Business

VAT: LAGOS GETS 17%, IMO – 1.716% An analysis of revenue allocation data from Nigeria’s Federation Account Allocation Committee (FAAC) has highlighted some disparities in the redistribution of Value Added Tax (VAT) proceeds among states.Agora Policy, in a data analysis shared on its X account on Tuesday, highlighted inequalities in VAT distribution among states.Data analysis from the policy think tank …

PH REFINERY WILL CRASH FUEL PRICE, CREATE JOBS – IPMAN, PETRAON Stakeholders in the oil and gas industry have said the commencement of production at the Port Harcourt Refining Company will engender competition, crash the pump price of petroleum products and create jobs for Nigerians.Recall that the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari …

OUR MARKETERS PAID N1,045/LITRE FOR PH REFINERY’S PETROL, SAYS PETROAN facebook sharing buttontwitter sharing buttonemail sharing buttonsharethis sharing buttonwhatsapp sharing buttonThe Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says a litre of premium motor spirit (PMS), also known as petrol, at the revamped old Port Harcourt refinery is N75 higher than the Dangote refinery product. Joseph Obele, the …

PH REFINERY OPERATING AT 70% CAPACITY, TO BLEND 1.4m LITRES OF PETROL PER DAY The Nigerian National Petroleum Company (NNPC) Limited says the rehabilitated old Port Harcourt refinery is currently operating at 70 percent of its installed capacity. The Port Harcourt Refining Company (PHRC) operates two refineries: the old refinery with a capacity of 60,000 barrels per stream day (bpsd) …

WILL PRICE OF PETROL DROP?, NIGERIANS ASK AS PORT HARCOURT REFINERY BEGINS OPERATION The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing. The Chief Corporate Communications Officer of the company, Femi Soneye, announced on Tuesday that the refinery would operate at 60 per cent capacity, processing 60,000 …

PORT HARCOURT, WARRI, KADUNA REFINERIES TO BE PRIVATIZED – PRESIDENCY The Nigerian presidency has announced plans to fully privatisation of the country’s state-owned refineries, including the Port Harcourt, Warri, and Kaduna facilities are underway. Sunday Dare, the President’s special adviser on media and public communications, posted this update in a statement posted on Sunday via his official X (formerly Twitter) …

END OF DARK TUNNEL: PORT HARCOURT REFINERY COMMENCES CRUDE OIL PROCESSING The Port Harcourt Refining Company (PHRC) Ltd in Rivers State has commenced crude oil processing. This is according to the Chief Corporate Communications Officer of the Nigerian National Petroluem Company Limited (NNPCL) Femi Soneye. “Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude …

ENUGU SHINES AT UK BUSINESS FORUM The investment horizon looks green for Enugu State, South East Nigeria as the Coal City State has recently become a preferred destination for big businesses. In a rapidly changing global finance and economy where sustainability and technology are the cornerstones of economic growth, findings show that the state is now a formidable force in …

DANGOTE REFINERY NOW SELLS FUEL AT N970/LITRE The Dangote Petroleum Refinery announced on Sunday that it has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦970 per litre for oil marketers. Anthony Chiejina, the company’s Chief Branding and Communications Officer, made the announcement in a statement, explaining that the price reduction is a gesture of …

NNPC DIRECTS MARKETERS TO STOP PETROL IMPORTS, CITIES DANGOTE REFINERY CAPACITY The Nigerian National Petroleum Company Limited (NNPC) has issued a directive to oil marketers to cease the importation of petrol, asserting that the Dangote Refinery possesses sufficient capacity to meet domestic demand. BusinessDay’s findings showed this directive emerged during a high-level meeting in Abuja, attended by NNPC Group CEO …