In a bid to address the dynamics of petrol pricing, oil marketers have engaged in deliberations with Dangote Refinery, proposing a benchmark price of N550 per litre for petrol within the Lagos region. Alhaji Abubakar Migandi Garima, President of IPMAN, revealed that these discussions are centered around various factors including pricing mechanisms, profit margins, and…
Commendation for Oil Revenue Directive Senate Chief Whip Ali Ndume has praised President Bola Ahmed Tinubu for his recent directive to the Nigerian National Petroleum Corporation Limited (NNPCL) to channel all crude oil proceeds into the Consolidated Revenue Fund at the Central Bank of Nigeria (CBN). Speaking in Abuja, Ndume emphasized the significance of this…
Illegal Oil Bunkering: Operational breakthrough by the troops of 6 Division, Nigerian Army, executed a successful clearance operation at Umuedeokwara Community, Odogwa Town in Etche Local Government Area of Rivers State. This decisive action led to the discovery and busting of a meticulously concealed illegal oil bunkering site. The operation was prompted by credible intelligence,…
Port-Harcourt Refinery in a Test-Run Phase- OGM News: The Nigerian National Petroleum Corporation Limited (NNPCL) has initiated the supply of crude oil for the test-running of the Port Harcourt Refining Company Limited. Oil marketers have confirmed this development, emphasizing that the refinery will produce Premium Motor Spirit (petrol), Automotive Gas Oil (diesel), and other products…
The Tisun Community Management Council (TCMC) has issued a stern ultimatum, threatening to halt oil and gas production in the Warri North Local Government Area from January 1, 2024. This move, spearheaded by Chairman David Odeli, reflects the growing frustration of the oil and gas-rich community, citing persistent neglect, environmental hazards, and health challenges as…
Dangote Refinery and the Struggle for Crude Feedstock Recent developments in Nigeria’s oil sector downstream have brought to light a stark paradox – a nation blessed with vast oil reserves is struggling to achieve self-sufficiency in refining. At the forefront of this issue is the Dangote Refinery, which had high hopes of revolutionizing the industry….
Indian Prime Minister Narendra Modi arrived in Abuja, Nigeria, marking a major step in strengthening bilateral relations between the two nations. Modi was welcomed with warmth by Nigeria’s Federal Capital Territory (FCT) Minister, Nyesom Wike, alongside other top government officials at Nnamdi Azikiwe International Airport. This visit, which follows ongoing dialogue between both governments, underscores…
The Federal Executive Council (FEC)of Nigeria has revealed a proposed budget of N47.9 trillion for the 2025 fiscal year. This budget, which was approved by the Federal Executive Council, represents the government’s comprehensive financial plan to drive economic growth and stabilize the economy. Atiku Bagudu, the Minister of Budget and Economic Planning, announced the budget…
In recent developments, the cost of landing Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria has seen a significant decrease. The landing cost, which determines the expense of importing and distributing petrol, has dropped to ₦971 per litre in November 2024, marking a notable reduction of 20.23% from ₦1,219 per litre in August…
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has urged the Federal Government to reconsider granting fuel import licences to independent petroleum marketers, raising concerns over the potential impact on Nigeria’s domestic refining industry. CORAN’s statement comes in response to the growing debate between the Dangote Petroleum Refinery and various oil marketers, who are…
