The African Export-Import Bank (Afreximbank) has announced an additional $925 million disbursement to Nigeria under a $3.3 billion crude oil-backed prepayment facility arranged for the Nigerian National Petroleum Company Limited (NNPCL). This latest disbursement for Project Gazelle Funding Limited brings the total funded facility size to $3.175 billion. Afreximbank, acting as the Mandated Lead Arranger, … Read more
After several delays, the 210,000-barrel-per-day Port-Harcourt refinery is expected to commence operations by the end of July 2024. Chief Ukadike Chinedu, the National Public Relations Officer of the Independent Marketers Association of Nigeria (IPMAN), confirmed this development on Monday. Chinedu highlighted that the refinery’s operation would stimulate economic activities, lower petroleum product prices, and ensure … Read more
In Apapa, Lagos State, a significant fire broke out at a tank farm, which the Lagos State Fire Service initially attributed to the facility of Nigerian National Petroleum Company Limited (NNPCL). A video capturing the blaze circulated on social media early Friday morning. However, NNPCL quickly refuted this claim, asserting that the fire originated from … Read more
Independent marketers expect the current fuel supply crisis in parts of the country to abate not later than next week. Their optimism is hinged on the ongoing efforts to free seven fuel-laden vessels trapped in Warri. The vessels are carrying a total of 150 million litres of Premium Motor Spirit (PMS) an official of the … Read more
As Nigerians battle fuel scarcity, over 9,000 oil marketers are on the verge of losing their operating licences. As a result, the Independent Petroleum Marketers Association of Nigeria is urging the Nigerian National Petroleum Company Limited to extend its final deadline for licensing renewal to July. It also appealed to the Nigerian Midstream and Downstream … Read more
The Independent Marketers said that the difficulties that caused the fuel scarcity will take another two weeks to properly rectify. On Sunday in Abuja, most fuel stations were out of supply, with only a few prominent marketers distributing the product in the city center. In the suburbs, the few stations that opened to motorists increased … Read more
Residents of Sokoto have continued to lament the untold hardship they are subjected to following the fuel scarcity being experienced in all parts of the state that has made businesses and other activities very difficult. Commuters in the state said most filling stations are locked under the guise that they lack product to dispense, while … Read more
The Nigerian National Petroleum Company Limited (NNPCL) says the issue that led to the tightness in the supply of fuel currently being experienced in some parts of the country have been resolved. The NNPC Ltd said that the issue was as a result of logistics problems. The Chief Corporate Communications Officer, NNPC Ltd. Olufemi Soneye, … Read more
The Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries has said the Port Harcourt Refinery will begin operation before the end of December. This is as the Rivers State Governor, Siminalayi Fubara, has stated that his administration is working in tandem with President Bola Tinubu-led Federal Government’s policies designed to make life … Read more
Fuel queues on Friday resurfaced in Lagos and Ogun states as petroleum marketers say the non-availability of Premium Motor Spirit in filling stations is as a result of shortage in supply. Similarly, the Nigerian National Petroleum Company Limited confirmed that there were no products in its Apapa depots. The long queues resurfaced in filling stations … Read more