Business
NNPCL Appeals for Understanding Amid Fuel Scarcity and Reports Record Profit
The Nigerian National Petroleum Company Limited (NNPCL) has issued a plea to the public for patience as it grapples with ongoing fuel shortages across major cities, including Lagos and Abuja.
Olufemi Soneye, the company spokesperson, appealed in a statement released on Monday. He highlighted that NNPCL had achieved a substantial financial milestone, reporting a profit of ₦3.3 trillion for the fiscal year 2023, according to its recently published audit financial statement. Dapo Segun, the Executive Vice President of Downstream Operations at NNPCL, addressed concerns related to fuel scarcity.
He explained that the company is actively collaborating with key stakeholders to resolve challenges related to fuel distribution and evacuation logistics, which are contributing to the current shortages.
The NNPCL’s 2023 financial results reveal a significant increase in profit, marking a rise of over ₦700 billion or 28 percent compared to the previous year’s profit of ₦2.548 trillion. This substantial profit growth underscores the company’s financial strength, even as it works to address the operational issues impacting fuel availability.
The firm’s statement aims to reassure the public and emphasize its commitment to resolving the logistical challenges affecting fuel distribution, while also showcasing its robust financial performance.
Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.
Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.
In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.
“We have now announced a new price of N899.50 per litre.
This reduction is designed to ease transport costs during the festive period,” he said.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.
Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.
This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
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