It was reported that the adjustment by NNPC Ltd. was triggered by the pronouncement of President Bola Tinubu that fuel subsidy has ended with the coming of his administration.

Our correspondent who monitored NNPC Ltd retail outlets in Abuja reports that the price moved from N194 per litre to N537 per litre.

A statement by Garba Muhammad,
Chief Corporate Communications Officer NNPC Ltd. said as it strived to provide quality service which the company was known for, prices would continue to fluctuate to reflect market dynamics.

“The NNPC Ltd. wishes to inform our esteemed customers that we have adjusted our pump price of PMS across our retail outlets, in line with the current market realities.

“We assure you that NNPC Ltd. is committed to ensuring ceaseless supply of products.

“The Company sincerely regrets any inconvenience this development might have caused,” Muhammad said.

He appreciated the continued patronage, support and understanding of its customers through this time of change and growth.

The post NNPC Ltd adjusts pump price of PMS from N194 to N537 per litre appeared first on NEWSVERGE.

Dr Kennie Obateru, the Group General Manager, Group Public Affairs Division, who disclosed this to our reporter in Abuja on Monday added that the long queues currently being experienced were due to the curfew imposed in some states over the EndSARS protests.

Obateru said that the curfew affected the free movement of vehicles for the supply of products, but assured of normalcy in a couple of days.

“The disruptions and curtailment of free flow of vehicular movement occasioned by the EndSARS protests, the attendant curfews, restrictions and vandalism affect the supply situation.

“Normalcy is expected to return to the petroleum products supply chain in the next couple of days.

“There is no need for panic buying, be rest assured that supply will soon return to the entire country,” he said.

The post Queues: No need for panic buying of PMS — NNPC appeared first on NEWSVERGE.

Kyari, represented by Mr Musa Lawan, Managing Director, Pipelines and Product Marketing Company, spoke on Monday at the Virtual Oil Trading and Logistics (OTL) Africa Petroleum Downstream Expo 2020.

He said that African downstream petroleum interests need to evolve and adapt to the changing business environment.

“The African downstream petroleum sector must prepare for the paradigm shift that lies ahead with the inroads renewable energy is making in the global energymix,” the group managing director said.

Kyari said that the move to deepen gas utilisation across the country was aimed at creating an alternative source of energy for Nigerians, especially with the deregulation of Premium Motor Spirit (PMS).

Also, Mr Tunji Oyebanji, Chairman, Major Oil Marketers Association of Nigeria (MOMAN), said that Nigeria’s proven gas reserves currently stands at 203.16TCF.

Oyebanji said these reserves, with a vast majority still left untapped, were equivalent to 306 times the country’s annual consumption.

He said: “Nigeria’s vast reserves can feed into developing policies toward sustainable energy options for the downstream sector.

“Energy demands in Nigeria has been on the increase in the past three decades; however, the country still lacks
in providing sufficient energy to run the economy.

“Nigeria – the continent’s largest economy – has only approximately 60 per cent of its population having access to electricity.

“There is evidence that access to energy is crucial to the reduction of poverty, the promotion of a country’s economic growth and a better standard of living for current and future population of Nigeria.”

According to him, finding a sustainable way of meeting the growing energy needs is a core challenge for Nigeria, which aptly creates the appetite for investment in renewable power generation.

While commending the government for its autogas initiative, he said that MOMAN was ready to key into the scheme because it would affect the economy positively.

Oyebanji said the scheme would create jobs, increase foreign exchange savings and help reduce carbon emissions in the country.

The post Global investments moving toward cleaner, cheaper energy options- NNPC boss appeared first on NEWSVERGE.

Mele Kyari, the current GMD of the state-run oil company broke the news on Twitter on Saturday, May 30, 2020.

My brother, my friend and my mentor, Dr Maikanti Kachalla Baru, immediate past GMD of NNPC died late last night. He was of exemplary character and disposition. May Allah forgive him and have mercy upon him.

— Mele Kyari (@MKKyari) May 30, 2020

He tweeted, “My brother, my friend and my mentor, Dr Maikanti Kachalla Baru, immediate past GMD of NNPC died late last night.

“He was of exemplary character and disposition. May Allah forgive him and have mercy upon him.”

Meanwhile, the spokesman of the Corporation Dr Kennie Obateru in statement confirmed the death of the ex-GMD.

“The NNPC regrets to announce the demise of its former GMD, Dr Maikanti Kacalla Baru, Friday night.

“Dr. Baru, a consummate Mechanical Engineer, died after a brief illness.”

He said that Kyari expressed shock over the sudden death of Baru who was the 18th GMD of the Corporation.

It was reported that Baru, 60, who was at the helm of the Corporation from July 4, 2016 to July 7, 2019, was born in July 1959 in Misau, Bauchi State.

He attended Federal Government College, Jos for his secondary education where he graduated in 1978.

