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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has stated that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA), 2021. Speaking on TVC News' “Journalists' Hangout” show on Thursday, the Executive Vice President of Downstream, NNPC Ltd., Mr. Adedapo Segun explained that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.” He said Section 205 of the PIA, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces. According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.” On ...

Paul Du Rove the Telegram boss thanks everyone for their  support and shown of love during his arrest at Paris, France days back, In his statement , he said "Last month I got interviewed by police for four days after arriving in Paris. I was told I may be personally responsible for other people’s illegal use of Telegram, because the French authorities didn’t receive responses from Telegram. This was surprising for several reasons:  1. Telegram has an official representative in the EU that accepts and replies to EU requests. Its email address has been publicly available for anyone in the EU who googles “Telegram EU address for law enforcement”.  2. The French authorities had numerous ways to reach me to request assistance. As a French citizen, I was a frequent guest at the French consulate in Dubai. A while ago, when asked, I personally helped them establish a hotline with Telegram to deal with the threat of terrorism in France. 3. If a country is unhappy with an internet ...

  The Nigerian Medical Association, Lagos State Branch, has urged President Bola Tinubu to reconsider the administration’s economic policies and reduce the price of Premium Motor Spirit, commonly known as petrol. The Chairman of Lagos NMA, Dr. Saheed Kehinde, condemned the recent increase in petrol prices, stating that it has imposed unbearable hardship on Nigerians, including medical and dental professionals, who are already struggling with severe economic challenges and insecurity. According to Kehinde, many of our members are being forced to leave the country in large numbers due to the deteriorating economic situation, and this recent development will only worsen the already dire circumstances they face. “The hike in PMS prices comes at a time when Nigerians are enduring unprecedented economic pressures. This decision will impact all sectors, deepening the mental, social, and emotional stress that citizens are currently experiencing. “With inflation rates soaring and the cost o...

  The Nigerian National Petroleum Company Limited has announced that it has supplied 30 million barrels of crude oil to the Dangote Petrochemical refinery, with plans to provide an additional 17 million barrels soon. The Executive Vice President of NNPCL Downstream, Adedapo Segun, disclosed this on Thursday while speaking on Arise Television. According to Segun, the company will supply 6.3 million barrels in September and an additional 11.3 million barrels in October. “We have supplied about 30 million barrels to Dangote so far—6.3 million this month, and we will supply 11.3 million in October,” Segun stated. He added that this is part of the Federal Government’s decision to sell crude to local refineries. Segun noted that the 6.3 million barrels will be delivered in seven cargoes. He expressed concern that the current pump price does not reflect market realities. “The pump price today is not reflective of the market. NNPCL is the sole importer of Premium Motor Spirit (PMS) in the ...

Nigeria U-20 national team, the Falconets, are set to face Germany in their second group game of the 11th FIFA U-20 Women’s World Cup. The Falconets secured a hard-fought 1-0 victory over Korea Republic at the Estadio El Techo in Bogota, Colombia, on Sunday night. Flourish Sabastine’s 86th-minute goal proved decisive in a tightly contested Group D encounter. Speaking after the win, Falconets’ head coach told FIFA.com he’s confident of his team’s ability to play better against Germany. “It was a tough match, being the first match. The victory is sweet because it puts your foot in the group,” Danjuma stated. “My team performed well, but I know we’re going to perform much, much, much better than this.” In the other fixture, Germany defeated Venezuela 5-2 to top the group.  This will be the fifth encounter between the two nations, with Nigeria still searching for their first win against Germany in the competition, having lost in the finals in 2010 and 2014. TONIGHT   Nigeria ...

  Nigeria’s power generation rose to a three-year high of 5,313mw, the Minister of Power, Mr Adebayo Adelabu has said. He made this known in a statement issued by his Special Adviser on Strategic Communication and Media Relations, Mr Bolaji Tunji. According to the statement, the Minister urged Electricity Distribution Companies (DisCos) to take more energy for distribution in order to prevent a grid collapse. When power is produced and not picked by the DisCos, it could lead to grid collapse as frequency drops.. ”Efforts will be made to encourage industries to purchase bulk energy,” he said. Recall that in May this year, the federal government pledged to generate 6,000 megawatts of electricity before the end of 2024. During his ministerial address in Abuja while presenting achievements of his ministry since President Bola Tinubu assumed office, Adelabu, said the country’s power generation rose to 5,000MW on May 3. Adelabu vowed that power generation in Nigeria would hit 6,000MW bef...

  NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company's significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply. In line with the Petroleum Industry Act (PIA), NNPC Ltd. remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide. Olufemi Soneye  Chief Corporate Communications Officer  NNPC Ltd. Abuja 1st September, 2024