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Tag: Fuel Price

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Fuel price hike loom as brent crude hits $79.76/barrel

The prices of refined petroleum products may increase in the coming days due to the rise in Brent crude oil prices. On Sunday, the price of Brent reached $79.76 per barrel, and since crude oil is a key factor in determining the cost of refined products, this surge could lead to higher prices for gasoline, […]

Economy featured

NNPCL denies reducing fuel pump prices

The Nigerian National Petroleum Company Limited has debunked claims that it has reduced the pump prices of petrol and diesel. In a statement, the NNPCL’s spokesperson, Olufemi Soneye, said these claims were unfounded and therefore urged Nigerians to disregard them. Recall that there were reports that some posts on various social media platforms on Tuesday […]

Top 10 African countries with highest fuel price in 2024
Oil and Gas

Top 10 African countries with highest fuel price in 2024

A significant increase has hit the prices of fuel across the globe, especially in Nigeria following the removal fuel subsidy, which marked the beginning of the Bola Tinubu era in 2023. Since then, Nigerians have experienced a surge in the price of petroleum motor spirit from about N198/N200 per liter to over N1300 per liter. […]

Top 10 countries with lowest fuel prices in 2024
Oil and Gas

Top 10 countries with lowest fuel prices in 2024

A report titled “Gasoline Prices” has examined petrol prices in various countries has revealed the top 10 countries with the lowest petrol prices in 2024. Globally, the average cost of a liter of gasoline is 1.30 USD. However, these costs vary significantly between countries. Petrol costs are critical to global economies, and prices vary significantly among […]

Dangote fuel will be sold in naira not dollars - IPMAN
Oil and Gas

No plans to increase fuel price – NNPCL

The Nigerian National Petroleum Company Limited (NNPC Ltd) has stated that there would be no increase in the price of Premium Motor Spirit, commonly known as petrol. This was announced in a statement on X which was signed by the company’s chief corporate communications officer, Olufemi Soneye, as it warned motorists against panic buying. The statement came […]

IPMAN threatens strike over Soludo's taxation
Oil and Gas

No intention to hike fuel pump price – IPMAN

The president of the Independent Petroleum Marketers Association of Nigeria, Chinedu Okoronkwo, has stated that the group has no intentions to raise fuel pump prices in the country. According to Arise News, he claimed during an interview that because IPMAN has not yet begun importing petroleum into the country, there is no chance that pump prices will go […]

Marketers predict more fuel queues due to pipeline vandalism
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Oil marketers predict further fuel price hike

Although the Nigerian National Petroleum Company Limited and other oil marketers have not declared an increase in the price of petrol, they have acknowledged that the lack of foreign currency and the hike in the price of crude oil were the two main reasons influencing the price of PMS. The naira’s depreciation against the US […]

Petrol imports from Russia records 84% increase - Report
Economy

FX trade, crude oil price account for 80% of petrol price — IPMAN

The Independent Petroleum Marketers Association of Nigeria have explained that the international price of crude oil and the exchange rate constitute the largest components of the cost build-up for PMS, accounting for over 80 per cent.   The PUNCH reported that the Secretary, IPMAN, Abuja-Suleja, Mohammed Shuaibu, said, “The rise in crude oil price and […]

Marketers predict more fuel queues due to pipeline vandalism
News

Petrol price crashes at private depots due to low demand

Private depots have reportedly crashed the price of Premium Motor Spirit, aka. petrol, to between N495 and N496 per litre from N502 to N503/litre.   The development came amid rumour that the prices of petrol may soar in July owing to the recently devalued exchange rate and cost of importation by private depots, although, the […]

IPMAN threatens strike over Soludo's taxation
Oil and Gas

IPMAN debunks plan to raise petrol price to N700/litre

The Independent Petroleum Marketers Association of Nigeria has refuted the association’s purported proposal to raise the pump price of Premium Motor Spirit, better known as petrol, to N700 per litre nationwide. According to the News Agency of Nigeria, this was disclosed by the Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen in an interview with the News […]