The Nigerian downstream petroleum sector is witnessing heightened competition as the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery have both slashed the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦899 per litre. EDITOR’S PICKS Sanwo-Olu Donates N75M to Support Legionnaires and Families of Fallen Heroes Current Cement Prices: … Read more
Dangote Industries Limited President, Aliko Dangote, has applauded President Bola Tinubu’s naira for crude swap deal, citing its positive impact on Nigeria’s economy and the subsequent reduction in petrol prices. Eko Hot Blog reports that im a statement released on Saturday, Dangote announced a partnership with MRS Petrol station, which will see petrol sold at … Read more
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
In a stark contrast, Nigerians are paying higher petrol prices than residents of Metro Atlanta, USA, despite Nigeria’s status as an oil-rich nation. While petrol in Atlanta costs around $2.70 per gallon (67 cents per litre), equivalent to 1,102 naira per litre at the current exchange rate, Nigerians face an average price of 1,300 naira … Read more
The cost of landing Premium Motor Spirit (PMS), or petrol, in Nigeria has dropped by 20.34% over the last three months, now at ₦971.57 per litre, owing to fluctuations in global market prices and supply dynamics. Despite this decrease, retail petrol prices have surged by 71.79%, rising from ₦617 per litre on August 1, 2024, … Read more
The Nigeria Labour Congress (NLC) has accused petrol marketers of artificially inflating petrol prices, claiming that pump rates are significantly above the product’s fair market value, leading to increased hardship for Nigerians. In a recent statement following its National Executive Council (NEC) meeting, the NLC criticized government policies that it says are pushing more citizens … Read more
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has accused Dangote Refinery of trying to stifle competition in the downstream sector. This allegation follows Dangote Refinery’s claims that marketers were criticizing its petrol pricing in an effort to import cheaper, potentially lower-quality products. On Sunday, Dangote Refinery announced that it sells petrol at … Read more
The Minister of Power, Adebayo Adelabu, has stated that many Nigerians have stopped complaining about the high cost of petrol because they are no longer solely reliant on generators for electricity. Speaking during his keynote address at the 2024 Nigeria Energy Exhibition and Conference in Lagos, Adelabu addressed the theme, “Breaking Barriers in the New … Read more
The House of Representatives has responded to the recent increase in petroleum product prices by demanding an immediate reversal of the hikes in petrol and cooking gas prices. This initiative was led by Deputy Minority Leader Aliyu Madaki and supported by 111 other lawmakers. EDITOR’S PICKS ICYMI: Nigerian TikToker, Oloba Salo Reportedly Shot in Lekki, … 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
Nigerians are bracing for a steep increase in petrol prices following the Nigerian National Petroleum Company Limited’s (NNPC Ltd) decision to end its exclusive purchase agreement with Dangote Refinery, according to a report by Premium Times. The shift is expected to drive the cost of petrol to a minimum of ₦991.21 per litre from the … Read more
The House of Representatives has temporarily suspended its plenary session in tribute to the late Senator Ifeanyi Ubah, who passed away during the National Assembly’s annual recess. This gesture follows the long-standing tradition of adjourning the first sitting after the death of any federal lawmaker. Plenary is scheduled to reconvene on Wednesday, September 25th. EDITOR’S … Read more
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has criticized the Nigerian National Petroleum Company Limited (NNPCL) for selling petrol sourced from the Dangote Refinery at a higher price than imported fuel. Speaking on Channels Television’s The Morning Brief, IPMAN’s National Welfare Officer, John Kekeocha, questioned the pricing disparity. “If NNPC can sell Dangote products … Read more
The prices of Premium Motor Spirit (petrol) ranged between N897 and N980 per litre at major filling stations in the Federal Capital Territory, Abuja, as of Monday morning. An EKO HOT BLOG correspondent visited several major filling stations, including those operated by Independent Petroleum Marketers and NNPCL, revealing that pump prices per litre ranged from … Read more
The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol supplied by the Dangote Refinery will be sold at different prices across the country, with northern regions facing the highest rates. In a Monday statement titled “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing,” NNPC spokesperson … Read more
The Trade Union Congress (TUC) has attributed the recent rise in fuel prices in Nigeria to the devaluation of the naira rather than the removal of fuel subsidies by President Bola Tinubu in May 2023. TUC President Festus Osifo, speaking on Channels Television’s Politics Today program, criticized the current administration for the naira’s devaluation, which … Read more
Bloomberg confirmed on Thursday that the Dangote Petroleum Refinery will begin determining the price of petrol starting in October. EDITOR’S PICKS Police Arrest Man For Allegedly Killing Neighbour’s 4-Year-Old Daughter Misinformation Grinds Down Trust Between Govt, People -Minister UEFA To Honour Ronaldo For Record-Breaking Champions League Career EKO HOT BLOG reports that Aliko Dangote, Chairman of Dangote … Read more
In what has become one of the most severe fuel crises in recent memory, Nigerians across major cities are grappling with the dire consequences of a nationwide scarcity of Premium Motor Spirit (PMS), commonly known as petrol. The fuel shortage, which began as a ripple effect of President Bola Tinubu’s announcement to remove fuel subsidies … Read more
Independent petroleum marketers in Nigeria are expecting petrol from the Dangote Petroleum Refinery to be priced between ₦600 and ₦650 per litre when it becomes available in the market. Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed optimism in an interview with Punch that the $20 billion Dangote … Read more
Eko Hot Blog reports that the national average retail price for Premium Motor Spirit, commonly known as petrol, saw a significant year-on-year increase of 37.44%, rising to ₦750.17 per litre in June 2024 from ₦545.83 per litre in June 2023. This data was revealed in a recent report by the Nigerian National Petroleum Corporation (NNPC). … Read more