The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called for a reduction in petrol prices, urging the Dangote Refinery to lower its ex-depot price from ₦970 per litre in light of a reduced estimated landing cost of ₦900.28 per litre. This plea comes amidst the Federal Government’s crude-for-naira initiative, which began in October 2023. … Read more
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has cautioned the Federal Government against issuing import licences to petroleum traders, warning it could harm Nigeria’s nascent refining sector. CORAN’s Publicity Secretary, Eche Idoko, voiced concerns that some marketers were determined to import substandard petrol, using Nigeria as a dumping ground for rejected products from … Read more
A large crowd of activists gathered in Abuja’s Three Arms Zone on Tuesday, calling for comprehensive reforms in Nigeria’s oil sector. Led by the APC Solidarity and Development Forum alongside various youth and civil society groups, protesters voiced their frustrations over rising fuel prices, ongoing shortages, and worsening economic conditions impacting Nigerians. During the demonstration … Read more
President Bola Ahmed Tinubu convened with the implementation committee for crude oil and refined products sales in local currency to evaluate the progress of using the naira for crude sales to local refineries. The committee, led by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, held a strategic review meeting at … Read more
Wale Edun, the Minister of Finance and Coordinating Minister of the Nigerian Economy, has announced that the federal government will start selling crude oil to Dangote and other local refineries in Naira beginning October 1, 2024. Edun revealed this at the second meeting of the implementation committee on the transition to Naira-based crude oil sales, … Read more
Nigeria, a country richly blessed with vast crude oil deposits, has continued to grapple with soaring costs of imported refined fuels. Despite over two decades of promises from successive governments to rejuvenate the country’s dormant refineries and the allocation of billions of dollars for this cause, there has been a conspicuous absence of substantial progress … Read more
NUPENG has demanded that local refineries be functioning before any plan to remove fuel subsidy is made. NUPENG expressed disappointment in the government’s failure to make the three national refineries operational before contemplating the removal of the subsidy. The union is not against the removal of the subsidy but insists that local refining must be … Read more