NNPC has refuted claims of a decrease in petrol and diesel prices at its filling stations nationwide. Chief Corporate Communications Officer, Olufemi Soneye, clarified that reports of a price crash were false. The company affirmed that there were no plans for price adjustments. Eko Hot Blog reports that The Nigerian National Petroleum Corporation (NNPC) has … Read more
Oil Marketers Deny Petrol Price Drop Amidst Market Stability Associations maintain stance: PETROAN and IPMAN reaffirm no changes, while MEMAN emphasizes stable pricing through depot ownership. Speculation lingers on direct sourcing: Rumors suggest price shifts from independent sourcing, contrasting MEMAN’s distribution model. EKO HOT BLOG reports that oil marketers and other operators in the downstream sector … Read more
EKO HOT BLOG reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged members of the public to disregard rumours of any imminent increase in the price of petrol. The Chairman of IPMAN, Enugu Depot, Mr Chinedu Anyaso, who gave the warning in Awka, Anambra state, at the weekend, while speaking with reporters, said … Read more
Eko Hot Blog reports that Nigerian National Petroleum Company (NNPC) Limited has reacted to reports that there is an imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol. In a statement issued by the company’s spokesperson, Olufemi O. Soneye, on Wednesday, it said there was no plan to raise petrol … Read more
EKO HOT BLOG reports that a fresh tanker explosion has caused motorists to scamper for safety while causing gridlock on the Lagos Ibadan Expressway. The tanker laden with the Premium Motor Spirit (PMS), popularly called petrol, exploded Friday night around the OPIC axis in Isheri, Obafemi-Owode Local Government Area of Ogun State. EDITOR’S PICKS Why … Read more
EKO HOT BLOG reports that the National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, on Friday, insisted that President Bola Tinubu-led government is still paying subsidy on petroleum. Osifo, who is also the president of the Trade Union Congress (TUC), made this claim during an interview on … Read more
EKO HOT BLOG reports that according to Kolawole Ogunwemimo, a Mechanical Engineer in Ogun State, there is a recent trend in Nigeria where people are using Liquefied Petroleum Gas (LPG) to power generator sets instead of traditional petrol (PMS). This shift was prompted by the removal of fuel subsidies, leading to a significant increase in … Read more
EKO HOT BLOG reports that a marketers have warned Nigerians to prepare to buy petrol for as much as N700/litre in the coming days. This development follows the sudden petrol hike from N540 to N617 per litre on Tuesday by the Nigerian National Petroleum Company (NNPC) Limited. EDITOR’S PICKS Delta Community Imposes N10,000 Fine, … Read more
EKO HOT BLOG reports that there are strong indications that the national average price of petrol will rise further as marketers benchmark costs against rising exchange rates. Marketers who spoke to Vanguard yesterday, against the backdrop of continued depreciation of the naira, said the implication would be that their cost has also increased beyond … Read more
Eko Hot Blog reports that the Lagos State Government has advocated the safe conversion of petrol for domestic use in the wake of the subsidy removal leading to the increase in the price of petrol in the state and country at large. The government made the advocacy through a statement issued by the Director-General of … Read more
Eko Hot Blog reports that the Nigerian National Petroleum Company (NNPC) Limited has revealed the reason for the increase in pump price at its outlets across the country. Recall that President Bola Tinubu, in his inaugural address on Monday, triggered panic buying across the country after declaring that “fuel subsidy is gone.” EDITOR’S PICKS Epe-Berger … Read more
Eko Hot Blog reports that the Lagos State Governor, Babajide Sanwo-Olu, has urged oil marketers to stop hoarding fuel. Recall that this medium reported on Tuesday how queues returned to filling stations in Lagos shortly after President Bola Tinubu’s inaugural address on Monday. EDITOR’S PICKS ‘I Stand Ready To Dedicate My Entire Being To Serving … Read more
The Nigerian government is set to remove fuel subsidy, setting the stage for significant increase in petrol pump price. Although the subsidy is not officially removed, oil marketers across the country have raised prices in the last few months. In March 2023, Nigerians paid 42.63% more than they paid for fuel in March 2022. Eko … Read more
Nigerians have had a tough time buying fuel for several months. IPMAN, a group of petroleum marketers, has complained that its members are not getting enough supply. The situation forced the association’s chapter in Borno to halt all operations earlier on Tuesday. Eko Hot Blog reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN), … Read more
Nigerians have been struggling to buy fuel since late 2022. The scarcity has prompted marketers who have the products to sell at high prices. The marketers have argued that there’s a shortage of supply to them. Eko Hot Blog reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the petrol supply … Read more
Lagos is in the news again for a deadly accident as a tanker crushed three tricycles on Tuesday. The incident led to the death of two people, while four were rescued. The fatal accident comes a few days after a container fell on a bus in the Ojuelegba area of Lagos, killing nine passengers. Eko … Read more
Petrol subsidy removal will begin in April. According to the finance minister, subsidy removal appears to be the position of all presidential candidates. The World Bank and the International Monetary Fund (IMF) say removing fuel subsidies is one of the fiscal reforms urgently needed. EKO HOT BLOG reports that President Muhammadu Buhari’s government has announced … Read more
FG has revealed that the country incurs debt sometimes just to purchase petrol due to the fuel subsidy. According to the Minister, there is a high possibility of global economic recession this year. The Minister believes the government would be able to increase the revenue performance on the 2022 figure, as well as reduce the … Read more
Eight filling stations have been sealed for allegedly selling above regulated prices in Osun. EKO HOT BLOG reports that the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has sealed eight filling stations in Osun State for allegedly selling Premium Motor Spirit, PMS, above the government-approved pump price. The NMDPRA coordinator in the state, Mr … Read more
The fuel scarcity across Nigeria may worsen as NUPENG threatened a nationwide strike. The union accused security agents of destroying its tankers. Eko Hot Blog reports that the Petroleum Tanker Drivers (PTD), a branch of the National Union of Petroleum and Natural Gas Workers (NUPENG), has threatened to embark on a nationwide strike. EDITOR’S PICKS … Read more