The landing cost of Premium Motor Spirit (also known as petrol) was N1,117/litre as of Tuesday, according to the Major Energies Marketers Association of Nigeria (MEMAN). During a webinar with journalists on Wednesday, MEMAN revealed that the landing cost of diesel was N1,157/litre, while that of aviation fuel was N1,127/litre. The N1,117 landing cost of petrol is far above the pump …

The coming on stream of Port Harcourt and Dangote refineries may only lead to marginal reduction in the cost of petroleum products and not a significant price crash, some oil and gas experts have said. According to the experts, who spoke to newsmen on Sunday in Abuja, ancillary costs such as freight and port charges, among others would have been …

As the Nigerian National Petroleum Company Limited (NNPCL) hands-off the monopoly of petrol importation, petroleum marketers have demanded immediate release of their outstanding supplies of Premium Motor Sprit otherwise known as petrol worth N30.96 trillion by the National oil company. At the Suleja/Abuja Secretariat of the Independent Petroleum Marketers Association of Nigeria (IPMAN), the marketers commended the Federal Government for …

Bauchi State Governor, Senator Bala Mohammed has appealed to Nigerians to exercise patience in the wake of the withdrawal of subsidy on Premium Motor Spirit (popularly known as petrol) by President Bola Tinubu. He expressed optimism that the situation would improve in the country in due time. According to him, understanding and cooperation from all Nigerians are necessary at this …

NNPC Limited has released a new ex-depot price of N479.50 per litre of Premium Motor Spirit (PMS) petrol to the marketers. Marketers are believed not to be against the subsidy removal but are worried that the NNPCL is giving them the product paid for at the old rate since eight months ago for the new rates. They are said to …

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Sunday, appealed to the Nigeria Labour Congress (NLC) not to embark on its proposed nationwide strike on fuel subsidy removal slated for Wednesday, saying President Bola Tinubu means well for the country’s economy. The Governor, who implored labour leaders to exercise patience on its proposed planned strike, urged the Labour leaders not to …

The Group Chief Executive Officer of NNPC Limited, Malam Mele Kyari has given assurances that competition among major players in the oil sector would force down the price of petrol in spite of the upward trends that have caused panic in the country. Yesterday, fuel price skyrocketed from N195 per litre (officially) to between N488 and N557 per litre, depending …

The Federal Government and organised labour could not reach a consensus in their discussion last night on the hike of petrol pump price, which became effective yesterday. According to the new price template release by the NNPC Limited, Premium Motor Spirit (better known as petrol) will now sell for between N488 and N557, depending on the location. The old rate was …

Oil marketers claimed on Tuesday that numerous depots had ceased filling up with Premium Motor Spirit (PMS), because of the uncertainty brought on by the compilation of general election results nationwide. While filling stations operated by major marketers and the NNPC Limited were selling petrol between N194 and N200/litre, other outlets operated by independent marketers dispensed the product between N250 …

The Federal Government has accused the rising cost of petrol on the rush by petroleum marketers to make illicit profits from the hardship of Nigerians. Minister of State for Petroleum Resources, Chief Timipre Sylva, who stated this to State House Correspondents after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, also lamented the hardship the situation had …