Nigerian refineries
Reps Launch Probe into $18bn Refineries’ Turnaround Maintenance
The House of Representatives Committee on Petroleum Resources (Downstream) has initiated a comprehensive investigation into the $18 billion turnaround maintenance (TAM) of Nigeria’s four state-owned refineries. The move comes amid growing public outrage over the persistent failure of the facilities to operate optimally despite years of massive financial investment. Chairman of the Committee, Ikenga Ugochinyere […]
Fuel Marketers Approve Refinery Divestment, Project Price Relief
Oil marketers and industry stakeholders have expressed strong support for the proposed sale or privatisation of Nigeria’s long-dormant refineries under the management of the Nigerian National Petroleum Company Limited (NNPC Ltd), citing the potential for increased market competition, operational efficiency, and ultimately lower fuel prices for consumers. Their reactions follow the candid remarks by NNPC’s […]
Israel-Iran Tensions Trigger Fuel Price Surge, PENGASSAN Raises Alarm
As tensions between Israel and Iran escalate, Nigeria faces yet another surge in petrol prices, sending ripples through the already strained economy. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has accused petroleum marketers of exploiting the situation to hike pump prices beyond reasonable limits, calling on regulatory agencies to act swiftly. […]
Fuel Ban Fears Spark Dangote, Marketers Clash
The looming possibility of a fuel import ban in Nigeria has reignited tensions between the Dangote Petroleum Refinery and key petroleum marketers, sparking fears that petrol prices could skyrocket to N1,500 per litre if importation is halted. This warning came from the Independent Petroleum Marketers Association of Nigeria (IPMAN), which urged President Bola Tinubu to […]