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Nigeria Refineries Earn N21bn, Lose N778bn In Five Years
The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019. This was obtained from an analysis of data collated from their financial statements. The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities. The refineries,…
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NNPC: N53.36bn Spent On Pipeline Repairs In 11 Months
The Nigerian National Petroleum Corporation has spent N53.36bn on pipeline repairs and management cost from January to November 2020. A total of 441 points on petroleum products pipelines were vandalised in 2020, compared to 1,484 points in 2019, data from the NNPC said. “Products theft and vandalism have continued to destroy value and put…
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NNPC Records N234.722b Petrol Sale In January
The Nigerian National Petroleum Corporation recorded about N234,722,222,150 from the sale of the Premium Motor Spirit in January 2021. The corporation supplied 1.44billion litres in the month translating to 46.30 million litres of the product daily. In the month under review, a litre was least sold for N162.50. NNPC Group General Manager, Group Public Affairs…
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Lagos, Ebonyi and Niger Paid More To Get Petrol In March
The National Bureau of Statistics (NBS) has reported that residents of Lagos, Ebonyi, and Niger states paid the highest amount for Premium Motor Spirit, popularly known as petrol in March 2021. The NBS said this in its “Premium Motor Spirit (Petrol) Price Watch for March 2021’’. According to the report, Lagos residents paid N200.87, Ebonyi…
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NNPC Records 80.12% Trading Surplus In December 2020
The Nigerian National Petroleum Corporation said it recorded an increase of ₦24.19billion trading surplus in December 2020. The amount is an 80.12 percent increase compared to the ₦13.43billion surplus recorded in November of the same year. Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period…
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NNPC Expects $8.7 Billion Investments From Refineries
The Nigerian National Petroleum Corporation has said that it expects an inflow of about $8.7 billion investment during the rehabilitation of three refineries and revamping of pipelines. This investment is expected form the Warri Refinery and Petrochemical Company (WRPC), the Kaduna Refinery and Petrochemical Company (KRPC), as well as the revamping of some of its…
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Nigeria’s Gas Production Declines By 3% In One Year
Nigeria’s gas production has recorded a marginal decline by three per cent to 3,004.06 Billion Cubic Feet (BCF) in one year. This development, which is a major setback, is coming as a negative momentum to the Federal Government’s determination in improving the utilisation of gas in the country. According to statistics from the Nigeria National…
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FG To Increase PMS To N234, Says Subsidy Is Too Expensive
The Federal Government of Nigeria, through the NNPC, has said it can no longer afford to pay subsidies for Premium Motor Spirit (PMS) hence the planned increment of pump price from N162 to N234 per litre. The Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Mele Kyari, said subsidy currently costs the corporation N120…
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Port Harcourt Refinery Gets $1.5billion For Rehabilitation
The Nigerian government has approved the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery – a project set to last for over 7 years. Port Harcourt Refinery is known to be the largest refining company in the country. At the end of the Federal Executive Council, the Minister of State for Petroleum…
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Nigerian Government Denies Hike In Petrol Price
The Nigerian government through the Nigerian National Petroleum Corporation (NNPC) has debunked the earlier released hike in PMS to N212 per litre. On Thursday evening, The Petroleum Products Pricing Regulatory Agency (PPPRA) posted a template that recommended the price of Premium Motor Spirit, PMS, also known as petrol to be retailed between N209.61 and N212.61…