Tag: Petroleum

Expect Two More Weeks of Fuel Scarcity – IPMAN

29Apr

By adminNo Comments

Economy, News, Nigeria, Petroleum

Expect Two More Weeks of Fuel Scarcity – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected that the ongoing petrol scarcity, which is spreading to more states across the country, will take at least two weeks to normalize. Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) has assured the public that it possesses adequate stock of the product. According to Chinedu Ukadike, the Public Relations Officer of IPMAN, the scarcity is primarily due to importation bottlenecks, slow pace of marketers' license renewal by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and maintenance activities at European refineries. He noted that only a fraction of marketers have had their licenses renewed by NMDPRA, leading to a disruption in the supply chain. Ukadike exp...

Cooking Gas to Increase in Price Next Week – Marketers

10Aug

By adminNo Comments

Cost of Living, Economy, News, Nigeria, Petroleum

Cooking Gas to Increase in Price Next Week – Marketers

Gas users in Nigeria are facing the grim prospect of higher prices in the coming weeks, as marketers have hinted at an impending price hike. The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, revealed that a confluence of factors, including rising international prices, high tax rates, vessel prices, forex scarcity, and naira devaluation, is pushing gas prices higher. Olatunbosun Oladapo, in a recent statement, cautioned gas users to brace themselves for the impact of price increases, which he stated would take effect as early as next week. He pointed out that international gas prices have surged, resulting in higher costs for importation. The increased prices of vessels, coupled with the scarcity of foreign exchange and the devaluation ...

Oil Marketers Want Further Price Review as Petrol Prices Soar

24Jul

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Cost of Living, Economy, News, Nigeria, Petroleum

Oil Marketers Want Further Price Review as Petrol Prices Soar

Nigeria's oil marketers have asserted that the current petrol prices in the country do not accurately reflect the market reality and are projecting yet another price review this month. This comes less than two months after the price of petrol was increased from N189 per litre to N500. The situation has sparked outrage from the public, leading to criticism from various quarters. Recently, some filling stations operated by the Nigerian National Petroleum Corporation (NNPC) increased their pump prices of petrol from N537 per litre to N617 per litre across the country. This development has further exacerbated the already strained situation for consumers and businesses. Tunji Oyebanji, a former Chairman of the Major Oil Marketers Association of Nigeria and CEO of 11 Plc, expressed his co...

Nigerian Government’s Subsidy Removal Continues to Raise Questions

30Jun

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Cost of Living, Economy, News, Nigeria, Petroleum

Nigerian Government’s Subsidy Removal Continues to Raise Questions

A closer look at the contradictory reports on subsidy removal and its impact on Nigeria's economy The Nigerian government has found itself once again embroiled in a debate over the subsidy removal, leaving citizens confused about the true status of the subsidy and its implications. Reports from 2016 and 2023 present conflicting narratives, raising questions about the government's stance on this critical issue. Back in August 2016, Vice President Yemi Osinbajo claimed that the federal government had saved a significant amount of N1.4 trillion by eliminating the oil subsidy. Addressing the public during a meeting in Kano, Osinbajo highlighted the benefits of deregulating the downstream petroleum sector, leading to increased petrol availability across the country. He also mentioned a...

Nigerian Electricity Workers to Go on Nationwide Strike Over Fuel Subsidy Removal

4Jun

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Economy, Labour, News, Nigeria, Petroleum, Power

Nigerian Electricity Workers to Go on Nationwide Strike Over Fuel Subsidy Removal

In response to the sudden elimination of fuel subsidy by the Nigerian government, the National Union of Electricity Employees (NUEE) has instructed its members to go on a nationwide strike. The NUEE has called upon its members to comply with the directive and halt their work starting from early Wednesday morning. The decision comes after President Bola Tinubu declared the discontinuation of the petroleum subsidy regime, citing its lack of sustainability. Following this announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets across the country to sell fuel at prices ranging from N480 to N570 per litre, a nearly 200 percent increase from the previous price below N200. In reaction to these developments, the Nigeria Labour Congress (NLC) has declared i...

