Oil & Gas
NNPCL demands N4.7tn petrol imports refund
The Nigerian National Petroleum Company Limited has demanded a refund of N4.71tn from the Federal Government to settle outstanding debts used to import Premium Motor Spirit, popularly called petrol, into the country.
The claim was listed as “Exchange rate differential on PMS and other joint venture taxes” on petrol products imported by the company between August 2023 to June 2024.
This was disclosed by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, at the June meeting of the Federation Accounts Allocation Committee. Our correspondent obtained the minutes of the meeting on Thursday.
Exchange rate differentials refer to the income accrued to banks or government agencies from the difference in value between two currencies at different times through foreign exchange’s sale and purchase prices.
For example, if you exchange one United States dollar for 0.9 euros today, and tomorrow you get $1 for 0.8 euros, the exchange rate differential is the change between these two rates.
This development also means that the government will support fuel imports by covering the difference between the projected rate and the actual expenses incurred by the NNPC for importing petroleum products into the country.
This difference in cost, which ordinarily should be reflected in the retail price of the product and borne by final consumers, contradicts the government’s claims that subsidies have been eliminated.
This revelation also comes amid challenges faced by the petroleum company to ensure the adequate supply of PMS to marketers for distribution nationwide.
Speaking at the meeting, the minister explained to the state commissioners of finance that the national oil company received presidential approval to carry out this duty using the “Weighted Average Rate” from October 2023 to March 2024.
Edun added that the company had also sought an extension of the period to cover the differential rate but was advised to write to the National Economic Council requesting approval.
The minutes read, “NNPC Limited Exchange Rate Differentials on PMS Importation and Other Joint Venture Taxes for the period August 2023 to April 2024.
“The chairman, PMSC (Post Mortem Sub-Committee) reported that NNPC Limited informed the sub-committee that it had an outstanding claim of N2,689,898,039,105.53 against the federation as a result of the use of ‘Weighted Average Rate’ as of May 2024.
“Furthermore, he disclosed that the sub-committee was able to establish that there was Presidential approval to use the ‘Weighted Average Rate’ from October 2023 to March 2024.”
It was gathered that the government through the National Economic Council had granted the NNPC permission to import fuel at an exchange rate of N650 to $1 at retail coastal pump prices from June 2023 but the devaluation of the naira surged the price to N1,200, indicating a difference of N550 as exchange difference.
On May 29, 2023, during his inauguration, President Bola Tinubu publicly declared that “subsidy is gone,” signaling the end of barriers that had been restricting the nation’s economic growth.
However, this claim has been contested by the International Monetary Fund, the World Bank, and other authoritative figures, who argue that the government had quietly reintroduced fuel subsidies.
In June, a proposed economic stabilisation plan document stated that the government planned to spend about N5.4tn on fuel subsidies.
Also, oil marketers had stated that with a landing cost of ₦1,117 per litre for PMS, the monthly subsidy on the commodity had risen to approximately N707bn.
Commenting, the commissioner of Finance, Akwa Ibom State, Linus Nkan, queried how the N2.6tn exchange rate differentials against the federation came about, seeking further clarification.
“The Commissioner of Finance, Akwa Ibom State, referred to paragraphs 3.01 and 5.01 of the PMSC report and requested clarifications as to how the N2.6tn exchange rate differentials against the Federation came about,” the minute said.
Reacting, the General Manager, FAAC office at the NNPCL, Joshua Danjuma, confirmed that the amount claimed by the company was to cover the landing cost of PMS.
He added that cost has also significantly increased by May 2024 due to changes in the exchange rate.
He said, “Reacting to the issue of the N2.6tn claim of NNPC Ltd against the Federation, the representative of NNPC Limited confirmed that the figure had increased significantly as of May 2024 due to the change in the rate at which the company was sourcing for the Forex to pay for the landing cost of PMS.”
Confirming this, an additional document obtained by The PUNCH indicated that the figure increased to N4.71tn as of June 2024.
A month-by-month breakdown indicated that the debt with an outstanding balance of N1.18tn increased to N1.24tn in August 2023, N1.3tn in September 2023, and N1.51tn in October 2023. By November, these claims increased by N570bn to N2.08tn and by another N550bn to N2.63tn in December 2023.
The document further indicated that the figure increased to N3.19tn in January 2024, N3.29tn in February, N3.55tn in March, N4.02tn in April and N4.29tn in May and N4.71tn as of June 2024.
