Petroleum marketers have started to import fuel on their own as the commodity has approached the N1,000 per litre barrier in the nation’s major cities due to increasing supply issues and rising pump costs. Marketers claimed that new pressure on the downstream oil market was brought on by production issues and supply limitations at the Dangote Petroleum Refinery. In a phone interview with The PUNCH on Tuesday, Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, verified the incident. In an attempt to stabilise retail…
Tag: NNPC
NNPCL Counts Cost of Strike as PENGASSAN Ends Industrial Action
Bashir Ojulari, the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), has expressed regret over the losses in gas and crude output brought on by the three-day strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria. Ojulari wrote to the Nigerian Midstream and Downstream Petroleum Regulatory Authority and Nigerian Upstream Petroleum Regulatory Commission to explain that the country experienced a 20% power supply shortage and a 16% oil production and 30% marketed petrol loss as a result of the suspended strike. The National…
NNPC, Dangote Refinery Sign Fresh Two-Year Crude Supply Deal
The Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited ( NNPCL ) have inked a new two-year contract for the supply of crude oil. According to report, the agreement reached last month would guarantee a consistent flow of crude to the refinery in Lekki, Lagos, which processes 650,000 barrels per day. Furthermore, it was learnt that the agreement is consistent with the Federal Government’s resolve to provide the facility with more crude, particularly in naira. The was found that around 82 million barrels of crude have been allotted…
NNPCL Rakes In N318bn to Kickstart New Oil Exploration
According to a report, the Nigerian National Petroleum Company Limited (NNPCL ) was awarded N318.05 billion for frontier oil exploration between January and August 2025. Documents from the September 2025 Federation Account Allocation Committee meeting was able to collect support this claim. 30% of the income from Production Sharing Contracts, which are automatically set aside each month for inland basin exploration, are represented by the deductions. The Frontier Exploration Fund was established by the Petroleum Industry Act of 2021, and it requires that 30% of the earnings from NNPC’s Production…