Global crude oil prices may cross $80 per barrel this week, following the major escalation in tensions between the United States and Iran, with the oil market reacting sharply to reports of coordinated US-Israeli airstrikes on key Iranian nuclear facilities. This came as marketers of petroleum products said petrol prices may soon rise to N1,000 per litre due to rising …

The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Festus Osifo has said that the recurring shutdowns of Nigeria’s state-owned refineries are driven more by political motives than operational challenges. PENGASSAN also accused petroleum marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of Premium Motor Spirit (PMS) should …

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the Dangote Petroleum Refinery should sell Premium Motor Spirit (petrol) below the current N825 per litre price being sold by the Lekki-based plant. IPMAN Publicity Secretary, Chinedu Udadike, in an interview with Sunday PUNCH, stated that the refinery had the necessary enabling factors to sell petrol below its current ex-depot …

Petroleum product marketers on Monday lamented their losses as the Nigerian National Petroleum Company Limited (NNPCL) reduced the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja. From N925, some NNPCL retail outlets in Lagos changed their pump price to N880 on Easter Monday, while those in Abuja adjusted from N950 to N935. …

Niger Republic has turned to Nigeria for help after being hit by fuel shortage. The West African country reached out to Nigeria despite months of diplomatic tensions and hostile rhetoric. Sunday PUNCH learnt that a delegation of senior officials of the military junta travelled down to Abuja to meet Federal Government representatives. At the end of the deliberation, 300 trucks …

Nigeria’s petrol imports surged in 2024, doubling despite an increase in domestic refining capacity, highlighting the country’s continued reliance on imported fuel, according to findings by The PUNCH. The latest data from the foreign trade statistics report of the National Bureau of Statistics (NBS) showed that the cost of petrol imports rose by 105.3 per cent to N15.42 trillion in …

An economist, Paul Alaje has predicted the ongoing price war between the Dangote Refinery and NNPC Limited (NNPCL) will ‘erode abnormal profit’ enjoyed by capitalists. ‘You may want to call it a price war but in economics, when a duopoly fights, it is the best for the populace because they will drive themselves to neutral profits’, Alaje said on Channels …

The Dangote Petroleum Refinery, on Wednesday, announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly referred to as petrol, by N65.00. This means the price will drop from N890 to N825 per litre, effective Thursday, 27 February, 2025, a statement by the refinery stated. According to Dangote, this adjustment is designed to provide essential relief …

In a move that could drive economic relief for Nigerians, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 from Saturday. It said the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices. A statement …

Oil marketers have revealed that the landing cost of Premium Motor Spirit (petrol) as of Friday was N922.65 per litre. Dealers said this cost factors in various expenses including shipping, import duties, and exchange rates. The amount is a considerable reduction of N32.35 from the N955 per litre offered at the loading gantry of the Dangote Petroleum Refinery. This decrease …