The Dangote Petroleum Refinery has finalized a structured offtake agreement with 12 major petroleum marketing companies to distribute between 60 million and 65 million litres of Premium Motor Spirit (PMS) daily. This strategic framework is designed to satisfy Nigeria’s entire domestic demand for petrol while positioning the country as a net exporter of refined products. […]
Petrol prices could climb to N1,000 per litre as global crude oil benchmarks push above $70 per barrel, deepening cost pressures in Nigeria’s deregulated downstream market and raising fresh inflation concerns. Crude’s move past $70 represents roughly a 10 per cent jump from last week’s $64 level, with the rally largely driven by heightened […]
This country is witnessing a near-nationwide petrol scarcity, with fuel queues springing up across major cities of the country, but this may uninterestingly get worse. This is because the Independent Petroleum Marketers Association of Nigeria (IPMAN), has threatened to cripple the supply of Premium Motor Spirit (PMS), also known as petrol, over non-payment of ₦200bn […]
By Temitope Adebayo The country’s petroleum products distribution and supply chain may face more challenging complexities, considering the current foreign exchange market intricacies. Major Energy Marketers Association of Nigeria (MEMAN) at the weekend complained that the perplexity of the forex market uncertainty has stopped members from embarking on Premium Motor Spirit (PMS), known as petrol […]
By Franklyn Nwachukwu Nigerians may be in for another long spell of petrol scarcity as the Nigerian Association of Road Transport Owners (NARTO) has hinted at plans to stop lifting petrol from Monday. The association’s National President,Alhaji Yusuf Lawal Othman, dropped the hint in a statement on Thursday I. Abuja. NARTO cited unsustainable operational costs […]
The petrol scarcity in Abuja took a new turn on Tuesday, October 10, with retailers selling the product for as high as N1,000 per litre. This is even as long queues have returned to the streets of Nigeria’s capital city — a reflection of the crisis rocking the downstream sector of the petroleum industry. Politics […]
BY TITUS AKHIGBE Tension was high yesterday in Benin City following the various protests that rocked the city centre of the state due to the hike in the petrol pump price. The protesters barricaded various strategic places leading to the adjoining streets within the capital city. Noticeable among the protest groups are the Edo State […]
Protesters, mainly youths, on Thursday, blocked the Lagos Benin Expressway at Oluku Junction to express their grievance about the rise in fuel prices and the scarcity of the product. Commuters, who were on their way to Lagos and those hoping to do business in the area, were stranded for long hours. The transporters also lamented […]
Nigeria will keep its costly but popular petrol subsidy until mid-2023 and has set aside 3.36 trillion Naira ($7.5 bn) to spend on it, Finance Minister Zainab Ahmed said on Wednesday. Africa’s biggest economy spent 2.91 trillion Naira ($7 billion) towards a petrol subsidy between January and September 2022, state-owned firm NNPC said, a cost […]
By Tom Okpe The Federal Government has proposed an aggregate expenditure of N19.76 trillion for the 2023 financial year, with a projected deficit of N11.30 trillion, saying that subsidy payment for Premium Motor Spirit, popularly called petrol, will end in June, next year. The government is also projecting the total revenue of N8.46 trillion, out […]
Latest findings reveal that the cost of Premium Motor Spirit, or petrol, imported into the country from January to September 2021 had surged by half to N2.52tn from the N1.62tn spent in the same period last year, amid the government’s plans on removing subsidy by early 2022. According to the National Bureau of Statistics, the […]
By Kingsley Chukwuka The proposed petrol pump price hike from N162 to N385 per litre by the Nigeria Governors Forum’s (NGF), has generated reaction from a Niger Delta Group, the Ogoni Libration Initiative (OLI), warning that if implemented will meet a resistance of over one million people on the streets of Nigeria. “We will organise […]
The Federal Government on Friday said it would not increase petrol price in June despite the recommendation by the Nigeria Governors Forum that the cost of the commodity is increased. A committee set up by the Nigeria Governor’s Forum had on Wednesday recommended a petrol price of between N408.5/litre and N380/litre, and also called for […]
…Says there is no provision for subsidy in 2021 budget Doosuur Iwambe, Abuja The Federal Government on Tuesday admonished Nigerians to brace up for an increase in petrol pump price. The Minister of State, Petroleum Resources, Chief Timipre Sylva who gave this charge during the official launch of the Nigerian Upstream Cost Optimisation Program in […]
By Tunde Shorunke From all indications, Nigerians and business owners who depend on petrol for their daily activities, due to epilectic power supply in the country should not expect any respite from the federal government in respect of the continuous hike in the petroleum pump price, as it is edging towards N200 per litre. This […]
The Department of Petroleum Resources (DPR) has frowned against the use of mobile phones while refueling at filling stations, calling motorists and passengers to desist the act to prevent fire outbreak. READ ALSO: DPR warns IPMAN members against selling petrol above official pump price DPR Operation Controller in Osun, Mr Olusegun Daboh on Monday said that […]
Abuja – The Petroleum Products Pricing Regulatory Agency (PPPRA) has removed the cap on the price of Premium Motor Spirit (PMS) also known as petrol. Also the Nigerian National Petroleum Corporation (NNPC) says it is firming up business portfolios in the power, medical, housing and other sectors that would strengthen the profitability of the state […]
Lagos – The Lagos Chapter of the Actors’ Guild of Nigeria (AGN), on Thursday condemned the absence of some stakeholders from decision making meetings. The chapter in reaction to calls for the removal of Sen. Elisha Abbo as AGN patron frowned at the stakeholders in a statement signed by AGN Lagos Chapter spokesperson, Bigdeal Omoruyi. […]
El Salvador’s Congress narrowly approved a controversial law intended to allow the prosecution of crimes committed during the country’s bloody civil war. President Nayib Bukele on Thursday said he would veto it. READ ALSO: Coronavirus in Europe: Germany at start of epidemic While proponents argue the law is meant to ensure that nobody receives an […]
23 jerry cans of Premium Motor Spirit (PMS) concealed in two caskets were intercepted by joint anti-bunkering team of the Nigeria Customs Service on Wednesday at Idiroko border. Abdullahi Maiwada, Customs Spokesman in the area, said in a statement that the fuel lading coffins were abandoned in a Mazda 626 with Lagos registration number LSD […]