The House of Representatives Public Accounts Committee, on Tuesday, initiated an investigation into the outstanding debts owed to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL) and oil companies. The investigative hearing, chaired by the sub-committee chairman, Akinlade Isiaq, followed queries issued by the Office of the Auditor-General for the Federation regarding NNPCL’s financial obligations. The report …

Officials of the Dangote refinery have said the controversial fuel allegedly bought from a filling station belonging to the Nigerian National Petroleum Company Limited (NNPCL) did not emanate from the refinery. The officials, who spoke to Sunday PUNCH on condition of anonymity, said Nigerians testified to the quality of the Premium Motor Spirit (PMS) from the Dangote refinery because they …

The Nigerian National Petroleum Company Limited (NNPCL) has deducted a sum of $525.09 million from its remittances to the Federal Inland Revenue Service (FIRS) as part of the Road Infrastructure Tax Credit Scheme (RITCS). This is according to a report from a Federation Account Allocation Committee (FAAC) Post-Mortem Sub-Committee meeting held in January 2025 and seen by Sunday PUNCH. According …

Some oil marketers are beginning to change the logo of NNPC Limited (NNPCL) on their filling stations, as the dealers have reportedly dumped the franchise deals with the company due to the stiff competition in the prices of refined products in the downstream arm of the oil sector. The PUNCH gathered that many others are considering the move, particularly those …

The Nigerian National Petroleum Company Limited (NNPCL) has said it is hoping to restore the sights of about 6,000 people across the country by the end of this year’s first quarter. The company made the projection following the success it recorded in restoring the sights of 1,000 people, including two minors, in the Southwest. The oil company, through its social …

Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) have raised the pump price of Premium Motor Spirit (PMS), also known as petrol, from N965 to N990 per litre in the Federal Capital Territory (FCT) They also increased their price in Lagos from N925 to N960 per litre. This is even as the price of crude oil showed …

About 250 manufacturers and academic institutions have abandoned their respective power distribution companies to generate their own electricity. This class, many of whom are bulk electricity users, shunned the national grid amid its incessant collapse, high cost of electricity, fuel price hikes, and line trippings. Findings from different data sources, particularly from the Nigerian Electricity Regulatory Commission (NERC), showed that …

The Dangote Petroleum Refinery is building eight more tanks in its bid to have enough storage for imported crude oil. A report by Africa Report has it that the refinery is ramping up its storage capacity by 6.29 million barrels, equivalent to 1 billion litres. The report stated that the $20 billion refinery is planning to stockpile imported crude oil …

Nigeria’s crude oil has surpassed 1.5 million barrels per day (mbpd) for the first time in four years, surpassing its December 2024 quota set by the Organisation of Petroleum Exporting Countries (OPEC). The output, which is excluding condensates, signifies a resurgence that is crucial for Nigeria’s economy, heavily reliant on oil revenues amid ongoing reforms aimed at boosting production capacity. …

President Bola Tinubu has congratulated the Group Chief Executive Officer of NNPC Limited (NNPCL), Mallam Mele Kolo Kyari, on his 60th birthday, which comes up on Wednesday. The President commended Kyari’s diligence in transforming NNPCL into a profitable organisation. He recalled that, despite cynicism in some quarters, the NNPCL, under Kyari’s leadership, has recorded notable achievements, including the resuscitation of …