Business

We’re no longer sole supplier of petrol, says NNPC

Published

1 year ago

June 16, 2023 8:35 am

BodexNG

The Nigerian National Petroleum Company (NNPC) Limited says it is no longer the sole supplier of petrol in the country.

The national oil firm made the announcement in a tweet on Thursday.

“NNPC Limited no longer [the] sole supplier of petrol,” the national oil company tweeted.

Prior to the announcement, the company served as the country’s last-resort supplier, ensuring a steady distribution of petroleum products.

The development comes hours after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said it licenced three oil marketers for petroleum products importation.

Farouk Ahmed, chief executive officer (CEO) of NMDPRA, speaking during a meeting with stakeholders, said the NNPC had agreed to reduce its petrol import volume to give room for other players in the industry.

“Therefore, any marketer licenced to import petroleum products must comply with set guidelines”, he said.

“Already, three oil marketers will, from July this year, start importing petroleum products into the country.”

In his inaugural speech on May 29, President Bola Tinubu declared that the petrol subsidy payments had stopped.

NNPC, after the president’s declaration, announced the adjustment of the pump price across its retail outlets nationwide.

Speaking on the post-subsidy era, Mele Kyari, group chief executive officer (GCEO) of NNPC, had said oil marketers would be able to import petrol as the subsidy removal would create an enabling environment.

“The beauty of this is that there’ll be new entrants because oil marketing companies know the result of their reluctance to come into the market all along is the very fact that there’s a subsidy regime that is in place, and that subsidy regime doesn’t have the guarantee of repayment back to those who provide the product at subsidised prices,” Kyari had said.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

5 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

8 hours ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

10 hours ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others