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Nigeria spends $25 billion on petrol importation yearly – VP Shettima

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Vice-President Kashim Shettima has revealed that Nigeria spends $25 billion per annum on the importation of petroleum products.

He said this while speaking at an event in Victoria Island, Lagos on Thursday, May 23.

According to him, “With the support our government is lending to our private sector-led oil refineries and rejuvenation of some of the state-owned facilities.

The $25 billion we spend yearly importing petroleum and other refined products will soon be a thing of the past allowing the naira a much-deserved breath.”

Shettima said the country will not hesitate to backtrack and review policies if it would impose undue hardship on Nigerians as it “has been seen over time”.

“So this administration is not out to make the life of Nigerians tougher, but to make the Nigerian economy sustainable, and the lives of our people more enjoyable.

Rest assured, ladies and gentlemen, that the next few years will be full of positive achievements. They include improvements in the standards of living, higher productivity, food security, bumper harvests and remarkable achievement with the guidance and grace of Almighty God,” he said.

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Port-Harcourt Refinery Fully Operational

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1 day ago

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December 21, 2024

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Port-Harcourt Refinery Fully Operational
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PRESS RELEASE

Port-Harcourt Refinery Fully Operational

The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.

Preparation for the day’s loading operation is currently ongoing.

Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja

21st December, 2024

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Competition is affecting Dangote Refinery, Dangote is ready to sell on Credit to any marketer that can buy a truck and the marketer will get the second truck on credit.

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3 days ago

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December 19, 2024

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Dangote Refinery faces competition from several sources, including: 

  • Fuel importers
    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) continues to issue licenses for refined product imports, which can make it harder for Dangote to meet local demand. 

  • Marketers
    Marketers have different views on whether to pay Dangote in advance for petrol. Some say that advance payments can put financial pressure on marketers, especially those with limited capital. Others say that advance payments are necessary to ensure the refinery’s operations run smoothly. 

  • Legal disputes
    Oil marketers are in a legal dispute with Dangote over the refinery’s request to restrict import licenses. 

  • Direct purchasing
    Marketers can now purchase petrol directly from Dangote Refinery and other local refineries. This allows marketers to negotiate commercial terms directly with the refineries, which can create a more competitive market environment. 

The start of operations at the Dangote Petroleum Refinery and other refineries has increased transparency and market competition in West Africa. 

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Yuletide: Dangote Refinery slashes petrol price to N899.50

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December 19, 2024

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Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit to N899.50 per litre, in a bid to offer Nigerians some relief as the holiday season approaches.

The refinery had previously cut the price to N970 per litre on November 24.

The latest reduction aims to ease transportation costs during the festive period, a time when Nigerians often face increased travel expenses.

This was disclosed in a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, on Thursday.

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