TheNewsGuru

Tag: Petrol Price

  • JUST IN: Again, NNPCL slashes petrol price

    JUST IN: Again, NNPCL slashes petrol price

    The Nigerian National Petroleum Company Limited (NNPCL) has lowered the pump price of Premium Motor Spirit (PMS), commonly known as fuel or petrol, to ₦890 per litre. This marks the second reduction in less than a week.

    The new price was observed at various NNPCL retail outlets in Abuja on Wednesday, July 23.

    TheNewsGuru reports that the price slash reflects a ₦5 per litre drop from the previous ₦895 pump price.

    Daily Post claimed to have observed filling stations along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and other major parts of the Federal Capital Territory adjusted their pump meters on Wednesday morning to reflect the new pricing.

    The move comes barely a week after the state-owned oil company first introduced a retail price reduction for petrol, an indication that the company may be responding to recent developments in the local supply and distribution value chain.

    While NNPCL stations now sell at ₦890 per litre, major retailers linked to the Dangote Petroleum Refinery, including AP Ardova, Optima, MRS, and Bovas, were seen dispensing fuel at a slightly cheaper rate of ₦885 per litre.

    Industry observers say the pricing gap may be linked to supply source advantages and efficiency in distribution from the newly operational Dangote Refinery.

    Reacting to the recurring changes in fuel prices, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said the fluctuations are a direct outcome of the deregulated downstream oil sector.

    “Fuel prices will continue to fluctuate because the market has been deregulated,” Maigandi told Daily Post.

    “The pricing depends on global crude oil prices, exchange rates, logistics, and local market conditions.”

    He urged Nigerians to brace for a dynamic fuel pricing regime as marketers now operate in a liberalised environment where supply and demand forces determine pump rates.

  • Dangote refinery slashes petrol loading cost

    Dangote refinery slashes petrol loading cost

    The Dangote Petroleum Refinery has quietly implemented a price reduction at its loading gantry, reducing the loading cost of its petrol from N825 per litre to N815 per litre.

    TheNewsGuru reports that the new price structure, introduced on Thursday was met with enthusiasm by oil marketers. As a result, many opted to bypass private depot owners and began sourcing their products directly from the refinery.

    The recent N10 price reduction is likely to prompt private fuel depots to lower their prices in response. It would be recalled that on Tuesday,  it was reported that the landing cost of petrol imported into Nigeria dropped to N774.72 per litre, with marketers predicting that this ongoing decline could reduce pump prices of PMS to around N800 per litre.

    Marketers noted that the landing cost, presently at N774.72 per litre, which includes shipping, import duties, and exchange rates, has decreased by N50.28 from the previous cost of N825 per litre at the Dangote Petroleum Refinery.

    The situation, Industry stakeholders believe will sparked a price war, with retail marketers favoring imported products due to their lower prices.

    “Crude oil is a major component in the production of fuel, so a further reduction in its price would definitely warrant a drop in petrol price, and it is possible to drop to N800 per litre,” the National Publicity Secretary of the Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, stated.

    But in a fresh effort to control market share, the 650,000 barrels per day capacity refinery reduced its loading cost to N815 per litre on Thursday.

    When added to the N10 levy charged by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, this will increase the cost to N825 per litre.

  • Motorists happy as NNPC reduces petrol price(See new price)

    Motorists happy as NNPC reduces petrol price(See new price)

    Motorists happy as the Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of petrol at its retail stations from N960 to N945 per litre.

    The new price took effect on Thursday, February 13, following directives from the company.

    At an NNPC filling station in Ejigbo, attendants confirmed the price change, noting an increase in customer turnout and long queues.

    However, some consumers believe the reduction is too small to impact their expenses.

    The commercial driver at the station stated that he would not lower transport fares due to the slight difference in price.

    Other filling stations, including Ardova, Mobil, and Petrocam, have not made any changes.

    Ardova continues selling at N970 per litre, while Mobil and Petrocam sell at N960 and N970 per litre, respectively.

    This adjustment follows a similar move by MRS Oil Nigeria Plc, which recently set its petrol price at N925 per litre in Lagos. MRS also announced regional prices of N935 per litre in the South West, N945 per litre in the North, and N955 per litre in the South East.

