Tag: Fuel Price

Marketers speak on new petrol price

Aminu Imam

The price of petrol has crashed from N640 per litre to N630 per litre. According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), National President, Abubakar Maigandi, the market started responding positively, as soon as the private depots got a wind of the Nigeria National Petroleum Company Ltd, (NNPCL)’s assurance to supply petrol directly to the independent marketers. He said, “The price has started reducing, since NNPCL is giving independent marketers their direct allocation. NNPCL said they will give us direct product instead of taking it to private depot…

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‘NIMASA, NPA dollarisation of charges will affect petrol pump price’ – Oil marketers

Aminu Imam

Major downstream marketers under the umbrella of the Major Energies Marketers Association of Nigeria, (MEMAN), have raised alarm that the country may face more challenges in the petroleum products distribution and supply chain, going by the current foreign exchange market intricacies. The Executive Secretary of the Association, Clement Isong, made this known at a media forum organised by the association on Thursday, in Lagos. Isong lamented that the market and Nigerians will bear the final brunt of Government policy that allows Nigeria Ports Authority (NPA ) and the Nigerian Maritime…

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Dispute with Marketers: NNPCL denies petrol price increment to N1, 200

Aminu Imam

… Says subsidy ‘entirely removed’  The Nigerian National Petroleum Company (NNPC) Limited has debunked reports that it plans to increase the price of petrol to N1, 200 per litre. Reports emerged yesterday that NNPC will announce a new increase in the price of fuel across the country.  However, reacting to the report which has generated mixed reactions, NNPC said there are no plans to hike the price of fuel. The statement, which was signed by the NNPC’s Group Communications, Officer, Olufemi Soneye, read: “NNPC Ltd emphasises that it has not…

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FG warns petrol stations operators against adjusting fuel pumps 

Aminu Imam

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA), says it will sanction fuel stations operators who alters petroleum pumps at petrol filling stations. NMDPRA Chief Executive, Farouk Ahmed, stated this during an interactive session with commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Friday, in Abuja. Ahmed said that petrol stations caught dispensing fuel with adjusted fuel pumps would face heavy sanction. According to him, the sanctions to be meted out include revocation of operating licenses, suspension from operation or shut down depending on the gravity…

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Crippling Economy: “Probe Kyari, Nigerians deserve to know true petrol landing cost – PDP Chieftain

Aminu Imam

A member of the People Democratic Party (PDP), National Presidential Campaign Council, Adetokunbo Pearse, says Nigerians have a right to know the actual landing cost of Premium Motor Spirit, (PMS), otherwise known as petrol. Dr Pearse, speaking on a television programme yesterday, stated that a thorough scrutiny should be carried out on the Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over the fluctuation of landing cost. According to him, “The way you solve a problem is to go to the source. Let the President go and…

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Fuel Price Hike: “Nigerians are suffering” – CAN tells FG

Aminu Imam

Christian Association of Nigeria (CAN) has faulted the decision of the Federal Government to remove subsidy on petroleum products without adequate provision of palliatives to cushion the sufferings that would, expectedly, accompany the decision. Its President, Archbishop Daniel Okoh, in an issued statement on Friday, expressed deepest concerns of CAN over the prevailing hardships faced by Nigerians arising from the fuel subsidy removal, and called for immediate steps to mitigate the situation. While CAN agreed that there was huge corruption that shrouded the fuel subsidy regime, it insisted that some…

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Fuel Price Hike: ‘FG unfair to Nigerians’ – CUPP

Aminu Imam

The Coalition of United Political Parties, (CUPP), yesterday faulted the hike in the price of fuel, describing it as crazy and driving inflation to the rooftops. The CUPP, in an issued statement by its co-Spokesperson, Mark Adebayo, in Abuja, frowned at the sudden increase barely a month after the fuel price was hiked over 300 percent. He said, “It has come to the attention of the CUPP the sudden and surreptitious increase yet again in the pump prices of petrol by NNPCL which has immediately started having negative domino effects…

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Why petrol pump price increased to N617/litre — NNPCL

Aminu Imam

Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, (NNPCL), Mele Kyari, has explained that the rise in petrol pump prices in Nigeria is due to market forces. Recall that it had earlier been reported that the president Bola Tinubu-led federal government has increased the pump price of Petroleum Motor Spirit, popularly known as petrol. The increment followed the adjustment of fuel prices from N539 to N617 by filling stations in the Federal Capital Territory, (FCT) and other parts of the country. Speaking on the development, Mele Kyari,…

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Petrol price to crash as NNPCL, Marketers fuel vessels set to arrive next week

Aminu Imam

The pump price of Premium Motor Spirit (PMS), otherwise called petrol, is expected to crash as major oil marketers are importing large consignments. According to major and independent dealers, the fuel is expected to hit Nigeria next week. The development is said to have boosted the confidence of operators as industry observers say this may force down the price of the commodity. Also, crude oil refiners were currently releasing refined petroleum products on credit to dealers from Nigeria. This is due to the recent unification of the country’s exchange. Meanwhile,…

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‘No plan to increase fuel to N700 per litre’ – IPMAN

Aminu Imam

Nigeria’s Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied reports that it plans to increase the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to N700 per litre nationwide. This was disclosed by the Chairman of IPMAN South-West zone, Dele Tajudeen, who stated this  in an interview with the newsmen yesterday. The Marketers urged Nigerians to disregard the reports, stating that the price would not be more than what is being sold. Tajudeen stressed that the price of the product would not be more than what is being…

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