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Dangote Petroleum Refinery has resumed gantry loading of Premium Motor Spirit (PMS), also known as petrol, in naira after a week-long suspension, ending uncertainty in the downstream petroleum sector over its temporary shift to dollar-denominated sales. Checks indicate that the refinery has increased its ex-depot (gantry) price to ₦1,215 per litre, up from the previous
An energy expert, Dr. Joseph Obele, has warned that Nigeria’s inflation could worsen if the Dangote Refinery begins selling petroleum products in United States dollars. Dr. Obele said pricing locally refined petroleum products in foreign currency would increase the cost of doing business, weaken the naira and deepen poverty across the country. He urged the
The leadership of the Conscience of Ogoni People has criticised fresh conditions reportedly set by a faction of the Movement for the Survival of the Ogoni People (MOSOP) ahead of the planned resumption of oil exploration in Ogoniland. The factional President of MOSOP, Andah Wai-Ogosu, had called on the Federal Government to fully fund the
The Movement for the Survival of the Ogoni People (MOSOP) has outlined conditions it says must be met before oil production can resume in Ogoniland. MOSOP President, Andah Wai-Ogosu, called on the Federal Government to unbundle OML 11 to enable Ogoni people to form cooperatives and participate directly in oil exploration in line with the
Dangote Petroleum Refinery has commenced free delivery of Premium Motor Spirit (PMS), popularly known as petrol, to six states across Nigeria and the Federal Capital Territory, Abuja. The refinery said the initiative is aimed at improving fuel distribution and ensuring easier access to petrol in the affected locations. Despite the free delivery service, the refinery
The Federal Government has convened a closed-door meeting with the management of the Dangote Petroleum Refinery, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and other key downstream stakeholders as part of efforts to reduce the pump price of petrol nationwide. The meeting, held at the Abuja headquarters of the Nigerian Midstream and
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says its newly signed Memorandum of Understanding with Chinese firms for the rehabilitation and operation of the Port Harcourt and Warri refineries has entered a rigorous evaluation phase. The company said the agreement is designed to transform the refineries into profitable and self-sustaining assets through strategic partnerships
The Dangote Group has announced plans to increase its refining capacity to 2.1 million barrels per day, expanding its footprint across Africa. The planned capacity will comprise the existing 1.4 million barrels per day refining operations in Nigeria and a proposed 700,000 barrels per day refinery in Kenya to serve the East African market. The
The Independent Petroleum Marketers Association of Nigeria (IPMAN), Eastern Zone, has expressed concern over the delay in finalising the proposed Technical Equity Partnership between the Nigerian National Petroleum Company Limited (NNPCL) and two Chinese firms. The association warned that the delay could slow efforts to expand local refining capacity, improve fuel availability and reduce petrol
The Economic and Financial Crimes Commission (EFCC) has recovered more than N9.4 billion, $21.2 million, and several landed properties in its ongoing investigation into the alleged diversion of funds released for the rehabilitation and turnaround maintenance of Nigeria’s refineries. The recovered assets, including the dollar-denominated funds, are estimated to be worth over N38.66 billion, making
