The loading cost of Premium Motor Spirit (petrol) at private depots dropped to N925 per litre on Monday. The amount was a difference of N27 from N952 offered by the highest-selling depot last Friday. Marketers said this reduction was influenced by the decision by the Dangote Petroleum Refinery to reduce its ex-depot price of PMS, from N950 to N890 per …

Oil marketers have declared that filling stations should not be blamed for the hike in the pump prices of Premium Motor Spirit (PMS), popularly called petrol, as queues for the commodity surfaced in various locations on Saturday. Many filling stations in Lagos, Ogun, Abuja, and Port Harcourt, among others, were closed on Saturday, as dealers explained that they were monitoring …

Transportation costs are set to skyrocket in the Federal Capital Territory (FCT) following the hike in the price of petrol by some stations of NNPC Limited (NNPCL) in Abuja on Wednesday. The stations of the national oil company have raised the retail price of petrol to N1,030 from N897 per litre, our correspondent observed across multiple NNPCL stations in the …

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said that the Nigerian National Petroleum Company Limited (NNPCL) has not usurped its powers in determining the price of petrol in the country. The Chief Executive Officer of NMDPRA, Engr. Farouk Ahmed, spoke in the wake of insinuations that the NNPCL had taken over one of the agency’s key functions. …

The stock market closed bearish last weekend amid energy crises during the week following sharp rises in the price of petrol to between N855 and N1,000 per litre from about N600 per litre, a development that was condemned by the private sector over possible adverse impact on businesses. Analysts opined that the economic reforms of the government, measured by the …

There are strong indications that the Nigerian National Petroleum Company Limited (NNPCL) has directed its retail outlets to raise the pump price of petrol to N855 per litre. Nigerians woke up on Tuesday to find a change in pump prices, rising from around N600 to N855 per litre. Sources informed our The PUNCH that there was a directive for retail …

The speculated price attributed to the Independent Petroleum Marketers Association of Nigeria is predicated on the belief that the $20bn refinery would crash the price of petrol if it gets crude supply support from the Federal Government. Petrol currently sells at ₦700/litre at many independent marketers’ stations while the official price from the Nigerian National Petroleum Company Limited (NNPCL) is …

A new report has revealed vast differences in gasoline costs across the world, with Nigeria ranked 22nd in the cheapest petrol price category globally. The report titled ‘Global Petrol Prices, Octane-95, January 1, 2024’, as posted on their website, also revealed some countries paying over 100 times more for petrol. “The average price of gasoline around the world is 1.29 …

The Nigerian National Petroleum Company Limited (NNPC Ltd) has said there is no imminent increase in the cost of petrol. A statement by the chief corporate communications officer of the company, Olufemi Soneye also cautioned motorists against panic-buying. The response came amidst a report that the company on Tuesday clashed with petroleum marketers under the aegis of the Independent Petroleum …

National Bureau of Statistics (NBS) has said that the average retail price of a litre of petrol increased from N191.65 in September 2022 to N626.21 in September 2023. In its Petrol Price Watch for September 2023 released in Abuja on Saturday, NBS said that the September 2023 price of N626.21 represented a 226.75 per cent increase over the price of …