He obtained his bachelor of engineering degree from Ahmadu Bello University in 1982. Baru has a doctorate in Computer Aided Engineering from the University of Sussex. retire in July 2019.

The post BREAKING: Maikanti Baru, ex-NNPC GMD, is dead appeared first on NEWSVERGE.

This was contained in a statement issued by the corporation’s spokesman, Dr Kenny Obateru in Abuja on Wednesday.

He said the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, disclosed that the new ex-depot price of PMS reflects the company’s market strategy.

According to him, the strategy will help to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.

Lawan explained that the new price regime would enable PPMC to boost its sales volumes from the billions of litres of Petrol it had in storage while providing affordable price to millions of customers.

He said the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.

The PPMC boss however pointed out that the price of Automotive Gas Oil (AGO), otherwise called diesel, which had already been deregulated was determined by market forces.

On March 18, 2020, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC Retail pump prices.

Thus, effective March 19 NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre while ex-depot price was reduced from N133.28/litre to N113.28/litre.

The post NNPC reduces ex-depot price of petrol appeared first on NEWSVERGE.

Our correspondent at the scene of the incident on Monday reports that the fire extended to some of the buildings close to the filling station.

Dr Olufemi Oke-Osayintolu, the Director General, Lagos State Emergency Management Agency (LASEMA), and men from the agency were also at the scene of the incident.

Oke-Osayintolu told our correspondent that the remote nor immediate causes of the inferno could not yet be ascertained.

Oke-Osanyintolu said that upon arrival at the scene, LASEMA observed that a petrol tanker inside the NNPC fuel station had caught fire, which also culminated to the spread of the fire to buildings nearby.

He also confirmed that the incident started at about 1:30 p.m. on Monday, adding that efforts were ongoing by the agency’s officials, men of the Lagos State Fire Service and the Federal Fire Service to combat the inferno.

Oke-Osanyintolu,however, advised the members of the public to keep away from the scene so as to allow the responders to complete their work in good time.

Our correspondent also reports that, as at the time of filling in this report, efforts were still ongoing to curtail the fire.

The post Fire guts NNPC filling station at Ifako Ijaiye LGA in Lagos appeared first on NEWSVERGE.

Mr Mele Kyari, Group Managing Director, NNPC, who gave the assurance in a tweet on Saturday, said supply of petroleum product would not be affected by the lockdown.

“States have all consented to allow movement of fuel trucks and operation of stations during any sit at home action.

“Our stock and supply plan are robust and there is no need to buy more than you require at anytime. We will keep supplying,” he said.

It was reported that some states including Kaduna, Kano, Lagos, Rivers, Edo and Delta had issued directives advising people to stay at home to contain Cornonavirus.

Nigeria currently has 81 confirmed cases with three discharged persons and one death.

The post COVID-19 lockdown: NNPC assures Nigerians of steady fuel supply appeared first on NEWSVERGE.

Mr Ibrahim Farinloye, Acting Coordinator, Lagos Territorial Office, NEMA, confirmed the development to our reporter in Lagos.

It was reported that the raging fire caused panic among the residents of Abule Egba, Ile Epo and Ekoro Road due to the thick smoke which oozed out from the explosion scene.

Farinloye said that several buildings and articulated vehicles were engulfed in the inferno which happened on Sunday night.

He noted that the cause of the incident had yet to be ascertained, saying that emergency responders immediately swung into action after receiving distress calls from some residents of the area.

“NEMA and Lagos State Emergency Management Agency (LASEMA) officials are here. The Lagos State Fire Service officials are here trying to put off the fire.

“We have contacted NNPC to shut down the pipelines and so far, we have been able to recover two bodies,” Farinloye said.

Dr Olufemi Oke-Osanyintolu, Director General, LASEMA, also confirmed the incident in a statement.

“A raging fire from the explosion of a vandalised NNPC pipeline has caused panic among residents within Awori, U-turn and Pipeline communities in Abule Egba.

“LASEMA, Lagos Fire Service are responding and are on top of the situation,” he said.

It will be recalled that a similar incident had occurred on Dec. 5, 2019 after some suspected pipeline vandals disrupted the Atlas Cove-Mosinmi Pipeline, part of the System 2B Pipeline at Peace Estate, Varies, in Idimu axis of the state.

The post 2 bodies recovered from scene of fresh Lagos pipeline explosion -NEMA appeared first on NEWSVERGE.

The corporation disclosed this in its Monthly Financial and Operations Report (MFOR) for the month of August released in Abuja on Sunday.

It attributed the appreciable increase of 22 per cent within the period under review to largely the improved surplus posted by the Nigerian Petroleum Development Company (NPDC).

It explained that the percentage increase in performance of the company evened out with the decline in the performance of Nigeria Gas Company (NGC) vis-à-vis July figures.

