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Nigerians Can Expect More Petrol Price Drops as NNPC and Dangote Refinery Enter Price War

Nigerians may soon see further reductions in the price of premium motor spirit (PMS), also known as petrol, as a fresh price war unfolds between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery. On Monday, March 3, NNPCL announced new petrol prices ranging from ₦860 to ₦880 per litre, with its retail outlets now reflecting the ₦880 per litre price tag. This move comes shortly after Dangote Refinery lowered its own petrol price to ₦880 per litre, intensifying competition between the two energy giants. Reacting to the development, the National President of the Petroleum Retailers Outlets Owners Association, Billy Gillis-Harry, and the President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigadi, expressed optimism that petrol prices will continue to fall as the competition heats up. Gillis-Harry described the situation as a “necessary business war” that ultimately benefits Nigerians. “This price reduction is a huge relief for many Nigerians struggling to make ends meet,” he said. “We are also engaging with NNPCL to bring down petrol prices further for the benefit of both Nigerians and marketers.” Similarly, Maigadi praised the ongoing changes in the downstream oil and gas sector, calling it the “beauty of deregulation.” “This is exactly what we have been advocating—full deregulation. Now, we are seeing investors enter the market, and prices are beginning to drop,” Maigadi said. “This price reduction is great news for both Nigerians and petroleum marketers.” Related Posts Market offers rent-now, pay-later answer to tenants. Prospective renters in Nigeria can now breathe a sigh of relief as a rental solution that simplifies renting and facilitates Read more Rwanda retreat: Nigerian governments discuss complex issues. The Nigerian governors will attend and participate in a three-day leadership retreat in Kigali, Rwanda, designed to provide a platform Read more Shaibu: I support Obaseki and seek governorship. Philip Shaibu, the deputy governor of Edo State, has pledged to remain loyal to Edo State’s governor, Godwin Obaseki, despite Read more Citigroup expects more foreign investment in Nigeria and others despite FX turmoil. Citigroup Inc. has stated that Nigeria, Angola, and Kenya are among the African nations that are anticipated to attract more Read more Olawale Moses OyewoleOlawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.

NNPCL Denies Claims of Importing 200 Million Litres of Petrol in 2025

The Nigerian National Petroleum Company Limited (NNPCL) has strongly refuted reports that it recently imported 200 million litres of Premium Motor Spirit (PMS), commonly known as petrol. In a statement released on Tuesday in Abuja, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, categorically dismissed the claim, stating that the company had not imported any petrol in 2025. Soneye condemned the report, calling it either “lazy and unprofessional journalism” or a “deliberate, sponsored attempt by economic saboteurs to mislead the public.” “The claim that NNPCL imported over 200 million litres of PMS in February 2025 is completely false, baseless, and a reckless misrepresentation of facts. NNPCL has not imported a single litre of PMS this year,” he stated. He further clarified that NNPCL does not oversee or regulate fuel imports by private marketers and, therefore, should not be credited with all petrol importation activities in the country. While reaffirming that NNPCL has not engaged in petrol imports this year, Soneye emphasized that the company is not legally restricted from doing so if necessary. “We do not control the import activities of private marketers, nor do we issue import licenses. Attributing all PMS imports to NNPCL is not just misleading—it is outright deceptive and irresponsible journalism that ignores basic fact-checking principles,” he said. “However, let it be clear that if the need arises, NNPCL has every right to import petrol to ensure market stability and national energy security.” NNPCL also condemned the spread of such “misinformation,” warning that it distorts market realities, misleads key stakeholders, and does a “grave disservice to the public.” Soneye stated that the company would take legal action against individuals and organizations responsible for fabricating and spreading false reports about its operations. “NNPCL will not tolerate false and malicious reports aimed at undermining its reputation. We will take all necessary legal measures to hold accountable those responsible for spreading such falsehoods,” he warned. He urged media organizations to prioritize journalistic integrity and verify facts before publishing misleading narratives. “NNPCL remains committed to transparency and will not be swayed by attempts to manipulate public perception,” he concluded. Related Posts Market offers rent-now, pay-later answer to tenants. Prospective renters in Nigeria can now breathe a sigh of relief as a rental solution that simplifies renting and facilitates Read more Rwanda retreat: Nigerian governments discuss complex issues. The Nigerian governors will attend and participate in a three-day leadership retreat in Kigali, Rwanda, designed to provide a platform Read more Shaibu: I support Obaseki and seek governorship. Philip Shaibu, the deputy governor of Edo State, has pledged to remain loyal to Edo State’s governor, Godwin Obaseki, despite Read more Citigroup expects more foreign investment in Nigeria and others despite FX turmoil. Citigroup Inc. has stated that Nigeria, Angola, and Kenya are among the African nations that are anticipated to attract more Read more Olawale Moses OyewoleOlawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.

