Business

FG To Stop Fuel Importation February 2024, Says Minister

Published

3 years ago

August 26, 2023

Editor

… says P-Harcourt refinery to resume daily production 60 barrels of crude December

…Warri to start operating by the first quarter, 2024

The Federal Government has disclosed that it is targeting to stop fuel importation in 2024, adding that Port Harcourt and Warri refineries are been repositioned to function optimally.

FG clarified that the Port Harcourt refinery would commence operations before the end of 2023, precisely in December, while Warri refinery which is also undergoing rehabilitation would started refining petroleum products by February.

It maintained that the December 2023 target for the completion of the rehabilitation of the Port Harcourt refinery remained sacrosanct, expressing satisfaction with the level of work done in the facility.

The Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, spoke during a working visit to the Port Harcourt Refining Company in Eleme, Rivers State, yesterday, to inspect the project.

Lokpobiri, who was accompanied on the visit by the Minister of State, Gas Resources, Ekperikpe Ekpo, expressed happiness with the level of work done, adding the rehabilitation work which was approved for $1.5bn when completed by the end of 2023 will refine upto 60,000 barrels of crude per day.

He said the essence of the inspection was to ensure the timely rehabilitation of the Port Harcourt Refinery and completion of other refineries in the country at the scheduled dates.

Lokpobiri said: “The essence of today’s inspection is to come see the extent of work done at the Port Harcourt Refinery and we are happy with the level of work done here.

“From what we have seen here, we believe the project will be completed as scheduled. The Port Harcourt Refinery will come on board fully by the end of this year, 2023. Warri will start operating by the first quarter of next year and then, Kaduna will come on stream towards the end of next year.

“The Port Harcourt Refinery when completed is expected to produce about 54 to 60 barrels per day, while Warri refinery when it comes on stream by February, 2024 will produce 75 barrels of oil per day. If we add that to Dangote refinery we will be able to stop fuel importation and Nigeria can now have the benefits of full deregulation.

“We will be going round all the refineries in the country, from Port Harcourt, we will go to Warri, to Kaduna. We will also go to Dangote refinery to see the level of work there.

“Our objective is to ensure that in the next few years, Nigeria stops fuel importation and that is why we are here to see the extent of work done, and we are satisfied with what we are seeing here.”

“Nigerians should expect better supply of fuel and better economy. But I can assure you that Nigeria will have a better deal in this renewed hope Administration of president Bola Ahmed Tinubu.”

On his part, the Minister of State, Gas Resources, Ekperikpe Ekpo said, the government is very desperate about gas production and generation of power supply in the country.

Ekpo noted that the government is committed to ending gas flaring in the country.

“You know gas is very important and we have it in abundance. so the issue of gathering the gas to generate power supply and other areas that would need gas in the country is very important.

“The government is very desperate about it as it will bring in foreign investors to invest in the gas sector.”

“With the briefing we have received today, there is hope for Nigeria that gas flaring will stop and gas generation will increase, and with that we will have uninterrupted power supply in the country.”

On the government’s policy on Compressed Natural Gas, CNG, implementation for vehicles Ekpo said, “The policy is very simple and we are encouraging investors in that sector so that we have it in abundance, the vehicles will be converted to appreciate the usage of CNG which would be beneficial to all.

“So, there is desperate and dedicated efforts to make sure gas is available which of course will reduce the cost of gas in the vehicle as well as reducing the cost of using fuel.”

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

22 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.