Africa’s largest and Nigeria’s Dangote Refinery is set to diversify its source of crude oil by importing from Trafigura Group of the United States, Bloomberg reports.
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President Bola Tinubu has approved the handing over by the Nigeria National Petroleum Company Ltd (NNPCL) of revenue from sales of crude oil to the Central Bank of Nigeria (CBN).
The revenue of the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has increased to ₦.81 trillion in 2022, corresponding to a growth of 37.32 percent.
The Independent Petroleum Marketers Association of Nigeria (lPMAN) says the incessant increase in tariffs of petroleum products by the Nigerian Midstream and Downstream Petroleum Regulatory (NMDPRA) might adversely hinder the success of oil subsidy removal.
ASHENEWS reports that Nigerian government has plans to deploy revenues generated from hydrocarbons, to fund its $1.9 trillion energy transition, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said.
It has been been revealed that the company responsible for the Ibadan explosion, is owned by forieners.
Shell Plc has reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion, pending government approval.
The Dangote Petroleum Refinery has registered seven members of the Major Oil Marketers Association of Nigeria (MOMAN) for the purchase and distribution of its refined petroleum products from the refinery.
The cost of crude oil, the exchange rate of the Dollar to the Naira, and government interventions (i.e., subsidies, taxes, levies, etc.) are the biggest factors in determining the price of petrol, diesel, kerosene, and other petroleum products to the consumer.
Nigeria is listed as the 22nd country with the most affordable fuel prices in a recent obal report, which compares the costs of Premium Motor Spirit (PMS) worldwide.