NNPCL Committed to Domestic Gas Utilisation Under Mele Kyari – Hon. Ugochinyere

The Chairman of the House of Representatives Committee on Petroleum Resources (Downstream), Hon. Ikenga Ugochinyere, has commended the Nigerian National Petroleum Company Limited (NNPCL) under the leadership of Mele Kyari for its commitment to advancing domestic gas utilisation in Nigeria. Speaking at the award ceremony for gas distribution licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, Ugochinyere, who represents Ideato North/South Federal Constituency of Imo State, highlighted NNPCL’s leading role in domestic gas investment, describing it as crucial for the nation’s economic prosperity. “The Nigerian government, in an unprecedented move, has awarded 10 gas distribution licences (GDL) to six companies to enhance the country’s gas utilisation drive,” he stated. He noted that many individuals and businesses rely on gas as a key energy source for both domestic and commercial purposes. Among the licensed companies, NNPC Gas Marketing Limited secured the majority of the permits, alongside Shell Nigeria Gas Limited, Axxela, NIPCO Plc, Central Horizon Gas Company, and Falcon Corporation Limited. The GDL, as provided in Sections 148-152 of the Petroleum Industry Act (PIA), grants exclusive rights to establish, construct, and operate gas distribution systems within designated local Gas Distribution Zones (GDZs). Hon. Ugochinyere emphasized that NNPCL’s leadership in gas distribution infrastructure investment is a testament to its commitment under Mele Kyari to achieving nationwide domestic gas accessibility. “As lawmakers, particularly those serving on the House Committee on Petroleum Resources (Downstream), we assure Nigerians, the NNPCL, and private sector stakeholders of our continued legislative support to ensure energy sufficiency through such federal government initiatives,” he affirmed. Related Posts Market offers rent-now, pay-later answer to tenants. Prospective renters in Nigeria can now breathe a sigh of relief as a rental solution that simplifies renting and facilitates Read more Rwanda retreat: Nigerian governments discuss complex issues. The Nigerian governors will attend and participate in a three-day leadership retreat in Kigali, Rwanda, designed to provide a platform Read more Shaibu: I support Obaseki and seek governorship. Philip Shaibu, the deputy governor of Edo State, has pledged to remain loyal to Edo State’s governor, Godwin Obaseki, despite Read more Citigroup expects more foreign investment in Nigeria and others despite FX turmoil. Citigroup Inc. has stated that Nigeria, Angola, and Kenya are among the African nations that are anticipated to attract more Read more Olawale Moses OyewoleOlawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.