Also, the Chairman, Revenue Mobilisation Allocation and Fiscal Commission, Mohammed Bello, making a presentation during the meeting revealed the reason for the rate difference, saying, “Following the removal of subsidy on PMS on 29th May 2023, NNPCL made requisite pricing adjustments using an exchange rate benchmark of N650 to 1 US Dollar to arrive at retail coastal pump prices from June 2023.
“Furthermore, NNPCL sought and obtained approval of His Excellency, Mr. President, for the freezing of the Proforma Invoice Ex-coastal transfer price at N524.99 from August 2023 to March 31st 2024, using exchange rate modulation to sustain the supply of petroleum products and ensure National Energy Security.
“NNPCL equally reported that the Company had obtained another approval to extend the use of the weighted Average Rate from April to June 2024, though the Sub-Committee is yet to see the document. As of June 2024, NNPCL reported the outstanding against the Federation in respect of the exchange rate differential.
“The Sub-Committee also observed from NNPCL June 2024 report to FAAC that the weighted average exchange rate for the month was N1,200, which they said was the estimated rate as against the N650 that was sought for in the NEC extract.
“It was also observed from the analysis that the volume, price and sales value were not provided to justify the exchange rate differential recorded.
“NNPCL responded that additional information could be provided to the Sub-Committee to clarify the issues raised but based on request. The Chairman of the Commission, who chaired the meeting, agreed to write to NNPCL requesting the relevant information to resolve the issue.”
Meanwhile, the Commissioner for Finance, Niger State, Lawal Maikano, lamented the inadequacy of revenue-generating agencies to meet its revenue target, stressing that only 50 per cent of the budgeted revenue for the current year has been achieved.
“The HCF, Niger State referred to the Communique and observed that only about 50 per cent of the budgeted revenue for the current year was being achieved by the RGAs and described it as a poor budget performance.”
He, therefore, harped on the need to adjust the FAAC revenue budget projection to a figure that would be realistic for the RGAs to achieve.
Similarly, the HCF, Kaduna State, Shizzer Bada, raised concern over the accumulation of outstanding arrears of revenue by RGAs against the Federation Account, which was running into trillions of naira between 2023 and 2024. She, therefore, advised on the need to expedite action in concluding the reconciliation with Agencies.
On the forensic audit of the N2.7tn subsidy claim, the Director of Home Finance, Ali Mohammed, reported that the Office of the Auditor-General of the Federation was working on the Forensic Audit exercise of NNPC Limited as mandated which a report was expected to be made available to FAAC after the assignment.
Reacting to this, a professor, Wumi Iledare, said he would not understand the basis for the NNPC asking the government to pay it differentials when it sells oil in foreign currency on behalf of the government.
According to the energy expert, the NNPC is supposed to pay royalties to the government like other oil companies.
“What is the basis for the NNPC asking the government to give them money back? Is the NNPC claiming it overpaid them? If the NNPC is really going to follow its new status, what they need to pay to the government is royalty, Nigerian hydrocarbon tax, and corporate income tax. They need to pay the way international companies pay the government. If the agreement is in dollars, then the NNPC needs to pay the government in dollars. What the government does with the dollars is the responsibility of the government.
“If you look at the taxes paid by the international oil companies, they are tax oil which NNPC sells on behalf of the government and gives the government the dollar. So, it is very difficult for me to understand why the Federal Government has to return any money to NNPC unless NNPC is saying that it is the one funding the government in dollar equivalent, and since the government is changing the exchange rate to the tune of N1,500, the government cannot keep the windfall profit because the government now has more than when the exchange rate was N700,” Iledare stated.
The scholar added, “It is very difficult for me to comprehend the rationale because the government is the owner of the equity, the government owns the tax oil, and the government is the owner of the royalty oil that the NNPC is selling on its behalf.”
However, he said this may be a kind of under-recovery for the importation of petrol
“If the argument is about what they call under-recovery, that means NNPC spent dollars on behalf of the government to import fuel and the government is giving them the under-recovery in naira, which I’m not sure of. It is very complicated to understand.
“That is why the Petroleum Industry Act, wanted to sever a relationship where the Federal Government is dependent on the NNPC. By the way, the Federal Government is not necessarily the owner of NNPC. It is the federation that is the owner of the NNPC,” he submitted.
