As the tenure of Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), approaches a potential turning point, speculations regarding the company’s future leadership are mounting. Kyari, who turns 60 on January 8, 2025, may vacate his position, raising concerns about the next phase for the oil giant. … Read more
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has cautioned the Federal Government against issuing import licences to petroleum traders, warning it could harm Nigeria’s nascent refining sector. CORAN’s Publicity Secretary, Eche Idoko, voiced concerns that some marketers were determined to import substandard petrol, using Nigeria as a dumping ground for rejected products from … Read more
The NNPC Limited and Chevron Nigeria Limited Joint Venture (NNPC-CNL JV) has announced a major oil discovery following the successful drilling of the Meji NW-1 well in Petroleum Mining Lease (PML) 49, located in the shallow waters of the Western Niger Delta. This region remains a key part of Nigeria’s energy production and now operates … Read more
Petroleum marketers have confirmed that the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL) is a direct result of the complete removal of subsidies on Premium Motor Spirit (petrol). The NNPCL has now raised pump prices to ₦1,030 per litre in Abuja and ₦998 per litre in Lagos. EDITOR’S PICKS Health, … Read more
The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol supplied by the Dangote Refinery will be sold at different prices across the country, with northern regions facing the highest rates. In a Monday statement titled “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing,” NNPC spokesperson … Read more
The Nigerian National Petroleum Company Limited (NNPCL) has insisted that it paid ₦898 per litre for petrol purchased from Dangote Refinery. Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, reiterated this in response to a statement from the refinery. Earlier, Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote, had denied NNPCL’s claim, stating that … Read more
The All Progressives Congress (APC) has said Nigerians should hold themselves accountable for the removal of the fuel subsidy by President Bola Tinubu. According to APC National Publicity Secretary Felix Morka, the president was simply implementing the provisions of the Petroleum Industry Act (PIA), which was passed by the National Assembly and abolished the subsidy. … Read more
Former Nigerian Vice President Atiku Abubakar has urged President Bola Tinubu’s administration to promptly list the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange, as required by the Petroleum Industry Act (PIA). Atiku, the Peoples Democratic Party (PDP) presidential candidate in the 2023 election, argued that such a move would boost the company’s … Read more
Dangote Refinery has stated that it has not yet received the 29 million barrels of crude oil that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) claimed to have allocated to the refinery. EKO HOT BLOG reports that the company expressed its desire for Nigerian refineries to be allowed to purchase crude oil directly from local … Read more
The Senate has raised concerns about the increase in substandard petrol and diesel in Nigeria. EKO HOT BLOG reports that the Senate on Wednesday raised an alarm over the increase in substandard Premium Motor Spirit (petrol) and diesel in the Nigerian market. Senator Asuquo Ekpeyong noted that on June 16, 2024, a report revealed that 12 … Read more
EKO HOT BLOG reports that Chairman, House of Representatives Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere, has vowed on behalf of the committee to conduct a comprehensive audit of the petrol subsidy regime. Speaking at the inaugural meeting of the committee in Abuja on Friday, Ugochinyere said the implementation of the Petroleum Industry Act would … Read more
The presidency denies reports of President Tinubu ordering the suspension of NNPC CEO, Mele Kyari, dismissing them as false social media claims. Multiple sources confirm that there are no plans to suspend Kyari as NNPC boss, stating that the reports are untrue. The presidency has not issued any directive to suspend Kyari, according to … Read more
Buhari has described the Petroleum Industry Act (P.I.A) as the biggest achievement of his administration in Nigeria’s energy sector. The P.I.A was signed in 2021 and aims to overhaul the petroleum industry by providing legal, regulatory, and fiscal frameworks. As a result, the sector has undergone revolutionary changes, with the establishment of new regulatory bodies … Read more
NNPC has spoken about the increment of petrol price in the country. EKOHOTBLOG reports that the Nigerian National Petroleum Corporation (NNPC) has ruled out any hike in the pump price of Premium Motor Spirit (PMS), popularly known as petrol. It, however, admitted that there are pricing issues at some petrol depots in the country. An … Read more
President Buhari has made a new appointment. EKOHOTBLOG reports that President Muhammadu Buhari has approved the appointment of a steering committee to oversee the implementation of the newly signed Petroleum Industry Act. The Special Adviser to the President on Media and Publicity, Femi Adesina, made this known in a statement on Wednesday. The statement was … Read more