NNPCL Reforms Align with PIA, Driving Transformation—Reps Committee Chair

The Chairman of the House of Representatives Committee on Petroleum Resources (Downstream), Hon. Ikenga Ugochinyere, has affirmed that the ongoing reforms at the Nigerian National Petroleum Company Limited (NNPCL) are in line with the objectives of the Petroleum Industry Act (PIA) 2021. Speaking on the sidelines of a gas distribution ceremony held in Abuja by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ugochinyere noted that NNPCL’s transformation into a commercially viable limited liability company, as mandated by the PIA, has already begun yielding positive results. He emphasized that before the PIA, NNPCL operated as a state-owned corporation that struggled to generate expected profits. However, with its restructuring, the company is now playing a key role in enhancing national revenue generation and economic transformation. “The shift brought about by the PIA has allowed NNPCL to function more efficiently as a business entity,” Ugochinyere stated. “Government-run businesses often struggle with efficiency, but NNPCL’s transition to a limited liability company has positioned it for better performance.” The lawmaker highlighted key provisions of the PIA that have shaped NNPCL’s transformation, including Section 53(1), which mandated its incorporation with the Corporate Affairs Commission (CAC) within six months of the Act’s commencement—a process completed in just six weeks. He further explained that under Section 53(2-5), the Nigerian government retains full ownership of NNPCL through shares held by the Ministry of Finance Incorporated and the Ministry of Petroleum Incorporated. Another critical aspect of the reforms, according to Ugochinyere, is enhanced corporate governance and financial transparency. Sections 61 and 62 of the PIA require NNPCL’s board members to adhere to global corporate governance standards, with annual audits conducted by independent and qualified auditors. Additionally, Section 63 outlines responsibilities aimed at improving the company’s commercial operations and governance structure. Ugochinyere stressed that the PIA has ushered in a paradigm shift in NNPCL’s structure, ownership, and operational efficiency. He noted that the reforms have bolstered investor confidence, leading to the establishment of new refineries and the revival of previously dormant ones, thereby enhancing Nigeria’s energy sufficiency. “The implementation of the PIA has positioned NNPCL as one of the leading national oil companies globally, and Nigerians are already benefiting from these reforms,” he concluded. Related Posts Market offers rent-now, pay-later answer to tenants. Prospective renters in Nigeria can now breathe a sigh of relief as a rental solution that simplifies renting and facilitates Read more Rwanda retreat: Nigerian governments discuss complex issues. The Nigerian governors will attend and participate in a three-day leadership retreat in Kigali, Rwanda, designed to provide a platform Read more Shaibu: I support Obaseki and seek governorship. Philip Shaibu, the deputy governor of Edo State, has pledged to remain loyal to Edo State’s governor, Godwin Obaseki, despite Read more Citigroup expects more foreign investment in Nigeria and others despite FX turmoil. Citigroup Inc. has stated that Nigeria, Angola, and Kenya are among the African nations that are anticipated to attract more Read more Olawale Moses OyewoleOlawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.

NNPCL Uncovers 179 Cases of Oil Theft in One Week, Vows to Intensify Crackdown

The Nigerian National Petroleum Company Limited (NNPCL) has reported 179 incidents of crude oil theft within the Niger Delta region between January 11 and 17, 2025. The discovery is part of an ongoing effort to curb oil theft and vandalism, which continue to hamper Nigeria’s oil production. In a statement, NNPCL highlighted that the coordinated actions of its Command and Control Centre, along with partners such as Tantita Security Agency, Pipeline Infrastructure Nigeria Limited, and government security forces, led to the identification of these incidents. The collaboration also included major industry players like Shell Petroleum Development Company of Nigeria, Nigeria Liquefied Natural Gas, and Oando PLC. During the week-long operation, security teams uncovered: 29 illegal pipeline connections. 55 illicit refineries. Hidden storage sites used for black-market petroleum production. The operations extended across several states, including Rivers, Bayelsa, and Abia, where illegal refineries and storage facilities were dismantled. Security operatives also repaired damaged pipelines and intercepted vehicles and boats carrying stolen crude oil. In Rivers State, acts of sabotage, such as vandalized condensate pipelines and damaged wellheads, were linked to multiple oil spills. The incidents were distributed as follows: Central Corridor: 90 cases. Eastern Corridor: 70 cases. Western Corridor: 5 cases. Deep Blue Water: 14 cases. Additionally, 30 suspects were arrested and handed over to security agencies for further investigation. NNPCL revealed that 128 illegal refineries have been discovered in just the first two weeks of 2025. Between January 4 and 10, 53 illegal pipeline connections and 73 illicit refineries were identified. Related Posts Market offers rent-now, pay-later answer to tenants. Prospective renters in Nigeria can now breathe a sigh of relief as a rental solution that simplifies renting and facilitates Read more Rwanda retreat: Nigerian governments discuss complex issues. The Nigerian governors will attend and participate in a three-day leadership retreat in Kigali, Rwanda, designed to provide a platform Read more Shaibu: I support Obaseki and seek governorship. Philip Shaibu, the deputy governor of Edo State, has pledged to remain loyal to Edo State’s governor, Godwin Obaseki, despite Read more Citigroup expects more foreign investment in Nigeria and others despite FX turmoil. Citigroup Inc. has stated that Nigeria, Angola, and Kenya are among the African nations that are anticipated to attract more Read more Olawale Moses OyewoleOlawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.

