Tag: Oil Marketers

Petrol landing cost drops to 900/litre, but retail prices remain high

Aminu Imam
Petrol landing cost drops

The cost of landing Premium Motor Spirit (PMS), commonly referred to as petrol, has decreased by ₦36, now standing at ₦900.28 per litre, as of Thursday. This represents a 3.62% drop from the previous week’s figure of ₦936.75 per litre, according to data released by the Major Oil Marketers Association of Nigeria, (MOMAN). Earlier this week, the landing cost had dipped to ₦890.43 per litre, marking a continuing trend in declining import costs. Fresh reports also indicate that oil marketers imported a total of 90,308 metric tonnes of fuel between…

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‘Petrol landing cost now ₦1,125/litre’ – Marketers  

Aminu Imam
Marketers Association

The landing cost of Premium Motor Spirit (PMS), a.k.a petrol, has hit ₦1,125.57 per litre, the Major Energy Marketers Association of Nigeria, (MEMAN), disclosed yesterday. According to data from depots in Nigeria shared by MEMAN, showed that as at August 26, the price at which the product landed at the depots was ₦1,125.57 per litre. The product is officially sold by the Nigerian National Petroleum Company Limited (NNPCL) and other majors at ₦630/litre as of the same date. This is a differential of ₦485.57 paid as subsidy or under-recovery incured…

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Oil Marketers plan to import petrol below Ɗangote’s N1,028/litre price

Aminu Imam
Oil marketers Ɗangote Refinery

Oil marketers, on Friday, revealed that the price of Premium Motor Spirit, (PMS), popularly called petrol, produced by the Ɗangote Petroleum Refinery was between N1,015 and N1,028/litre depending on the quantity being purchased. Based on this, the dealers vowed to import the commodity and sell it below the Ɗangote Refinery price, as well as the price being sold by the Nigerian National Petroleum Company Limited, (NNPCL). Data released by the Major Energies Marketers Association of Nigeria on Thursday showed that the landing cost of petrol was N978.01/litre as of October…

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10, 000 Oil Marketers to close businesses, as petrol cost rises

Aminu Imam
Oil Marketers appeal

…Writes Tinubu for intervention Oil marketers have written to President Tinubu, requesting a grant of N100 billion to assist in preventing the closure of impacted 10,000 marketers’ businesses in the coming weeks. National Public Relations Officer for the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN),  Dr. Joseph Obele, who disclosed this to newsmen yesterday, stated that the price of a truck-load of PMS has surged from N7 million to N47 million over the past 16 months. According to him, “Three days ago, there was a meeting at the…

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Major marketers begin lifting petrol from Ɗangote Refinery

Aminu Imam
Marketers, Ɗangote

The Nigerian National Petroleum Company Limited, (NNPCL), has authorised major petroleum marketers to commence lifting premium motor spirit, (PMS), better known as petrol, from Ɗangote Petroleum Refinery under the existing agreement between it and the refinery. The initial agreement stated that NNPCL is the sole distributor of the refinery’s petrol with the first batch of the consignment put at 16.8 million liters lifted by NNPCL’s retail entity. Findings indicated that some major marketers have already lifted the product for distribution to their outlets in Lagos and other parts of the…

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Petrol: Marketers, NNPCL counter Ɗangote Refinery over lower-pricing boycott claims

Aminu Imam
Marketers, NNPCL Ɗangote

Nigeria’s oil and gas crisis took a fresh twist yesterday, when the Vice-President of Ɗangote Industries Limited, Devakumar Edwin accused local petroleum marketers of boycotting Ɗangote Refinery’s petrol despite offering lower prices. Recall that Edwin, speaking during an X space session organised by Nairametric on Thursday, said only 3% of local petroleum marketers were interested in buying its recently rolled-out petrol. He stressed that local marketers refused to purchase PMS from the 650,000 barrels per day Lagos-based refinery while having a preference for imported petrol. His claim struck Nigerians and…

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“95% of marketers don’t buy our diesel over low pricing” – Ɗangote Refinery

Aminu Imam
Dangote diesel

Ɗangote Refinery, one of Africa’s largest oil refineries, has expressed concern over the lack of patronage from petroleum marketers due to low pricing strategies on its product sales. Vice-president of Ɗangote Industries Limited, Devakumar Edwin, disclosed this on a Twitter Spaces session organised yesterday. He said, “Over 95 percent of petroleum product importers in Nigeria are not buying from the Ɗangote Refinery. The Ɗangote Refinery struggles to sell about 29 tankers of diesel per day due to low patronage from local petroleum products importers. As a result of this poor…

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Fuel landing cost hits N1,120/litre, as marketers worry over Ɗangote Refinery prices

Aminu Imam
Fuel marketers on Ɗangote

Oil marketers are expressing growing concerns about the potential price of Premium Motor Spirit (PMS), better known as petrol, from the Ɗangote Petroleum Refinery, as the landing cost of imported petrol has surged to approximately N1,120 per litre. The increase in the landing cost, which was reported at N1,117 per litre in July, has put pressure on dealers to consider alternative sources for their petrol supplies. With pump prices fluctuating between N600 and N700 per litre in July and rising to between N855 and N897 per litre last week, the…

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‘Marketers selling petrol into Jerry cans, meter alteration, hoarding risk loss of license’ – NMDPRA

Aminu Imam
NMDPRA 2 marketers

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that marketers risk losing their licenses if they hoard fuel, sell into jerry cans, or tamper with their meters. During an inspection tour in Abuja on Friday,  NMDPRA’s Executive Director of Distribution Systems, Storage, and Retailing Infrastructure, Ogbugo Ukoha, who issued the warning, emphasised that retail petrol stations must stop selling fuel to black marketers, as this poses significant safety risks and violates federal regulations. “You need to take this warning very seriously. If you need security reinforcements, speak…

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Fuel Scarcity: Oil Marketers give reasons, as filling stations adjust pumps to new price

Aminu Imam
Oil marketers on fuel price

Petrol filling stations across Nigeria have adjusted their pump prices from N62 per litre to new prices, following the scarcity of Premium Motor Spirit (PMS), also known as petrol, especially in Abuja. However, the new scarcity is majorly felt by residents of Abuja and other northern States like Jigawa, Kebbi. The new scarcity comes amid reports that Nigerian National Petroleum Company Limited (NNPCL) owes around $3 billion to fuel traders for imported petrol. Oil marketers are blaming the NNPC for the new scarcity. The marketers  under the Petroleum Products Retail…

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