Petrol Price Archives - Page 4 of 9

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

November 10, 2024November 10, 2024 Aminu Imam

Oil marketers, on Friday, revealed that the price of Premium Motor Spirit, (PMS), popularly called petrol, produced by the ?angote 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 ?angote 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…

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

October 10, 2024October 10, 2024 Aminu Imam

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…

Finally, FG officially commences crude oil sales to ?angote in Naira

October 7, 2024October 7, 2024 Aminu Imam

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…

NNPCL plans new price adjustment, as ?angote petrol reaches Nigerian markets

October 7, 2024October 7, 2024 Aminu Imam

xr:d:DAFinOeoyqE:49,j:3132650444286348036,t:23071811

The Nigerian National Petroleum Company Limited (NNPCL) is set to introduce a new pricing structure for petrol after sourcing approximately 103 million liters from ?angote 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…

Petrol may hit N2,000/litre over ?angote�s subsidy scrapping call – Stakeholders

September 25, 2024September 25, 2024 Aminu Imam

?angote 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…

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

September 21, 2024September 21, 2024 Aminu Imam

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…

NNPC to sell ?angote petrol above N1,000/litre in North, N950 in Lagos

September 17, 2024September 17, 2024 Aminu Imam

The Nigerian National Petroleum Company Limited (NNPCL), has announced that petrol lifted from the ?angote Refinery will be sold above N1,000 per litre in the far North. The NNPC spokesperson, Olufemi Soneye, disclosed this yesterday, in a statement, titled: �NNPC Ltd Releases Estimated Pump Prices of PMS from ?angote Refinery Based on September 2024 Pricing�. Soneye explained that the price of petrol from the ?angote Refinery will vary across the country, ranging from N960 per litre in southern States like Oyo and Rivers, to N999.22 per litre in Abuja, Sokoto,…

?angote debunks NNPCL’s claim of buying�its petrol at N898/ litre

September 16, 2024September 16, 2024 Aminu Imam

The ?angote Refinery has dismissed claims by the Nigerian National Petroleum Company Limited (NNPCL) that it bought Premium Motor Spirit, a.k.a petrol, from its refinery at N898 per litre. The company, which disclosed this in an issued press statement signed by its Group Chief Branding and Communications Office, Olufemi Soneye, denied claims that the national oil company purchased petrol at N898 per litre, saying it sold the priduct to NNPCL in dollars. Recall that the NNPCL had recently alleged that buy the product from the Refinery at N898 per litre,…

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

September 11, 2024September 11, 2024 Aminu Imam

Oil marketers are expressing growing concerns about the potential price of Premium Motor Spirit (PMS), better known as petrol, from the ?angote 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…

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

September 8, 2024September 8, 2024 Aminu Imam

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…