FG okays licence for 10,000bpd refinery in Delta
The Nigerian National Petroleum Company (NNPC) Limited, through its retail outlets, yesterday increased the price of petrol from N965 to N990 per litre in the Federal Capital Territory, Abuja and from N925 to N965 per litre in Lagos.
The price adjustment reflects ongoing market dynamics and aligns with the deregulation policy in the petroleum sector, which allows prices to fluctuate based on supply and demand.
This is coming days after the pump prices of petrol rose to between N1,050 and N1,150 per litre following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners. The refinery raised its PMS from N899/litre to N955/litre at its loading gantry.
The upward adjustment comes amid rising crude oil prices in the international market, with the cost of Brent, the global benchmark for crude, recently reaching $81 per barrel.
Oil marketers had also said the increase in global crude prices is taking a toll on local production, warning of an imminent hike in pump prices. Checks by The Guardian at NNPC stations and major oil marketers revealed that the new price has been effected.
MEANWHILE, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the approval of a licence for establishing a new refinery in Delta State. The license was awarded to MRO Energy Limited, an energy firm, for constructing a 10,000 Barrels Per Day Refinery in Imode, Ughelli.
This announcement follows two months after the authority issued a licence to Process Design and Development Limited to develop and build a new refinery with a capacity of 27,000 barrels per day in the Dole-Wure area of Gombe State.
In a message posted on its official X account on Tuesday, the authority stated, “The Authority’s Chief Executive, Engr. Farouk Ahmed, presented a License to Establish a 10,000 Barrels Per Stream Day Refinery at Imode in Ughelli, Delta State, to MRO Energy Limited.”
