Petrol Price Archives - Page 5 of 9

FG to allow ?angote Refinery fix petrol price � Report

September 6, 2024September 6, 2024 Aminu Imam

The Federal Government is reportedly set to allow Aliko ?angote�s refinery to fix petrol prices. This is according to a report from Bloomberg. Recall that the ?angote Refinery on Tuesday began the production of long-awaited petrol, a development that is a major milestone in Nigeria�s energy sector. Since then, many Nigerians have been keen to find out the price at which the businessman will sell his petrol. However, Aliko ?angote has stated that it is not his role to set petrol prices; he will leave that responsibility to the Federal…

‘No directive issued to NNPCL to�hike�petrol price to N1,000’ – Minister

September 4, 2024September 4, 2024 Aminu Imam

Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said that no directive was issued to the Nigerian National Petroleum Company Limited (NNPCL) to increase petroleum prices to N1,000. Lokpobiri, in a statement issued yesterday by his Special Adviser, Media and Communication, Nnemaka Okafor said he did not direct the NNPC Ltd. or any other entity within the sector to manipulate prices. He said, “The Federal Government has been compelled to address the outright falsehood and malicious claims currently circulating on social media. We categorically condemn these claims as…

?angote Refinery may roll out PMS supply in May � Report

April 4, 2024April 4, 2024 Aminu Imam

?angote Refinery is set to supply Premium Motor Spirit (PMS),� popularly known as petrol, to marketers next month, May 2024, according to sources familiar with the matter. Recall that VoL reported yesterday that the largest refinery in Africa began the distribution of diesel and aviation jet fuel to domestic marketers at 1,225/litre, a development that might reduce the retail price of both products in the coming months. According to Bloomberg report, the new mega-refinery will begin supply of PMS in the domestic market in May, significantly reducing Nigeria�s dependence on…

Price of petroleum products to come down soon � NAGOSA, PETROAN�

December 13, 2023December 13, 2023 Aminu Imam

The Natural Oil and Gas Suppliers Association of Nigeria, (NAGOSA), and the Petroleum Products Retail Outlets Owners Association of Nigeria, (PETROAN), have expressed hope that the price of petroleum products in Nigeria would soon come down.� Speaking during a joint inauguration of the Akwa Ibom State chapters of the organisations in Uyo, Akwa-Ibom State, the National President of NAGOSA, Kenneth Korie, noted that the price would significantly reduce when the refineries, especially the Port Harcourt Refinery comes on board in no distant time.� Korie, who is also the Managing Director…

�Refineries not refurbished to reduce petrol price� – NNPCL GMD

December 10, 2023December 10, 2023 Aminu Imam

The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has said that the country’s refineries are not being refurbished to reduce petrol price. Recall that the Senate had issued a 24-hour ultimatum on Wednesday to the NNPCL boss after an observations that he had in previous occasions, shunned summons by the Senate to appear before its ad-committee probing over N11 trillion expenditure on turn-around maintenance of refineries in the country between 2010 and 2023. Responding to questions by the Senate Committee on Appropriations…

Marketers hint at N800 petrol price, amid surging landing cost, worsening FX constraints

October 30, 2023October 30, 2023 Aminu Imam

Marketers of petroleum products in Nigeria have hinted that the pump price of petrol in the country could rise further to between N700 and N800 per litre, up from the current N580 � N617 per litre. The oil marketers gave the hint in Lagos at the just-concluded Oil Trading and Logistics (OTL) Africa Downstream Expo, where they expressed their frustration over the return of a regulated petrol pricing regime amid rising landing costs, and shortage of foreign exchange. Moderating one of the panel sessions with the topic: �Africa Fuels Update…

Nigeria�s Seaports’ outrageous ship berthing cost worsening petrol prices – Stakeholders

October 19, 2023October 19, 2023 Aminu Imam

The cost of berthing a petrol-laden ship in Nigeria is five times higher than that of its West African neighbours � a development that is pushing up the country�s petrol prices, findings have revealed. Analysis and expert opinions show that exorbitant ship berthing costs at Nigerian ports are contributing to the high lightering expense, a key element of the country�s landing cost of Premium Motor Spirit (PMS), popularly called petrol. Industry data showed that bringing a 30,000-tonne vessel of PMS to berth is currently $299,069, while the average cost in…

Subsidy Removal: �Nigerians under strain from �trilemma� of high petrol, diesel, gas prices� – Stakeholders

September 22, 2023September 22, 2023 Aminu Imam

Stakeholders have lamented that Nigerians are facing the brutal consequences of government policies that lack adequate planning and the result of bold decisions that lack the benefit of detailed consequence management. Recall that President Bola Tinubu, on Wednesday, while ringing the NASDAQ closing bell, touted his reforms in removing subsidies and unifying different official rates to make a case for investing in Nigeria. However, these decisions have thrown millions into poverty following a poorly managed intervention programme and lack of concrete plans to increase the dollar supply. In the wake…

?angote Refinery to sell petrol to Nigerians in US Dollars, not Naira – Executive Director

September 21, 2023September 21, 2023 Aminu Imam

?angote Refinery, which is set to begin production in October 2023, has revealed that the refined products from the refinery would be sold in dollars. The refinery, situated in Lagos, is expected to help solve Nigeria’s petrol importation headache Giving an explanation as to the reason for its decision, the Refinery�s Group Executive, Devakumar Edwin, speaking in an interview with S&P Global Commodity Insights, disclosed that oil refined in the facility would be bought in US dollars, not naira. While defending the decision by saying that the refinery’s location is…

NLC threatens fresh indefinite strike over petrol price increase

August 15, 2023August 15, 2023 Aminu Imam

The Nigeria Labour Congress (NLC) has threatened to proceed on a total, comprehensive and indefinite nationwide shutdown of the country if there is another increase in the pump price of�petrol from the existing N617 per litre, which it describes as illegal. This followed reports that the oil marketers have hinted of plans to increase the pump price of the product from the present rate to between N680 per litre and N720 per litre in the coming weeks, should the US dollar continue to trade at between N910 and N950 per…