TheNewsGuru

Tag: Fuel Price

  • NNPC Vs Dangote: Petrol price war deepens as marketers take swift action amid mounting losses

    NNPC Vs Dangote: Petrol price war deepens as marketers take swift action amid mounting losses

    Oil marketers have decided to scale down fuel purchases due to the frequent downward price adjustments between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).

    The price war, which began in November 2024, saw Dangote Refinery slashed its ex-depot price of Premium Motor Spirit (PMS) from ₦990 to ₦970 per liter, eventually slashing it further to ₦825 per liter by February 27, 2025.

    In response, NNPC lowered its pump price to ₦860 per litre on March 3, 2025, indicating a continued price competition among the major fuel vendors.

    Following the persistence price reduction between the petrol merchants, Oil marketers, under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN), who have struggle to mitigate heavy losses, raised an alarm over the huge financial damages, as they demand that fuel price adjustments should occur only every six months to ensure stability.

    Speaking, IPMAN National Vice President, Hammed Fashola, noted that while Nigerians benefit from the price reductions, the instability is wreaking havoc on marketers.

    “The ongoing price reduction is affecting oil marketers negatively because we are losing money. If I buy products at ₦900 per litre today and the price drops by evening, that becomes a major problem, especially if the product was meant to last a month,” he explained.

    Fashola confirmed that marketers have significantly reduced bulk purchases to minimize risks, adding, “Any reasonable marketer would take precautions. If prices continue fluctuating, everyone will remain cautious. However, if prices stabilize, businesses will resume normal operations.”

    The Major Energies Marketers Association of Nigeria (MEMAN) revealed that the landing cost of imported PMS fell to ₦774.82 per litre on Tuesday, dropping below Dangote Refinery’s ₦825 per litre ex-depot price.

    This reduction follows the decline in global crude oil prices, with Brent crude falling to $70 per barrel and U.S. WTI crude trading at $66.70 per barrel as of March 12, 2025.

  • Just In: See new price as NNPCL reduces fuel price

    Just In: See new price as NNPCL reduces fuel price

    The Nigerian National Petroleum Company Limited (NNPCL) on Monday decreased its fuel pump price from ₦945 to ₦860 per litre.

    TheNewsGuru reports some retail outlets of the NNPCL, confirmed the reduction based on observations from adjustment on their meters.

    Although, there is no official communication on the price reduction yet, some fuel marketers confirmed the development to newsmen.

    Speaking to the Punch, The National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, said that the NNPCL is working on updating its portal with the new price.

    “It is true, NNPC is selling petrol at ₦860 in the filling stations. Though this has not been reflected on the portal, they told me they are working on 

    Also, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, confirmed the price reduction.

    He said, “They reduced the pump price earlier this morning but I’m yet to get the details.”

  • BREAKING: Dangote refinery slashes fuel price ( See new price)

    BREAKING: Dangote refinery slashes fuel price ( See new price)

    The Dangote Petroleum Refinery on Sunday announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol for oil marketers.

    The company’s Chief Branding and Communications Officer, Anthony Chiejina in a statement disclosed that the new price for oil marketers will be  ₦970 per liter.

    According to the Chiejina, the reduction is as a gesture of appreciation to Nigerians for their steadfast support in bringing the refinery’s vision to life.

    This new price marks a ₦20 decrease from the refinery’s earlier ex-depot price of ₦990 per litre, introduced earlier this month.

    “The adjustment is also our way of expressing gratitude to the government for their support, as it aligns with efforts to encourage domestic enterprise for the collective good of the nation,” the statement read.

    Chiejina further reassured stakeholders of its commitment to maintaining the highest standards in its petroleum products, emphasizing their environmental sustainability.

    It further pledged to increase production to meet and exceed domestic fuel demand, alleviating concerns over supply shortages, and providing oil marketers with significant cost savings on each litre of petrol sourced from the Lekki-based refinery.

  • Again, Tinubu’s govt increases fuel price

    Again, Tinubu’s govt increases fuel price

    The President Bola Ahmed Tinubu led administration through the Nigerian National Petroleum Company Limited (NNPCL), has again increased the pump price of Premium Motor Spirit (PMS) despite the mounting economic challenges.

    TheNewsGuru.com(TNG) reports that the pump price on Tuesday was increased as residents in Lagos and Abuja will now pay N1,025 and N1060 per litre, respectively.

    The price was previously at N1,030 in Abuja and N998 in Lagos at NNPCL stations, while other stations charged between N1,150 and N1,200 per litre.

