Tag: Petroleum
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Petrol imports rose to 105% to ₦15.42trn In 2024 — NBS
The latest data by the National Bureau of Statistics (NBS) on the foreign trade statistics, said the increase was from N7.51trn recorded in 2023. The development comes despite current increasing domestic refining capacity, especially at the 650,000 barrels-per-day Dangote Refinery and the ongoing rehabilitation of state-owned refineries. In December 2024, the Nigeria National Petroleum Company…
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Petroleum prices will continue to slide downward -Rewane
Seasoned economist and Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has predicted that the cost of premium motor spirit also known as petrol will continue to slide downward until June 2025. Both Dangote Refinery and the Nigeria National Petroluem Company Limited (NNPCL) have crashed the cost of the essential commodity in recent weeks,…
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MISSING N26bn: SERAP asks Tinubu to probe Ministry of Petroleum Resources, PTDF
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with relevant anti-corruption agencies, to probe allegations of missing, diverted, or stolen public funds totaling over N26 billion from the Petroleum Technology Development Fund (PTDF) and the…
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Finally, lifting of petroleum products begins at Port Harcourt refinery as NNPCL starts operations
Finally, the Nigerian National Petroleum Company Limited, NNPCL, has concluded plans to commence the lifting of petroleum products from Port Harcourt Refinery. The lifting, which will commence today, Tuesday, November 26, 2024, follows the commencement of operations after many months of rehabilitation. In a message posted at its X (Twitter) handle, the company, stated: “NNPC…
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Marketers reportedly resume petrol importation as Dangote Refinery fails to meet demands
Petroleum marketers have reportedly resumed importing petrol to supplement the country’s fuel supply, following the inability of the Dangote Refinery to meet demand. Four vessels carrying 123.4 million litres of Premium Motor Spirit (PMS) arrived at Nigerian seaports between Friday, October 18, and Sunday, October 20. Akelicious reported earlier that the failure of the 650,000…
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Understanding the toxic international petroleum politics in Nigeria – By Magnus Onyibe
The alarm in Nigeria’s oil and gas industry, now blaring loudly, was first sounded by Mr. Tony Elumelu. In 2021, Elumelu invested over $1.1 billion to acquire a 45% stake in the OML 17 oil drilling asset, a venture in which Shell, Total, and Eni relinquished their shares, leaving the Nigerian National Petroleum Corporation Ltd…
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FUPRE to host 2024 edition of petroleum industry awards
The Federal University of Petroleum Resources Effurun (FUPRE) in collaboration with the African Child Foundation set to host the 2024 Petroleum Industry Awards. The Federal University of Petroleum Resources Awards(FUPRE AWARDS) had in previous editions, celebrated outstanding and inspiring individuals and corporations who have displayed a rare sense of excellence and professionalism as well as…
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NUPENG speaks on petroleum tanker drivers nationwide protest
The Nigeria Union of Petroleum Natural Gas Workers (NUPENG) has dismissed reports of a planned protest by Petroleum Tanker Drivers (PTD). Recall the tanker drivers had threatened to break away from its umbrella body, NUPENG, if the current President, Williams Akporeha, and the General Secretary, Afolabi Olawale, remain in office. In a statement on Sunday,…
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Independent petroleum producers, others set agenda for Tinubu incoming govt
The Independent Petroleum Producers Group (IPPG) has called on the incoming administration of Sen. Bola Tinubu to address the bottlenecks mitigating against industry growth and energy security. The IPPG Chairman, Mr. Abdulrazaq Isa, made the call on Monday in Abuja at the sixth edition
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Petrol now massively distributed, to sell at N184 – Sylva
Minister of State for Petroleum Resources, Mr Timipre Sylva, has assured the people of the country that the FG has taken a big step to nip in the bud the ravaging fuel crisis in the country. Mr Sylva assures that there will be a massive distribution of the product as from now.