Tag: Petrol Price

Petrol price now N550 in most cities as scarcity bites harder

Aminu Imam

…POS racketeering at Abuja fuel stations emerges The blame-game over the 5-month fuel scarcity at the weekend, continued yesterday, with motorists and other users of the product paying between N240 and N550 per litre in major cities across the country. According to reports, in Lagos, Ondo, Edo, Kwara  Abia, Anambra and Benue States, some independent marketers boldly displayed unofficial prices on their pumps, while others left the old official price of N167 per litre, but verbally announced higher prices to willing buyers. It was observed that in some of the…

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FG approves ₦‎185 per litre as official petrol pump price

Aminu Imam

The Federal Government has given approval to the Nigerian Midstream and Downstream Petroleum Regulatory Authority for an upward review of the official retail price of petrol to N185 per litre. According to a source, who disclosed this to newsmen, the approved pump price was communicated to major marketers in an issued memo early yesterday, adding that an official announcement is expected anytime soon. According to the source, the increase is to compensate for the current market realities associated with escalating foreign exchange and high lightering charges such as the cost…

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Ex-MAN President knocks Buhari for failing to regulate petrol price

Aminu Imam

A former President of the Manufacturers Association of Nigeria, (MAN), Sam Ohabunwa, has berated the President Muhammadu Buhari’s led federal government for its inability to regulate the pump price of Premium Motor Spirit (PMS), saying the situation had brought an untold hardship to Nigerians. Ohabunwa, who was a former Presidential aspirant on the platform of the Peoples Democratic Party for the 2023 general elections, also faulted the FG’s proposed plan to end fuel subsidy by June, saying, “It is deceitful and disingenuous for this Government to announce that payment of…

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Petroleum Ministry Scorecard: ‘Mind-boggling crude oil theft, outdated refineries mar Buhari’s scorecard’ – Stakeholders  

Aminu Imam

Some stakeholders have criticised President Muhammadu Buhari over his seven-year stewardship as Minister of Petroleum Resources, scoring his administration with poor grades, scathing criticisms, and outright condemnation. Even though the President got praised for his Government’s role in the enactment of the Petroleum Industry Act (PIA), which stagnated in the National Assembly for years, the alleged incompetence exhibited by his administration in the fight against crude theft, according to many, is mind-boggling. Other areas where key stakeholders alleged that the petroleum minister has performed woefully include the moribund state of…

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Fuel Subsidy MDA’s conflicting figures: NMDPRA gives new figure of 66.8m litres daily petrol consumption in Nigeria 

Aminu Imam

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has given a new figure of what it says is the amount of petrol distributed across the country daily. The agency said Nigeria consumes 66.8 million litres of petrol daily, not 62.9 million it earlier quoted. However, both the previous figure and the new one contradict the quantity announced by the State-owned oil company, Nigerian National Petroleum Company (NNPC) Limited, as the volume consumed in the country. Recall that the NNPC had last Sunday insisted that the country consumes 68 million…

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‘Petrol may sell above N400/litre even with Dangote, NNPC refineries’ – Report

Aminu Imam

The market price for petrol would rise above N400 per litre even if the Dangote Refinery and those owned by the Nigerian National Petroleum Company Limited (NNPC) were to come on stream, an analysis of oil prices, import duties and refinery contracts has shown. According to the report, President Muhammadu Buhari’s administration’s strategy of kicking the can further down the road when it comes to developing a pragmatic approach to dealing with galloping fuel subsidy cost guarantees that it could surely haunt the new government coming in next year. The…

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Petrol sells for N220 per litre in Lagos, N235 in Abuja as scarcity worsens

Aminu Imam

Some filling stations yesterday dispensed Premium Motor Spirit, (PMS), otherwise known as petrol, for as high as N235 a litre, prompting the resurfacing of fuel queues in Lagos and Abuja, the federal capital. Despite displaying the N165 a litre on their pumps, it was noticed that some filling stations sold the product above the regulated price. The decision to continue to regulate the pump price of petrol has cost the nation about N1.27 trillion since the beginning of the year. Recently, the price of petrol has increased on the insistence…

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

Aminu Imam

…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

Aminu Imam

…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

Aminu Imam

…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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