    According to Peoples Gazette, NNPCL outlets across Lagos and Abuja displayed the new prices, a move attributed to prevailing economic conditions that could further strain Nigerians already facing a steep cost of living.

    TNG understands that since President Tinubu took office on May 29, 2023, and announced the end of the fuel subsidy, petrol prices have soared from N145 to over N1,000, intensifying the financial strain on citizens.

  • [JUST IN] Fuel price palaver; FG team in a meeting with organized labour at Aso Rock

    [JUST IN] Fuel price palaver; FG team in a meeting with organized labour at Aso Rock

    The Federal government team is currently meeting with the leaders of organised labour at the Presidential Villa in Abuja.

    The meeting is centred on the state of the nation, especially the petrol pricing system.

    The meeting is taking place at the Secretary to the Office of the Government of the Federation, SGF, George Akume.

    At the meeting are Mallam Nuhu Ribadu, the National Security Adviser, NSA; Nkeiruka Onyejeocha, the Labour Minister; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

    Others are the Information Minister, Petroleum Minister, State Minister of Gas, and representatives of the Nigerian National Petroleum Corporation, NNPC, Limited.

  • Reps committee urge FG, NNPCL to revert to old PMS price

    Reps committee urge FG, NNPCL to revert to old PMS price

    The House of Representatives Committee on Petroleum Resources (Upstream) has demanded the reversal of fuel to old price, urging the Federal Government and the Nigerian National Petroleum Company Ltd.  (NNPCL) to comply.

    Rep. Alhassan Ado-Doguwa, the Chairman of the committee in a statement in Abuja, described the hike in petrol as unacceptable.

    He said that a situation where private companies took advantage of gaps in the system to make arbitrary profits at the expense of Nigerians was inimical to the country’s progress.

    “We urge the Federal Government and, of course, the NNPCL to consider the plight of Nigerians and suspend this recent increase in pump price.”

    According to him, Nigerians are currently going through a lot of challenges, and adding to the burden is not in our collective best interest.

    “Let us revert to the old pump price as soon as possible and probably intensify engagements with major stakeholders to address the problem,” he said.

    Doguwa, who is also the Chairman, Special Committee on Crude Oil Theft and Vandalisation of Pipelines, also pledged to tackle the challenge caused by the loss of revenue to the government owing to the loss of crude.

    “As a special committee, we will aggressively seek modalities to interface with the youths and community leaders in the oil-producing areas.”

    This, according to him, is to address the frequent cases of crude oil theft, which is  capable of affecting petrol supply across the country.

    “We are working in collaboration with security agencies in their quest to secure oil pipelines and other critical facilities in the country.

    “We believe that a return to the old pump price will calm frayed nerves, thus enabling Nigerians to go about their daily activities with ease,” he noted.

    The lawmaker also advised Nigerians to give the President Bola Tinubu-led administration a chance to reposition the oil and gas sector.

    He stated that with the Petroleum Industry Act, coupled with the effort to revive the nation’s refineries, Nigeria would in no distant time,  reap the benefits of her oil and gas endowments.

    “We believe that with interventions the government is making to commence operations at Port Harcourt and Warri refineries, these challenges will come to an end,” he said.

    NAN reports that the NNPC Ltd had on Tuesday directed its fuel sales outlets to increase their pump prices from the average of N617 to N897, a development which has almost immediately spiked prices, including market commodities and transportation.

  • Man who beat people for Tinubu during 2023 elections, expresses deep regret (video)

    Man who beat people for Tinubu during 2023 elections, expresses deep regret (video)

    A supporter of President Bola Tinubu, who engaged in electoral violence in the 2023 general elections, has bitterly lamented the recent fuel pump price and fuel scarcity.

    In a viral video that surfaced on social media, the man, who is yet to be identified, expressed his disappointment over the economic hardship following the Bola Tinubu-led administration’s decisions to remove subsidies, dramatically impacting the cost of living.

    The man who noted that he had forced people to vote for President Bola Tinubu in 2023 expressed regret saying the present administration has spoilt his life.

    “We are enduring severe hardships in this country. Fuel is scarce, and we are being mistreated at fuel stations. We voted for Jagaban (Tinubu). We voted for Jagaban (Tinubu). I was one of those who enforced votes in Idi-Oro. We were knocking on doors and hitting people’s heads to vote for you. Now that you have won, you have ruined our lives,” the man lamented, his voice filled with a sense of betrayal.

    “To feed ourselves is tough for us. Those of us working in our fatherland are now as lazy. Jagaban, do something.

    “We are the ones beating our fathers’ mates with canes for your sake. Awa l’okan (“It is our turn” a phrase attributed to Tinubu during the 2023 presidential election campaign).

