Dangote reduced petrol ex-depot price to ₦899.50, citing market forces. He denied claims of $1 billion NNPC financial aid. The refinery refines 350,000 barrels daily, transforming Nigeria’s oil sector. Aliko Dangote, President of Dangote Industries Limited, has clarified the recent reduction in the ex-depot price of Premium Motor Spirit (PMS) at his refinery’s loading gantry … Read more
The Major Energy Marketers Association of Nigeria (MEMAN) has reported a marginal decrease in the landing cost of Premium Motor Spirit (PMS), signaling some stability in the downstream petroleum sector. According to MEMAN, the landing cost of PMS fell slightly to ₦970 per litre in December 2024, compared to ₦971 per litre in November. This … Read more
The Nigerian National Petroleum Company Limited (NNPCL) has categorically rejected claims of a price agreement concerning Premium Motor Spirit (PMS), commonly referred to as petrol, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) or any other entities. This clarification comes in the wake of remarks made by IPMAN President Abubakar Maigandi, who suggested that … Read more
As Nigerians anticipate the release of Premium Motor Spirit (PMS) from the $20bn Dangote Petroleum Refinery, the Nigerian National Petroleum Company Limited (NNPCL) has announced it will begin lifting the product from the refinery on September 15, with prices influenced by foreign exchange rates and market forces due to the deregulated market. EDITOR’S PICKS Police … Read more
Vice President Kashim Shettima on Thursday held a meeting with the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, and the National Security Adviser (NSA), Nuhu Ribadu, to discuss the recent hike in petrol prices in Nigeria. The meeting, which took … Read more
What FG Must Do To Reduce The Price Of Cement – Block Moulders Association Reveals President of NABMON, Adesegun Banjoko, emphasizes that current cement prices remain high despite government’s threats to open borders for increased supply. Banjoko highlights the need for more cement factories in Nigeria and encourages research for alternative, locally-sourced materials to reduce … Read more
The IMF supports Nigeria’s central bank’s policy to unify exchange rates, allowing market forces to determine the rate. The new policy ensures that certain requests will still be processed through the Investors and Exporters (I&E) window. All forms of exchange rate segmentation are abolished, and the “Willing Buyer, Willing Seller” model will be reintroduced at … Read more