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Tag: NNPC

  • NNPC told to account for $20bn spent on refineries

    NNPC told to account for $20bn spent on refineries

    Nigerian Coalition of Civil Society Organisations (NICOCSO) has called on Nigerian National Petroleum Company Limited (NNPCL) to render account of the 20 billion US dollar allegedly spent for the repair of refineries since 2007.

    The call came amidst threat by the coalition to embark on nationwide protests over the moribund state of the nation’s refineries and continued importation of refined petroleum products.

    National Spokesperson for NICOCSO, Mr Segun Adebayo, while addressing newsmen in Abuja on Tuesday, stressed the need for accountability, transparency and policies that prioritised local industries.

    He said that the call had become necessary following the decision of NNPCL to import more than 1.6 billion litres of Premium Motor Spirit (PMS).

    According to him, the decision is not just a policy misstep but a deliberate move to undermine Nigeria’s local refining potential, cripple the economy and deepen the hardship faced by ordinary Nigerians.

    Adebayo said that a comprehensive account must be provided, as Nigerians deserved to know why refineries had remained dormant in spite of the enormous expenditures.

    He also said that NNPCL must inform Nigerians on the date for the commencement of operations at the three major refineries in the country.

    “Nigerians are the true owners of these refineries; they deserve transparency on the management of the facilities.

    “With the policy to encourage competition and local growth, NNPCL must step up action in support of the operationalisation of local refineries.

    “We urge President Bola Tinubu to halt the importation of 1.6 billion litres of PMS and investigate the procurement process so as to ensure transparency.

    “NNPCL’s decision to import PMS on this scale undermines our national interest, weakens our economy and delays the journey toward energy independence, and such decisions could undermine our future, if unchecked,’’ Adebayo said.

    He expressed the coalition’s commitment to ensuring that public resources were used for the interest of the people.

    “We call on all Nigerians to join us in holding the NNPCL and its leadership accountable, for a better future of our nation,” he said.

    According to Adebayo, the importation of such an enormous volume of PMS places undue pressure on Nigeria’s foreign exchange reserves.

    “With the Naira already struggling against major currencies, this decision will exacerbate the depreciation of our currency,” he said.

    He expressed the regret that for decades, billions of dollars had been spent on the repairs of refineries and yet, the facilities were not functioning.

    “None of Nigeria’s three major refineries are operational today; instead of supporting local refining, the NNPCL perpetuates a cycle of dependency on imports, stifling local initiatives and sabotaging job creation,” Adebayo stated.

  • SAD: NNPC boss, Kyari loses 25-year-old daughter, Fatima

    SAD: NNPC boss, Kyari loses 25-year-old daughter, Fatima

    Fatima, the daughter of Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited is reportedly dead.

    TheNewsGuru.com (TNG) reports Fatima died on Friday at the age of 25.

    Vice-President Kashim Shettima led other mourners to attend the funeral prayers for the deceased at the Annur mosque in Abuja, the country’s capital.

    In a statement, Shettima commiserated with Kyari’s family over the loss.

    “Vice President Kashim Shettima has condoled with the family of the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Malam Mele Kyari, over the loss of his daughter, Fatima Kyari,” the statement reads.

    “Aged 25, the late Fatima passed away on Friday.

    “VP Shettima, who prayed for the peaceful repose of the late Fatima, asked God to grant the family the strength to bear the painful exit of their daughter, who was in her prime.”

  • How will Nigerians survive this – Reactions trail new petrol price

    How will Nigerians survive this – Reactions trail new petrol price

    Nigerians on social media have reacted to the pump price of Premium Motor Spirit (PMS), also known as petrol by Nigerian National Petroleum Company (NNPC) Limited across its retail outlets nationwide.

    TheNewsGuru.com (TNG) had earlier reported that NNPC Limited jerked up the price of the product to as high as N1,030 per litre in Abuja, as observed in the federal capital territory (FCT) on Wednesday.

    Similarly, in Lagos State, the price of petrol surged, reaching N998 per litre.

    TNG recalls that NNPC increased the pump price of petrol to N897 per litre set in September.

    This is coming after NNPC announced that it will no longer be the sole off-taker of petrol from Dangote Refinery and that marketers can now negotiate prices directly with the refinery.

    The recent increase has caused NNPC to trend on X as Nigerians express outrage towards the Tinubu-led administration for exacerbating the economic burden on the citizens.

    Morris Monye wrote: “NNPC selling N998 liter. How will Nigerians survive this. Oh wait, we will survive. We are adjuster-general of the nation.”

    Fizu_001 wrote: “Until 2million Nigerians visit all 36 states government houses same day and same time,fuel prices will never come down.”

    Maureen_mimidoo wrote: “The unfortunate thing is, we have people that are still defending this government.”

    Brighto of Lagos wrote: “I am at Obalende and the only thing i can hear from bus drivers is that NNPC has increased furl price and they are currently pegging fare to Lekki at N800 right now and once its tomorrow they re moving it to N1000. I am not crying but many people came down from this bus.”