Nigerian crude remained steady at $73 after a three-day decline, as concerns grew over Russian supply risks, further intensified by US President Donald Trump’s escalating threats to penalize India for purchasing crude from Moscow, as reported by Nairametrics.
Brent fell below $69 a barrel after losing over 6% in the past three sessions, while West Texas Intermediate hovered near $66 a barrel.
U.S President’s comments about “substantially raising” tariffs on exported Indian goods due to Russian oil imports were an attempt to pressure Moscow into complying with a ceasefire concerning the Ukraine conflict, which drew strong opposition from New Delhi.
The US president issued his most recent warning to India just before his deadline of August 8 for Russia to agree to a truce with Ukraine.
Tass stated that Steve Witkoff, the US Special Envoy, is scheduled to travel to Moscow on Wednesday. After Russia’s invasion of Ukraine in 2022, India became the largest purchaser of Russian seaborne crude exports, quickly increasing purchases from nearly zero to roughly one-third of imports while snatching up discounted barrels avoided by Western countries. China is a significant buyer of oil from Moscow as well.
India’s ongoing demand for oil keeps Nigerian barrels in high demand, highlighting the impact of global supply chain shifts and new consumption patterns.
Nigeria’s crude oil production increases
The narrowing delta between Brent and Nigerian crude is a sign of increased market competition. A statement released on Monday by Nigeria’s upstream regulator stated that the country’s oil production averaged 1.8 million barrels per day.
Nigeria relies on increased crude oil production to finance its economy; the black viscous hydrocarbon constitutes over 80% of foreign exchange earnings and nearly two-thirds of government revenue.
Gbenga Komolafe of the Nigerian Upstream Petroleum Regulatory Commission said the output rise is from enhanced security measures and is part of an effort to boost oil production from 1 million to 3 million barrels per day.
Nigeria aims to increase its oil output, with a medium-term target of reaching 2.06 million barrels per day by 2027, according to Bayo Ojulari, CEO of the Nigerian National Petroleum Company (NNPC) Limited. He expressed confidence that by December this year, output could reach 1.9 million barrels per day.
Nigeria achieved full operational capacity on its major crude oil pipelines in June, a milestone Ojulari said was the first in many years and signaled improved system reliability and infrastructure security.
OPEC+ members to increase crude oil output
OPEC+ members’ decision to boost crude output at the start of the next month stems from the ongoing recovery of the global economy and fundamental market factors. Data from the August 3 meeting, which involved Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, showed they reaffirmed their commitment not to destabilize the market.
The phased responsive increase marks the fourth monthly hike in the 2.2 million bpd voluntary production cuts introduced in April and November 2023 in a bid to support prices during highly volatile market conditions.
OPEC explicitly supported the participants and quoted, “By the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from1 April 2025, the eight participating countries will implement a production adjustment of 547 thousand barrels per day in September 2025 from the August 2025 required production level.
” However, industry analysts are increasingly worried that this decision could put downward pressure on oil prices, which would negatively affect Nigeria’s oil revenues.
“Although there is a lot of discussion about tariffs on India, it is clear that there is a possibility that secondary tariffs will also be applied to other buyers,” said Patterson of ING. The more buyers are subject to these tariffs, the more difficult it is for the market to cope with the potential disruption.
If India’s purchases of Russian oil are interrupted, it might have to look for supplies elsewhere. Other OPEC+ countries, those in the Middle East, were able to make up for any potential shortfall, according to a recent note from Rystad Energy. The alliance agreed to start increasing production in September by about 547,000 barrels per day.
The Dangote Petroleum Refinery has once again reduced the depot price of Premium Motor Spirit (PMS), popularly known as petrol, from N838 to N820 per litre, as crude oil prices continue to decline and competition intensifies in Nigeria’s downstream market.
This latest price adjustment – an 18 naira drop – follows a broader trend in the domestic fuel market, triggered by a fall in global crude prices to $70 per barrel, down from over $77 in June 2025. The easing of geopolitical tensions, particularly the ceasefire in the Israel-Iran conflict, has contributed significantly to the dip in crude prices, thereby affecting refined product pricing globally.
Other key operators have also revised their depot prices, albeit marginally, in response to the shifting market dynamics. Data from PetrolPrice.com revealed that while Dangote made the most significant cut, other companies made smaller reductions:
Fatgbems: N837/litre (from N838), Integrated: N836/litre (from N837), Bovas: N836/litre (from N837), AIPEC: N837/litre (from N840) and First Royal: Maintained N838/litre.
