Petrol Price Surge: Latest Update On Fuel Shortage For November 22, 2024

Petrol Price Surge: Latest Update On Fuel Shortage For November 22, 2024As Nigerians continue to feel the impact of rising fuel prices following the recent increase by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides the latest updates on fuel scarcity, price hikes, and reactions from both the government and citizens.

New NNPC/First E&P Floating Storage Facility Set to Boost Oil Production by 60,000bpd

Heineken Lokpobiri, the Minister of State for Petroleum Resources, has announced that Nigeria’s crude oil output will increase by 60,000 barrels per day (bpd) with the new Floating Production Storage and Offloading (FPSO) facility, a joint project between the Nigerian National Petroleum Company Limited (NNPC) and First E&P Joint Venture (JV).

Speaking during an inspection of the facility in Bayelsa State on Wednesday, Lokpobiri highlighted the significance of the “Abigail Joseph” FPSO, which is currently producing 60,000 bpd. The minister revealed that the facility is on track to increase production to 70,000 bpd in the near term, with future plans to scale up to 100,000 bpd. This development is expected to boost Nigeria’s overall oil output and contribute to meeting the nation’s energy demands.

NNPCL Requests Dismissal of Dangote Refinery’s Lawsuit on Import Licence

In another development, the Nigerian National Petroleum Corporation Limited (NNPCL) has petitioned a Federal High Court in Abuja to dismiss a lawsuit filed by Dangote Petroleum Refinery and Petrochemicals FZE, challenging the import licence issues. NNPCL’s legal team, led by Kehinde Ogunwumiju, SAN, filed a preliminary objection on November 15, requesting the court to dismiss the case for lack of jurisdiction.

The lawsuit, identified as FHC/ABJ/CS/1324/2024, seeks two specific orders: one to dismiss the case due to its premature nature, and another to remove NNPCL’s name from the proceedings. NNPCL’s submission argues that Dangote Refinery lacks the legal standing to pursue the matter, citing several points of contention in the petition.

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