Finally! Nigeria Scraps Fuel Subsidy

Group Managing Director of the NNPC, Emmanuel Ibe Kachikwu has announced that the Nigerian Government has scrapped the Petroleum Support Fund, (fuel subsidy). According to Premium Times, Mr. Kachikwu, who is also Minister for Petroleum resources, said FG could no longer afford the payment due to the dip in its revenue, caused by the drop […]

NNPC Signs New ‘Crude for Fuel’ Deals With Foreign Refineries

The Nigeria National Petroleum Corporation, NNPC has announced it will award new crude for product swap agreements to Total, Varo Energy, Cepsa and ENI. The deals, which are expected to begin in February, differ from the former “offshore processing” agreements as they are directly with refineries who can use the crude oil to produce the […]

Petrol May Sell Below N87/Litre Soon

The pump price of petrol might fall below the official N87/litre soon, the NNPC has announced. The state oil company said it is working out a template with the Petroleum Product Pricing Regulatory Agency (PPPRA), which might make the commodity sell for less thant N87 per litre next year. Group General Manager, Corporate Planning and […]

Nigeria Approves Construction of New Refineries

According to Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, the federal Government is planning to build new refineries as part of efforts to curb reoccurring fuel scarcity situation in the country. He pointed out that the new refineries would be sited within the old ones and would be funded by private investors. The […]

Fuel price soars by 50% at depots as scarcity bites

Price of Premium Motor Spirit (PMS), or petrol soared by about 50 per cent at  retail outlets  following the hike in price of the product at the depots, it was learnt. A daily industry price survey conducted by marketers at depots in Apapa, Lagos, revealed that yesterday’s average price per litre of PMS was N112 […]

Nigerians bought fuel at N93 per litre in October – NBS

Nigerians bought Premium Motor Spirit (PMS) also known as petrol at average of N93.48 per litre in October as against N95.18 they paid for the product in September. A report released by the National Bureau of Statistics (NBS) on Sunday indicated that the drop translated to N1.79 reduction per litre of petrol month-on-month. The amount […]

NNPC Mega Stations Begin 24-hour Petrol Sale Nationwide

The Nigerian National Petroleum Corporation (NNPC) has stated that its mega stations nationwide will begin a 24-hour sale of petroleum products to quell scarcity. Ohi Alegbe, group general manager public affairs division of NNPC, said the corporation had enough volume of petrol in stock to satisfy the nation’s domestic consumption requirement. According to Justine Ezeala, […]

NNPC denies fuel price reduction reports

The Nigerian National Petroleum Corporation (NNPC) has debunked reports of reduction in pump price of petrol from N87 per litre to N57. Describing the report as false, the oil firm advised the public to ignore it, insisting that petrol price remains N87 per litre. Meanwhile, a major step towards ensuring zero fuel queues throughout the […]

Average price of fuel in July was N107 – NBS

Nigerians paid an average of N107.41 per litre of Premium Motor Spirit (petrol) across the 36 states of Nigeria in July, the National Bureau of Statistics (NBS) has said. The bureau said, in its latest report, Nigerians paid N20.41 more than government approved pump price of N87 per litre for the product. The report released […]

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