Port Harcourt refinery stops operation again, NNPC keeps mum
The Port Harcourt Refinery, a state-owned facility in Nigeria, has reportedly halted its operations again, just weeks after resuming production. This news comes as a surprise to many, considering the refinery had recently undergone a significant $1.5 billion rehabilitation. According to a member of the Petroleum Tanker Drivers (PTD), petrol lifting at the refinery stopped […]
Corruption: ICPC talks tough as Nigeria’s 330 MDAs fail financial, governance tests
The Independent Corrupt Practices and Other Related Offenses Commission (ICPC) has revealed concerning findings regarding the performance of Nigeria’s Ministries, Departments, and Agencies (MDAs) in terms of ethics and anti-corruption compliance. The report, based on the Ethics and Integrity Compliance Scorecard (EICS) for the past year, shows that none of the 330 assessed MDAs fully […]
Abuja, 19 States Face Over 40% Food Inflation Rate As Christmas Nears
As Christmas draws near, Nigerians are feeling the pressure of rising food prices. A recent report from the National Bureau of Statistics (NBS) revealed that in November 2024, Abuja and 19 other states recorded food inflation rates above 40%. This sharp rise in food prices is adding to the financial strain on many families across […]
BREAKING: Dangote Slashes Petrol Price To N899 Per Litre
In a move aimed at offering relief to Nigerians ahead of the holiday season, Dangote Petroleum Refinery has reduced the price of petrol (Premium Motor Spirit, PMS) to N899.50 per litre. This change, announced early Thursday morning, is set to provide some much-needed comfort to consumers during this busy time of year. The company said […]
Dangote Refinery Extends Export To Three African Countries
The Dangote Refinery has recently expanded its reach by exporting Premium Motor Spirit (petrol) to several African countries, including Cameroon, Angola, Ghana, and South Africa. This marks a significant achievement for the refinery, which is part of the larger Dangote Industries, founded by Nigerian billionaire Aliko Dangote. Devakumar Edwin, the Vice President of Oil and […]
World Bank to approve Nigeria’s $500m loan request, 10th under Tinubu
On December 13, 2024, the World Bank is expected to approve a $500 million loan for Nigeria. This funding is part of the Rural Access and Agricultural Marketing Project (RAAMP) – Scale Up, aimed at improving rural infrastructure and boosting agricultural marketing in the country. The initiative seeks to bridge the gap between rural communities […]
Global Oil Prices Fall to $71 as Major Producer Lowers Rates
Global oil prices have dropped to $71 per barrel, staying below the $75 mark. This comes after Saudi Aramco, one of the world’s top oil companies, reduced prices for its Asian customers. OPEC’s struggles to stabilize the market and weaker global demand are also playing a big role in this decline. Saudi Aramco lowered its […]
Marketers Start Direct Fuel Supply from Dangote Refinery
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has started buying petrol directly from the Dangote Refinery. This milestone agreement aims to streamline fuel distribution and reduce costs by cutting out middlemen. IPMAN began lifting petrol from the Dangote Refinery in late November 2024. Initially, the products were accessed through MRS Oil as a temporary […]
Naira Records Significant Gains Against Dollar in Official and Black Markets
The Nigerian Naira had a remarkable week, gaining strength against the US dollar in both official and black markets by Friday. This improvement reflects the impact of new measures introduced by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market. On Friday, the Naira appreciated from N1,567 per dollar on Thursday to […]
Fuel Imports Reach 2.3 Billion Litres Despite Dangote and Port Harcourt Refineries
Nigeria’s fuel imports have surged to 2.3 billion litres between September 11 and December 5, 2024, even though the Dangote and Port Harcourt refineries have begun production. This continued importation has raised questions about Nigeria’s fuel supply strategy. The Dangote Refinery, with a production capacity of 650,000 barrels per day, started operations on September 15, […]