The Independent Petroleum Marketers Association of Nigeria (IPMAN) has sought a reduction in the price of petrol across the country. The group urged the 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. President Bola Tinubu had during a Federal Executive …

The 6 Division of the Nigerian Army has ramped up its campaign against illegal oil bunkering in the Niger Delta, dismantling 56 illegal refineries, recovering over 1.2 million liters of stolen crude, and arresting 17 suspects. The operations, conducted between 25 November and 1 December 2024, spanned Rivers, Bayelsa, Delta, and Akwa Ibom states, according to the acting Deputy Director …

The Dangote Petroleum Refinery says the Federal Government has not met its target to supply crude oil to the refinery under the naira-for-crude initiative. It said the amount of crude received from the Nigerian National Petroleum Company Limited (NNPCL) is “peanuts” compared to the volume needed to ramp the production of refined products. A report by Reuters quoting an interview …

The Nigerian National Petroleum Company Limited (NNPCL), and its partners have revved up crude oil and gas production to 1.8 million barrels per day (mbpd) and 7.4 standard cubic feet per day (scfd). The company which announced this at a briefing yesterday, said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu. Speaking on the …

Amid feedstock challenges, the Dangote Group, owners of the Dangote Petroleum Refinery, will commence crude oil production in the first quarter of next year. A senior official of the $20 billion Lekki-based refinery confirmed this on Saturday while reacting to an earlier report by S&P Global Commodity Insights. “Yes, I saw the S&P report; our company is truly going to …

In a groundbreaking move, Nigeria has commenced the sale of crude oil and refined petroleum products in Naira In a statement on Saturday, the Director of Information and Public Relations in the Federal Ministry of Finance, Mr. Mohammed Manga said that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun announced that, in line with the …

The Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, on Sunday, confirmed that the supply of crude in Naira by NNPC Limited (NNPCL) to the Dangote Petroleum Refinery is to begin on Tuesday, 1 October 2024. The committee had announced two weeks ago that the Federal Executive Council (FEC) approved the sale of crude to local refineries …

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 …

Brent crude oil price has dropped below $70 per barrel for the first time since December 2021. During trading hours on Tuesday, Brent crude, the global oil benchmark, dropped by 3.45 per cent to $69.36 per barrel. On the other hand, West Texas Intermediate fell by 3.86 per cent to $66.06 a barrel. According to a Bloomberg report, adverse economic statistics from the United States and …

Nigeria has lost a staggering $9 billion annually due to the absence of functional ocean-going vessels for affreightment, particularly for crude oil. According to information gathered by LEADERSHIP, Nigeria loses out to foreign shipowners who transport crude oil and engage in Ship-to-Ship (STS) transfers, disadvantaging indigenous ship operators in the nation’s coastal waters. Maritime experts argue that for decades, Nigeria …