Tag: NNPC

Categories
News

Private Marketers Join NNPC to Increase Fuel Price to N955 Per Litre

Private marketers have increased the price of petrol from N905 per litre to N955.
This is coming just days after the the Nigerian National Petroleum Company Limited (NNPC) first increased its price for petrol.
This hike coincides with a severe jump in the price of cooking gas (LPG), creating a double edged sword of financial hardship for households.
The price of cooking gas has soared from N1,000 per kilogram (kg) about two weeks ago to N3,000 this week. Consequently, a 12.5kg cylinder refill that previously cost N12,500 now sells for N37,500 in Abuja, Lagos, and other parts of the country.
NNPC retail outlets adjusted their pump price to N955 per litre on Monday in areas of Abuja, including Gwarimpa, Kubwa Expressway, and Wuse Zones 4 and 6.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PPROOAN), Billy Gillis-Harry, also confirmed the hike.
Other filling stations in Abuja, such as Ranoil, AA Rano, and Mobil, raised their pump prices to between N920 and N930 per litre. Just last Saturday, MRS filling stations were reportedly dispensing petrol at N851 per litre in parts of the city.
Chinedu Ukadike, Public Relations Officer for the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the price increase to supply and logistics challenges faced by major marketers, including NNPC and Dangote Refinery.
Ukadike explained that Dangote Refinery increased its loading price to N845 per litre, up from N825, which led to a retail selling price of between N900 and N955, depending on the location.
The IPMAN spokesperson noted that the limited supply at Dangote is insufficient for marketers, and the supply from NNPCL is restricted only to its own retail outlets. He revealed that many IPMAN members who paid for products from Dangote have yet to load after two weeks.
Ukadike said, “I will say that when people are scrambling for products, it results to hike in price. Some marketers, who paid to buy about three million litres from Dangote, were only given one million litres, as they complained of products being rationed, amongst marketers.”
Categories
News

Why Cooking Gas Price Is Increasing – NNPC Boss

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mr. Bayo Ojulari has explained the recent rise in the price of cooking gas across the country.
Speaking in a chat with State House correspondence, Ojulari said cooking gas price hike was caused by the temporary disruption of operations during last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
He said the industrial action halted loading and distribution for several days, leading to an artificial rise in the price.
“The increase you saw was relatively artificial because for the period of the strike, movements and loading were delayed by about two, three days. And because of that, you see that impact. As things return back to normal, it takes some time for distribution to be fully restored.”
Ojulari also accused some retailers of taking advantage of the temporary supply disruption to inflate the cooking gas price.
 
“As you know, in Nigeria, people take opportunity. With that delay, some of the people that had existing resources and reserves had to put up the price,” he said.
Ojulari assured Nigerians that as supply chains stabilise, the cooking gas price is expected to ease in the coming weeks.
 
“My expectation is that now that things are back to normal, prices should return to what they were before the strike,” he said.
The rise in cooking gas price followed the industrial action by PENGASSAN over the dismissal of Nigerian workers at the Dangote Refinery.
Categories
News

NNPC profit crashes 80%, fall to ₦185bn from ₦905bn

The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a massive decline in its profit after tax, which fell from ₦905 billion in June to ₦185 billion in July, marking a sharp 79.6% drop.

Details of the company’s monthly financial and operational report, released late Thursday, show that revenue in July stood at ₦4.41 trillion, lower than the ₦4.57 trillion recorded in June.

According to historical data, NNPC posted a profit of ₦926 billion in April and ₦1.05 trillion in May, before sliding to ₦905 billion in June. The July result represents the company’s weakest performance in recent months, despite a slight rise in production.

The report also highlighted statutory payments of ₦7.97 trillion between January and June 2025, underscoring the company’s continued contribution to government revenue.

On infrastructure, NNPC said the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) gas pipeline projects are progressing, with completion levels at 96% and 83% respectively.

The 113-kilometre portion of the OB3 pipeline has already been commissioned and is transporting about 300 million standard cubic feet of gas per day (mmscf/d) from producers including AHL (250 mmscf/d), Platform, Chorus, and Xenergi (50 mmscf/d).

Upstream operations were reported to be stable, with pipeline availability maintained at 100%.

The company also disclosed that additional subcontractors have been mobilised to speed up the mainline works on the AKK project, while a revised strategy has been adopted to fast-track completion of the OB3 River Niger Crossing.

Despite the profit slump, NNPC said it remains focused on sustaining crude oil and condensate production, enhancing facility uptime, and strengthening collaboration with stakeholders to improve operational efficiency.

Categories
2023 Elections

NNPP Reacts To Alleged Reports Of Kwankwaso, Atiku Alliance Days To Presidential Election

The New Nigeria Peoples Party (NNPP) has denied reports that its presidential candidate, Rabiu Musa Kwankwaso, would step down to form an alliance with the Peoples Democratic Party (PDP) candidate, Atiku Abubakar.
This comes after a report attributed to the Peoples Democratic Party had emerged claiming that the former Governor of Kano State would, within the next 96 hours to the commencement of the 2023 election.
Reacting, NNPP faulted the report, describing it as falsehoods and stupid propaganda. It further expressed optimism that its candidate, Kwankwaso, will cruise to victory in the 2023 presidential election.
The National Publicity Secretary of the party, Agbo Major, stated this in a statement made available to newsmen on Monday, noting that “People write whatever they want with their phones.”
 
“Kwankwaso is in this race to win and will win,” he noted.

About Us

626blaze is an entertainment and lifestyle website that brings you latest gist and scoops from the world of music, fashion, movies, sports and social commentary.

Categories

Subscribe to our Newsletters