• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Nigeria: NNPC Ditches Oil Swap Contracts, Switches To Cash Payments For Fuel Import

Nigeria: NNPC Ditches Oil Swap Contracts, Switches To Cash Payments For Fuel Import

2 years ago
Amid Escalated Attacks In Benue, Nigerian Army Deploys 197 Troops To Gambia

Amid Escalated Attacks In Benue, Nigerian Army Deploys 197 Troops To Gambia

1 hour ago
US Bombs Iran’s Three Nuclear Sites

US Bombs Iran’s Three Nuclear Sites

8 hours ago
Nigeria’s Amusan To Compete In Jamaica As Athletics Season Kicks Off

Paris Diamond League: Nigeria’s Amusan Finishes Second In 100m Hurdles

18 hours ago
West Africa Wants Energy, Minerals Deals With Washington, But Decries Trump’s Ban

Nigerian Govt Debunks Claims Of Abandonment Of Citizens In Iran

19 hours ago
Nigeria’s First Female Fighter Pilot Celebrated In Ghana 

Nigeria’s First Female Fighter Pilot Celebrated In Ghana 

19 hours ago
Sunday, June 22, 2025
  • About
  • Privacy Policy
Heritage Times
No Result
View All Result
Translate |
  • Login
  • Politics
    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

    Zambia’s Former President To Be Buried In South Africa After Funeral Dispute

    Zambia’s Former President To Be Buried In South Africa After Funeral Dispute

    Uganda: Concerns Rise Over Ageing African Leaders, As 86-Year-Old Deputy PM Gets Nominated For Re-election Inside His Car

    Uganda: Concerns Rise Over Ageing African Leaders, As 86-Year-Old Deputy PM Gets Nominated For Re-election Inside His Car

    Iran War, US Trade War Top Agenda As G-7 Summit Opens In Canada

    Iran War, US Trade War Top Agenda As G-7 Summit Opens In Canada

    Guinea Revokes Mining Concession Over Firm’s Inability To Build Alumina Refinery

    Junta-led Guinea Sets Up Body To Conduct December Elections

    Burundi: Outrage As Ruling Party Sweeps All Parliamentary Seats

    Cameroon: Police Lay Siege At Opposition Leader’s Home

    Cameroon: Police Lay Siege At Opposition Leader’s Home

    At Tanzania Summit, African Leaders Call For End To DRC Conflict

    Rwanda Exits Central African Regional Bloc Over Row With DRC

  • Economy
    Nigeria: Civil Service Week Kicks Off With Launch Of State-of-the-Art OHCSF Entrance Foyer

    Nigeria: Civil Service Week Kicks Off With Launch Of State-of-the-Art OHCSF Entrance Foyer

    At West Africa Summit, Tinubu Wants End To Export Of Unprocessed Minerals

    At West Africa Summit, Tinubu Wants End To Export Of Unprocessed Minerals

    Sierra Leone Suffers Power Cut As Turkish Power Supplier Shutdown Amid $40 Million Debt

    Nigeria’s Power Grid In Crisis As 264 Transmission Towers Vandalised In 15 Months – TCN

    Niger: Military Govt Takes Over French-Owned Uranium Firm As Row Escalates

    William Ruto

    Kenya: Parliament Passes Proposed 2025 Finance Law, Denies KRA Access To Taxpayers’ Data

    Nigerian Govt Launches 14-Man Task Team To Tackle Building Collapse Crisis

    Nigerian Govt Launches 14-Man Task Team To Tackle Building Collapse Crisis

    West Africa Wants Energy, Minerals Deals With Washington, But Decries Trump’s Ban

    West Africa Wants Energy, Minerals Deals With Washington, But Decries Trump’s Ban

    junta

    Junta-led Burkina Faso, Mali, Niger To Attend West African Economic Summit In Nigeria 

    Mali’s Junta Takes Over Canadian-Owned Gold Mine In Tax Row

    Mali’s Junta Takes Over Canadian-Owned Gold Mine In Tax Row

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

    Zambia’s Former President To Be Buried In South Africa After Funeral Dispute

    Zambia’s Former President To Be Buried In South Africa After Funeral Dispute

    Uganda: Concerns Rise Over Ageing African Leaders, As 86-Year-Old Deputy PM Gets Nominated For Re-election Inside His Car

