The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a scheduled maintenance shutdown of the Port Harcourt Refining Company (PHRC), set to begin on May 24, 2025. In a statement released on Saturday by the Chief Corporate Communications Officer, Femi Soneye, the NNPC said the shutdown is part of a planned maintenance and sustainability…
Dangote Petroleum Refinery has again announced a fresh reduction in the pump prices of Premium Motor Spirit (PMS), also known as petrol, across Nigeria, with the new rates now ranging from N875 and N905 per litre, depending on the region. According to a breakdown of the updated pricing template, residents in Lagos will now pay…
The Chinese Ambassador to Nigeria, Yu Dunhai, has reaffirmed China’s commitment to deepening bilateral cooperation with Nigeria, particularly in the solid minerals sector, through the establishment of electric vehicle (EV) factories and increased industrial collaboration. Speaking during a courtesy visit to the Minister of Solid Minerals Development, Dele Alake, at the weekend, Ambassador Dunhai emphasised…
Indonesia, the world’s largest producer of palm oil, increased the export tax on crude palm oil (CPO) from 7.5% to 10% on May 17. This policy shift is aimed at financing biofuel initiatives and replanting activities within the country. Nigeria, the world’s fifth-largest palm oil producer, still imports almost half of the two million tons…
Nigeria’s external reserves have recorded a sustained rebound for the first time in 2025, rising by $364 million between April 30 and May 14, 2025. This marks the first consistent two-week upward trend in the country’s foreign reserves since they peaked on January 6, 2025, at $40.92 billion. According to the latest figures published by…
The Chairman of BUA Group, Abdul Samad Rabiu, has pledged to further lower the prices of rice and other food items, which he said have already decreased over the past year. He commended President Bola Tinubu for granting waiver on imported food items, saying that his “foresight” helped crash food prices in the country. In…
The World Bank, yesterday, described the Budget 2025 key assumptions of 2.1 million barrels per day oil production and $73 per barrel price as ambitious given the current production level of 1.6mbpd and $60pb price at the international market. The Federal Government however disagreed, saying that the assumptions were based on the potentials of the…
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bashir Ojulari, has promised that oil exploration in northern Nigeria will continue. He said drilling activities at the Kolmani oil field in the North-East will soon resume. Mr Ojulari made this known during an interview with the BBC, where he assured…
Nigeria’s economy recorded its fastest growth in about a decade in 2024, the World Bank said yesterday, alluding to early gains of macroeconomic reforms by the President Bola Tinubu’s administration. World Bank’s Lead Economist for Nigeria, Alex Sienaert, pointed out Federal Government’s improved fiscal position, driven by reforms in key areas of petroleum, foreign exchange…
Dangote Petroleum Refinery has slashed the gantry price Premium Motor Spirit, PMS, also known as petrol to ₦825 per litre from N835 per litre as competition continues in the domestic market. Last month, the 650,000 barrels per day refinery reduced the gantry price of petrol to N835 per litre from N865 per litre. Checks…