Tag: Petrol Price

Osinbajo-led Economic Council Recommends Fuel Increase To N302 Per Litre By February
Finance, News, Nigeria, Petroleum, Politics

Osinbajo-led Economic Council Recommends Fuel Increase To N302 Per Litre By February

The Nigerian government may increase the price of Premium Motor Spirit (PMS), otherwise known as petrol, to N302 per litre in February 2022 as part of the recommendations of the National Economic Council (NEC). This is part of the government’s plan to completely deregulate the PMS prices, eliminating monthly subsidy payments with provisions to ensure fair competition in the market, TheCable reports. The NEC is headed by Vice-President Yemi Osinbajo. Petrol price is currently between N162 and N165 per litre in Nigeria. The recommendations were suggested by the NEC ad-hoc committee interfacing with the Nigerian National Petroleum Corporation (NNPC) on the appropriate pricing of PMS in Nigeria. The Governor of Kaduna state and head of the committee, Nasir El-Rufai presented the repor...
FG Reduces Petrol Price by N5 Per Litre
News, Nigeria, Petroleum

FG Reduces Petrol Price by N5 Per Litre

The federal government has announced a N5 reduction in the price of Premium Motor Spirit, popularly known as petrol, bringing the pump price down to N162.44 per litre. The new price which FG said will take effect from December 14, 2020, came after negotiations with the organised labour. Senator Chris Ngige, Minister of Labour and Employment while addressing newsmen after the meeting with labour leaders disclosed that the meeting had a positive outcome. He said, “Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC), which is the major importer and marketers of petroleum product, and customers have agreed that there will be a slide down of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect...