President Bola Tinubu has explained why he removed subsidy on petrol. According to President Tinubu, it was a challenging decision to make, but necessary to ensure a transparent energy sector. The President stated this while speaking at the opening of the 2024 Nigeria International Energy Summit (NIES) in Abuja. He was represented by his Minister of Information and National Orientation, …

The National Bureau of Statistics (NBS), says the average retail price of a litre of petrol increased from N202.48 in November 2022 to N648.93 in November 2023. NBS said this in its Petrol Price Watch for November 2023 released in Abuja on Thursday. It stated that the November 2023 price of N648.93 represented a 220.49 per cent increase over the …

Nigeria Labour Congress (NLC) has strongly criticised the World Bank for suggesting an end to petrol subsidy and an increase in petrol price to N750 per litre, labelling the financial institution an “enemy of the Nigerian nation”. In a statement on Friday, NLC President, Comrade Joe Ajaero expressed disappointment with the World Bank’s recommendation, highlighting the adverse effects such a …

There were indications, yesterday, that petrol scarcity has returned to Lagos and its environs as many oil marketers shut their outlets against motorists and other buyers. The scarcity was noticed in Abuja and environs last week, development oil marketers had attributed to bad roads and high cost of diesel for distribution. Vanguard reports that over the weekend, many independent and …

Many petroleum products depots are currently deserted due to lack of products caused by foreign exchange rate volatility, as the landing cost of Premium Motor Spirit (PMS) (popularly called petrol) has increased to N720/litre, oil marketers said on Thursday. Petroleum products dealers also stated that filling stations were shutting down daily in large numbers, as it was becoming increasingly tough …

A fire at a smuggled petrol warehouse in Seme Krake, a Beninous town on the border with Nigeria yesterday left no fewer than 33 people dead, local authorities said. Seme Krake is in Benin’s southeastern department of Oueme. Chief of the local fire brigade, Dallys Ahouangbegnon said the fire, which broke out close to the pineapple market in the town, …

The Major Oil Marketers Association of Nigeria (MOMAN) has said the price of petrol can’t go as low as N200 per litre, even if the refineries are revamped. The association noted this, following a report published recently, where the Independent Petroleum Marketers Association of Nigeria (IPMAN) said petrol price would crash below N200 per litre if the refineries became functional …

Rights activist and former presidential candidate of the African Action Congress, Omoyele Sowore has said that Premium Motor Spirit (popularly known as petrol or fuel) was not cheap before the removal of fuel subsidy by the Federal Government. In a post on his Facebook page Saturday night, Sowore said the term “subsidy removal” was being incorrectly put to push more …

Private Premium Motor Spirit (PMS) depots have crashed the prices of fuel amidst speculations of a rise to N700 per litre this month. The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Saturday denied plan by the association to increase the pump price of petrol to N700 per litre this month. On the contrary, The Nation confirmed that private depots …

Two hundred and seventy filling stations have been shut down for their involvement in diverse infractions such as hoarding, and selling Premium Motor Spirit (PMS) above-approved price, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This is as the Federal Government announced the deployment of operatives of the Department of State Services (DSS) on tankers transporting petrol …