Business

NMDPRA Issues New Refinery Licenses In Edo, Delta, Abia

Published

3 months ago

March 8, 2025

The Nigeria Midstream and Downstream Petroleum Resources Authority (NMDPRA) has issued refining licenses to three companies to build new refineries in Abia, Delta, and Edo states.

According to an X post by the NMDPRA on its official page, the proposed refineries that have been issued licenses are a 100,000 bpd refining license to Eghudu Refinery Ltd in Edo state, MB Refinery and Petrochemicals Company Ltd license to establish a 30,000 bpd refinery in Delta State, and a 10,000 bpd refinery issued to HIS Refining and Petrochemical Company Ltd. in Abia.

Upon completion, the three proposed refineries will have a combined refining capacity of 140,000 barrels per day.

The statement read: “The Authority Chief Executive, Engr. Farouk Ahmed presented a License to construct a 100,000 bpd refinery to Eghudu Refinery Ltd in Edo state, a License to establish a 30,000 bpd refinery to MB Refinery and Petrochemicals Company Ltd in Delta state, and a License to establish a 10,000 bpd refinery to HIS Refining and Petrochemical Company Ltd. in Abia state.

“These Licenses, which would add 140,000 barrels per day to Nigeria’s domestic refining capacity, were presented to the MDs of the companies.”

Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that Nigeria has nine operational refineries, which include the Dangote Petroleum Refinery and Petrochemicals FZE, the Warri Refinery and Petrochemical Company, the Kaduna Refinery and Petrochemical Company, and the Port Harcourt Refinery Company Limited.

Others are the Aradel Refinery, OPAC Refineries, Waltersmith Refinery and Petrochemical Company, Duport Midstream Company Limited, and the Edo Refinery and Petrochemical Company.

These refineries have a combined refining capacity of 974,500 barrels per day, with the Dangote refinery having the largest capacity of 650,000 bpd. However, the majority of the refineries are not producing at full-scale

According to the NUPRC, the nine refineries would require a combined daily crude supply of 770,500 bpd and 123,480,500 barrels in the first half of 2025.

Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

4 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.