Category: Oil & Gas

Fresh Petrol Price Hike Looms As NNPC Quits Middleman In Dangote Product’s Sale

ADEOLA YUSUF

▪️ How much they will pay per litre is not clear yet, but what is sure is that Nigerians will pay more than the N1,010 per liter currently on the template ▪️ NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.   Nigerians are to pay more for petrol as the Nigerian National Petroleum Company Limited (NNPC) is ending its exclusive purchase agreement with Dangote Refinery. A report by an Abuja-based online newspaper, Premium Times, which revealed the new purchase tenplate,…

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“Historic Leap,” Nigeria Begins Crude Oil Sales In Naira

ADEOLA YUSUF

In a groundbreaking move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira Platforms Africa reports that a statement signed by Mohammed Manga FCIA, Director, Information and Public Relations at the Ministry of Finance, quoted the Honourable Minister and Coordinating Minister of the Economy, to have announced the news. Petrol 40% Cheaper in Nigeria Than Saudi? Fact-Checking Dangote’s Fuel Subsidy Claim “In line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in Naira has officially commenced…

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NLNG Commemorates Media Excellence, Bestows N5m Award on Journalist

Ganiyu Amodu

…. as Odeh announces introduction of the NLNG prize for Energy reporting   The Nigeria Liquefied Natural Gas (NLNG) management honored Prisca Sam-Duru of Vanguard Newspaper with a sum of N5 million on Friday. She was recognized for writing NLNG stories for prizes in literature and science over the last two decades. Speaking at the event, NLNG General Manager, External Relation and Sustainable Development, Andy Odeh stated that the award is meant to celebrate media professionals for telling the NLNG stories. The event was tagged, “Celebrating the voices of impact…

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Many Nigerians Cooking Unhealthily Because We Neglected LPG – Energy Expert

Abibat Babalola

President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Oladapo Olatunbosun, says most Nigerians engage in means of cooking that are detrimental to their health because for many years the Nigerian government neglected liquefied petroleum gas (LPG). Speaking on Channels Television’s special 64th Independence programme, Channels Forum, on Tuesday, Olatunbosun said the lack of access to clean means of cooking increases the medical bills of most Nigerians. READ ALSO: Candidates’ll Henceforth Pay N50,000 To Reprint Certificates – NECO Tobi Amusan Breaks Silence After Disappointing Outing At Olympics Independence: 7…

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Nigeria Okays N122bn Gas Investment For 6 Indigenous Firms

Ganiyu Amodu

In a groundbreaking move, the Federal Government, through the Midstream and Downstream Gas Infrastructure Fund (MDGIF), has approved the investment of N122 billion in six indigenous companies, marking a significant milestone in Nigeria’s quest for energy security and gas infrastructure development. Minister of State Petroleum Resources (Gas) and Chairman of the MDGIF Governing Council, Rt. Hon. Ekperikpe Ekpo, made this announcement at an event held at the NNPC Towers Abuja, describing it as a major breakthrough in Nigeria’s gas revolution and “a testament to the government’s commitment to harnessing the…

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Naira-For-Crude Deal Begins Tuesday – Tinubu panel

Abibat Babalola

The Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, on Sunday, confirmed that the supply of crude in naira by the Nigerian National Petroleum Company Limited to the Dangote Petroleum Refinery is to begin on Tuesday, October 1, 2024. On September 13, 2024, the committee announced that the Federal Executive Council under the leadership of President Bola Tinubu approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira. “From October 1, NNPC will commence the supply of about…

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Oil Companies Owe Govt $6bn, N66bn – Report

ADEOLA YUSUF

The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced that outstanding collectible revenues due to the Federal Government in the oil and gas industry as of June this year have risen to over $6.071 billion and N66.4 billion, respectively. Chris Ochonu, Assistant Director, Communications and Stakeholders Management, said this in a statement. He noted that these figures were among crucial information and data contained in NEITI’s 2022 and 2023 Independent Oil and Gas Industry Report, released today in Abuja. According to the report,a breakdown shows that the outstanding liabilities were…

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Major Oil Marketers Task Nigeria To Up Investment In Electric Vehicles

Ganiyu Amodu

. MEMAN speaks on Dangote refinery, midstream boom, EVs outlook   The Major Energy Marketers Association of Nigeria (MEMAN) has highlighted Electric Vehicles (EVs) as crucial to Nigeria’s energy transition, tackling climate change and boosting energy security, affirming that ongoing innovations like solid-state batteries, wireless charging, and vehicle-to-grid (V2G) technology are poised to accelerate adoption despite high initial costs and limited infrastructure. These insights were among the key highlights of the MEMAN Quarterly Press Webinar on Tuesday, where experts discussed Nigeria’s energy future, emphasizing the role of electric vehicles (EVs),…

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Petrol 40% Cheaper in Nigeria Than Saudi? Fact-Checking Dangote’s Fuel Subsidy Claim

Ganiyu Amodu

How 63 cent per litre in Saudi is 40% cheaper compared to 67 cent per litre in Nigeria will be left for Africa’s richest man to explain.” Read-for-yourself statistical details on how price tracking sites punctured the billionaire’s claim   Founder of Dangote Refinery, Alhaji Aliko Dangote, stirred controversy 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%…

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Oil Price Hits $75.69 Per Barrel

Abibat Babalola

Oil prices jumped more than 2% on Tuesday on news of monetary stimulus from top importer China and concerns that conflict in the Middle East could hit regional supply while another hurricane threatened supply in the United States, the world’s biggest crude producer. Brent crude futures were up by $1.79, or 2.4%, at $75.69 a barrel by 1320 GMT. U.S. WTI crude futures rose by $1.87, or 2.7%, to $72.24. The crude oil market has been looking desperately towards Chinese authorities for further easing measures to counter the economic slowdown,”…

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