Tag: NNPC

Nigerian Government’s Subsidy Removal Continues to Raise Questions

30Jun

By adminNo Comments

Cost of Living, Economy, News, Nigeria, Petroleum

Nigerian Government’s Subsidy Removal Continues to Raise Questions

A closer look at the contradictory reports on subsidy removal and its impact on Nigeria's economy The Nigerian government has found itself once again embroiled in a debate over the subsidy removal, leaving citizens confused about the true status of the subsidy and its implications. Reports from 2016 and 2023 present conflicting narratives, raising questions about the government's stance on this critical issue. Back in August 2016, Vice President Yemi Osinbajo claimed that the federal government had saved a significant amount of N1.4 trillion by eliminating the oil subsidy. Addressing the public during a meeting in Kano, Osinbajo highlighted the benefits of deregulating the downstream petroleum sector, leading to increased petrol availability across the country. He also mentioned a...

31May

By adminNo Comments

Economy, News, Nigeria, Petroleum

Subsidy: NNPC Effects New Fuel Prices

The Nigerian National Petroleum Corporation (NNPC) has finally announced the long-awaited price for petrol following the removal of the controversial subsidy, which cost almost $10bn annually. The move was made on Wednesday morning to provide clarity around prices after the subsidy was removed. According to BusinessDay, NNPC now retail fuel at N488 a litre at its station on Kingsway Ikoyi in Lagos, while the NNPC Mega Station at Lagos Bus Stop in Port Harcourt sells for N511 per litre. NNPC is the sole supplier of petrol in Nigeria, and it is expected that other marketers will take a cue from NNPC's prices and adjust their own pump prices accordingly. NNPC Fuel Prices from May 31 2023 Analysts have noted that since NNPC has implemented different pump prices for different cities, ...

Why It’s Impossible To Buy Fuel At N170/litre – NNPCL

10Nov

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

Why It’s Impossible To Buy Fuel At N170/litre – NNPCL

Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company, formerly Nigerian National Petroleum Corporation, has stated that it cannot retain a pump price of N170 per litre for Premium Motor Spirit, popularly known as petrol. Kyari disclosed this when he appeared at the Legislative Transparency and Accountability Summit organised by the House of Representatives Committee on Anti-Corruption in Abuja on Wednesday. He said, “It is not possible for you to buy fuel at N170 when your actual cost is thrice that value. “For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump. “So, you must sell at N113 to them to be able to deliver at N165, that means whatever the cost, anything af...

Without Subsidy Petrol Would Sell for N462/litre – NNPC

5Sep

By Osaretin BalogbanNo Comments

Economy, Nigeria

Without Subsidy Petrol Would Sell for N462/litre – NNPC

The Nigerian National Petroleum Company (NNPC) Limited revealed yesterday that without subsidy petrol would sell for N462 per litre. NNPC said marketing and distribution of petrol cost around N46 per litre, it also revealed that the landing cost determined by the international market was $1,283 per metric tonne in the second quarter of this year. See Also: NNPC Fails To Account For 107 Million Barrels Of Crude, – Auditor General It said the addition of total costs will evaluate a pump price of N463 per litre in the general market based on an average subsidy of N297 per litre with a yearly evaluation of N6.5 trillion on the supposed 60 million litres/day of petrol supply. The petroleum company also noted that the daily fuel supply is around 68 million litres. The Group G...

Reactions as Asa performs “Fire on The Mountain” at The Unveiling of NNPC LTD

21Jul

By Osaretin BalogbanNo Comments

Music, Nigeria

Reactions as Asa performs “Fire on The Mountain” at The Unveiling of NNPC LTD

Nigerian singer, Asa, performed her once popular hit song “Fire on the Mountain” at the transitioning of the Nation National Petroleum Corporation to the Nigerian National Petroleum Limited Company, (NNPC LTD) exhibition. The performance of the singer’s 2007 hit track aroused reactions online, with the majority noting that the song refers to the leaders showing no concern about the welfare and development of the country. What drew the public attention was that President Muhammadu Buhari and other prominent leaders were present when Asa performed her song. See Also: NNPC To Nigerians: Avoid Panic Buying, We Have 1.7bn Litres Of Petrol In Stock Social media users praised the singer for her bravery in using the opportunity to address the leaders with the meaningful lyrics of ...

