Tags : petroleum

Everything We Know About Nigeria’s New Oil Deal With South

The Nigerian National Petroleum Company Limited (NNPC) has finalized a deal with Daewoo Group of South Korea to rehabilitate the Kaduna Refinery with hopes to facilitate the production of refined fuel products in Nigeria. The spokesperson noted that the president of Nigeria, President Muhammadu Buhari, approved the signing which took place on the sidelines of […]Read More

Prices Of Petrol, Diesel, Kerosene, Gas Increase In February

Figures from the Nigerian Bureau of Statistics have shown that prices of petrol, diesel, kerosene and gas increased in February 2022. For petrol, the price went up by 2.42 percent; diesel by 8.29 percent; kerosene by 3.10 percent and household gas by 1.39 percent when compared to its records in January 2022. Nigeria, since February, […]Read More

In Nine Months, Nigeria’s Petrol Imports Hit N2.52tn

  From January to September 2021, the cost of Premium Motor Spirit, also known as petrol, imported into Nigeria increased by 55.56 percent. This is a rise to N2.52tn from the N1.62tn spent in the same period of 2020. This development is coming amid the plan to remove subsidies from petrol by February 2022.  Data […]Read More

Federation Account Remittances Drops To N1.58tn In 10 months

Data obtained from Nigerian National Petroleum Company Limited showed that remittances by the federation account plunged by N1.581tn between January and October this year. The drop was due to the money  spent on subsidizing Premium Motor Spirit, popularly called petrol, pipeline security and maintenance cost, among others during the period. Figures obtained from the NNPC […]Read More

Fuel Demand To Hit 17.3 Million MT By 2025

Nigeria’s demand for petroleum products is expected to grow from 15.1 million metric tonnes in 2020 to 17.3 million MT by 2025. The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari said this at the 15th OTL Africa Downstream Week 2021 in Lagos. “The country needs a refining capacity of about 1.52 […]Read More

NNPC Incurs N756.99bn Petrol Subsidy In 7 Months

The Nigerian National Petroleum Corporation has incurred N756.99billion petrol subsidy costs from January to July in 2021. This is according to the latest data obtained from the corporation. The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged […]Read More

Nigerians Consumed 1.67bn Litres Of Petrol In April

The Nigerian National Petroleum Corporation  has said 1.67 billion litres of Premium Motor Spirit was consumed in April 2021. This is around 55.79 million litres daily consumption rate. NNPC stated this in the April 2021 NNPC Monthly Financial and Operations Report saying it recorded N43.57billion trading surplus. This represents a 23.64 percent increase over the […]Read More

Petrol Consumption Hit 340m Liters

New figures released by the Nigerian National Petroleum Corporation has shown, petrol consumption in Nigeria has risen by 340 million litres in a month.  The data contained in its March 2021 financial and operations report. According to the report, the oil firm said 1.75 billion litres of petrol was consumed in March 2021.  This is […]Read More

Benue, Abia, C’River Paid More For Petrol In June

The National Bureau of Statistics has said that petrol was more costly in Benue, Abia and Cross River in June. The NBS made this known in its “Premium Motor Spirit (Petrol) Price Watch for June 2021’’. It said that Benue residents paid N183.29, while Abia residents paid N171.88 for the product and Cross River residents […]Read More

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 […]Read More