  • We’re not sole offtaker, market open to lower prices from any domestic refinery – NNPC replies MURIC

    We’re not sole offtaker, market open to lower prices from any domestic refinery – NNPC replies MURIC

    The Nigerian National Petroleum Company Limited (NNPC Ltd) has responded to a press release by the Muslim Rights Concern (MURIC), which alleged that the Dangote Refinery Limited (DRL) is being unfairly disadvantaged by NNPC’s actions.

    In a statement signed by Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, the company clarified that petroleum product pricing, including that from the Dangote Refinery, is driven by global market dynamics, not by NNPC’s involvement.

    MURIC had suggested that recent adjustments in the pump price of Premium Motor Spirit (PMS) would prevent the Dangote Refinery from offering competitive prices and claimed that NNPC had become the sole offtaker for the refinery’s products.

    In its response, NNPC Ltd provided the following clarifications, “To set the records straight, NNPC Ltd wishes to further state as follows: The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.

    “Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.

    “The NNPC Ltd cannot undermine a business in which it holds a billion-dollar stake.”

  • NLC demands immediate reversal of new pump price of petrol

    NLC demands immediate reversal of new pump price of petrol

    The Nigeria Labour Congress (NLC) has called for the immediate reversal of the new price increase in pump price of petrol across the country.

    The Congress made the demand in a statement issued on Tuesday in Abuja by its  President, Mr Joe Ajaero and made available to newsmen.

    The Nigerian Petroleum Corporation Ltd. (NNPCL) on Tuesday morning, reportedly directed increase in its pump price of between N568 – N617 per litre to N855 – N897 per litre, depending on the area.

    Although, the company had denied issuing the directive, checks at NNPCL retail stations in Abuja reflected the new price of N897 per litre

    Reacting to the development, Ajaero said the Congress felt a deep sense of betrayal by the increase in the pump price of petrol.

    He recalled that, one of the reasons for accepting N70,000 as national minimum wage was the understanding that the pump price of petrol would not be increased, even as they knew that N70,000 was not sufficient.

    The labour leader recalled their meeting with President Bola Tinubu, where they were given the options of either N250,000 minimum wage and a rise of  pump price between N1,500 and N2,000 or N70,000 minimum wage and retaining pump price of N568 – N617 per litre.

    “We opted for the latter because we could not bring ourselves to accept further punishment on Nigerians.

    “But here we are, barely one month after and with government yet to commence payment of the new national minimum wage, confronted by a reality we cannot explain. It is both traumatic and nightmarish.

    “Yet, when we told government that it’s approach to resolving the fuel subsidy contradictions was patently faulty and would not last, it’s front row cheer leaders sneered at us, saying we did not understand basic economics .

    “But if truth be told, this act of betrayal is consistent,’” he said.

    Ajaero also recalled the assurances given to the congress by the leadership of the National Assembly on the reversal of 250 per cent electricity tariff hike.

    He said, instead of the promised reversal, the rate has since been jerked up further, putting more Nigerians and businesses in jeopardy.

    In addition to the reversal of the increased price of petrol pump price and electricity tariff, the NLC called for the release of all those incarcerated or being prosecuted for participating or purportedly participated in the recent #Endbadgovernance protest.

    Ajaero said the Congress also demanded a halt in the indiscriminate arrest and detention of citizens on trumped up charges.

    “The Congress demand a stop to the hijack of the duties of the Ministry of Labour and Employment.

    “We also demand end to policies that engender hunger and insecurity as well as a halt to government’s culture of terror, fear and lying,” he said.

    Ajaero said in the coming days, the appropriate organs of the congress would be meeting to take appropriate decisions which would be made public.

  • NNPC fuel stations adjust pump price to over N800 per liter

    NNPC fuel stations adjust pump price to over N800 per liter

    Despite scarcity, the Nigerian National Petroleum Corporation (NNPC) Limited fuel stations in Lagos have adjusted the price of petrol to N855.

     

    On Tuesday morning it was noticed that some NNPC retail stations in Lagos are selling fuel between N865 to N897 per litre from N568 per liter.

    This is coming after the recent admission by the NNPC that its capacity to supply petrol to local marketers is jeopardized by its debt obligations to international oil traders—amounting to approximately $6 billion.

    In the past few weeks, fuel queues have been a common sight in major cities across Nigeria, leaving citizens struggling to obtain fuel.

    “NNPC Ltd. Has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.

    “In line with the Petroleum Industry Act (PIA), NNPC Ltd. Remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide,” Soneye said.

  • Once we begin production, NNPC will become sole buyer – Dangote Refineries

    Once we begin production, NNPC will become sole buyer – Dangote Refineries

    Devakumar Edwin, the Vice President of Dangote Industries Limited, has announced that the Nigerian National Petroleum Commission (NNPC) will become the sole buyer of products from Dangote Refinery as it begins production.

    According to Edwin, the NNPC is prepared to purchase all refinery outputs to meet the nation’s local demand for petroleum products.

    “We are currently testing the gasoline, and soon, it will start flowing into the tanks,” Edwin stated. He also noted, “If no one buys it locally, we will export it, just as we’ve been doing with our aviation jet fuel and diesel.”

