Tag: NNPC

Petrol price may hit N190 as oil nears $60 – Marketers

Aminu Imam

Oil marketers have said that with the current realities in the global crude oil markets, the price of Premium Motor Spirit, (petrol) in Nigeria could hit between N185 and N200 per litre, unless the government wants to subsidise the product. Top officials of two major marketers’ associations, who spoke with newsmen at the weekend, said the continued increase in oil prices had indirectly brought back petrol subsidy. According to the marketers, the pump price of petrol should be between N185 and N200 per litre. The product is currently sold at between…

Read More

Petrol price may hit N190 as oil nears $60 – Marketers

Aminu Imam

Oil marketers have said that with the current realities in the global crude oil markets, the price of Premium Motor Spirit, (petrol) in Nigeria could hit between N185 and N200 per litre, unless the government wants to subsidise the product. Top officials of two major marketers’ associations, who spoke with newsmen at the weekend, said the continued increase in oil prices had indirectly brought back petrol subsidy. According to the marketers, the pump price of petrol should be between N185 and N200 per litre. The product is currently sold at…

Read More

‘Crude oil worth $20bn unaccounted for b/w 2005 and 2012’ – House of Reps. reveals

Aminu Imam

…’Third parties responsible for crude theft’ – DPR The House of Representatives Ad-hoc Committee on Crude Oil Theft, yesterday said a forensic audit conducted had shown that crude oil worth over $20 billion could not be accounted for between 2005 and 2012. The Chairman of the Ad-hoc Committee, Hon. Peter Akpatason, who made the disclosure during the resumed hearing in Abuja, said that the same infractions were observed between 2016 and 2019. Akpatason said the Committee resolved to resume the investigation on crude oil theft in Nigeria, having gone through…

Read More

Nigerian refineries incur N18bn operating deficit in 3 months ? Report

Aminu Imam

Despite their current inoperative state, Nigeria’s three refineries, Port Harcourt, Warri and Kaduna incurred an approximated N18billion operating deficits between August to October 2020. According to the Nigerian National Petroleum Corporation (NNPC) 2020 Monthly Financial and Operations report for August, September and October, the combined value of output by the three refineries (at Import Parity Price) for the months is put at N173million. Although there was no associated crude plus freight cost for the refineries since there was no production, the total operational expenses for the months under review is…

Read More

NNPC earns N1.9tr from petrol as Nigerians consume 16bn litres

Aminu Imam

The Nigerian National Petroleum Corporation (NNPC), has said that about N1.9 trillion was generated from sales of Premium Motor Spirit, otherwise known as petrol, in a space of one year. Its monthly Financial and Operations Report showed that while the products fetched in N1.95 trillion for the period covering October 2019 to October 2020, petrol alone accounted for about 99.07 percent of the total sales. The Petroleum Products Marketing Company, (PPMC), responsible for the downstream operations of the NNPC, recorded N158.04 billion from the products in the month of October…

Read More

Pre-covid oil demand won’t return before 2022, NNPC warns

Aminu Imam

Despite the optimism in some quarters about crude oil demand for Nigeria, the Group Managing Director, (GMD), of the Nigerian  National Petroleum Corporation, (NNPC), Mele Kyari, has said he does not see oil demand recovering to pre-Covid19 levels before the end of 2022. Mele Kyari made this known on Wednesday, while speaking at a virtual event, the Gulf Intelligence “Global UAE Energy Forum 2021“. The NNPC however expressed cautious optimism about oil demand growth, adding that it had begun the process to diversify its portfolio beyond oil assets to hedge future…

Read More

Two Nigerian refineries gulp ?85.9 bn without producing fuel in 13 months

Aminu Imam

Nigerian National Petroleum Corporation The NNPC attributed the operational shortfall to the on-going rehabilitation of the oil refineries. Other factors responsible for the losses incurred, NNPC said, include spillages, explosions, and theft.  The refineries have a combined production capacity of 445,000 barrels per day (bpd). But from June 2019 to June this year, the three petrochemical companies could only manage 38,977 metric tonnes of crude production.  This was produced in July 2019 by the Kaduna refinery, which amassed an operating deficit of ?62 billion in 13 months, according to Premium Times…

Read More

Crude oil in commercial quantity discovered in Benue Trough – NNPC

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC), on Thursday said the volume of crude oil discovered in Benue Trough was in commercial quantity.The corporation’s Group Managing Director, Mele Kyari, disclosed this in a statement issued in Abuja by its spokesperson, Kennie Obateru.  In its statement, the NNPC said it would grow the nation’s hydrocarbon reserves to 40 billion barrels through re-invigorated exploratory activities in the inland frontier basins across the country, adding that Nigerian geologists were spearheading efforts in the discovery of the commodity in the Trough.Recall that in October last year, the…

Read More

PIB: NNPC will partner media for information sharing – Kyari

Abdul-Azeez Ahmed Kadir

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari says the corporation will partner with the media to ensure Nigerians are properly informed on the new Petroleum Industry Bill (PIB). Kyari gave the assurance at the 3rd Valuechain Magazine Annual Lecture and awards in Abuja on Monday. The lecture is titled: “The role of Media in the Nigerian Petroleum Industry Reform and Investment’’. “We are open to partnerships with the media in terms of capacity building, especially as it relates to the PIB. “I am of…

Read More

Revenue Generation: FG takes over NNPC, Customs, FIRS, NPA, NIMASA, NCC, others

Ishaku Yohanna

Pressured by dwindling revenues and heavy debt burden, the Federal Government on Tuesday moved to boost its resources by directly taking over control of revenue management of its 10 most lucrative enterprises. The 10 government-owned enterprises (GOE) named in the first phase of the initiative are Nigerian National Petroleum Corporation (NNPC), Nigerian Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NSS). Others include Corporate Affairs Commission (CAC), Department of Petroleum Resources (DPR), Nigerian Communications Commission (NCC) Federal Airports Authority…

Read More