In an interview with Vanguard, Olatide Jeremiah, CEO of PetrolPrice.ng, noted: “We are seeing a lot of dynamics in both global and domestic markets. With the ceasefire in the Israel-Iran conflict, crude oil prices have dropped to about $70 per barrel from over $77. Consequently, operators in the domestic market have adjusted accordingly. We look forward to more price changes in the coming weeks.”
This is not the first time Dangote Refinery has responded swiftly to international oil market shifts. In recent weeks, the refinery had cut the gantry price of petrol by 4.5%, bringing it down to N840 from N880 per litre, as oil prices slipped to $67.50 per barrel.
Nigeria’s fuel market has remained volatile in recent months, with petrol prices largely influenced by international crude trends due to the deregulation of the downstream sector. While Dangote’s refinery has played a stabilising role since it began domestic supply, volatility in crude benchmarks like Brent and Nigeria’s Bonny Light – which recently dropped from $80 to $68 per barrel – continues to impact product pricing.
The drop in depot prices may not immediately translate into a corresponding reduction at the pump for motorists due to other cost components like transportation, margins, and taxes. However, the move is expected to ease pressure on marketers and potentially curb further hikes in retail fuel prices, especially in the face of persistent inflation and currency instability.
With Dangote’s massive refining capacity and growing influence in Nigeria’s energy market, its pricing decisions are increasingly becoming benchmarks for others. The continued drop in depot prices could provide a cushion for consumers battling with high transportation and living costs.
Still, analysts warn that unless Nigeria’s forex volatility and logistics challenges are resolved, retail fuel prices will remain vulnerable to global oil market fluctuations. As more refined products hit the market from the Dangote Refinery and as international oil prices stabilise further, stakeholders are optimistic about a more predictable pricing regime in the coming months.
As the landing price undergoes a significant revision, Nigerians will face a new petrol pump price across the country.
Dangote Refinery has made a significant announcement regarding its pricing strategy by deciding to cease the sale of petroleum products in Nigerian naira.
As a major player in the oil and gas sector, this decision may have wider implications for the market, including fluctuations in fuel prices and impacts on consumers and businesses reliant on stable petroleum costs. Continue Reading.
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The price of importing premium motor spirit, commonly referred to as petrol, into Nigeria has risen to N885 per litre, an increase from the N797 per litre recorded just last week.
The Major Energy Marketers Association of Nigeria (MEMAN) confirmed this rise in its daily energy bulletin released on Wednesday. This marks an increase of N88 per litre within a week.
With this increase, petrol prices at filling stations may soon go beyond N1,000 per litre, up from the current range of N940 to N970 per litre.
Currently, the landing cost of petrol stands at N797 per litre, while Dangote Refinery’s ex-depot price is N815 per litre. This has resulted in retail prices at MRS filling stations in Lagos and Abuja ranging from N860 to N880 per litre.
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The Nigerian National Petroleum Company Limited has made a reduction to its ex-depot price of Premium Motor Spirit, commonly known as petrol, decreasing it from N1,020 to N899 per liter.
This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria in a statement released on Saturday.
The statement signed by the association’s National Public Relations Officer, Dr Joseph Obele, and quoting a document released by NNPCL’s Commercial Department indicates a reduction based on the regional pricing scheme.
The price indicated that marketers would buy the product at N899 per litre, matching the price offered by the Dangote refinery a few days ago.
Marketers purchasing from Warri, Oghara, Port Harcourt and Calabar will, however, pay N970 per litre to offtake products.
The statement read, “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.
“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.
“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”
Obele noted that the price reduction by the national oil firm is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.
He also expressed optimism that PMS prices will drop further before the end of January 2025, given the global decline in crude oil prices and the naira’s recent gain against the dollar.
Obele described the trend as a price war while he emphasized that the price reduction by Dangote Refinery and NNPCL demonstrates the benefits of competition and advocates for the immediate privatization of government-owned refineries.
The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.
However, the NNPCL spokesperson, Femi Soneye, is yet to confirm this development.
Reacting to this development, the National President of PETROAN, Billy Harry, said the price reduction is a welcome development that will bring relief to motorists and Nigerians during the holiday season.
He said, “The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians.
“We commend NNPCL for responding to our call for affordable PMS prices.”
He also listed the benefits of the price reduction to consumers, including “Reduced transportation costs: With lower PMS prices, motorists will spend less on fuel, leading to increased disposable income.