    This development comes amid ongoing financial challenges for the NNPC. Tribune Online previously reported that the NNPC Limited admitted to owing a substantial debt to international oil traders, which has resulted in a fuel supply shortage for local distributors.

    Recent reports reveal that the NNPC owes these traders approximately $6 billion in unpaid subsidies, prompting them to halt petrol supplies to the national oil company.

    Although the NNPC initially denied these claims, it later acknowledged that its outstanding debts to suppliers have been a major contributor to the ongoing fuel scarcity across the country.

    With the NNPC now positioned as the sole buyer of products from Dangote Refinery, this arrangement offers some relief to the national oil company as it continues to navigate its international financial obligations.

  • NNPC Ltd begins liquefied gas supply to Japan, China

    NNPC Ltd begins liquefied gas supply to Japan, China

    The Nigerian National Petroleum Company Limited (NNPC Ltd.) has begun shipment of Liquefied Natural Gas (LNG) cargoes to Japan and China on Delivered Ex-Ship (DES) basis.

    Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., quoted Mr Segun Dapo, the Executive President, Downstream, NNPC Ltd., as saying this in a statement in Abuja on Monday.

    Dapo was quoted as saying that the development was in line with the company’s strategic vision to be a reliable global energy supplier.

    “Apart from being more financially rewarding, the DES system allowed NNPC Ltd. to inroad into the downstream segment of the LNG sector,” he said.

    NAN reports that the Delivered Ex-Ship (DES) is an international commercial term that requires the seller to deliver the products/goods at a specific port.

    The seller takes responsibility for the shipping and insurance for the products/goods until they get to the specified port of delivery.

    It requires expertise and a higher level of efficiency to execute, than the Free on Board (FOB) system.

    Soneye also quoted Dapo as saying that the NNPC Ltd. achieved the milestone in collaboration with two of its downstream subsidiaries.

    He listed the subsidiaries as NNPC LNG Ltd and NNPC Shipping Ltd.

    He said it delivered its first DES LNG cargo from the 174,000m³ LNG vessel Grazyna Gesicka at Futtsu, Japan, on June 27, 2024.

    “Since then, it has expanded its footprint to China with the delivery of one LNG cargo on DES basis.

    “NNPC Ltd. has been involved in LNG trading since 2021 with its first LNG cargo sale in November of that year. It has since traded over 20 cargoes into the European and Asian markets on FOB basis.

    “It will position the NNPC Ltd. to capture more market shares while building in-house capacity and ensuring that global customers are familiar with the NNPC Ltd brand,” he said.

    According to Dapo, the collaboration between NNPC LNG Ltd. and NNPC Shipping Ltd. in executing the LNG supplies on DES basis has strengthened the latter’s position as a world class shipping provider in the LNG sector.

    The Managing Director of NNPC Shipping, Mr Panos Gliatis, was also quoted as saying that the NNPC Shipping intended to build a shipping portfolio (including owned vessels) to provide the sister company and other clients all the shipping flexibilities they needed.

    NNPC LNG Ltd., in collaboration with NNPC Shipping Ltd. is scheduled to deliver at least two more LNG cargoes to the Asian market on DES basis by November.

    More orders are expected before the end of year.

  • BREAKING: NNPC Limited declares highest profit since inception

    BREAKING: NNPC Limited declares highest profit since inception

    The Nigerian National Petroleum Company Limited (NNPC Limited) has declared N3.3 trillion profit for the 2023 financial year.

    Chief Financial Officer of NNPC Limited, Alhaji Umar Ajiya, who addressed newsmen on Monday on the development, said this was the highest profit declared by the company since inception.

    Meanwhile, NNPC Limited has declared N2.101 trillion as dividend for 2023 financial year.

    The profit declared by the national oil company for 2023 is over N1 trillion higher than the N2.548 trillion profit it recorded in the 2022 financial year.

     

    Details shortly…

  • NNPCL denies selling employment slots

    NNPCL denies selling employment slots

    The Nigerian National Petroleum Company Ltd on Saturday denied reports that the organsiation was selling employment slots to Nigerians.

    The Chief Corporate Communications Officer, Olufemi Soneye in a statement seen by TheNewsGuru.com (TNG) described the claims as antics of fraudsters who want to take advantage of unsuspecting applicants.

    The national oil company further urged the general public to disregard such information, warning against paying money to anyone for any job in the company.

    The statement reads: “We’re Not Selling Employment Slots, NNPC Ltd Warns

    “The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has called on members of the public, especially jobseekers, to discountenance rumours of employment slots for sale.

    “The company states that there is no iota of truth in the insinuations that it has employment slots on offer to anyone who wishes to buy, describing such as antics of fraudsters who want to take advantage of unsuspecting applicants.

    “It cautions that as a responsible corporate entity, recruitment into the company is a straightforward process and does not involve the sale of slots or inducement of any kind.

    “It warns that anyone who pays money to anyone for any job in the company does so at his or her own risk.”