Dangote Refinery to Boost Crude Imports as NNPC Struggles to Meet Supply Demands

The Dangote Petroleum Refinery plans to increase crude oil imports to sustain operations, as the Nigerian National Petroleum Company Limited (NNPC) struggles to meet its fuel production requirements. Despite a $20 billion investment and a 650,000 barrels per day (bpd) capacity, the refinery currently relies on imported crude to fill supply gaps. Officials at the Lekki-based refinery revealed that production has reached 500,000 bpd, with a target of hitting full capacity by June 2025. However, the NNPC is reportedly supplying only 350,000 bpd, falling short of the 450,000 bpd allocated for domestic consumption under the naira-for-crude initiative introduced by President Bola Tinubu in 2024. Sources within the refinery, speaking anonymously, confirmed that additional crude imports are essential to sustain operations. “This is a 650,000 bpd refinery. We’re ramping up production and should reach full capacity by midyear. The scale of operations requires sourcing crude oil from outside Nigeria,” one official stated. Despite the NNPC’s efforts, the refinery’s size and complexity have necessitated imports. A consultant to the refinery highlighted its global importance, saying, “This refinery is among the largest in the world and produces fuel of Euro 5 quality. Its impact on Europe’s PMS market has even been noted by OPEC.” The growing demand for crude oil by Nigeria’s refineries highlights the inadequacy of the current 450,000 bpd allocation. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Dangote and seven other refineries collectively require 770,500 bpd to meet production needs. Here’s the breakdown of daily crude requirements for operational refineries: Dangote Refinery: 550,000 bpd Port Harcourt Refinery: 60,000 bpd Warri Refinery: 75,000 bpd Kaduna Refinery: 66,000 bpd Opac Refinery: 5,000 bpd Waltersmith Refinery: 4,500 bpd Duport Refinery: 2,000 bpd Edo Refinery: 1,000 bpd The Federal Government plans to review the naira-for-crude program in April 2025 to evaluate its effectiveness as more refineries, including Port Harcourt and Warri, resume operations. In response to supply challenges, the Dangote refinery is constructing eight additional crude oil tanks, increasing its storage capacity by 41.67% to 3.4 billion liters. “Importing crude requires larger stockpiles to ensure uninterrupted operations,” said Devakumar Edwin, Vice President of Oil and Gas Business at Dangote Industries. “Four tanks are already nearing completion.” While the NNPC is expected to provide 385,000 bpd to Dangote refinery under the naira-for-crude initiative, the refinery’s dependence on imports underscores the need for Nigeria to ramp up crude production. Experts predict that even as the country’s refining capacity grows, imports may remain a critical component of meeting demand. Related Posts Market offers rent-now, pay-later answer to tenants. Prospective renters in Nigeria can now breathe a sigh of relief as a rental solution that simplifies renting and facilitates Read more Rwanda retreat: Nigerian governments discuss complex issues. The Nigerian governors will attend and participate in a three-day leadership retreat in Kigali, Rwanda, designed to provide a platform Read more Shaibu: I support Obaseki and seek governorship. Philip Shaibu, the deputy governor of Edo State, has pledged to remain loyal to Edo State’s governor, Godwin Obaseki, despite Read more Citigroup expects more foreign investment in Nigeria and others despite FX turmoil. Citigroup Inc. has stated that Nigeria, Angola, and Kenya are among the African nations that are anticipated to attract more Read more Olawale Moses OyewoleOlawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.

