Author: Dare Olawin

The Truth Behind Petrol Prices in Nigeria Recent revelations from the Major Energies Marketers Association of Nigeria have shed light on the true landing costs of petroleum products in the country. As of July 16, 2024, the landing cost of Premium Motor Spirit (PMS) was announced to be N1,117/litre, with diesel at N1,157/litre and aviation fuel at N1,127/litre. Despite this, the current pump prices in Nigeria are much lower, with prices ranging from N617 to N660/litre at NNPC and major marketers’ stations. Independent marketers are selling for N700/litre or more. The discrepancy between landing costs and pump prices raises questions…

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Kano Electricity Distribution Company Partners with Renewable Companies to Build Solar Mini-Grids In an effort to reduce power outages in its franchise areas, the Kano Electricity Distribution Company (KEDCO) has joined hands with various renewable companies to construct solar mini-grids totaling 60 megawatts in 41 locations across Kano, Katsina, and Jigawa States. The initiative, known as the KEDCO Utility 2.0 Project, aims to enhance energy security within the KEDCO network by harnessing renewable energy potential and aligning with the Federal Government’s energy transition plan. KEDCO has allocated 41 prioritized sites to 31 renewable and off-grid companies in Nigeria to accelerate…

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The Nigerian Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria have called on President Bola Tinubu to support the Dangote refinery and investigate claims of sabotage by international oil companies. In a joint letter, the unions expressed concern over alleged actions by the IOCs to hinder the success of the refinery, such as denying crude oil supply and inflating market prices. Highlighting the importance of the Dangote refinery to Nigeria’s energy security and economic growth, the unions urged the government to set up an independent panel to investigate the allegations…

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National Power Grid Restored after Partial Collapse The Transmission Company of Nigeria announced on Sunday that the national power grid had been successfully restored following a partial collapse that occurred on Saturday. The TCN Public Affairs General Manager, Ndidi Mbah, explained that the incident was a partial disturbance caused by the unexpected tripping of three units at a power-generating station, resulting in a loss of 313MW from the grid. The grid collapse led to a significant drop in power generation, with all power plants only producing 70MW at one point. This incident came shortly after the Nigerian Electricity Regulatory Commission…

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The Society of Energy Engineers has forecasted that fossil fuel prices will remain high in the third quarter of 2024, leading to a surge in fuel imports and putting pressure on the naira. They also anticipate a potential 300% price hike in some states compared to 2023, as refineries operate at limited capacity due to maintenance issues. Despite challenges, the group expects increased oil production from new fields and a boost in output from existing fields. However, factors such as security issues, divestments by oil majors, lack of investments, and governance issues may hinder energy growth in Nigeria. The SEE…

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Illegal refineries continue to pose a significant challenge in the Niger Delta region, with the Nigerian National Petroleum Company Limited uncovering 165 such operations in the past week. These illegal refineries are not only contributing to oil theft but also causing environmental damage through oil spills and other related incidents. The NNPC reported that illegal connections were discovered and disconnected in Bayelsa and Rivers States, with an illegal loading point found in Warri, Delta State. Additionally, 69 illegal refineries were dismantled in Okrika, Rivers State, and similar sites were uncovered in Abia and Bayelsa States. Furthermore, the NNPC also uncovered…

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Dangote Accuses Oil Companies of Sabotaging Refinery Efforts Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, has alleged that International Oil Companies in Nigeria are deliberately trying to hinder the success of the new Dangote Oil Refinery and Petrochemicals. Edwin claimed that the IOCs are inflating the cost of local crude oil, forcing the refinery to import from other countries, increasing production costs. The Dangote Group had received 25 refinery construction licenses from the Federal Government, but only Dangote fulfilled its promise. Despite facing challenges, including price manipulation by IOCs, the refinery has exported over 3.5…

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Illegal refineries in Nigeria continue to thrive despite government crackdowns, posing environmental and economic risks. From the Niger Delta to other states in the region, the cycle of discovery, destruction, and resurgence of these illicit operations persists. These refineries, often hidden in remote areas, use basic equipment to process crude oil, leading to environmental degradation and economic losses. Operators of illegal refineries justify their actions as a way to claim their share of the natural wealth but face significant risks and consequences. The Nigerian National Petroleum Company Limited has deactivated thousands of these refineries over the past two years, but…

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The Nigerian Content Development and Monitoring Board (NCDMB) has proven the profitability of its investments in businesses, as highlighted by the Executive Secretary, Ogbe. At the launch of the Kwale Gas Gathering facility and Nedogas plant in Delta State, Ogbe emphasized the success of various investments, refuting earlier claims of bad investments made by the board. Ogbe explained the meticulous process involved in verifying investments in the oil and gas sector, ensuring substantial returns. Recent financial gains, such as a dividend payment of N450m from Waltersmith Refinery and Petrochemical Company Limited, showcase the board’s success. The NCDMB’s investments aim to…

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The Ministry of Power has allocated N2 billion for the metering of unmetered Band A customers, as announced by the Minister of Power, Adebayo Adelabu, at the Business Day Energy Conference in Lagos. Band A customers receive a minimum of 20-hour power supply and pay N206 per kilowatt-hour after government subsidies are removed. The Chairman of the Nigerian Electricity Regulatory Commission, Alhaji Garba Sanusi, visited Adelabu to discuss the N20 billion fund, which will be used to procure meters for the Band A customers to eliminate underestimated billing by September. Adelabu revealed that 3.5 million meters will be supplied by…

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