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Landing cost of imported petrol falls to N900/litre

The cost of landing Premium Motor Spirit, or petrol, in Nigeria has decreased by N36, dropping to N900.28 per litre on Thursday, according to the latest data from the Major Energies Marketers Association of Nigeria. This reduction marks a 3.62% decrease from the previous landing cost of approximately N936.75 per litre. Earlier this week, the […]

FG waives VAT on CNG, sets up conversion centres
Oil and Gas

Why Nigerians substitute petrol for CNG – Association

The Nigerian Gas Association has advocated for the use of compressed natural gas as a substitute for premium motor spirit or petrol. According to The Punch, the association claimed CNG is 15% cheaper compared to petrol. This was said by the association’s president, Akachukwu Nwokedi, at a press conference in Lagos. He declared, “The Federal […]

Oil and Gas

Oil marketers express concern over inferior petrol in fuel stations

Concern has been expressed by oil marketers regarding the lightness of Premium Motor Spirit, often known as petrol, in some filling stations, adding that the goods are below the standard set by the Nigerian Midstream and Upstream Regulatory Authority. The Times reported that the marketers attributed this to a shortage of locally refined petrol while describing […]

Local refining won't reduce petrol to N200/litre - MOMAN
News

Local refining won’t reduce petrol to N200/litre – MOMAN

    The Major Oil Marketers Association of Nigeria has stated that even if refineries are refurbished, the price of fuel cannot fall below N200 per litre. The association made the statement in response to a recent report in which the Independent Petroleum Marketers Association of Nigeria predicted that if the refineries reopened, petrol prices […]

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Marketers suspend fuel imports, await FG’s promise on refineries

Oil traders have postponed their intentions to import Premium Motor Spirit, more commonly known as petrol, as they eagerly await the start of local production of refined petroleum products by Nigeria’s refineries in December of this year. According to The Punch, operators in the downstream oil industry claimed that, given the difficulty in obtaining the […]

NNPCL to repair vandalized pipelines September ending
Oil and Gas

NNPCL to repair vandalized pipelines September ending

The shortage of Premium Motor Spirit, sometimes known as petrol, in sections of Lagos and the South-Western states, may last until the end of September, and it may spread to other areas if not solved urgently. On Thursday, it was learned that the scenario might persist until the end of the month since the System 2B […]

Marketers predict more fuel queues due to pipeline vandalism
Oil and Gas

Marketers predict more fuel queues due to pipeline vandalism

Petrol queues lingered in Lagos and Ogun states on Wednesday, as oil merchants anticipated harsher days ahead in terms of product availability. According to The Punch, several motorists were observed queuing at filling stations across the states, with some oil sector operators predicting that the petrol shortage will not be alleviated anytime soon. Chairman of […]

Petrol imports from Russia records 84% increase - Report
Oil and Gas

Petrol imports from Russia records 84% increase – Report

Data on Nigeria’s fuel obtained from Argus West Africa Oil shows that the country’s imports from Russia surged by 84% in a year to 3.8 million liters (24,000 barrels) in 2023 from 558,300 liters (3,700 barrels) in 2022. According to The Punch, after the European Union, the United Kingdom, and the United States imposed oil […]

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 […]

Petroleum regulatory body shuts 75 fuel stations in Osun
News

Petroleum regulatory body shuts 75 fuel stations in Osun

  The Nigerian Midstream and Downstream Petroleum Regulatory Authority’s Osun State office announced on Wednesday that it has closed up to 75 petrol stations in the state in the previous month due to a variety of violations. According to The PUNCH, this was disclosed by the NMDPRA State Coordinator, Mr Kunle Adeyemo, who disclosed this […]

petrol pump
Business

Petrol price rose 43% in one year – NBS

The price of Premium Motor Spirit popularly known as petrol rose by 42.63 percent from N264.29 in 2022 to N185.30 in 2023. This was disclosed through a report by the Nigerian Bureau of Statistics which also revealed prices across every state in the country. Stating how the data was obtained NBS said more than 700 […]