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Category: Energy

  • Avoid Panic Buying: There is sufficient Fuel – IPMAN  

    Avoid Panic Buying: There is sufficient Fuel – IPMAN  

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reassured citizens that the country has an adequate supply of petrol and urged them to avoid panic buying.  

    In a move aimed at reducing transportation costs during the festive season, Dangote Petroleum Refinery recently lowered the price of Premium Motor Spirit (PMS) to N899.50 per litre.

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     This development is expected to bring relief to Nigerians and foster healthy market competition.  

    IPMAN also encouraged its members to adjust their pump prices to align with the new rates, noting that this will attract more customers and eliminate queues at filling stations. 

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    Many marketers have already begun implementing the price change, reflecting a shift towards smoother fuel availability nationwide.  

    This follows an earlier reduction in November, when Dangote Refinery lowered the price of petrol to N970 per litre.

  • NNPCL Reduces Petrol Price to N965 per Litre in Abuja

    NNPCL Reduces Petrol Price to N965 per Litre in Abuja

    The Nigerian National Petroleum Company Limited (NNPCL) has implemented another reduction in the pump price of petrol at its retail outlets in Abuja, lowering the cost to N965 per litre.

     This adjustment comes shortly after a previous decrease from N1,060 to N1,030 per litre earlier this month.  

    This marks the second time in two weeks that the state-owned oil company has revised petrol prices downward, signaling efforts to make fuel more affordable for consumers amid ongoing economic challenges.  

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    The new price was observed across NNPC’s outlets in the Federal Capital Territory, and customers have already begun to enjoy the reduced rate.

    Dangote Refinery Ltd led the price cut when it partnered MRS filling stations nationwide, December 21, 2024 to offer fuel at N935/litre as part of Christmas give away.

     Many residents have expressed relief at the development, as fuel costs have been a significant concern for households and businesses alike.  

    While no official explanation has been provided for the price adjustment, it is speculated that recent changes in market dynamics and competitive pricing strategies could have influenced the decision. 

  • Dangote Refinery Clears Air On NNPC’s $1 Billion Stake

    Dangote Refinery Clears Air On NNPC’s $1 Billion Stake

    Dangote Refinery has clarified that the $1 billion loan secured by the Nigerian National Petroleum Company Limited (NNPC Ltd) was not used to resolve liquidity issues, but was an investment to acquire a 7.24% share in the refinery.

    This response follows claims by NNPC’s Olufemi Soneye, who suggested the loan helped overcome financial difficulties for the refinery. 

    According to Dangote Refinery, the $1 billion represents only about 5% of the total investment in the project, and the partnership was structured around the sale of a 20% stake for $2.76 billion, with favorable payment terms.

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    The refinery further explained that NNPC’s equity share was reduced due to its inability to fulfill a crude oil supply agreement.

     As a result, NNPC’s stake was adjusted to 7.24% after missing a payment deadline in June 2024. 

    The refinery emphasized that the investment was aimed at acquiring ownership, benefiting both parties, and not as a response to liquidity challenges.

  • Reps Demand Detailed Report on NUPRC’s Oil Operations, Revenue

    Reps Demand Detailed Report on NUPRC’s Oil Operations, Revenue

    The House of Representatives has directed the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to provide a detailed account of its oil production, sales, and overall operations.

     The order came after discussions during a joint session of the House Committees on Finance and National Planning, which focused on the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper.

    During the meeting, NUPRC’s management team, including CEO Gbenga Komolafe, presented information on the commission’s revenue sources.

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     These include oil and gas royalties, concession rentals, gas penalties, and other miscellaneous fees. 

    Komolafe also shared that the NUPRC receives 4% of the total revenue collected for the government, which amounted to ₦114.84 billion in 2023, up slightly from the previous year.

    However, concerns were raised by Rep. James Faleke, Chairman of the Finance Committee, who questioned the high personnel and overhead costs within the commission. 

    Despite a slight increase in the commission’s budget, expenses related to staff salaries and operations raised eyebrows. 

    Faleke further demanded a complete record of oil production per well, including daily output, from NUPRC for further examination.

  • Nigeria’s Power Grid Collapses for the Umpteenth Time

    Nigeria’s Power Grid Collapses for the Umpteenth Time

    Unstable and highly epileptic, Nigeria’s power grid collapsed again today, making it the twelfth time this year alone.

    The incident, reported at 2:09 PM, led to widespread power outages across the country.  

    The Abuja Electricity Distribution Company (AEDC) acknowledged the issue, attributing the outage to grid maintenance scheduled to last an hour.

     The company assured customers that efforts were underway to restore supply and called for patience during the repair process.  

    This recurring issue continues to affect businesses and households, raising concerns about the stability of the power infrastructure.

    Notorious for unstable service and exorbitant rates, Nigeria’s power supply system has been a major obstacle to the nation’s industrial development.

    In April this year, the National Electricity Regulatory Commission (NERC) raised the electricity tariff for Band A customers from N68/kWh to N225/kWh, representing about a 240 per cent increase.

  • PETROAN, Dangote Join Forces to Secure Holiday Fuel Supply

    PETROAN, Dangote Join Forces to Secure Holiday Fuel Supply

    The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has teamed up with Dangote Refinery to guarantee a stable supply of petrol during the festive season and afterward.

    At a meeting at the Dangote Refinery complex in Lagos, PETROAN leaders finalized plans to prevent fuel shortages across the country.

