Global crude oil prices are edging toward the $80 per barrel mark amid escalating tensions in the Middle East, with oil markets reacting strongly to overnight US-Israeli airstrikes on key Iranian nuclear facilities. Analysts warn that the surge may soon … Continue reading Iran-Israel: Petrol may hit N1,000/litre as oil price soars
AGS NEWS – The landing cost of petrol in Nigeria has dropped to N981 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN). This is a decrease from the previous cost of N1,130 per litre, … Continue reading Petrol landing cost drops to N981/litre
AGS NEWS – Four days before the planned start date of September 15, 2024, for lifting petrol from the Dangote Refinery, AGS NEWS has found that no commercial agreement has been finalized between the Nigerian National Petroleum Company Limited (NNPC) … Continue reading Why NNPC may not lift Dangote petrol on Sunday
AGS NEWS – The Nigerian National Petroleum Company Limited (NNPC) has requested a refund of N4.71 trillion from the Federal Government to cover debts incurred for importing Premium Motor Spirit (PMS), commonly known as petrol. This claim, covering the period … Continue reading NNPCL demands N4.7tn petrol imports refund
AGS NEWS – The National Bureau of Statistics (NBS) reported a significant increase in the average price of Premium Motor Spirit (PMS), or petrol, which rose by 223.21% to approximately ₦770 per litre in May 2024, up from ₦238.11 per … Continue reading Petrol price rose by 223%, sold at N770 per litre in May – NBS
AGS NEWS – The pump price of Premium Motor Spirit (PMS), commonly known as petrol, could decrease to about ₦300 per litre once massive production starts at the Dangote Petroleum Refinery and other local producers, according to operators of modular … Continue reading Local refining could lower petrol price to ₦300/litre – Modular refineries
Uganda’s Energy Minister presented a bill to parliament, aiming to grant exclusive importation rights for petroleum products in the country to Bahraini firm Vitol. The proposed changes to the petroleum law have already been approved by Uganda’s cabinet. Historically, the … Continue reading Uganda strikes petroleum importation deal with Bahraini company
Petroleum product depots across the country are currently experiencing reduced activity due to a scarcity of products caused by foreign exchange rate fluctuations. Oil marketers warn that the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has … Continue reading Fuel depots deserted as landing cost of petrol reaches N720/litre
The Federal Government of Nigeria has announced a bold initiative aimed at converting 10 million Premium Motor Spirit (PMS) vehicles to Compressed Natural Gas (CNG) within the next 36 months. This significant move was disclosed by the Minister of State … Continue reading FG announces ambitious plan to convert 10 million PMS vehicles to CNG
The Federal Government of Nigeria is projected to spend approximately N1.68 trillion on fuel subsidy for Premium Motor Spirit (PMS), commonly known as petrol, between September and December 2023. This estimate is based on data provided by oil marketers and … Continue reading FG projects N1.68trn fuel subsidy expense as marketers predict N900/litre fuel price
Petrol consumption in Nigeria experienced a significant decline of 16.8% during July 2023, according to information provided by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Daily petrol consumption plummeted to 52 million liters compared to the 64.96 million … Continue reading Average daily petrol consumption plunges 16.8% to 52 million litres – NMDPRA
The Senior Special Assistant to the President on Media and Publicity, Tope Ajayi, dismissed rumors on Tuesday of any intentions by President Bola Tinubu’s administration to reintroduce fuel subsidies. Ajayi took to the social media platform X (formerly known as … Continue reading Presidential spokesperson confirms no plans to reintroduce fuel subsidy amidst fuel hike concerns
The cessation of Nigeria’s fuel subsidy by President Bola Tinubu in May has led to a significant decline in petrol imports from Europe, causing a 48% decrease in demand for Premium Motor Spirit (petrol), according to data from S&P Global … Continue reading Nigeria’s petrol imports from Europe plunge by 48% following subsidy removal
Strong indications suggest that the cost of petrol at the pump could be primed for a third increase in just 10 weeks, based on insights gathered from oil marketers. This potential hike may occur sooner rather than later, driven by … Continue reading Petrol prices likely to rise again as import costs increase
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over a potential surge in the price of Premium Motor Spirit (PMS) to around N750 per litre. Chinedu Ukadike, the national spokesperson for IPMAN, expressed this apprehension during an … Continue reading IPMAN warns of possible increase in petrol pump price to N750 per litre
Oil Marketers Foresee Significant Savings on Petrol Price through Local Refining” Oil marketers in Nigeria have asserted that local refining of petroleum products will lead to substantial cost reductions for consumers. Mike Osatuyi, the National Controller Operations of the Independent … Continue reading Local refining to slash petrol price by N70 per liter
The Africa Leadership Group (ALG) has appealed to the Nigerian Federal Government to adopt a gradual approach in alleviating the immediate hardships faced by citizens following the recent removal of petroleum subsidy. ALG emphasized the need to prioritize the well-being … Continue reading ALG calls on FG to review petrol subsidy removal amid hardships
Recent data from the international market has shown a significant 20% increase in the price of petrol, raising concerns that prices may continue to rise. At the beginning of 2023, Brent crude was trading at approximately $78 per barrel, but … Continue reading Global petrol prices surge by 20%
The National Economic Council of Nigeria is currently in session at the Presidential Villa in Abuja. This meeting comes just two days after the Nigerian National Petroleum Company Limited raised the petrol pump price from N540/litre to N617/litre, sparking outrage … Continue reading NEC holds meeting amid fuel price hike and economic concerns
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted reports suggesting that its members are preparing to raise the price of Premium Motor Spirit (PMS), commonly known as petrol, to N700 per litre nationwide. Dele Tajudeen, the Chairman of … Continue reading No plans to raise petrol pump price to N700 per litre – IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has foreseen a potential surge in the pump price of petrol, estimating that certain states in the country could experience prices exceeding N700 per litre starting from July. In an interview with … Continue reading Fuel marketers predict petrol price to reach N700 per litre in Nigeria
Oil marketers in Nigeria are currently modifying their trucks to transport gas and supply Compressed Natural Gas (CNG) to filling stations for vehicles that run on gas. Approximately 800 tankers that were previously used for transporting petrol to filling stations … Continue reading Marketers convert 800 petrol tankers for gas supply operations
Nigeria Customs Service Intercepts N1bn Worth of Contraband, Including Petrol and Rice” The Federal Operations Unit, Zone A, Ikeja of the Nigeria Customs Service announced that it successfully intercepted various contraband items in May 2023. The seized goods, which had … Continue reading Customs seizes N1bn worth of petrol and smuggled goods in May
The Peoples Democratic Party (PDP) has raised concerns about the federal government’s lack of sufficient consultation regarding the removal of petrol subsidy. The party expressed its position in a communique issued after a retreat organized for the PDP’s federal lawmakers-elect … Continue reading PDP accuses FG of insufficient consultation on petrol subsidy removal
Femi Falana, Nigerian Human Rights Lawyer and Senior Advocate of Nigeria, has stated that the Nigerian National Petroleum Company Limited’s (NNPCL) decision to raise the pump price of petroleum is unlawful. Speaking during an emergency meeting of the Nigeria Labour … Continue reading NNPC’s pump price increase of petrol is illegal – Femi Falana
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