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Tag: fuel subsidy

Subsidy: Traders lament low generator sales
Business

Subsidy: Traders lament low generator sales

The sale of petrol generator sets in Nigeria has significantly decreased after President Bola Tinubu’s pronouncement on May 29 putting an end to fuel subsidies. According to Nairametrics, sales for all generator dealers fell significantly over the past month, with the majority of them unable to sell more than half of their regular stock. Market participants […]

Opinion

How to cushion effect of subsidy removal — KPMG

A global audit, tax and advisory services firm, KPMG, has called for the deployment of alternatives to money in cushioning the severe impact of the recent petrol subsidy removal.   This Day reported that in a report it titled: “ Removing Nigeria’s PMS Fuel Subsidy: We Can’t Have Our Cake & Still Eat it”, the […]

NNPCL blames market forces for fuel price hike
Oil and Gas

NNPCL blames market forces for fuel price hike

The group chief executive officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has attributed the rise in the per-liter pump price of fuel from N537 to N617 to market forces. The NNPCL CEO clarified that the hike is not based on a shortage of fuel in an interview with reporters on Tuesday following a meeting with […]

JUST IN: Fuel price hits N617 per liter
Business

Fuel price hits N617 per litre

The cost of petrol motor spirit, popularly called petrol has risen to almost N617 per liter. According to Daily Trust, an NNPC filling station in Abuja’s Central neighborhood has established that the fuel price has been changed from N539 to N617 per liter and is currently selling at that price. The immediate cause of the increase could not […]

Fuel subsidy is gone, Tinubu tells Nigerians
Opinion

How FG should use N500bn subsidy palliative — financial expert

A financial expert, Prof. Uche Uwaleke, has commended President Bola Tinubu’s request for legislative approval of N500 billion as palliatives to cushion the removal of fuel subsidy.   Tinubu, on Wednesday, wrote to the National Assembly seeking an amendment to the 2022 supplementary appropriation Act, allowing the Federal Government to source N500 billion for palliative […]

How forex scarcity affects fresh petrol imports - Report
featured

How forex scarcity affects fresh petrol imports – Report

Oil marketers who have been licenced to import fuel are currently experiencing issues getting cash and thus, the prospect of new petrol importation into the country may have been crushed. According to The Punch, sources reported that three of the enraged downstream enterprises were yet to source foreign exchange to purchase products. Even though six downstream companies […]

How subsidy removal affects small businesses - ASBON
Business

How subsidy removal affects small businesses – ASBON

The stock market yesterday had its first day of fall in the second half of H1’23, causing investors to lose N672 billion. This occurred as the Nigerian Bar Association’s Section on Business and NBA, was honoured to ring a bell to end the trading session on Tuesday. A key stock market indicator, the NGX All Share Index, also […]

NNPCL, marketers fuel vessels to arrive next week - IPMAN
News

Fuel subsidy stopped development of e-vehicles in Nigeria – W’Bank

      The World Bank has stated that the previous administration’s decision to subsidise petrol prices has impeded the progress of e-mobility and the adoption of alternative vehicles such as electric minibuses, two-wheelers, and three-wheelers. In a document titled “E-Trans-Electric Mobility and Transition in Nigeria: Strategy and Implementation,” the bank reported that the funding […]

NNPCL fuel subsidy gains not fully remitted - World Bank
News

Subsidy removal: Nigerias inflation to rise 25%, World Bank predicts

The World Bank predicts that the removal of petrol subsidies will cause inflation to reach up to 25% by 2023. Nevertheless, the Washington-based bank highlighted that even though there would be a considerable increase in 2023, headline inflation will decline by the first quarter of 2024. This projection was included in the Nigeria Development Update for […]

Opinion

Palliative won’t solve fuel price hike – Truck drivers

The National President of the Heavy-Duty Truck Drivers Association, Uche Nebuwa, has said there will be no remedy to the hike in the pump price of fuel caused by subsidy removal unless old refineries are repaired.   Nebuwa also condemned the proposed palliatives by President Bola Tinubu to lessen the suffering of the masses.   […]

FG saves N400bn in four weeks after subsidy removal
featured

FG saves N400bn in four weeks after subsidy removal

  The Federal Government has saved approximately N400 billion as a result of the removal of the subsidy on Premium Motor Spirit, commonly known as petrol. According to The PUNCH, this was disclosed through a press statement made by oil marketers on Thursday. Also as a result of the Federal Government’s recent decision to float […]

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