It added that the increased surplus posted by Duke Oil and the reduced deficit by the Nigerian Pipelines and Storage Company (NPSC) equally bolstered the figures for the month, according to the report.

A summary of NNPC’s Group Operating Revenue and Expenditure for the month under review indicated that it increased by 7.58 per cent at ₦540.60billion, reflecting an increase of ₦38.10billion compared with the previous month’s performance.

It further added that the expenditure for the month followed a similar trend with increase of 7.46 per cent or ₦37.16billion, to reach ₦535.40billion during the month under review.

It declared that the proportion of expenditure to revenue was almost at par for the current month as well as in July 2019.

In the Downstream Sector of the corporation’s operations, the report noted that ₦233.42billion was made on the sale of white products by the Petroleum Products Marketing Company (PPMC), the Downstream subsidiary of the NNPC in August compared to ₦214.70 billion sales in July.

“Total revenues generated from the sales of white products for the period August 2018 to August 2019 stood at ₦2,687.29billion, with PMS contributing about 95.19 per cent of the total sales valued at ₦2,558.13billion.

“Volume wise, 1.917billion litres of white products were sold and distributed by PPMC in the month under review, compared with 1.744billion litres in July 2019.

“This comprised 1.92billion litres of PMS and 0.00030billion litres of Automotive Gas Oil, otherwise called diesel.

“Total sale of white products for the period: August 2018 to August 2019 stood at 21.49billion litres, with PMS accounting for 20.82billion litres or 96.9 per cent,” it said

In the Gas Sector, it said that out of the 1,174.97million Standard Cubic Feet (mmscfd) of gas supplied to the domestic market in August, about 666.15mmscfd of gas representing 56.69 per cent was supplied to Gas-Fired power plants.

According to the report, the balance of 508.82mmscfd or 43.31 per cent was supplied to other industries.

“Similarly, for the period: August 2018 to August 2019, an average of 1,211.08mmscfd of gas was supplied to the domestic market, comprising an average of 723.77mmscfd or 59.76 per cent as gas supply to power and 482.32mmscfd or 40.24 per cent as gas supply to industries,” the report revealed.

It was reported that the report is the 49th edition of the corporation’s publication.

The post NNPC declares N5.20b trading surplus in August appeared first on NEWSVERGE.

Kyari disclosed this in his address at the Valedictory Session held for the outgoing GMD, Dr Maikanti Baru, in Abuja on Monday.

Kyari is the 19th GMD to steer the affairs of the corporation since inception.

“There is no corruption where there is no discretion; we will work with the Economic and Financial Crimes Commission (EFCC) to take out discretion in our system.

“NNPC will not be opaque, we will make what we do known to Nigerians because we are working for them, and not doing them a favour,” he said

He said that his team would be transparent and would not work to make deliberate mistakes.

Kyari added that he would not allow his personal interest to influence his decisions and urged his family members not to accept any gift from anyone.

“I have two sons and I have adopted so many, let me say it now in public, if you accept any gift from anyone, It is not for me.

“For the public, please do not give any gift to my family member,” he said.

He pledged to work with various stakeholders in the sector to sustain Baru’s Legacy

He said that his team would work with the International Oil Companies (OIC) to ensure effective crude production and to further grow the nation’s oil reserve.

Kyari urged the oil workers unions to support the corporation to deliver on its mandate

He added that being a grand Chairman of Petroleum and Gas Senior Staff Association of Nigeria (PENGASSAN) was a plus to his team to achieve greater height.

“To all NNPC staff, we must work together and build that trust been expected of us which is to ensure NNPC excel as a company.

“We need all the support trust and understanding to deliver NNPC as a global company of excellence,” he said.

While commending Baru on its efforts, he assured him that he would continue from where he stopped and would deliver on the areas of oil and gas production.

“I have been part of the decisions and progress made in the last three years. I guarantee you that we will make NNPC a global company.

“We will remove discretion in doing business to ensure transparency, we will open new ways to meet with all stakeholders and we will be accountable to citizens,” he said.

He further said that his team would deliver on revamping of the four refineries and support every effort to help Dangote refinery come on stream.

“Our expectation is that by 2023 Nigeria will be net exporter of petroleum products and we target to grow the reserve to 40 billion barrel by 2020.

“I will do my work with utmost integrity, after which I hope to stand before my creator to say I have done well,” Kyari said.

The new GMD, who acknowledged that that his selection was divine, assured that he would work to ensure growth and development of the oil and gas sector in Nigeria.

It was reported that the high point of the event was the handing over ceremony with transfer of NNPC cap from the outgoing GMD to Kyari.

The Cap is the symbol of Legacy left by the First GMD of the Corporation Dr Festus Mario.

About seven past GMDs of the Corporation, Governors, National Assembly members, IOCs, industry players were present at the occasion.

The post NNPC to partner EFCC to fight corruption in its operations – Kyari appeared first on NEWSVERGE.