Petrol price may hit N340 in 2022, to replace fuel subsidy with N5,000 transport grant for poor citizens — Zainab Ahmed

…Without subsidy removal, 35 States may be unable to pay salaries next year – el-Rufa’i  …Buhari suspends inauguration of NNPC Board  Finance Minister, Zainab Ahmed, has said that the Federal Government will remove fuel subsidy as from 2022. Speaking yesterday, during the launch of the World Bank’s Nigeria Development Update, she said it would instead pay N5,000 monthly to some 40 million poor Nigerians. The minister added that the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy. The Group Managing Director…

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Fuel crisis imminent, as private depot owners allegedly raise prices

…IPMAN appeals for FG’s intervention The Independent Petroleum Marketers Association of Nigeria, (IPMAN), has called for the Federal Government’s intervention to maintain a steady supply of petroleum product, as it alleged price hike by some private depot owners across the country. The IPMAN Chairman in the State, Bashir Danmallam, made the accusations in a statement in Kano yesterday, stating that some of the private depot owners have since Friday last week increased the price, from N148 per litre to between N153 and N155 per litre. He said the association found…

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PIB: “Petrol price remains N162 per litre until…” – FG

…Cooking gas prices to drop  The Federal Government has declared the pump price of petrol will remain at N162 until it agrees with the Organised Labour for full deregulation of the downstream petroleum sector. Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this in a chat with newsmen in Abuja. According to him, it is now constitutional for Nigeria to deregulate the oil and gas sector. However, when he was asked to state the deregulation date, the minister refused to reveal the time. He noted: “I cannot give…

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‘Petrol price could increase to N1,000 per litre if subsidy is removed’ – DPR

The Department of Petroleum Resources, (DPR), has stated that the pump price of petrol in Nigeria may rise to N1,000 per litre when the petrol subsidy regime ends without an alternative energy source. Recall that group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari last month had stated that the cost of petrol should be N256 per litre at filling stations without subsidy. The price of premium motor spirit (PMS), better known as petrol, currently hovers around N162/N163 per litre. According to the DPR Director, Sarki Auwalu,…

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‘Petrol price could increase to N1,000 per litre if subsidy is removed’ – DPR

The Department of Petroleum Resources (DPR) has stated that the pump price of petrol in Nigeria may rise to N1,000 per litre when the petrol subsidy regime ends without an alternative energy source. Recall that group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari last month had stated that the cost of petrol should be N256 per litre at filling stations without subsidy. The price of premium motor spirit (PMS), better known as petrol, currently hovers around N162/N163 per litre. According to the DPR Director, Sarki Auwalu,…

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NNPC says no petrol price hike in next 2 months

…To acquire 20 percent stake in Dangote Refinery The Nigerian National Petroleum Corporation, (NNPC) has said that the pump price of fuel will not be increased in the next two months as engagement with the Organised Labour has not been concluded. The Managing Director of the Corporation, Mele Kyari, who spoke in a television interview disclosed that while the subsidy regime wasn’t sustainable, President Muhammadu Buhari was not also interested in taking the product out of the reach of Nigerians. He added that the president had directed that current volumes…

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Petrol could reach N256/litre without N140bn monthly subsidy – NNPC

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said the federal government is injecting between N140 billion to N150bn monthly to keep petrol price at N162 per litre, from its actual N256. He stated this during a stakeholders meeting organised by NNPC to discuss how best to stop smuggling. While commenting on the fuel price, he said, “If we are to sell at the market today at the current exchange rate, we will be selling the product at about N256 to a litre. What…

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‘FG to retain fuel price in June’ – Minister

…Asks Nigerians to avoid panic buying There will be no increase in the price of Premium Motor Spirit, also known as petrol, in June, the Federal Government has assured Nigerians. The Minister of State for Petroleum Resources, Timipre Sylva, gave the assurance in a statement on Friday in Abuja, the Federal Capital Territory, (FCT). He noted that while the decision of the government was in contradiction to the present situation in the petroleum markets, it remained committed to its engagement with the organised labour. He explained that the clarification became…

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FG reveals plans to reduce fuel price below N100 per litre

The Federal Government yesterday revealed plans to reduce the price of petroleum below N100 per litre across the country. The Senior Special Assistant to the President on Niger Delta Affairs, Ita Enang, said the price will be reduced when Nigeria refines the products locally. Enang, while speaking at a press conference in Abuja, said the presidency in collaboration with the Federal Ministry of Finance, Budget and National Planning, has concluded plans to hold a national conference on integrating artisanal/modular petroleum refinery operations aimed at improving the capacity of the products…

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FG to meet with governors today on petrol, electricity prices

The Federal Government is set to meet with State governors and the Nigerian National Petroleum Corporation, (NNPC) today, to find a lasting solution to the issue of right pricing for Premium Motor Spirit, otherwise known as petrol or PMS, in the country. Recall that the minister of Labour and Employment, Sen. Chris Ngige, said this while speaking with newsmen at the end of a meeting between the Federal Government and Organised Labour on Monday in Abuja. The meeting was continuation of the series of meetings held in 2020  in a…

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