     This collaboration includes monthly fuel allocations for PETROAN members, flexible payment terms, and competitive pricing, aimed at making petrol available and affordable for Nigerians.

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    PETROAN assured citizens that measures have been implemented to avert fuel scarcity, thanks to joint efforts with Dangote Refinery and the resumed operations of the Port Harcourt refinery.

     The association also urged Nigerians to refrain from panic buying, emphasizing that hoarding petrol at home is unsafe.

    All PETROAN outlets nationwide are on standby to maintain uninterrupted service, reinforcing the association’s commitment to ensuring smooth fuel distribution throughout the holiday season and beyond.

  • PH Refinery: Tinubu Celebrates Restart, Urges Action on Others

    PH Refinery: Tinubu Celebrates Restart, Urges Action on Others

    The jinx has been broken, President Bola Tinubu congratulates the Nigeria National Petroleum Company Limited (NNPCL) for restarting the old Port Harcourt refinery, 28 years after the nation’s refineries topped production.

    As of today, November 26, 2024, the loading of refined petroleum products from the facility shall commence. 

    This achievement follows the efforts of former President Muhammadu Buhari, who initiated the refinery’s overhaul, and was supported by the African Export-Import Bank’s financing.

    The President also commended NNPCL’s Group Chief Executive Officer, Mele Kyari, for his leadership in overcoming obstacles during the process.

     He called on NNPCL to quickly focus on reviving the Warri and Kaduna refineries, alongside the second Port Harcourt plant, to boost domestic production and strengthen Nigeria’s position as an energy hub. 

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    This move, along with private sector involvement, is expected to enhance the country’s refining capacity.

    President Tinubu reaffirmed his commitment to restoring Nigeria’s refineries, aiming to address the longstanding issue of the country’s reliance on imported refined products despite being a major oil producer.

     He also emphasized the importance of integrity, accountability, and focus in the execution of national projects, aligning with his administration’s Renewed Hope Agenda for economic prosperity and energy security.

    The old Port Harcourt refinery, situated in Nigeria’s oil-rich Niger Delta region, has been in operation since 1965, but later became moribund for several years.

  • Presidency Confirms Restart of Port Harcourt Refinery, Says 200 Trucks Set To Load Petrol

    Presidency Confirms Restart of Port Harcourt Refinery, Says 200 Trucks Set To Load Petrol

    The Presidency has confirmed the official start of operations at the Port Harcourt Refinery, with plans for around 200 trucks to begin transporting petroleum products daily from the facility.

     This marks a key development in Nigeria’s energy sector, as the refinery’s restart is set to boost fuel distribution across the country.

    A statement from the Presidency, shared by spokesperson Sunday Dare, highlighted the refinery’s crucial role in meeting Nigeria’s growing energy demands. 

    The refinery, now operating at a capacity of 60,000 barrels per day, will contribute significantly to the country’s energy security.

    The Nigerian National Petroleum Company Limited (NNPCL) had earlier reported the activation of crude oil processing at the refinery. 

    According to NNPCL’s communications officer, Olufemi Soneye, this marks a new chapter for Nigeria’s energy independence and economic growth.

     The refinery’s operation is seen as a positive step toward reducing reliance on imported fuel and strengthening the nation’s energy infrastructure.

  • Finally, Port-Harcourt Refinery Resumes Production 

    Finally, Port-Harcourt Refinery Resumes Production 

    The Port Harcourt Refinery has resumed operations, with crude oil now being processed at 60% of its full capacity. 

    This long-anticipated breakthrough is a major development in Nigeria’s oil and gas sector, addressing years of dependency on fuel imports.

    Managed by the Nigeria National Petroleum Company Limited (NNPCL), the refinery faced multiple setbacks earlier in the year, with scheduled operational dates in March, August, and September failing to materialize.

     The successful start of operations marks a fresh chapter for the facility, which has long been seen as a cornerstone of Nigeria’s energy framework.

    Beyond its immediate impact on oil refining, the refinery’s reopening is expected to contribute significantly to economic growth by reducing fuel import costs, stabilizing supply chains, and fostering industrial development. 

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    The NNPCL’s leadership has been credited with ensuring this project reaches fruition, with a focus on delivering long-term benefits to the country.

    This development positions Nigeria closer to achieving greater energy autonomy and economic sustainability, leveraging its abundant crude oil reserves to meet domestic demands.

  • Dangote Refinery Eases Petrol Pump Price 

    Dangote Refinery Eases Petrol Pump Price 

    Nigerians may soon heave a heavy sigh of relief as Dangote Petroleum Refinery announced a cut in petrol pump price from N990 per litre to N970 per litre for marketers.

    The company stated that this price cut is a gesture of appreciation to Nigerians for their continued support in making the refinery a reality.

    As the year draws to a close, Dangote Refinery also expressed its gratitude to the Nigerian government for its unwavering support, highlighting that the reduction aligns with efforts to strengthen domestic industries for the benefit of all.

    In its statement, Anthony Chiejina, Group Chief Branding and Communications Officer, emphasized that while the refinery is committed to reducing costs, it will not compromise on the quality of its products. 

    The refinery assures the public of high-quality, environmentally friendly, and sustainable fuel.

    Looking ahead, Dangote Refinery is focused on increasing production capacity to meet and exceed the nation’s fuel demands, ensuring stability and security in the domestic fuel supply chain.

    In the Nigerian economy that is heavily challenged by deficit in transportation infrastructure, especially the near absence of reliable mass transport system, this marginal cut is expected to have a cascading effect on inflationary trend and the price of ancillary services.