Tag: Petrol Price

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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Marketers demand sale of 2 refineries, as NNPCL slashes prices again 

Aminu Imam
Oil marketers demand

…Begin fuel loading from Warri refinery   The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the Federal Government to privatise government-run refineries, allow competition, and boost transparency, accountability and investment in infrastructure, in order to enhance operations in the downstream sector.  The marketers, who made the demand in its ‘2024 Retrospective and Outlook’ document, released at the weekend,  urged the Federal Government to privatise Warri and Kaduna refineries. They also asked the Government to enforce local content development, boost the effectiveness of compressed natural gas (CNG) in…

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Borno: Zulum subsidises petrol to ₦600 per litre for farmers

Aminu Imam
Zulum subsidises

Borno State governor, Babagana Zulum, has stated that the State government will provide financial support to farmers in areas impacted by the Boko Haram insurgency by subsidising the price of petrol to ₦600 per litre. The Governor, on Friday, unveiled a subsidy for farmers displaced by Boko Haram during a distribution of agricultural supplies to over 5,000 farmers in Bama town. This announcement was made the following day by the Governor’s Senior Special Assistant on New Media, Abdulrahman Bundi, who said a litre of petrol sold between N1,000 and N1,200…

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NNPCL, ?angote slashes petrol price

Aminu Imam
NNPCL, ?angote slashes

…?angote commends Tinubu’s naira-for-crude swap deal Days after the Dangote Refinery slashed its own price to ?899.50, the Nigerian National Petroleum Company Limited (NNPCL) has also reduced price of petrol to to ?899 per litre. The  Petroleum Products Retail Outlets Owners Association of Nigeria’s National Public Relations Officer, Dr. Joseph Obele, who confirmed the development in an statement yesterday, said: “The NNPCL has taken a significant step in response to the competitive impact of deregulation in the downstream sector. “The company recently reduced the ex-depot price of Premium Motor Spirit…

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?angote slashes petrol price to ?899/litre 

Aminu Imam
?angote slashes petrol price

…Fuel marketers panic, cancel orders from abroad ?angote Petroleum Refinery has reduced the ex-depot price of its premium motor spirit (PMS), also known as petrol, to ?899.50 per litre, causing fear and anxiety among petroleum marketers. The Group Chief Branding and Communications Officer, Anthony Chiejina, who announced the development in a statement on Thursday, said, “?angote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) product to below ?900 per litre, in order to provide much-needed relief for Nigerians ahead of the holiday season. “Africa’s first privately-owned…

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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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?angote Refinery slashes petrol price by 2% to ?970 per litre

Aminu Imam
?angote Refinery slashes

The ?angote 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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?angote 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 ?angote 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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