Category: Oil and Gas

Petrol Scarcity Looms: Marketers Threaten Shutdown Over N200bn Debt

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As the nation grapples with a persistent petrol scarcity, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a stern warning of a possible shutdown of operations due to unpaid debts totaling approximately N200 billion owed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Despite assurances from NNPC Limited that logistic challenges causing the scarcity had been resolved, fuel shortages persist, with long queues observed at open filling stations and black market operators capitalizing on the situation, selling petrol at exorbitant prices. Members of the IPMAN Depots…

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Dangote Petroleum Refinery Slashes Diesel and Aviation Fuel Prices Again

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Dangote Petroleum Refinery has announced yet another reduction in the prices of diesel and aviation fuel, bringing relief to consumers amid economic challenges in Nigeria. The refinery now offers diesel at N940 per litre and aviation fuel at N980 per litre. This latest price adjustment follows the refinery’s recent price reduction to N1,000 per litre just two weeks ago, which was widely celebrated. The new pricing scheme offers N940 per litre for customers purchasing five million litres and above, and N970 per litre for those buying one million litres and…

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House of Representatives Rejects Report on OVH Energy Acquisition Amidst Fresh Controversies

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In a surprising turn of events, the House of Representatives has declined to accept the report submitted by the Ad-hoc Committee, chaired by Hon. Hassan Abubakar Nalaraba, which investigated alleged irregularities and corruption in the acquisition of OVH Energy Marketing by the Nigerian National Petrolatum Company Limited (NNPCL). The rejection came after startling new evidence surfaced, indicating that the acquisition process was marred by irregularities. The NNPCL, accused of engaging in a questionable acquisition deal involving Nueoil and OVH Energy, now faces intense scrutiny. The House was taken aback by…

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House Committee Targets PMS Racketeers, Collaborates with Stakeholders to Address Downstream Challenges

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The House of Representatives Committee on Petroleum Resources (Downstream) has declared its determination to pursue individuals involved in Premium Motor Spirit (PMS) product racketeering and other downstream sharp practices. This announcement comes as the committee commits to partnering with key industry associations, including the Nigerian Association of Road Transport Owners (NARTO) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), to address issues affecting the availability and affordability of PMS and AGO. Chairman of the committee, Hon. Ikeagwuonu Ugochinyere (PDP-Imo), issued a stern warning during a meeting with…

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House of Reps Committee Summons NNPC Retail Limited MD Over OVH Acquisition Controversy

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The House of Representatives Committee on Petroleum Resources Downstream has issued a summon to Mr. Hubb Stokman, the Managing Director of NNPC Retail Limited, to appear before the committee within seven days. The súmmons comes with a warning that failure to comply will result in the issuance of a warrant for Mr. Stockman’s arrest. Chairman of the Committee on Petroleum Resources Downstream, Honorable Ikenga Ugochinyere, announced the summon order, emphasizing the urgency for Mr. Stokman to brief the committee’s leadership and provide updates on the acquisition of OVH by NNPC…

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NNPC and Marketers Refute Speculations of Fuel Price Surge to N1,200 per Litre

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The Nigerian National Petroleum Company (NNPC) Limited and fuel marketers have categorically denied circulating rumors suggesting an imminent increase in petrol prices to N1,200 per litre in Nigeria, dismissing such claims as baseless speculation. Reports on Wednesday had suggested a disagreement between fuel marketers, particularly under the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the NNPC regarding fuel subsidy issues. However, both entities have vehemently refuted these allegations. In a statement obtained by Vanguard, NNPC spokesman Olufemi Soneye clarified the situation, emphasizing that there was no clash between NNPC…

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President Tinubu Issues Stern Warning to NNPCL Board: Non-Performance Unacceptable

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President Bola Tinubu has delivered a strong message to the newly inaugurated Board of the Nigerian National Petroleum Company Limited (NNPCL), cautioning that non-performance will not be tolerated during their tenure. In an inauguration ceremony held at the State House on Monday, President Tinubu stressed the importance of corporate governance and urged the Board to commence their duties promptly. He emphasized that any actions suggesting a sense of entitlement would be unacceptable, and the Board could face dissolution without prior notice if excellence in performance is not sustained. “The challenge…

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2024 Budget Defence: National Assembly Summons Petroleum Ministers

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The Joint Committees on Upstream and Gas in the National Assembly have unanimously decided to summon the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo. They are required to appear before the committees on Monday, the 18th of December 2023, under the threat of legal consequences if they fail to comply. The ruling was issued by the Chairmen of both committees, Senator Etang William and Hon. Alhassan Doguwa, during a budget defense session held in Abuja on Thursday. Expressing their…

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Tinubu Reinstates Mele Kyari as CEO of NNPC Limited

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President Bola Tinubu has reappointed Malam Mele Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL). The announcement came through a statement released by Presidential spokesman Ajuri Ngelale on Monday. Effective from December 1, 2023, the appointment is part of President Tinubu’s compliance with Section 59 (2) of the Petroleum Industry Act, 2021. Alongside Kyari, the president has appointed a new Board and Management team for NNPCL. Chief Pius Akinyelure has been named the Non-Executive Board Chairman. The newly appointed team is as follows:…

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Speaker of the House of Representatives, Tajudeen Abbas, Advocates Privatization of Nigeria’s Refineries

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In a meeting with the management of the Nigerian National Petroleum Corporation Limited (NNPCL), led by the Group Managing Director, Mr. Mele Kyari, in Abuja on Thursday, Speaker Abbas recommended the privatization of the country’s oil refineries for optimal functionality. He expressed concern over the state of the refineries, describing it as shameful and highlighted the significant expenditure on salaries and allowances with little output. Abbas emphasized the need for multi-dimensional uses of the refineries, suggesting that privatization could lead to increased efficiency. He urged the NNPCL to consider privatization…

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Fuel Subsidy Removal Boosts Monthly Federation Revenue to N1 Trillion, Says Finance Minister

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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the removal of fuel subsidy has contributed to a significant increase in monthly Federation Revenue, reaching an average of N1 trillion over the past four months. Speaking at a two-day retreat for the Federal Account Allocation Committee (FAAC) in Asaba, the minister, represented by Permanent Secretary Mr. Okokon Udo, highlighted the positive impact of this decision on revenue shared among the federal, state, and local governments, surpassing the previous average of N650 billion monthly. The…

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House of Representatives Adopts Petition for Probe into British Government’s Contempt of Nigerian Judicial Sovereignty

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The House of Representatives, during its plenary on Tuesday, adopted a petition submitted by the African Centre for Justice and Human Rights (ACJHR). The petition seeks an investigation into the alleged contempt and violation of Nigeria’s judicial sovereignty by officials of the British Government and their investigative agencies, including the National Crime Agency (NCA), the Crown Prosecution Service (CPS), and an investigator/prosecutor named Sara Melo. These foreign agencies are accused of undermining the judicial sovereignty and disregarding court judgments that exonerated African businessman and Aiteo Group Chairman, Benedict Peters, of…

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