Nigerian National Petroleum Corporation

The House of Representatives has directed its committee on petroleum to investigate the alleged missing 5.2 million barrels of crude oil allocated to local refineries under the Direct Sales Direct Purchase (DSDP).

The deal was witnessed by the Minister of State for Petroleum Resources, Mr. Timipre Sylva, Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari; Governor of Akwa Ibom, Mr. Udom Emmanuel; his Jigawa counterpart, Badaru Abubakar and Managing Director of Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji.

The ruling All Progressives Congress (APC) has asked Nigerians to stop panic-buying following what it described as artificial fuel scarcity in the country.

“The issue around the retail price has not been resolved at all. It seems the government has jettisoned deregulation. We are being forced to sell at a price that is not profitable. The ground is not level and we are told to sell at the same price with NNPC retail stations, that we shouldn’t increase the price. This is the cause of the scarcity,” the MOMAN official said.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has assured motorists that there is enough Premium Motor Spirit (PMS), also known as petrol, in the country, urging them to stop panic buying.

The Corporation’s new stand is contrary to expectation of possible price hike in the month following rise in the price of crude oil in the international market and the warning by the Minister of State, Petroleum Resources, Chief Timipre Sylva, that NNPC could not continue to absolve the extra cost in the pump price of petrol.

The Central Bank of Nigeria, CBN, has concluded plans to strengthen the Naira, and by extension the nation’s economy through the $15 billion Dangote Refinery.

Seplat Petroleum Development Company Plc, leading indigenous energy company, has identified its fast-growing gas business as a strong catalyst for sustainable development in Nigeria.

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, said Dangote Refinery would buy Nigeria’s crude oil in Naira and also sell petrol to Nigeria in naira when it commences production.

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, says arrangement is being made to enable the Dangote Refinery sell refined crude to Nigeria in naira when it commences production.

Mr Joe Nwakwue, an expert in the petroleum sector has recommended the priviatiosation of Nigerian National Petroleum Corporation (NNPC) to ensure efficiency and attain maximum profit of the oil sector.

This was disclosed by the Director General of National Automotive Design and Development Council (NADDC), Mr. Jelani Aliyu at the opening of a two-day investigative hearing held at the instance of the Ad-hoc Committee into the financial budgetary approvals and multilateral donation on skills acquisition and related programs of federal government and its agencies, chaired by Hon. Victor Akinjo.

The House of Representatives Committee on Nigerian Content Development and Monitoring yesterday met with the management of the Nigerian National Petroleum Corporation, Brentex/CPP Consortium and Bablink Resources Ltd over alleged breach of Local Content Act.

A Federal High Court in Abuja on Monday awarded the sum of N10.6 million damages in favour of a veteran journalist, Geoffrey Anika, in his suit against the Nigerian National Petroleum Corporation (NNPC) over the construction of a concrete barrier that caused his accident.

The federal government will meet with state governors and the Nigerian National Petroleum Corporation (NNPC) on Thursday to find a solution to the issue of petrol pricing.

Members of the Independent Petroleum Marketers Association of Nigeria, IPMAN, have advised Nigerians to expect a higher petrol pump price in the coming days, saying the price may rise to N195 per litre.

The House of Representatives Committee on Public Account has summoned all subsidiaries of the Nigerian National Petroleum Corporation over financial queries raised by the Office of the Auditor General of the Federation.

The Nigerian National Petroleum Corporation, (NNPC), has said that contrary to reports that it is owing the Federation Account the sum of N3.8 trillion, it is the Federation Account and Allocation Committee (FAAC) that’s owing it the sum of N787 billion from over draft.

Petroleum marketers are beginning to adjust the pump price of petrol to N170 per litre from between N161 and N165, according to a report.

The Nigerian National Petroleum Corporation (NNPC) has assured Organised labour and Nigerians that there will be no increase in the price of Premium Motor Spirit (PMS) also known as Petrol in the month February.

The Federal High Court, Abuja, on Wednesday, refused to grant an application filed by the Economic and Financial Crimes Commission (EFCC), to inspect the money seized from the former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu.

Oil prices yesterday maintained their upswing, hitting their highest in about 13 months on the back of vaccine rollouts expected to increase demand even as producers kept supply reined in.