    “I know that they will come and beat me at home with what I have said, but I am a street urchin too. At the end of the day, we have regretted to have followed awa l’okan.”

    Watch video below;

     

     

  • PDP rejects hike in fuel price

    PDP rejects hike in fuel price

    The Peoples Democratic Party (PDP) rejects the new increase in the pump price of petrol to about N1,000 per litre in various parts of the country.

    The party in a statement by its National Publicity Secretary, Debo Ologunagba in Abuja on Thursday, described the hike in fuel price as thoughtless, especially at this time.

    Ologunagba advised President Bola Tinubu to save the country from further socio-economic challenges by immediately reversing the latest increase in fuel price.

    He said that Nigerians could not bear fuel price increase worsening effect on suffocating economic hardship which they currently faced.

    The publicity secretary said that the secretive administration of the petroleum sector, and persistent increase in fuel price without due regard to the wellbeing of the people had implications.

    He described the action as anti-people and a show of unconcern to the agonies of millions of Nigerians, who could no longer afford their daily meals, medications and basic support for families due to the high cost of living.

    Ologunagba said that today,  said that the majority of  Nigerians lived below the poverty line, businesses were collapsing daily as the Naira now exchanged for over N1,600 to a Dollar with over 34 per cent inflation rate.

    He said that the statistics were expected to rise further with the latest increase in the price of fuel.

    “Our Party restates that with a deft, transparent and innovative management of resources and national refining capacity, petrol should not sell more than N250 per liter in Nigeria,” he said

  • Angry residents protest over recent fuel price hike in Warri (video)

    Angry residents protest over recent fuel price hike in Warri (video)

    Residents of the Warri and Effurun community in Delta State on Tuesday September 4, staged a protest against the recent fuel pump price.

    TheNewsGuru.com (TNG) recalls the NNPC, on Tuesday, adjusted the pump price per litre of petrol to ₦855 across its filling stations. However, some stations have been selling above N1,000 per litre.

    Reacting to the development, angry protesters, mostly market women and Keke riders held different placards marching through the streets, blocking some major roads as they registered their displeasure, calling on President Bola Ahmed Tinubu to urgently intervene and reverse the fuel price hike.

     Some of the placards displaced read “Tinubu, intervene now to alleviate commuters’ suffering”; “Tinubu, activate Warri and Kaduna refineries without further delay”.

    “We are suffering in silence, the fuel price hike is a killer.”

    Watch a video of the protesters below;

     

  • Fuel price hike ‘ll reverse ease in inflation – LCCI

    Fuel price hike ‘ll reverse ease in inflation – LCCI

    The Lagos Chamber of Commerce and Industry (LCCI) has said that the  hike in fuel price from N568 to N855 would trigger widespread price increases, potentially reversing the recent ease in inflation.

    Director General, LCCI, Dr Chinyere Almona, said this in a statement on Wednesday in Lagos.

    She noted that the official price of petrol, now at N855, was a clear indication that the shortfall between the landing cost and the former price level of N568 charged by Nigerian National Petroleum Corporation Ltd.(NNPCL) had been reduced.

    Almona, however, said  that completely removing it and subjecting Nigerians to a significant fuel price hike presented significant challenges.

    “A steep price hike would likely trigger widespread price increases, potentially reversing the recent ease in inflation seen in July and leading to another surge in inflation rates.

    “Balancing the need for fiscal responsibility with the economic impact on citizens is a complex task for the government.

    “The impact on businesses will be severe, with fuel prices affecting supply and logistics, power generation, transportation, and factory operations.

    “The cost of doing business will skyrocket, prices of goods will rise, and some firms may shut down due to low demand in the face of weakening consumer purchasing power. Of course, this will be followed by job losses,” she said.

    Almona said the operation of the Dangote Refinery, which now produces fuel and diesel for sale, offered a glimmer of hope.

    She said this game-changing intervention could restore some stability to the oil and gas sector, which had been grappling with significant distortions in 2024.

    The LCCI D-G advocated  a more sustainable approach to support the development of additional local refineries to process crude for local consumption and potential export across Africa.

    This long-term strategy, Almona said, was crucial for the stability and growth of our economy.

    “As an immediate intervention, it would be beneficial for the Port Harcourt Refinery to commence operations alongside production from the Dangote Refinery.

    “Given the current challenges with importing refined fuel, relying on local production may be the most viable option at this time.

    “We recommend sustaining local supplies, with the expectation that demand will eventually align with supply, leading to equilibrium pricing across various sources,” she said.