Petrol price may hit N340 in 2022, to replace fuel subsidy with N5,000 transport grant for poor citizens — Zainab Ahmed

…Without subsidy removal, 35 States may be unable to pay salaries next year – el-Rufa’i  …Buhari suspends inauguration of NNPC Board  Finance Minister, Zainab Ahmed, has said that the Federal Government will remove fuel subsidy as from 2022. Speaking yesterday, during the launch of the World Bank’s Nigeria Development Update, she said it would instead pay N5,000 monthly to some 40 million poor Nigerians. The minister added that the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy. The Group Managing Director…

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Just In: NNPC GMD, Borno Governor, flag-off Maiduguri Emergency Power Project

Hassan Umar Farouk The Group Managing Director of the Nigerian National Petroleum Corporation,(NNPC), Mallam Mele Kyari has joined the Governor of Borno State, Prof. Babagana Umara Zulum, to perform the Groundbreaking Ceremony of the Maiduguri & Environs Emergency Power Project, (MEPP). The ceremony will officially mark the commencement of the construction of a 50-megawatt gas turbine power plant expected to generate electricity to the city of Maiduguri, Borno State, and environs. The MEPP is a Federal Government intervention strategy in tackling the perpetual power outage in Maiduguri, caused mostly as…

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‘Police, Army, EFCC, Customs, fail to curb petrol smuggling’ – NNPC GMD laments

…Seeks lawmakers intervention  Nigeria is running out of options to deal with the smuggling of imported petrol out of the country and the state-owned oil firm is now asking lawmakers to intervene after all the security agencies fail to resolve the problem. The Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Mele Kyari,  in a presentation during the House of Representatives Committee on Finance at an interactive session on the 2022-2024 Medium Term Expenditure and Revenue Framework (MTERF) and Fiscal Strategy Paper (FSP), asked lawmakers to intervene. According to a…

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Kyari tasks NNPC Greenfield Refinery Board on fuel importation

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, has charged members of the Board of the NNPC Greenfield Refinery Limited, (NGRL), to explore all available options to bring an end to the current challenge of petroleum products importation. Picture caption: The NNPC Group Managing Director, Mallam Mele Kyari (middle) flanked by members of the Board of the NNPC Greenfield Refinery Limited (NGRL). According to a press statement issued by the NNPC’s Group General ManagerGroup Public Affairs Division, Garba Deen Muhammad, Malam Kyari gave the…

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NNPC records petroleum product sales of ₦234.63bn in March

The Nigerian National Petroleum Corporation, (NNPC), has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded ₦234.63 billion revenue from the sale of white products in March 2021, representing a 24.7% increase from the ₦188.15 billion sales recorded in the previous month of February 2021. This is contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru.  The report indicated that total…

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‘AKK gas pipeline project will be delivered on schedule, will create prosperity’, Kyari assures

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, has assured that the ongoing 614kilometres Ajaokuta-Kaduna-Kano (AKK) gas pipeline project would be delivered on schedule, create prosperity through massive job opportunities and guarantee peace for the country. A press statement issued by the NNPC’s Group General Manager Group Public Affairs Division, Dr. Kennie Obateru, disclosed that the GMD stated this yesterday, at Gas Sector Stakeholders’ Forum, which was held in Kano, with the theme: “Optimizing the Economic Development Capacity of Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project”. …

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NNPC says no petrol price hike in next 2 months

…To acquire 20 percent stake in Dangote Refinery The Nigerian National Petroleum Corporation, (NNPC) has said that the pump price of fuel will not be increased in the next two months as engagement with the Organised Labour has not been concluded. The Managing Director of the Corporation, Mele Kyari, who spoke in a television interview disclosed that while the subsidy regime wasn’t sustainable, President Muhammadu Buhari was not also interested in taking the product out of the reach of Nigerians. He added that the president had directed that current volumes…

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‘Surging oil prices will create problems for Nigeria’ – Mele Kyari

The Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Mele Kyari, has stated that rising crude oil prices will cause problems for resource-dependent countries such as Nigeria. Brent Crude, the international benchmark of crude oil on Friday traded above $72 per barrel while US West Texas Intermediate (WTI) crude futures sold above $70 per barrel. In 2021, oil prices have continued to surge, sustained by coronavirus vaccine rollout and supply cuts from the Organisation of Petroleum Exporting Countries (OPEC). Kyari on Thursday at the virtual Citizens Energy Congress,…

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‘No plan to increase petrol price in May’, NNPC assures

…Says fuel queues will disappear soon There is no plan to increase the pump price of Premium Motor Spirit (PMS), popularly known as petrol, for the month of May, according to the Nigerian National Petroleum Corporation (NNPC). The Group Managing Director, Malam Mele Kyari, disclosed this at the end of a closed-door meeting with Petroleum Transport Drivers (PTD), National Association of Road Transporters Owners (NARTO), and oil marketers on Monday in Abuja, the nation’s capital. The meeting, convened by the NNPC boss, was held amid the industrial action by the…

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NNPC to resume oil exploration in Sokoto Basin – GMD, Mele Kyari

Plans to resume active exploration for crude in Sokoto Basin have been announced by the Nigerian National Petroleum Corporation (NNPC). This announcement was made by the group managing director (GMD) of NNPC, Mele Kyari, while receiving the Kebbi State governor, Atiku Bagudu, at the Corporation’s Head Office in Abuja on Thursday. A statement issued in Abuja on Thursday by NNPC spokesperson, Kennie Obateru, said the corporation’s Group Managing Director, Mele Kyari, said exploration for crude would resume in the Sokoto Basin. The statement read in part: “Kyari also hinted of…

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