Electron Native

Nigerians will be buying fuel at cheaper rates, again. The Nigerian National Petroleum Corporation or NNPC has announced a 17.94 per cent reduction in the ‘ex-depot’ price of petrol. Petrol Pump Nozzle Source : Punch Newspapers Nigeria The price was reduced from N113.28k per litre petrol was sold to marketers in the previous month to about N108.00K per litre. The new ex-depot price is coming almost a week into the new month, following the promise last month by the Group Managing Director of the NNPC, Mele Kyari, that a new pricing template for petroleum products would be released every first of a new month. Ex-depot price is the ceiling price at which petroleum products depot owners or terminal operators are expected to sell to marketers. The marketers, through their various filling stations, then sell to the end users. With the reduction of the ex-depot price, a new retail price of petrol is expected to be announced by the appropriate agency, PPPRA. The Petroleum Prod...

The Nigerian National Petroleum Corporation (NNPC) says it plans to set up a fertilizer plant in Brass, Bayelsa State, to boost agriculture in the South-South and other regions of the country and build three Independent Power Plants (IPP)  in Abuja, Kaduna and Kano states. The project will have a combined capacity of 4,000 megawatts of electricity. The state oil corporation disclosed this in a statement issued by its spokesman,  Nduka Ughamadu, in Abuja, on Tuesday. Chief Operating Officer, Gas and Power of the corporation,  Saidu Mohammed, said that the planned power projects would be driven by the coming on stream of the NNPC Power subsidiary, Gas and Power Investment Company (GPIC). Mohammed spoke at the inaugural board meeting of the GPIC He said the company would help the NNPC transform into an integrated energy company with the production of 4,000 megawatts of power at strategic locations. He added that all relevant stakeholders in the power sector wer...

A small twist has been recorded from the recent Nembe pipeline incident.  The Nigeria National Petroleum Corporation (NNPC) denies having any record of the pipeline explosion in Nembe, Bayelsa. Source :  news.stanford.edu The Group General Manager, Group Public Affairs Division of the corporation disclosed, Ndu Ughamadu, this on Saturday. No fewer than 50 people were reported to be missing after a leaking oil pipeline exploded and caused stampede in Nembe Kingdom in Bayelsa, according to the spokesperson of the community’s council of chiefs,  Nengi James-Eriworii . He said the blast which happened in the early hours of Friday caused massive oil spillage in the community. But the NNPC said that the Nembe trunk line was operated by the Aiteo Group. ” It is not our pipeline, it is Aiteo that was mentioned, which ordinarily they are supposed to be on joint venture with NNPC. “I have cross-checked with our downstream unit that manages our pipeline and the...