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Tag Archives: Nigerian National Petroleum Corporation

DSS: Ifeanyi Ubah’s diversion of 80 million litres of petrol amounts to economic sabotage punishable by death

The Department of State Services has accused businessman and Chief Executive Officer of Capital Oil and Gas Ltd, Ifeanyi Ubah, of diverting about 80 million litres of Premium Motor Spirit (commonly called petrol), kept in his custody by the Nigerian National Petroleum Corporation.   The agency stated that Ubah shunned NNPC’s repeated demand for the product said to worth N11bn ...

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Opec’s deal to cut oil production will go ahead even if Russia commits to reduce output – Kachikwu

Abu Dhabi: Opec’s deal to cut oil production will go ahead even if Russia becomes the only non-Opec country to commit to reduce output at a meeting this week, Nigeria said on Wednesday, while the UAE voiced optimism that other producers would participate. Opec agreed last week to slash output by around 1.2 million barrels per day beginning in January ...

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Oil exploration in northern Nigeria: Crude oil discovered in Benue state (LOOK)

Exploration activities in Benue state may be gradually yielding success as a quantity of crude oil has been discovered.   It is however not yet known if the discovery would be of commercial quantity, but the deputy governor of the state, Engr Benson Abounu, is urging the federal government and the Nigerian National Petroleum Corporation (NNPC) not to relent.   ...

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National Oil Policy: Buhari to get rid of NNPC and sell off Nigeria’s Refineries (DETAILS)

The federal government’s draft National Oil Policy has proposed to consolidate Nigeria’s oil industry regulatory authorities into a single agency to be known as Petroleum Regulatory Commission, PRC, while scrapping all other regulators, including the Nigerian National Petroleum Corporation, NNPC, Department of Petroleum Resources, DPR, and Petroleum Products Pricing Regulatory Agency, PPPRA, among others.   According to the proposed National ...

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Sale of Petrol at N145 no longer sustainable, pump price will be increased – NNPC

Mele Kyari, group general manager, crude oil marketing division of the Nigerian National Petroleum Corporation (NNPC), says the increase pump price of petrol is inevitable.   According to Vanguard, Kyari said this in Lagos at the 2016 Oil Trading and Logistics (OTL) Conference.   He reportedly said it was impossible to import products at the current foreign exchange rate, sell ...

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Danger looms for Nigeria’s Economy as Oil and Gas Reserve runs out

The Nigerian National Petroleum Corporation, NNPC, has painted a very gloomy fortune for Nigeria’s economy, as it disclosed that the country’s crude oil and gas reserves were fast depleting.   The NNPC which made the statement in Abuja on Monday, October 3, 2016 appealed to oil and gas exploration companies, professionals and other stakeholders to focus on increasing the nation’s ...

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WATCH OUT! Petrol mixed with ethanol to be circulated soon – NNPC

– A blend of Premium Motor Spirit (PMS) also known as petrol mixed with ethanol will soon be in circulation  – This hint was given by the Nigerian National Petroleum Corporation (NNPC) – The idea is geared towards production of bio-fuels for energy sufficiency The group managing director of the NNPC, Dr Maikaniti Baru, yesterday, August 16, said the corporation ...

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Petrol must sell for N151.87 per litre – Marketers

Price of petrol may increase to N151.87 per litre as petrol marketers reveal that price of the commodity at ex-depot is N133.28 per litre. The marketers also revealed that price of the product will increase due to the continued scarcity of the United States dollar. An oil marketer who spoke with Punch newspaper said; “Since the ex-depot price is around ...

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Increase in pump prices: NNPC boss says no way

Dr. Maikanti Baru, on Tuesday said there was no basis for any increase in the pump price of petrol The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Tuesday said there was no basis for any increase in the pump price of petrol.   He said so far, the request for forex for importation of ...

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