Tag: Oil Marketers

Subsidy Removal: Tinubu directs NEC to work on interventions

Aminu Imam

As Oil marketers donate buses worth N10bn to FG President Bola Tinubu has directed the National Economic Council (NEC), led by Vice-President Kashim Shettima, to begin the process of working on interventions in order to ameliorate the impact of fuel subsidy removal on Nigerians. This is as some major oil marketers announced their intention to donate 50 to 100, fifty-seater mass transit buses that will cost N10 billion to the Nigerian government over fuel subsidy removal. Ogun State governor, Dapo Abiodun, stated this after leading some major oil marketers on a…

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N195/litre Pump Price: Showdown looms, as fuel marketers plan shutdown today

Aminu Imam

Independent marketers of Premium Motor Spirit, popularly called petrol, plan a lockdown on their operations beginning today, Monday once the Federal Government starts enforcing the N195/litre pump price. It was gathered at the weekend that the Nigerian National Petroleum Company Limited (NNOCL), Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association of Nigeria, Independent Petroleum Marketers Association of Nigeria (IPMAN), security agencies, and the downstream regulator had all agreed that petrol is sold at N195/litre. Oil marketers said the agreement was reached at a meeting in Abuja…

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Fuel Scarcity: Nobody is indispensable, Nigerias military chief warns oil marketers

Aminu Imam

Chief of Defence Staff, Major-General Lucky Irabor, has warned that the petrol scarcity across the country had become a security concern and nobody is indispensable in bringing a solution to the problem. Irabor stated this on Tuesday, during a meeting between oil regulators, security chiefs and petroleum marketers. The challenge of availability of fuel across the country has risen to a proportion that it had become a concern for the defence and security of our country, he said. The government is not handicapped; and there are alternatives and nobody is…

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“Comply with FGs directive on Naira transactions, Oil Marketers urges NIMASA, NPA

Aminu Imam

The Oil Marketers Association of Nigeria has said the refusal of the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA) to obey Federal Governments directive on Naira transactions for ports charges is contributing to the fall in value of naira and the rise in price of petrol. This is contained in an issued statement by the Vice Chairman II, Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Mahmood Tukur, at the weekend. Recall that the Federal Government, through its downstream regulator, and based on…

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“NNPC N6trillion fuel subsidy is a fraud” – Customs Boss, Hameed Ali

Aminu Imam

…Says over 38m litres of petrol leave Nigeria daily The Comptroller-General of Nigerian Customs Service (NCS), Hameed Ali, yesterday faulted the over N6 trillion allegedly being paid as fuel subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, in 2022 fiscal year by the Nigerian National Petroleum Company (NNPC) Limited. The Customs Boss, who disclosed this while defending the NCS presentation on the 2023-2025 Medium-Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP), held at the instance of the House Committee on Finance, chaired by Hon. Abiodun James Faleke,…

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Oil marketers say petrol will sell for N230 per litre in March

Aminu Imam

Oil marketers, yesterday, said that Premium Motor Spirit (PMS) otherwise known as petrol is to sell for as much as N230 per litre in March. This is coming against the background of insistence by the Nigerian National Petroleum Corporation, (NNPC), that it has no plans to increase the price of petrol in March. There has been a reported re-appearance of queues at filling stations in some parts of Lagos and Abuja as panic buying and petrol hoarding occurs in some filling stations. According to reports, the National Operations Controller, Independent…

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Petrol price may hit N190 as oil nears $60 – Marketers

Aminu Imam

Oil marketers have said that with the current realities in the global crude oil markets, the price of Premium Motor Spirit, (petrol) in Nigeria could hit between N185 and N200 per litre, unless the government wants to subsidise the product. Top officials of two major marketers associations, who spoke with newsmen at the weekend, said the continued increase in oil prices had indirectly brought back petrol subsidy. According to the marketers, the pump price of petrol should be between N185 and N200 per litre. The product is currently sold at between…

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Petrol price may hit N190 as oil nears $60 – Marketers

Aminu Imam

Oil marketers have said that with the current realities in the global crude oil markets, the price of Premium Motor Spirit, (petrol) in Nigeria could hit between N185 and N200 per litre, unless the government wants to subsidise the product. Top officials of two major marketers associations, who spoke with newsmen at the weekend, said the continued increase in oil prices had indirectly brought back petrol subsidy. According to the marketers, the pump price of petrol should be between N185 and N200 per litre. The product is currently sold at…

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