    Uganda: Concerns Rise Over Ageing African Leaders, As 86-Year-Old Deputy PM Gets Nominated For Re-election Inside His Car

    Iran War, US Trade War Top Agenda As G-7 Summit Opens In Canada

    Iran War, US Trade War Top Agenda As G-7 Summit Opens In Canada

    Guinea Revokes Mining Concession Over Firm’s Inability To Build Alumina Refinery

    Junta-led Guinea Sets Up Body To Conduct December Elections

    Burundi: Outrage As Ruling Party Sweeps All Parliamentary Seats

    Cameroon: Police Lay Siege At Opposition Leader’s Home

    Cameroon: Police Lay Siege At Opposition Leader’s Home

    At Tanzania Summit, African Leaders Call For End To DRC Conflict

    Rwanda Exits Central African Regional Bloc Over Row With DRC

  • Economy
    Nigeria: Civil Service Week Kicks Off With Launch Of State-of-the-Art OHCSF Entrance Foyer

    Nigeria: Civil Service Week Kicks Off With Launch Of State-of-the-Art OHCSF Entrance Foyer

    At West Africa Summit, Tinubu Wants End To Export Of Unprocessed Minerals

    At West Africa Summit, Tinubu Wants End To Export Of Unprocessed Minerals

    Sierra Leone Suffers Power Cut As Turkish Power Supplier Shutdown Amid $40 Million Debt

    Nigeria’s Power Grid In Crisis As 264 Transmission Towers Vandalised In 15 Months – TCN

    Niger: Military Govt Takes Over French-Owned Uranium Firm As Row Escalates

    William Ruto

    Kenya: Parliament Passes Proposed 2025 Finance Law, Denies KRA Access To Taxpayers’ Data

    Nigerian Govt Launches 14-Man Task Team To Tackle Building Collapse Crisis

    Nigerian Govt Launches 14-Man Task Team To Tackle Building Collapse Crisis

    West Africa Wants Energy, Minerals Deals With Washington, But Decries Trump’s Ban

    West Africa Wants Energy, Minerals Deals With Washington, But Decries Trump’s Ban

    junta

    Junta-led Burkina Faso, Mali, Niger To Attend West African Economic Summit In Nigeria 

    Mali’s Junta Takes Over Canadian-Owned Gold Mine In Tax Row

    Mali’s Junta Takes Over Canadian-Owned Gold Mine In Tax Row

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
First with the News

Nigeria: NNPC Ditches Oil Swap Contracts, Switches To Cash Payments For Fuel Import

October 15, 2023
in Economy, Top Stories
0
Nigeria: NNPC Ditches Oil Swap Contracts, Switches To Cash Payments For Fuel Import
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

By John Ikani

The Nigerian National Petroleum Company Limited (NNPCL) has adopted a new approach for purchasing petrol by cash tenders instead of oil swaps, marking a significant shift after nearly a decade, as per insider sources cited by Reuters.

Relatedreading

Amid Escalated Attacks In Benue, Nigerian Army Deploys 197 Troops To Gambia

US Bombs Iran’s Three Nuclear Sites

Meanwhile, the Nigerian Upstream Regulatory Commission (NUPRC), led by Gbenga Komolafe, has introduced a digital platform to address recurring disputes between the oil and gas industry operators and their host communities.

In a bid to foster better relations with host communities, Shell Petroleum Development Company Limited (SPDC) has disbursed N3.72 billion and an additional $12.32 million (N9.48 billion) for community development in accordance with the Petroleum Industry Act (PIA).

NNPCL recently concluded its latest petrol procurement tender for November delivery. It has been revealed that NNPCL will settle its outstanding debts from the long-standing oil swaps by the end of the upcoming month.

This transition is part of President Bola Tinubu’s broader reform efforts to eliminate costly fuel subsidies and stabilize Nigeria’s fiscal situation.

In the previous year, NNPCL faced challenges in remitting funds to the government, even as oil prices surged, as all available crude oil was committed to oil-for-fuel swaps.

NNPCL’s outstanding debts to traders, valued at up to $3 billion worth of crude oil this year, are expected to be cleared in November.

