Business

MINISTER DIRECTS NNPCL TO SELL PMS ABOVE N1000 The Minister of State for Petroleum Resources, Heineken Lokpobiri has directed that the Nigerian National Petroleum Company Limited(NNPCL) must sell petrol above the landing cost, which currently stands at N1,117 per litre, to prevent the smuggling of the products to neighbouring countries. Lokpobiri who disclosed this in Abuja, adding that security agencies …

PETER OBI DECRIES PERSISTENT FUEL SCARCITY, DEMANDS TRANSPARENCY IN NNPC OPERATIONS Former presidential candidate, Peter Obi, has called out the Bola Ahmed Tinubu-led government over the persistent fuel scarcity and conflicting reports on subsidy payments. In a statement on social media, Obi, the Labour Party’s flagbearer in the 2023 election, demanded transparency in the operations of the Nigerian National Petroleum …

ATIKU DEMANDS IMMEDIATE LISTING OF NNPCL IN STOCK EXCHANGE Former vice president, Atiku Abubakar, has called for the immediate listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange in line with the Petroleum Industry Act. Atiku in a statement signed by his spokesperson, Paul Ibe, said this in reaction to the decision of the NNPCL to …

REVEALED: VESSELS LINKED TO DANGOTE’S BROTHER TO DELIVER IMPORTED FUEL FROM MALTA AMID BILLIONAIRE’S ROW WITH NNPCTwo Lagos-bound vessels linked to family members and friends of Dangote Refinery CEO Aliko Dangote are on course to deliver cargoes of imported premium motor spirit (PMS), also known as petrol, from Malta, we can authoritatively report after reviewing a cache of documents including …

CBN SACKS THREE NIRSAL EXECUTIVE DIRECTORS The Central Bank of Nigeria (CBN) has terminated the appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL). The decision, approved by CBN Governor Olayemi Cardoso on Friday, marks the latest in a series of layoffs at the apex bank since his assumption of office last year. …

NNPCL TO HAND OVER WARRI, KADUNA REFINERIES TO PRIVATE OPERATORS The Nigerian National Petroleum Company Limited says it is seeking to engage reputable and credible Operations and Maintenance companies, to operate and maintain the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company. This was disclosed in a statement on Friday on its official social media handle. …

BOOST FOR DANGOTE REFINERY OVER CRUDE OIL WAR WITH IOCs Africa’s richest man, Alhaji Aliko Dangote, has brushed off local and international oil-producing firms’ resolve to starve his mega refinery of the much-needed crude feedstock, Business Hallmark can report. According to findings, the mega oil refinery, the largest single-train refinery in the world, is gradually overcoming the initial obstacles mounted …

WE’LL CLOSE ANY FILLING STATION SELLING FUEL AT N1,000 PER LITRE – NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has threatened to take action against filling stations selling Premium Motor Spirit (PMS) above the approved price. The agency regretted that it received reports of some stations operated by independent marketers are selling PMS for N900 and N1000 …

PETROL HIKE IMMINENT AS GOVT, DANGOTE REFINERY CONCLUDE CRUDE OIL DEAL The Federal Government’s committee, established to facilitate crude oil sales to local refineries in naira, is set to discuss the pricing of Premium Motor Spirit (PMS) from the Dangote Petroleum Refinery, scheduled for release in September 2024, as reported by Punch on Monday, August 26,2024.Sources within the oil industry …

NNPC HAS NO FUNDS TO FIX OLD PIPELINES – HEINEKEN LOKPOBIRIThe Federal Government has declared that the Nigerian National Petroleum Company Limited does not have the funds required to rebuild old pipelines.The Minister of State for Petroleum Resources, (Oil), Heineken Lokpobiri, stated this at the just concluded Energy and Labour Summit 2024 organised by the Petroleum and Natural Gas Senior …