Ojulari said the industrial action halted loading and distribution for several days, creating an “artificial” spike in prices. He explained that as operations resume, supply is gradually stabilising and prices are expected to ease.

“The increase you saw was relatively artificial because movements and loading were delayed by about two or three days,” he said. “Now that things are back to normal, prices should return to what they were before the strike.”

Read Also: NNPC, NUPRC, NMDPRA Shut As PENGASSAN Begins Strike

He also accused some retailers of exploiting the shortfall to raise prices, adding that the redeployment of affected workers at the Dangote Refinery and the restoration of operations have begun to ease supply bottlenecks.

Source: Punch

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The latest increase marks a fresh spike of N45 and N35 in Lagos and Abuja, respectively, up from the previous prices of N870 and N910 per litre.

The price adjustments come just days after the Dangote Petroleum Refinery increased its ex-depot price of petrol from N825 to N880 per litre, sparking an industry-wide response.

It was observed that the new pricing was implemented across several NNPC-owned filling stations, intensifying the financial strain on consumers already grappling with high transportation and living costs.

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According to the statement, “I extend my heartfelt gratitude to you all for the unwavering support, professionalism, and genuine commitment you’ve shown in helping to shape and amplify the NNPC story over the past 20 months. Your role in building a vibrant and effective communications presence for our national energy company has been nothing short of invaluable.”

He added that,“I wish to inform you that I have stepped aside from my role as Chief Corporate Communications Officer of NNPC Ltd. This decision will allow me to devote more time to my family and attend to personal responsibilities that now require my closer presence.”

He affirmed that he remains a steadfast supporter and ambassador of NNPC.

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The refinery, which had been dormant for over 20 years, was revamped and relaunched for operations in November 2024.

This is contained in a statement by the association’s Publicity Secretary, Joseph Obele, which stated that the association commended Tecnimont Nigeria Limited for their professionalism and expertise in delivering a world-class rehabilitation project.

Read Also: No explosion at Port Harcourt refinery – NNPC

The association also commended the host communities for their cooperation and support during the rehabilitation process while also lauding the managing director of the Port Harcourt Refining Company, Ibrahim Onoja, for his dedication to ensuring the successful rehabilitation and operation of the refinery.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority was also recognized for its regulatory oversight and support in ensuring the safe and efficient operation of the refinery

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The closures attributed to logistical challenges, have led to long queues at remaining stations, with many motorists and commuters facing hours of delays.

At multiple stations such as those in Lugbe, Airport Road, Zone 3, Lifecamp, and Kubwa on Wednesday, motorists were turned away while attendants sat idly.

A station manager at the NNPC Life Camp station, who confirmed the challenge and the directive by the NNPCL management, said the closure was due to some internal adjustments that affected all stations.

The manager, who declined to give his name, stated that the reason there has been no fuel in most of the stations in recent weeks is due to some internal adjustments/programmes being done at the management level.

He added that there is no cause for alarm as it is being settled, and a few NNPC stations have started getting fuel and selling to customers adding that the price still stands at 965 naira per litre.

It was gathered that the impact of this decision was not immediately felt because its mega stations are still in operation, selling old stock to customers.

This development caught many residents off-guard as fuel availability in the capital city rapidly diminished.

Efforts to reach the NNPCL spokesperson, Femi Soneye, on the reasons for the closure, were futile as the spokesperson didn’t respond to messages sent to his line.

However, a source within the company confirmed that the closure of the stations was due to unanticipated logistical issues.

Residents have expressed frustration over the situation, with long lines forming at the few operational stations.

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He expressed his appreciation for the exceptional privilege given to him by Presidents Muhammadu Buhari and Bola Ahmed Tinubu to serve as the last GMD of the NNPC and the pioneer CEO of the NNPC Ltd.

Joining in the celebration, Tinubu in a statement through his Special Adviser on Information & Strategy, Bayo Onanuga commended Kyari for his diligence in transforming the NNPCL into a profitable organisation.

The President recalls that despite cynicism in some quarters, the NNPCL under Kyari’s leadership has recorded notable achievements, including the resuscitation of two refineries, an increase in domestic natural gas consumption, and a boost in oil production to 1.8 million CH barrels per day.

