Business

AGAIN, NNPC INCREASES FUEL PUMP PRICE TO ₦1,030/LITRE The Nigerian National Petroleum Company Limited, NNPCL, has again jerked up the pump price of the Premium Motor Spirit, PMS, also known as petrol to N1,030 per litre. The development was observed by our correspondent at some NNPCL outlets in Abuja on Wednesday. The recent development came after the NNPCL decided to …

SOUTH KOREAN INVESTORS TO BUILD FOUR REFINERS IN NIGERIA A consortium of South Korean investors is set to build four refineries, each with a 100,000-barrel-per-day capacity, in various parts of Nigeria. This was disclosed by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during the first summit organised by the Crude Oil Refineries Owners Association of Nigeria, held …

OUR REFINERY WAS BUILT WITHOUT GOVT INCENTIVE – DANGOTE Alhaji Aliko Dangote, the President of Dangote Group, on Tuesday, said that the Dangote Refinery was constructed without any government incentives. Dangote made this known during his keynote address at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos. The Summit has the theme,”Making Nigeria a Net Exporter …

AS NNPC IMPLEMENTS NEW PRICE, PETROL CAN’T SELL BELOW N1,350 PER LITRE – OFFICIAL The Nigerian National Petroleum Company Limited (NNPC) is set to introduce a new pricing regime for petrol following its recent lift of approximately 103 million litres from Dangote Refinery between September 15 and 30, 2024. During this period, the refinery managed to load 2,207 out of …

GOVERNOR MBAH’S CRUSADE SWEEPS THROUGH ENUGU MORIBUND ASSETS, BY UCHE ANICHUKWUDecrepit. Abandoned. Eyesore. Wasted.These and more are the immediate adjectives and pictures that confront any visitor to the once iconic Sunrise Flour Mills, one of the legacies of Senator Jim Nwobodo as the governor of old Anambra State. It was commissioned in 1983 to add to the industrialisation and economic …

63 ITEMS EXEMPTED FROM VAT UNDER NEW REFORMS The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms. This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday. The exemptions are outlined …

NNPC PORTAL SHUTDOWN, DELAYS PETROL SUPPLY – MARKETERS Oil marketers have said that the Nigerian National Petroleum Company Limited portal used to purchase petrol has been shut against dealers, making it impossible for them to apply for the commodity purchase. They said marketers are still awaiting over 90 million litres of petrol from the state-owned company. This is valued at …

AGAIN, JOE IGBOKWE, TINUBU SUPPORTER CRIES: “WHY IS OUR NAIRA WEAK?” A chieftain of the All Progressives Congress (APC), Joe Igbokwe, has again lamented the outcome of the economic policies of the President Ahmed Bola Tinubu+led administration. This is the third time in weeks that Igbokwe, a Lagos- based south easterner, would criticise the economic interventions of the president. In …

PH REFINERY DEFIES DEADLINE, EXPERTS ARRIVE FROM ITALY The Port Harcourt Refinery, whose rehabilitation works commenced over two years ago, has defied all efforts to resume operations. Fuel importation and a lack of working refineries in the country have strained the Nigerian economy, pushing many into poverty. Despite the Nigerian National Petroleum Company Limited’s (NNPCL) management’s promise that the refinery …

NAIRA DEPRECIATES TO N1,700/$ AT PARALLEL MARKET – LOWEST IN SEVEN MONTHS The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday. At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday. The N1,700 per dollar is the lowest the naira has …