NNPC To Nigerians: Avoid Panic Buying, We Have 1.7bn Litres Of Petrol In Stock

5Mar

By Chinedu IbeakanmaNo Comments

Interview, News, Nigeria, Petroleum

NNPC To Nigerians: Avoid Panic Buying, We Have 1.7bn Litres Of Petrol In Stock

The Nigerian National Petroleum Company (NNPC) Limited has urged Nigerians to avoid panic buying, adding that it has enough petrol in stock. Mele Kyari, group managing director, NNPC, said this while briefing journalists in Abuja on Wednesday, shortly after a meeting with the National Union of Petroleum and Natural Gas Workers (NUPENG) and Petrol Tanker Drivers (PTD). Others present at the meeting were the Depot and Petroleum Marketers Association of Nigeria (DAPMAN) and Major Oil Marketers Association of Nigeria (MOMAN). Last month, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had confirmed that methanol above national specification was imported into the county. Amid efforts to recall the off-spec petrol from circulation, the supply ch...

No increase in Petrol Ex-depot Price in May – NNPC

20Apr

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum

No increase in Petrol Ex-depot Price in May – NNPC

The Nigerian National Petroleum corporation (NNPC) says it will not increase the ex-depot price of Premium Motor spirit also known as petrol next month. The Group Managing Director, Malam Mele Kyari, made this known at the end of a closed door meeting with Petroleum Transport Drivers (PTD), National Association of Road Transporters Owners (NARTO) and oil marketers in Abuja yesterday. Ex-depot price is the price marketers buy products from depot owners; it determines the pump price at filling stations. Meanwhile, the News Agency of Nigeria (NAN) reports that queues resurfaced in most filling stations around the Federal Capital Territory (FCT) with visibility of black marketers along the major highways. “We want to inform oil marketing companies that NNPC will not increase the pu...

No Petrol Price Hike until after Labour Deliberation – NNPC

27Mar

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum

No Petrol Price Hike until after Labour Deliberation – NNPC

The Nigerian National Petroleum Corporation (NNPC) has announced that there will be no hike in the current ex-depot price of Premium Motor Spirit (petrol) until the conclusion of ongoing engagement with organised labour and other stakeholders. The Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, told reporters in Abuja on Friday that the corporation was, for now, bearing the burden of importing refined petroleum products as the supplier of last resort to guarantee energy security for the nation. Shedding more light on the recent interview by the Group Managing Director, Mallam Mele Kyari, at the State House, Dr. Obateru stated that the NNPC has no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol, even...

The Essential Buhari: NNPC GMD’s testimony – Femi Adesina

27Nov

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

The Essential Buhari: NNPC GMD’s testimony – Femi Adesina

On Friday last week, Mallam Mele Kolo Kyari, Group Managing Director of Nigeria National Petroleum Corporation (NNPC), held an engagement with energy editors across diverse media platforms. Yours truly was invited. I currently serve as media adviser to President Muhammadu Buhari, but I remain essentially a newspaperman. There’s nothing I love better. And when done in government, the media still beckons, by the grace of God. So I felt quite at home at the NNPC event, which was designed to update the media on current developments in the petroleum industry. When a General Officer Commanding (GOC) moves, the brigade commanders and all other brass hats move too. At that outing with the GMD were the managing directors of subsidiaries, group general managers, and Who is Who in NNPC. The inf...

Nigeria: Kachikwu Out, Dr Thomas John In As Chairman NNPC Board

28Jun

By adminNo Comments

Economy, News, Nigeria, Petroleum

Nigeria: Kachikwu Out, Dr Thomas John In As Chairman NNPC Board

President Muhammadu Buhari has appointed Dr Thomas John as the acting alternate chairman of the Governing Board of the Nigerian National Petroleum Corporation, bringing to an end the tenure of the former Minister of State for Petroleum Resources, Dr Ibe Kachikwu. NNPC’s Group Managing Director, Maikanti Baru, who announced this in Abuja, stated that the new board chairman would hold the position until the appointment of a new Minister or Minister of State for Petroleum Resources by the President. Baru also said the new chairman’s appointment was with immediate effect. The GMD said, “Dr John, a former Group Managing Director of the NNPC, is before the appointment, a member of the NNPC Governing Board.” Baru added, “He (John) will hold the position of the Acting Alternate Chairma...