The Nigerian National Petroleum Corporation Limited (NNPCL) has announced the official unveiling of its latest crude oil grade, the Utapate crude oil blend, before the international crude oil market. According to the NNPCL, the development significantly boosts Nigeria’s attempts to generate revenue, produce crude oil, and promote economic progress. According to a statement released by…
The price of Premium Motor Spirit (PMS), or petrol, has increased across all of Nigerian National Petroleum Company Limited’s (NNPC) retail outlets in Lagos from N855 per litre to N998 per litre. From the price it sold for yesterday, this is an increase of 12.7%, or N113 a litre. Drivers were unprepared for the early…
The corporation made this announcement on Thursday in Abuja and stated that market forces would decide product prices in a statement signed by Olufemi Soneye, Chief Corporate Communications Officer. This comes after the Dangote Refinery started refining petrol earlier in the week. Soneye cited Adedapo Segun, NNPCL’s Executive Vice President of Downstream, NNPC Ltd., as…
The Nigerian National Petroleum Company Limited said in a video clip that over 72 illicit installations for refining crude oil were discovered in the previous week. According to reports, 72 illicit refineries were found and demolished in the states of Rivers, Delta, and Abia. In the Southern Ijaw region of Bayelsa State, on August 18,…
The Nigerian National Petroleum Company Limited has confirmed that the Federal Government incurred a debt of N5.1tn in under-recovery and energy security expenses for fuel importation in 2023. It also stated that a total sum of N9.38tn, described as receivables, was incurred on behalf of the Federal Government in 2023 for fuel imports. In its…
The ex-depot price of petrol has been boosted from N630 to N720 by private depot owners, causing a creeping fuel shortage in Lagos and other areas of the nation. This occurred on Sunday, as the scarcity of petrol worsened in Abuja and the surrounding states, with some filling stations charging as much as N900 per…
