15 per cent import duty on fuel: Coalitions reject Tinubu govt’s suspension of tariffs
Several coalitions and industry stakeholders have criticized the federal government’s decision to suspend the 15 percent import duty on fuel, arguing that it undermines local production and revenue generation. The move, announced by the Tinubu administration, was intended to reduce pump prices, but many groups say it sends the wrong signal to investors. The coalitions […]
Nigerian govt mulls sale of NNPCL refineries
The Nigerian government is reportedly looking into the possibility of selling the refineries owned by the Nigerian National Petroleum Company Limited (NNPCL). According to top officials, this option is being reviewed as part of wider plans to reform the oil sector and improve fuel supply across the country. The move comes after years of investment […]
NNPCL reaffirms plan to hit 2 million barrels daily by 2027
The Nigerian National Petroleum Company Limited (NNPCL) has repeated its commitment to raising the country’s crude oil production to two million barrels per day by 2027. The company explained that several strategic reforms, investments in technology, and partnerships with private firms are already being put in place to achieve this goal. According to NNPCL, boosting […]
60 Million Barrels Of Crude Oil Unsold As Local Refineries Suffer Low Supply
Local refineries in Nigeria continue to face significant challenges in accessing crude oil. Reports indicate that over 60 million barrels of Nigerian crude oil remain unsold, floating at sea while local facilities suffer from insufficient supply. Insiders have voiced concerns about the ongoing difficulties, despite warnings from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The […]
Nigeria Blocks Export Permits Of Oil Producers Not Meeting Local Refinery Quotas
Nigeria has made a strong move to ensure that oil producers meet their domestic supply obligations by blocking oil export permits for companies that fail to send enough crude to local refineries. This includes the Dangote Refinery, the largest in Africa. The country’s Petroleum Industry Act (PIA) requires oil producers, both local and international companies, […]
Tinubu has the final say’ — NNPC breaks silence on Mele Kyari’s exit
The Nigerian National Petroleum Company (NNPC) has addressed rumors about the possible exit of its Group Chief Executive Officer (GCEO), Mele Kyari, in January 2025. Contrary to reports suggesting Kyari’s retirement at 60, NNPC spokesperson Olufemi Soneye has clarified that these claims are false. Soneye, in an exclusive interview with DAILY POST, stated that Kyari’s […]