Tag: Petrol Price

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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Ɗangote Refinery slashes petrol price by 2% to ₦970 per litre

Aminu Imam
Ɗangote Refinery slashes

The Ɗangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) from ₦990 per litre to ₦970 per litre for marketers. The announcement was made in a statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, read in part: “As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true. In addition, this is to thank the government for their support, as this…

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Ɗangote Fuel: “We don’t need your N50 petrol price slash” – Nigerians knock IPMAN 

Aminu Imam
Nigerians knock IPMAN

Nigerians have voiced their discontent over the recent N50 petrol price slash announced by the Independent Petroleum Marketers Association of Nigeria (IPMAN), calling it insignificant and unlikely to ease their burdens. Recall that IPMAN, through its National President Abubakar Maigandi, announced on Tuesday that Ɗangote Refinery had agreed to supply petrol to IPMAN members at N940 per litre for depots and N990 per litre for trucks. As a result, IPMAN members, who previously sold petrol between N1,150 and N1,200 per litre, would adjust their prices down by N50, depending on…

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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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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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Finally, FG officially commences crude oil sales to Ɗangote in Naira

Aminu Imam
FG Ɗangotecrude oil sales

The Federal Government has officially commenced the sales of crude oil and refined petroleum products in the local currency, the Naira. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced on Saturday that in line with the Federal Executive Council (FEC) directive, the sale of the products in Naira commenced on October 1. According to the statement issued by the Director of the Information and Public Relations, Ministry of Finance, Mohammed Manga, “Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and…

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NNPCL plans new price adjustment, as Ɗangote petrol reaches Nigerian markets

Aminu Imam
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The Nigerian National Petroleum Company Limited (NNPCL) is set to introduce a new pricing structure for petrol after sourcing approximately 103 million liters from Ɗangote Refinery between September 15 and 30, according to sources. This follows NNPCL’s recent price increase on September 3, raising petrol prices at its stations from N617 per litre to between N855 and N897. During this period, the refinery dispatched 2,207 out of the 3,621 trucks sent, transporting 102,973,025 liters – just 26% of the planned 400 million liters at a daily target of 25 million…

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Petrol may hit N2,000/litre over Ɗangote’s subsidy scrapping call – Stakeholders

Aminu Imam
Ɗangote’s subsidy calls

Ɗangote Petroleum Refinery, sole producer of petrol being off-taken and distributed for Nigerians, has declared that the Government should end subsidy, a move that would cause imminent surge in the prices of the product to as high as N1,800 litre to N2,000/ litre. The founder of the 650,000 barrels per day capacity refinery, who threw his full weight behind subsidy removal just nine days after his facility started production of petrol, said in an interview with Bloomberg that this is the right time for the federal government to stop petrol subsidy. The…

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‘Petrol price renders N70, 000 minimum wage useless’ – NLC 

Aminu Imam
NLC on minimum wage

The Nigeria Labour Congress, (NLC), has said the new price for Premium Motor Spirit, (PMS), otherwise known as petrol, has eroded the gains of the yet-to-be-implemented N70,000 new national minimum wage. The Organised Labour said it would meet with the federal government to discuss how workers could survive the recent hardship orchestrated by the development. President of NLC, Joe Ajaero, who disclosed this on Thursday, at the opening ceremony of a two-day workshop on: “Minimum Wage Implementation Workshop, Southern Zone, with the theme: ‘Strategies for Effective Implementation of the 2024…

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