Obasanjo Criticizes NNPCL Invitation as Disrespectful Amid Refinery Controversy

Former President Olusegun Obasanjo has voiced strong criticism over the Nigerian National Petroleum Corporation Limited’s (NNPCL) recent invitation to him, describing it as disrespectful. The invitation, issued through NNPCL spokesperson Olufemi Soneye, was extended following Obasanjo’s comments in an interview with Channels Television. During the interview, Obasanjo had criticized the management of Nigeria’s refineries and highlighted failed efforts to privatize them. Obasanjo specifically pointed to the rejection of a $750 million offer by Aliko Dangote to manage the Port Harcourt and Kaduna refineries during the tenure of late President Umaru Musa Yar’Adua. This was in favor of NNPCL’s assurance that it could handle the refineries’ operations, a claim Obasanjo expressed doubt about. He also noted that despite over $2 billion spent on the refineries since 2007, there has been little progress, contrasting their inefficiency with the expected success of Dangote’s private refinery. Responding to the NNPCL’s invitation to tour the Port Harcourt and Warri refineries, Obasanjo, through his media aide Kehinde Akinyemi, criticized the corporation for choosing a public statement over a formal letter. He called the approach an insult to his office, saying, “Is that the right way to invite a former president? It is a total disrespect for the office.” In defense, the NNPCL spokesperson stated that the refineries had undergone extensive rehabilitation and invited Obasanjo to see the improvements firsthand. However, reports have cast doubt on the progress, with limited activity at the Port Harcourt refinery and inconsistent operations. The NNPCL’s approach was also condemned by other groups, including the Yoruba socio-political group Afenifere and the Coalition of United Political Parties (CUPP). Afenifere’s Secretary-General, Chief Sola Ebiseni, supported Obasanjo’s critique, emphasizing that the country’s refinery mismanagement had gone on for years. CUPP’s National Secretary, Chief Peter Ameh, backed Obasanjo’s call for private-sector involvement to ensure better refinery operations and accused NNPCL of politicizing the issue rather than focusing on efficiency. Despite skepticism surrounding the refineries, NNPCL’s Group Chief Executive Officer, Mele Kyari, announced on December 31 that the Warri Refinery had resumed operations. However, Nigerians remain uncertain about the true state of the refineries’ functionality. Related Posts Market offers rent-now, pay-later answer to tenants. Prospective renters in Nigeria can now breathe a sigh of relief as a rental solution that simplifies renting and facilitates Read more Rwanda retreat: Nigerian governments discuss complex issues. The Nigerian governors will attend and participate in a three-day leadership retreat in Kigali, Rwanda, designed to provide a platform Read more Shaibu: I support Obaseki and seek governorship. Philip Shaibu, the deputy governor of Edo State, has pledged to remain loyal to Edo State’s governor, Godwin Obaseki, despite Read more Citigroup expects more foreign investment in Nigeria and others despite FX turmoil. Citigroup Inc. has stated that Nigeria, Angola, and Kenya are among the African nations that are anticipated to attract more Read more Olawale Moses OyewoleOlawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.

NNPCL Invites Obasanjo to Tour Port Harcourt Refinery Following His Criticism

The Nigerian National Petroleum Company Limited (NNPCL) has extended an invitation to former President Olusegun Obasanjo to visit the Port Harcourt Refinery. This follows Obasanjo’s recent comments questioning the refinery’s rehabilitation and its operational status. Obasanjo had previously claimed that NNPC misled the public by asserting that its refineries were functional. He also recalled that Shell Petroleum Development Company (SPDC), which was once approached to take a stake in the refinery, raised concerns about corruption hindering the facility’s effectiveness. In response, NNPCL issued a statement on Thursday, January 2, inviting Obasanjo to visit the refinery and assess the progress made in its rehabilitation. Olufemi Soneye, the company’s spokesperson, shared the invitation, saying, “We extend an open invitation to President Obasanjo for a tour of the rehabilitated refineries to witness firsthand the progress made under the new NNPC Limited.” The NNPCL also highlighted its ongoing transformation into an integrated energy company and reaffirmed its commitment to ensuring energy security and delivering substantial benefits to the people of Nigeria. Soneye emphasized, “One of our notable achievements is the complete rehabilitation of the Port Harcourt Refining Company (PhRC) and Warri Refinery.” Acknowledging Obasanjo’s vast experience, the NNPCL emphasized the value of his insights in shaping the future of the nation’s energy sector. “We invite our esteemed former president to join us in this effort as we continue to deliver energy security for our nation and provide tangible benefits to Nigerians,” the spokesperson concluded. This development comes at a time when NNPCL’s operations are under increased scrutiny, particularly regarding transparency in Nigeria’s oil and gas industry. Related Posts Tinubu Unveils Ambitious Economic Plan to Halve Inflation by 2025 President Bola Ahmed Tinubu has outlined an ambitious economic agenda aimed at reducing Nigeria’s inflation rate from the current 34.6% Read more Nigeria’s Path to Prosperity: Transforming Challenges Into Sustainable Success Over the past 14 years as the Founder of TEXEM, UK, and previously as a Director of Strategy in Cambridge, Read more Nigeria and the British Monarchy: A Legacy of Visits and Diplomatic Ties Throughout history, Nigeria has enjoyed a unique relationship with the British Monarchy, marked by mutual visits that reflect shared historical, Read more Nigerian Equities Market Defies Economic Challenges, Posts Record N21.8 Trillion Gain in 2024 ‏The Nigerian equities market demonstrated exceptional resilience in 2024, achieving a remarkable gain of N21.845 trillion despite economic headwinds such Read more Olawale Moses OyewoleOlawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.

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