OIL

……..Reaffirms Deregulated Market for Local Refineries……. ……..by Ben Ndubuwa…….The Nigerian National Petroleum Company Limited (NNPCL), has said it is committed to ensuring that the federal government maintains a deregulated market for local refineries, including the Dangote Refinery. The Chief Corporate Communications Officer of NNPC Ltd, Olufemi Soneye told Financial Energy Review, that all local refineries, including the Dangote Refinery, are ...

……..by Ben Ndubuwa……The Nigerian National Petroleum Company Limited (NNPCL) has announced new pump prices for Premium Motor Spirit (PMS), also known as petrol, following its updated price regime. This price adjustment reflects the evolving dynamics of the Nigerian fuel market, as the NNPCL remains the sole supplier of PMS in the country. According to NNPCL’s recent statement, the revised pricing ...

Dangote Group has debunked a claim by the spokesperson of the Nigerian National Petroleum Company Limited (NNPCL) Olufemi Soneye that Dangote refinery sold fuel to the company at N898 per litre. Mr Soneye made the statement on Sunday as NNPCL trucks began loading fuel at the refinery located in the Ibeju-Lekki area of Lagos. The announcement was met with disapproval ...

……..Price based on September 2024 Pricing The NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail sta.tions across the country. The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, ...

………by Olufemi Soneye….. In the face of the challenges in the oil sector, particularly the current tightness in the supply of petrol, it has become fashionable to blame the national oil company, the Nigerian National Petroleum Company Ltd (NNPC Ltd), for everything. Last week, it was Prof. Pat Utomi who railed and fumed at the NNPC Ltd calling it one ...

Nigeria’s crude oil production increased marginally from 1.307 million barrels per day in July to 1.352mbpd in August. According to the Organisation of the Petroleum Exporting Countries (OPEC) in its September Monthly Oil Market Report, the average daily crude production rose marginally by 45,000 barrels per day. Quoting information obtained through direct communication with the Nigerian government, OPEC’s report indicated ...

………..by Ben Ndubuwa……. Marketers have decried the shutdown of the purchasing portal of the Nigerian National Petroleum Company Limited (NNPC Ltd), a situation leading to round tripping of products supplies    and severely impacted the market and driven petroleum products prices up. However, the Chief Corporate Communications Officer of NNPC Ltd, Olufemi Soneye has given reason for the closure of the ...

………..by Ben Ndubuwa……. The Chief Executive Officer of Rainoil Limited, Gabriel Ogbechie has said that the downstream oil and gas sector is experiencing what industry experts are calling a “seismic shift,” as fuel prices have surged significantly in recent weeks. The price of Premium Motor Spirit (PMS) has jumped up by 60 percent to approximately N1230 per litre, indicating the ...

………..Highlights Industry Challenges and Opportunities…….. …………..by Ben Ndubuwa……… The Chairman of Major Energies marketers Association of Nigeria (MEMAN), Huub Stokman, has said that there is the need for oil and gas, downstream stakeholders to collaborate in order to deliver quality Services and products to Nigerian customers at affordable prices. Stokman in his presentation, Monday, at the MEMAN webinar titled “Optimising ...

……by Ben Ndubuwa…….. Major Energy Marketers Association of Nigeria (MEMAN) has said that governments worldwide are responsible for setting and enforcing fuel standards and specifications, which vary across regions. While some countries maintain standards exclusively for petrol and ethanol, others extend regulations to petrol-ethanol blends. The protocols for establishing these standards typically fall into three categories: adopting international standards, customizing ...