As Dangote Refinery rolled out petrol from its plant yesterday, Nigerians will be able to buy the product produced by the firm from tomorrow. In a major domestication of the energy needs in the country, President of Dangote Refinery, Alhaji Aliko Dangote displayed a distinctive sample of the first petrol from the refinery.With him were Vice President…
The Nigerian National Petroleum Corporation (NNPC) Limited filling stations in Lagos have adjusted the price of petrol to N855 amid ongoing fuel scarcity, Nairametrics has confirmed. on Tuesday morning motorists observed 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 Federal Competition and Consumer Protection Commission has dismissed claims that it plans to regulate prices in the Nigerian market. It clarified that its recent directives are solely aimed at curbing exploitative practices and maintaining a competitive marketplace. It disclosed this in a statement by its Director, Special Duties and Strategic Communication, Ondaje Ijagwu, on…
Nigeria has ascended to become the third-largest debtor to the World Bank’s International Development Association (IDA) as of June 30, 2024, reflecting a significant increase in the country’s borrowing from the institution. According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by 14.4% from $14.3 billion in the fiscal year (FY)…
In a swift response to the widespread news of a fuel price hike, the Managing Director of NNPC Retail, Huub Stokman, has denied authorizing the message announcing the increase. The message, which circulated widely on social media and among fuel station owners, claimed that the pump price of Premium Motor Spirit (PMS) had been increased…
Oando, a prominent oil and gas company, has reached a market capitalization of N1 trillion, placing it among an exclusive group of companies. This milestone follows a significant increase in its share price, which rose by 207.6% in August. In early August, Oando announced its intention to complete a $783 million acquisition of Nigeria Agip…
The Nigerian National Petroleum Company Limited, NNPCL, has reached an agreement to sell crude oil to Dangote Petroleum Refinery in Naira.The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, made this confirmation on Tuesday via its X handle, @NMDPRA_Official. According to NMDPRA, the NNPCL reached an agreement to commence crude oil sale and supply to…
Amid a lingering fuel scarcity and crisis, the Nigerian National Petroleum Company (NNPC) has adjusted the fuel price from N650 to between N855 and N890 per litre, Platforms Africa reports. Without waiting for their stock to finish as they claimed during price reduction, other marketers too and outlets have also adjusted the pump prices with…
Billionaire businessman, Aliko Dangote, has said that the introduction of naira for crude will reduce the demand for foreign exchange by 40 per cent. He said this on Tuesday as he announced the commencement of the production of petrol at the Dangote refinery located in Lagos. Speaking on Arise TV, Dangote said, “I will like…
The Federal government has rubbished reports on social media suggesting that the Ministry of Petroleum has ordered NNPCL to sell fuel at N1000, above the approved pump price.A report, intending to mislead the public and cause panic, which is devoid of truth, circulating in the media had maliciously claimed that the minister of Petroleum, Hon….