31May

By adminNo Comments

Economy, News, Nigeria, Petroleum

Subsidy: NNPC Effects New Fuel Prices

The Nigerian National Petroleum Corporation (NNPC) has finally announced the long-awaited price for petrol following the removal of the controversial subsidy, which cost almost $10bn annually. The move was made on Wednesday morning to provide clarity around prices after the subsidy was removed. According to BusinessDay, NNPC now retail fuel at N488 a litre at its station on Kingsway Ikoyi in Lagos, while the NNPC Mega Station at Lagos Bus Stop in Port Harcourt sells for N511 per litre. NNPC is the sole supplier of petrol in Nigeria, and it is expected that other marketers will take a cue from NNPC's prices and adjust their own pump prices accordingly. NNPC Fuel Prices from May 31 2023 Analysts have noted that since NNPC has implemented different pump prices for different cities, ...

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

25May

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Economy, Finance, Lagos News, News, Nigeria, Petroleum, Trade

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has disclosed that the Dangote Refinery will be encouraged to sell foreign exchange earnings to banks at a good rate. Speaking after the 291st Monetary Policy Committee (MPC) meeting in Abuja, Emefiele stated that his team would engage with Alhaji Aliko Dangote, the promoter of the refinery, to ensure that Nigerians benefit from the venture. He noted that the CBN, the Federal Government, and the country had helped Dangote set up the refinery, adding that with local refining, the country would save about 20 per cent of the total cost of importing petroleum products, thereby reducing prices in the long run. Emefiele expressed optimism that the refinery would ease foreign exchange scarcity in Nigeria, adding that by the time ...

<strong>We Wil Fix Fuel Subsidy Scam Within First 100 Days In Office – Datti</strong>

8Feb

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

We Wil Fix Fuel Subsidy Scam Within First 100 Days In Office – Datti

The vice-presidential candidate of the Labour Party, LP, Datti Baba-Ahmed, has promised that the party will sort the problem of fuel subsidy scam if voted into power. Datti during an interview on Channels Television on Tuesday was asked how the LP intends to source funds to run the country if elected. There have been heated debates on the payment of petrol subsidy due to its impact on government revenue. Nigeria spent N2.04 trillion to pay off subsidy payments in seven months, even as it plans to spend an estimated N6 trillion on subsidy by 2023. Despite the Nigeria Labour Congress, NCL, declaring support for the presidential ambition of LP candidate, Peter Obi, the labour union has protested the planned removal of petrol subsidy and asked for the repair of refineries in...

<strong>Protesters Storm UI Gate, Soldiers Deployed To Scene</strong>

6Feb

By Mary UgwuanyiNo Comments

Economy, Education, News, Nigeria, Petroleum, Uncategorized

Protesters Storm UI Gate, Soldiers Deployed To Scene

Protesters converged at the gate of the University of Ibadan, Oyo State, on Monday morning to express their disaffection over the present economic challenges in the country. Members of the community barricaded the varsity’s gate, thereby causing traffic jam and putting a stop to other activities. According to a student who chose to be anonymous, soldiers and Operation Burst officers had been deployed to the scene, at the time of filing this report, Punch reports. However, the institution’s Communication Officer, Mrs Adejoke Akinpelu, said the protesters had been dispersed by the security personnel. See Also: 2023 Election: Suspend Academic Activities In All Tertiary Institutions – Reps Tells FG She said, “The U.I Chief Security Officer told me that it was some miscreant...

<strong>FG Orders NNPC To Reduce Petrol Pump Price</strong>

10Jan

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

FG Orders NNPC To Reduce Petrol Pump Price

Timipre Sylva, the Minister of State for Petroleum Resources, on Monday said the Nigerian National Petroleum Company Limited, NNPC, is selling petrol at a loss due to its mandate from the Federal Government as regards petrol subsidy. The minister’s remarks came on the heels of oil marketers' claim that the supply hitches currently being experienced in the petroleum sector that has resulted in fuel scarcity could linger till June, based on the government’s plan to end petrol subsidy in that month. Sylva stated this in Abuja at the resumption of the scorecard series (2015-2023) of the President Muhammadu Buhari administration. Recall that Zainab Ahmed, the Minister of Finance, Budget and National Planning had last week stated the Federal Government had budgeted about N3.6tn f...