Tag: Fuel Hike

Petrol: Ɗangote Refinery raises price to ₦955/litre

Aminu Imam
ÆŠangote Refinery raises price

…As crude oil hits $82/barrel The ÆŠangote Petroleum Refinery has announced a hike in the price of Premium Motor Spirit (PMS), a.k.a petrol, citing the rising cost of crude oil in the global market.  The new pricing structure, released in a statement yesterday, sets the bulk purchase price of Premium Motor Spirit (PMS) at ₦955 per litre for buyers purchasing between 2 million and 4.99 million litres, while those buying 5 million litres or more will pay ₦950 per litre. This adjustment marks a 6.17% increase, equivalent to ₦55.5 per…

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Fuel price hike imminent, as depot owners raise prices to ₦950/litre

Aminu Imam
Depot owners on fuel price hike

Prices of premium Motor Spirit (PMS), better known as petrol, may soar, as depot owners have increased prices at depots by ₦43, or 4.74%, due to the rising crude oil prices. The increase which has sparked concerns among consumers, is linked to the recent surge in global crude oil prices, with Nigeria’s Bonny Light rising to $80 per barrel. Recall that the cost of Brent, the global benchmark for crude, reached $79.76 per barrel on Sunday. This current situation indicates that filling stations nationwide may adjust their pump prices to…

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Petrol: NNPCL sparks national outrage with shocking price hike by 15%, to N1,030…Independent marketers sell for N1,200

Aminu Imam
Fuel price hike

The Nigerian National Petroleum Company Limited, (NNPCL), has raised its pump price of petrol in Abuja by 14.8 percent, to N1,030 per litre from N897. The latest price increase makes it the second time the petrol price has been hiked in the past month. Recall that the company had in September increased pump price from N615 per litre to N897. The price hike follows the NNPCL’s decision to terminate its exclusive purchasing agreement with Dangote Refinery. As a result, the NNPC will no longer act as the sole off-taker for…

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“Severity of fuel price hikes unbearable” – Leaders tell Tinubu

Aminu Imam
Leaders on fuel price2

Amid rising petrol prices and the resulting economic strain, leaders from the Nigerian Baptist Conference, ex-Senator Shehu Sani, and former Kaduna State Christian Association of Nigeria (CAN) Chairman, Rev. Joseph John Hayab, have urged President Bola Ahmed Tinubu to intervene in the interest of the masses. Speaking at the 64th Baptist Ministers Conference in Kaduna yesterday, the leaders highlighted the severe impact of fuel price hikes on Nigerians’ daily lives. Senator Sani, who represented Kaduna-Central in the 8th Assembly, acknowledged the widespread suffering caused by economic reforms. He stressed that…

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“Fuel price hike crucial for Nigeria’s growth” – Tinubu

Aminu Imam
Tinubu on subsidy

President Bola Tinubu had said the rise in the price of Premium Motor Spirit (PMS), better known as petrol, is a very crucial decision in order to foster Nigeria’s growth. The President, who made this known on Friday, during his meeting with Nigerians in Beijing, China, after rounding-off his official engagements in the country, stated this through a statement by his spokesperson, Ajuri Ngelale. While stating the hike in the petrol price hike and other adjustments by the current administration are part of the agenda to place Nigeria on economic…

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Subsidy Removal: “Nigerians under strain from ‘trilemma’ of high petrol, diesel, gas prices” – Stakeholders

Aminu Imam

Stakeholders have lamented that Nigerians are facing the brutal consequences of government policies that lack adequate planning and the result of bold decisions that lack the benefit of detailed consequence management. Recall that President Bola Tinubu, on Wednesday, while ringing the NASDAQ closing bell, touted his reforms in removing subsidies and unifying different official rates to make a case for investing in Nigeria. However, these decisions have thrown millions into poverty following a poorly managed intervention programme and lack of concrete plans to increase the dollar supply. In the wake…

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Fuel price increase looms, as crude oil hits $95.70 per barrel

Aminu Imam

…FG insists on no price hike The continued rise in the price of crude oil, at $95.70 per barrel yesterday from $94 per barrel weekend, in addition to inflation and depreciation of the Naira have culminated in the price of imported fuel rising in the global market. This is contained in the latest report from the Organisation of Petroleum Exporting Countries (OPEC) yesterday. Oil traders, who spoke to newsmen, said refiners would pass the high price of oil to fuel importers, including Nigeria which imports 100 per cent of its…

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Marketers eye fresh fuel price hike, as crude hits $94

Aminu Imam

The rise in the cost of crude oil, coupled with the depreciation of the naira against the United States dollar, might lead to a hike in the pump price of Premium Motor Spirit, popularly called petrol, oil marketers stated on Sunday. It was also gathered that the sharp rise in crude oil price to about $94/barrel and the crisis around forex, had warranted a gradual increase in the amount being quietly spent as subsidy on petrol by the Federal Government. Dealers in the downstream oil sector explained that the cost…

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“There’ll be no increase in fuel price”, Tinubu assures

Aminu Imam

President Bola Ahmed Tinubu has assured Nigerians that there will be no increase in the pump price of petrol in any part of the country. Presidential spokesman Ajuri Ngelale, who disclosed this yesterday, quoting President Tinubu, said the market has been deregulated and will remain so. He stressed that the Government will address the inefficiencies within the midstream and downstream petroleum subsectors. According to him, this move is to maintain prices where they are without having to resort to a reversal of the administration’s policy in the petroleum industry. This…

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“Fuel Hike: “Let the masses breathe” – Labour tells FG

Aminu Imam

…Says hike increased poverty, criminality in Nigeria The Organised Labour, comprising Nigeria Labour Congress (NLC) and its Trade Union Congress (TUC) counterpart in Kano, has called on the Federal Government to, as matter of respect, fulfill the agreement and promises earlier reached with regards to palliatives and other resolutions for Nigerians. Chairman of the NLC Kano chapter, Comrade Kabiru Inuwa, made the call when he led a peaceful protest against fuel price hike and other policies of the Federal Government yesterday. No fewer than 20 unions, who converged on the…

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