Crude oil refiners and Operators in Nigeria’s downstream sector have pointed to dollar-denominated charges on locally refined petrol as a major factor behind the higher cost of locally produced fuel compared to imported Premium Motor Spirit (PMS). Data from the Major Energies Marketers Association of Nigeria (MOMAN) revealed that as of December 5, 2024, the … Read more
Devakumar Edwin, Vice-President of Oil and Gas at Dangote Industries Limited (DIL), has accused international oil companies (IOCs) in Nigeria of orchestrating a plot to rig crude oil prices and sabotage the Dangote Oil Refinery and Petrochemicals. Eko Hot Blog reports that Edwin claimed that IOCs are deliberately inflating local crude prices above market rates, … Read more
Eko Hot Blog reports that the Nigerian National Petroleum Company (NNPC) Limited has fulfilled its pledge of achieving the mechanical completion of rehabilitation work on Area 5 Plant of the Port Harcourt Refining Company (PHRC). This was contained in a press statement issued on Thursday by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye. Editor’s Pick … Read more
Eko Hot Blog reports that the stakeholders in the Downstream Petroleum sub-sector have reassured Nigerians that there will be a significant decrease in the pump price of petrol, also known as fuel. They are optimistic that the ongoing crises in the energy sector will be resolved soon. According to the businessmen, petrol prices will drop … Read more
Eko Hot Blog reports that President Bola Ahmed Tinubu has once more suggested that several local refineries are poised to commence the production of petroleum products. It’s worth remembering that shortly after assuming office, the President announced that the Port Harcourt refinery would recommence operations by December 2023. During the 11th Convocation ceremony of the … Read more