Premium Motor Spirit (petrol). This was disclosed by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, while briefing State House correspondents at the Aso Rock …

Founder of Dangote Refinery, Alhaji Aliko Dangote stirred controversy and disbelief among oil industry statistics pundits when he declared that Premium Motor Spirit (PMS) (popularly known as petrol) is cheaper in Nigeria than in Saudi Arabia. The billionaire, who said this in an interview with Bloomberg, claimed that the product is 40 per cent cheaper in Nigeria than in the …

The President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, has called on the Federal Government to end fuel subsidies completely. He said the removal would help determine the actual petrol consumption in the country, as he confirmed ownership of two oil blocks in the upstream sector with an expected production date of next month. Dangote also stated that …

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said that the Nigerian National Petroleum Company Limited (NNPCL) has not usurped its powers in determining the price of petrol in the country. The Chief Executive Officer of NMDPRA, Engr. Farouk Ahmed, spoke in the wake of insinuations that the NNPCL had taken over one of the agency’s key functions. …

The Minister of State Petroleum Resources (Gas), Ekperikpe Expo, has absolved the current administration of blame on the failed attempt by the Dangote industries to build a 1,200-kilometer subsea gas pipeline. He also stated that there is no provision in the Petroleum Industry Act (PIA), or its predecessor policies or legislation, that discourages private sector investment in gas infrastructure. The …

Dangote Refinery has denied a claim credited to the spokesperson of NNPC Limited (NNPCL), Mr. Olufemi Soneye that it was selling Premium Motor Spirit (PMS, well known as petrol), to the oil company at N898 per litre. Dangote said the claim, which has caused frenzy among Nigerians, was not only misleading and mischievous, but deliberately aimed at undermining the milestone …