31 ships with fuel, food items to arrive Lagos ports – NPA
The Nigerian Ports Authority (NPA) has announced that 31 ships loaded with fuel and food items are expected to arrive at Lagos ports in the coming days. The agency said the vessels are bringing in petrol, diesel, wheat, rice and other essential goods needed across the country. According to the NPA, the shipments are part […]
Nigerian petrol retailers, PETROAN, back Tinubu’s 15 percent import duty on petrol
The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) has expressed full support for President Bola Ahmed Tinubu’s decision to impose a 15 percent import duty on petrol. The association stated that the policy would help strengthen Nigeria’s petroleum sector and boost government revenue. PETROAN noted that although the policy may come with challenges, it […]
Dangote vows ‘major shakedowns’ in Nigeria’s oil sector
Aliko Dangote, the billionaire businessman and owner of the Dangote Refinery, has said that Nigeria’s downstream oil sector is about to experience major changes. He spoke to reporters shortly after President Bola Ahmed Tinubu visited the Dangote Refinery in Lekki, Lagos. The refinery has the capacity to process 650,000 barrels of oil per day, making […]
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, […]
Why NNPC Sells Fuel Below Landing Cost – It Is Not Subsidy
In a recent announcement, the Nigerian National Petroleum Company Limited (NNPC Ltd.) clarified that it has not been paying fuel subsidies for the past nine months, despite selling fuel at prices lower than the landing cost. According to Umar Ajiya, NNPC’s Chief Financial Officer, the company is not engaged in subsidizing fuel. Instead, NNPC is […]