President Tinubu’s reforms, initiated in May, resulted in a significant increase in petrol prices and a reduction in cross-border smuggling, which used to divert significant quantities of petrol from Nigeria to neighbouring countries with higher pump prices.

Despite being a major oil producer in Africa, Nigeria has limited refining capacity and heavily depends on fuel imports to meet the energy needs of its 200 million population.

Despite these reforms, NNPCL remains the primary petrol importer due to ongoing foreign exchange shortages and a price cap that makes it difficult for private importers to operate profitably in the fuel importation sector.

Tags: breakingGbenga KomolafeHeritageheritage timesheritagetimesmediahtlatestnewsNigerian National Petroleum Company Limited (NNPCL)Nigerian Upstream Regulatory Commission (NUPRC)Shell Petroleum Development Company Limited (SPDC)the heritage timesthehtafricathtthtafricatop stories
ShareTweetSend
Previous Post

Israel-Hamas War Sees Highest Palestinian Death Count In Gaza’s History

Next Post

Kenyan President Arrives Beijing For Belt And Road Forum For Int’l Cooperation

Related Posts

Amid Escalated Attacks In Benue, Nigerian Army Deploys 197 Troops To Gambia

Amid Escalated Attacks In Benue, Nigerian Army Deploys 197 Troops To Gambia

June 22, 2025
US Bombs Iran’s Three Nuclear Sites

US Bombs Iran’s Three Nuclear Sites

June 22, 2025

Paris Diamond League: Nigeria’s Amusan Finishes Second In 100m Hurdles

Nigerian Govt Debunks Claims Of Abandonment Of Citizens In Iran

Nigeria’s First Female Fighter Pilot Celebrated In Ghana 

WAFU B Cup: Nigeria, Ghana, Others Get Opponents

Next Post
Kenyan President Arrives Beijing For Belt And Road Forum For Int’l Cooperation

Kenyan President Arrives Beijing For Belt And Road Forum For Int'l Cooperation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2

Updates

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Amid Escalated Attacks In Benue, Nigerian Army Deploys 197 Troops To Gambia

Amid Escalated Attacks In Benue, Nigerian Army Deploys 197 Troops To Gambia

June 22, 2025
US Bombs Iran’s Three Nuclear Sites

US Bombs Iran’s Three Nuclear Sites

June 22, 2025
Nigeria’s Amusan To Compete In Jamaica As Athletics Season Kicks Off

Paris Diamond League: Nigeria’s Amusan Finishes Second In 100m Hurdles

June 21, 2025
West Africa Wants Energy, Minerals Deals With Washington, But Decries Trump’s Ban

Nigerian Govt Debunks Claims Of Abandonment Of Citizens In Iran

June 21, 2025
JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia
ADVERTISEMENT

Most Recent

Amid Escalated Attacks In Benue, Nigerian Army Deploys 197 Troops To Gambia

June 22, 2025

US Bombs Iran’s Three Nuclear Sites

June 22, 2025

Paris Diamond League: Nigeria’s Amusan Finishes Second In 100m Hurdles

June 21, 2025

Nigerian Govt Debunks Claims Of Abandonment Of Citizens In Iran

June 21, 2025

Nigeria’s First Female Fighter Pilot Celebrated In Ghana 

June 21, 2025

WAFU B Cup: Nigeria, Ghana, Others Get Opponents

June 21, 2025

WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

June 21, 2025

Nigeria: Civil Service Week Kicks Off With Launch Of State-of-the-Art OHCSF Entrance Foyer

June 21, 2025

About

Heritage Times HT stands as a beacon of pan-African journalism, dedicated to amplyfing the rich tapestry of voices and narratives across the continent. With unwavering commitment, we illuminate the evocative essence of Africa, offering a fresh perspective that captivates our global audience.

Featured

AfDB Set For A New President, As Ould Tah Gains Continental Endorsement

How Dangote Is Turning Trump’s Trade War Into Africa’s Opportunity

Nigeria @ 64: Meet Young Luminaries Leading Social Transformation

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

  • About
  • Privacy Policy

© 2024 Heritage Times (HT) Media.

No Result
View All Result
  • Welcome
  • Politics
  • Economy
  • Security
  • Exposé
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Columns
    • Opinion
  • World
  • __________________
  • Make a Donation
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact us

© 2024 Heritage Times (HT) Media.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In