According to President Tinubu, Kyari is a shining example and embodiment of the ideals of the Renewed Hope Agenda, commending his commitment to creating new opportunities and ensuring the growth and sustainability of Nigeria’s energy sector.

Tinubu prayed to Almighty Allah to continue to grant Kyari sound health, wisdom, and strength to serve the nation while mentoring the next generation of energy sector leaders.

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Special Adviser  to President Bola Tinubu on Energy, Olu Verheijen disclosed this at an inaugural US-Nigeria Strategic Energy Dialogue, hosted by the US State Department, in Washington, DC.

Speaking at a luncheon organised as part of the inaugural dialogue, Verheijen said the upstream gas project would deliver 350 million standard cubic feet of gas per day when operational.

A statement on the event signed by Morenike Adewunmi, Stakeholder Manager, Office of the Special Adviser to the President on Energy, was made available to newsmen  in Abuja.

Verheijen told the gathering that major energy reforms introduced by President Bola Tinubu since June 2023 focused on improving energy security, attracting investments and deepening collaboration with key partners including the the US government.

She said the key reforms had improved the viability of the gas-to-power value chain of the country

The reforms according to her, included initiatives to improve cash flows in electricity distribution through smart metering and the payment of outstanding debts owed investors, and to reduce carbon emissions from gas production.

She added that, to support the reform efforts, the President issued five new executive orders aimed at providing fiscal incentives for investment.and reducing the cost and time of finalising and implementing contracts to develop and expand gas infrastructure.

The presidential aide said the directives also aimed to immediately unlock up to 2.5 billion dollard in new oil and gas investments in the country.

She acknowledged the support of financing and technical partners like the US government, the World Bank and the African Development Bank towards expanding electricity access and reliability through grid and off-grid solutions.

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It also noted that interested marketers would have to buy the product from the national oil firm through its trading company.

This was part of the agreement reached with the management of Dangote Refinery on the commercial terms for the supply of crude oil to the refinery and the off-taking and distribution of petrol and diesel from the facility.

The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, disclosed this at a press briefing in Abuja.

The latest development, however, contradicts NNPC’s claim in a statement early this month that it does not intend to be the sole distributor of petrol produced by the Dangote refinery.

The directive also implies that the government can still control the pricing of the product as it would be based on the agreement between the government and the refinery.

The minister, represented by the Executive Chairman of the Federal Inland Revenue Service,  Zacceus Adedeji, also announced that Dangote refinery will commence the distribution of petrol to marketers on Sunday with an initial 25 million litres per day.

The minister also said all associated regulatory costs pertaining to the Nigeria Ports Authority, Nigerian Maritime Administration and Safety Agency and others would also be paid for in naira.

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Amid the lingering fuel scarcity in the country, the NNPCL increased the pump price of petrol from ₦568 to ₦855, ₦897 – depending on the location per litre.

Condemning the move in a statement, NLC President, Joe Ajaero, accused the Federal Government of betraying labour movement.

According to the NLC President, the current administration is yet to implement the new national minimum wage of N70,000.

While accusing the government of insincerity, Ajaero described the policies of the current administration as traumatic.

He recalled how President Bola Tinubu gave labour leaders the option of choosing from N250,000 as the new minimum wage in exchange of petrol price at N1,500, and said they rejected the offer due to the impact it would have on Nigerians.

Ajaero regretted that instead of the promised reversal, the rate has since been jerked up further putting more Nigerians and businesses in jeopardy.

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A report, intending to mislead the public and cause panic, which is devoid of truth, circulating in the media had maliciously claimed that the minister of Petroleum, Heineken Lokpobiri asked NNPC to select fuel at N1000.

But in a swift reaction, the federal government, in a statement, signed by Special Adviser to the Minister of State for Petroleum, Nnemaka Okafor, made available to newsmen, rubbished the report, noting that it was concocted and ill-conceived to sow discord and confusion in the oil industry.

According to Nnemaka, there was never a time FG interfered with petroleum pricing with NNPCL, let alone give directives for price increment.

She said, The Federal Government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister for Petroleum Resources, Oil, Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price.

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