Tag: NNPCL

‘No directive issued to NNPCL tohikepetrol price to N1,000’ – Minister

Aminu Imam
Minister Lokpobiri

Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said that no directive was issued to the Nigerian National Petroleum Company Limited (NNPCL) to increase petroleum prices to N1,000. Lokpobiri, in a statement issued yesterday by his Special Adviser, Media and Communication, Nnemaka Okafor said he did not direct the NNPC Ltd. or any other entity within the sector to manipulate prices. He said, “The Federal Government has been compelled to address the outright falsehood and malicious claims currently circulating on social media. We categorically condemn these claims as…

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NNPCL seeks private operators for Warri, Kaduna refineries

Aminu Imam
NNPCL seeks

The Nigerian National Petroleum Company (NNPC) Limited has announced its intention to engage reputable and credible operations and maintenance (O&M) companies, to oversee the operations of the Warri Refining and Petrochemical Company (WRPC) and the Kaduna Refining and Petrochemical Company (KRPC). This was announced on the companys official X handle, on Thursday. Commissioned in 1978, the Warri Refinery, located in Warri, Delta State, is a complex conversion refinery with a nameplate distillation capacity of 6,250,000 metric tonnes per annum (MTA), equivalent to 125,000 barrels per day, (bpd). The refinery complex…

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After denying fuel subsidy’s return,embattled NNPCL finally confirms payments

Aminu Imam
embattled NNPCL

The Nigerian National Petroleum Company (NNPC) Limited says the Federal Government owes it N7.8 trillion for petrol subsidy. NNPCs disclosure comes after denying the existence of petrol subsidy on Monday. Recall that it had earlier been reported that President Bola Tinubu approved a request by NNPC to utilise the 2023 final dividends due to the federation to pay for the petrol subsidy. However, NNPCs Chief Financial Officer, Umar Ajiya, during a media briefing on the companys 2023 audited financial statements (AFS) in Abuja, said the company was only taking care…

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‘Crude oil drilling, exploration in North on course’ NNPCL

Aminu Imam
Oil drilling in North

The Nigerian National Petroleum Company Limited (NNPCL), has reaffirmed its commitment to oil exploration in northern Nigeria, contrary to rumors of a suspension. Its Chief Corporate Communications Officer, Olufemi Soneye, who gave the assurance yesterday, said NNPCL in compliance with the Petroleum Industry Act, (PIA), is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in the South. He stated that the company is intensifying efforts to enhance the countrys OPEC quota and bolster the petroleum industry. According ti him, notable progress includes…

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“We are selling petrol at half the landing cost; but it’s not subsidy” – NNPCL

Aminu Imam
NNPCL clarifies

The Nigerian National Petroleum Company (NNPC) Ltd says it is selling petrol, better known as premium motor spirit (PMS), at only half the land costing. Its Chief Financial Officer (CFO), Umar Ajiya, told newsmen in Abuja on Monday that the national oil company is only bearing what he called the ‘shortfall’ and not subsidy. The official pump price of petrol is about N600/litre, however, the landing cost is around N1,200 and Ajiya confirmed to Bloomberg that it cost the NNPC N7.8 trillion to make up for the shortfall in…

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Fuelscarcity:Ascrisis enters 6th week,NNPC blames distribution challenges

Aminu Imam
NNPC blames

As the severe petrol shortage in Nigeria extends into its sixth week, the Nigerian National Petroleum Company Limited (NNPCL) has once again attributed the situation to distribution challenges. This is the third major fuel scarcity episode in 2024, beginning in early July. Initially, the NNPCL explained the shortage as a result of logistics issues involving the transfer of petrol from mother vessels to daughter vessels. The company cited the disruption of ship-to-ship (STS) transfers due to recent thunderstorms and adverse weather conditions. These conditions, according to NNPCL, affected berthing at…

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NNPCL in massive N2tr fuel subsidy scam – Report alleges

Aminu Imam
NNPCL HQ

”Its a lie” – State govts. The controversial fuel subsidy regime purportedly scrapped by President Bola Tinubu at his inaugural speech on May 29, 2023, may have bounced back in full force, with the nation spending trillions of naira monthly on what the Nigerian National Petroleum Corporation Limited (NNPCL) calls ‘under-recovery’, a report has revealed. According to the findings and analysis,  published yesterday, NNPCL, on behalf of the Federal Government, spends N16.48 billion daily and N494.16 billion on the 870 million litres of petrol imported monthly for local consumption. Recall…

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New narrative, as ?angote admits NNPC supplies 60% of his refinery’s crude needs

Aminu Imam
Dangote on NNPCL

In what appears a major shift from previous clam by the ?angote Refinery company, the Group Chief Strategy Officer, ?angote Refinery and Petrochemicals Company, Aliyu Suleiman, on Wednesday, stated that 60 percent of the crude supplied to the refinery was done by the Nigerian National Petroleum Company Limited, (NNPCL). Aliyu made the submission during an interactive session organised by the Senate Ad-hoc committee to investigate alleged sabotage in the Nigerian petroleum industry. This supersedes the position of the ?angote Industries Limited Group’s Chief Commercial Officer, Rabiu A. Umar, who had…

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H’Reps/NNPCL probe: “I didnt offer $1.7m to Speaker Abbas” Ugochinyere

Aminu Imam
10th H'Reps lawmaker

Chairman, House Committee on Petroleum Resources (Downstream), Hon. Ikenga Ugochinyere, yesterday dismissed reports making rounds on the allegation bordering on alleged inducement of $1.7 million he paid to the House Speaker, Tajudeen Abbas, to secure the chairmanship of the Committee. Hon. Ugochinyere disclosed this via a statement, titled: Threat/Allegation of giving Speaker $1.7m a false nonsensical belated attempt to provoke, divert attention from endemic corruption in Oil industry Ugochinyere, issued by his Chief of Staff, Ernest Njesi. While noting that its only a stupid and childish mind” can…

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15 Fed. lawmakers accuse Kyari of being behind economic hardship

Aminu Imam
15 lawmakers on Kyari

The Group Chief Executive Officer (CEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has been accused of undermining the economic policy of the President Bola Tinubu-led Government. The allegation was levelled at Kyari by fifteen members of House of Representatives, under the aegis of ‘The Economy Rescue Group’. The group, via an issued statement signed by their leader, Hon. Esosa Iyawe, lawmaker representing Oredo federal constituency, in which Kyari was asked to resign or be suspended by the President. The lawmaker said: We, the 15 concerned lawmakers,…

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