“Increased economic activity: Lower fuel prices will stimulate economic growth by reducing production costs and increasing demand for goods and services.
“Improved standard of living: The price reduction will lead to a decrease in the cost of living, enabling Nigerians to afford necessities and enjoy a better quality of life.”
Harry also commended Dangote Refinery for its earlier price reduction, which he said had helped to stimulate competition in the downstream sector.
The PETROAN national official also hinted at a report submitted by PETROAN’s technical pricing team, warning that competitive pricing can lead to compromised product quality.
He further urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards.
“PETROAN is calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards which may arise due to competitive pricing,” he added.
Heineken Lokpobiri, minister of state for petroleum resources (oil), says Nigeria will conform with the production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
On June 2, OPEC extended Nigeria’s production quota of 1.5 million barrels of crude per day (bpd) to 2025.
OPEC said Nigeria should maintain the production level till December 31, 2025.
The oil cartel increased Nigeria’s production level to 1.5 million bpd for 2024 at its ministerial meeting on November 30, 2023.
However, Nigeria has been producing below the quota.
Speaking after OPEC’s 56th joint ministerial monitoring committee (JMMC) on October 2, the minister said Nigeria remains fully committed to the objectives of the body’s declaration of cooperation (DoC).
“Nigeria remains fully committed to the objectives of the DoC, and I can confidently confirm that our country is in conformity with the agreed production limits,” he said.
“While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines, as we remain committed to balancing responsible production with our economic goals, and continue to meet our obligations under the DoC.”
OPEC RETAINS PRODUCTION OUTPUT POLICY
At the meeting, the oil cartel and its allies, known as OPEC+, retained its oil output policy, including a plan to start raising output in December.
According to a statement by OPEC, the group reviewed the crude oil production data for the months of July and August 2024 as well as current market conditions.
“During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September,” the oil cartel said.
OPEC said the three countries reiterated their resolve to maintain full conformity and compensation throughout the remaining period of the agreement.
Final estimates of September’s crude oil production levels, according to the oil cartel, would be based on authorised secondary sources that would be accessible by the second week of October.
The oil alliance added that it will provide production figures for the nations that are part of the declaration of cooperation (DoC).
“The committee noted the three separate technical workshops between representatives from the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation and the secondary sources,” OPEC said.
“The meeting was aimed at discussing September production details and submitting their revised compensation plans that include the August overproduction as per the submitted plans to the OPEC Secretariat while also emphasising the need for some members to make further cuts to compensate for overproduction.
“The JMMC emphasised the critical importance of achieving full conformity and compensation. It will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 2 June 2024.
“The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.”
Furthermore, according to OPEC, the committee would continuously assess market conditions.
OPEC said the next meeting of the JMMC is scheduled for December 1, 2024.
Petroleum marketers have raised an alarm that the Nigerian National Petroleum Company Limited, NNPCL, portal used for the purchase of Premium Motor Spirit (Petrol) has been shut down against dealers, making it impossible to apply for the commodity.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike disclosed this in a statement on Wednesday.
According to him, marketers have more than 2,000 pending tickets for the purchasing of 45,000 liters of petrol.
He hinted that the situation may lead to another round of fuel scarcity nationwide.
“I can’t confirm the price now because the portal is still shut down.
“We have more than 2,000 tickets for 45,000 liters (of petrol). That is 45,000 multiplied by 2,000, you can now know the number of million liters it will be. This is just an estimate, you know I don’t work with NNPCL and I don’t know what is on their system,” Ukadike stated.
He added that a 45,000-litre truckload of PMS is around N39.5 million, making N79 billion when multiplied by 2,000.
Reacting to the development, the spokesperson of NNPCL, Olufemi Soneye admitted that the state-owned firm has a significant backlog to address.
He said that the portal closure was intended to prevent the company from holding marketers’ funds for an extended period.
Soneye assured that the portal would soon be reopened; however, he failed to state the date when it would happen.
“We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period,” Soneye had explained.
“It will be reopened once the backlog has been sufficiently reduced. We are working to address it as soon as possible,” he stated.
The development comes as Nigerians struggle with high energy costs.
Recall that NNPCL in September 2024 announced a fresh price increase for petrol nationwide after lifting the product from Dangote Refinery.
Nigerians currently buy petrol between N950 and N1,100 per liter nationwide.
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