    The recent price changes are linked to global energy trends and a drop in crude oil prices.

    Since the removal of fuel subsidies, petrol prices have fluctuated, reaching nearly N1000 per litre.

    When President Bola Ahmed Tinubu assumed office on May 29, 2023, the product was sold at N198 per litre.

  • BREAKING: Dangote Refinery reduction in petrol price, now N970 per litre

    BREAKING: Dangote Refinery reduction in petrol price, now N970 per litre

    The Dangote Group has announced a reduction in the price of its Premium Motor Spirit (PMS) to N970 per liter.

    This was contained in a statement issued by Anthony Chiejina, the Group’s Chief Branding and Communications Officer, on Sunday.
    Chiejina stated that the refinery has lowered its petrol price for marketers from N990 to N970 per liter, providing them with a N20 discount per liter.

    Furthermore, he emphasized that despite the price reduction, the quality of the company’s products remains uncompromised.

    The statement regarding the price adjustment reads:

    “Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for the marketers.

    “As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the Refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being.

    While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

    “We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

  • Lokpobiri gives reason for hike in petrol price after meeting with Shettima

    Lokpobiri gives reason for hike in petrol price after meeting with Shettima

    Sen. Heineken Lokpobiri, Minister of State (Oil) Petroleum Resources, on Thursday, said the Federal Government was not responsible for the recent increase in the price of petrol across the country.

    The minister said this while briefing State House correspondents after a meeting with Vice-President Kashim Shettima.

    Lokpobiri said the industry had been deregulated, and that the government was not fixing prices.

    “This sector is deregulated. And we believe that with the availability of products, the price will find its level.

    “What is important is that the product is available in the country; between now and the weekend, there will be availability of the product across the length and breadth of the country,” he said.

    He said it was important to convey to Nigerians that the President was empathetic about what was going on in the country.

    “He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country.

    “But, we believe that by the time there is availability of the product across the country, the price itself will stabilise,” said the minister.

    Lokpobiri said Shettima had summoned him along with Mr Mele Kyari, the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL) and Malam Nuhu Ribadu, the National Security Adviser, over the recent hike in the price of petrol.

    Also, Mr Ogbugo Ukoha, Executive Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said regulatory efforts were geared toward stabilising supply of petrol in the country, which he said would impact positively on stability of price.

    “The objective of the regulator is to ensure that there’s increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit truck outs as well.

    “More importantly also is the reinforcement of the support being given to local refinancing, because with increased production there will be higher supply, which will stabilise the price,” said Okuoha.

    it would be recalled that the price of petrol was increased from N855 to N897 per litre, depending on the location, from the previous N568-N617.

  • Reps minority caucus condemns hike in petrol price

    Reps minority caucus condemns hike in petrol price

    The Minority Caucus of the House of Representatives has condemned the recent increase in the price of petrol by the Nigerian National Petroleum Corporation (NNPC).

    Rep. Kingsley Chinda, the leader of the minority caucus in the House, said this in a statement on Thursday in Abuja.

    He said that the development was not only ill-timed but also grossly insensitive to the harsh economic conditions currently being experienced by Nigerians across the country.

    Chinda said that the hike is coming at a time when the nation is grappling with unprecedented economic challenges.

    He added that a further increase in the price of gasoline would not only exacerbate the suffering of the average Nigerian.

    The lawmaker said that the ripple effects of such an increase were far-reaching, impacting the cost of transportation, food, and other essential goods and services.

    He said that this would ultimately erode the already fragile purchasing power of millions of citizens, pushing more families into poverty.

    According to him, the Minority caucus is deeply concerned that this decision by the NNPC appears to have been made without adequate consultation with relevant stakeholders.

    This, he said, includes the National Assembly, which represents the interests of the people.

    He said that the unilateral action disregarded the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry.

    “We, therefore, call on the Federal Government to urgently intervene and reverse this unwarranted increase in petrol prices.

    “We also urge the government to explore and implement more sustainable measures to stabilise the economy without placing an additional burden on the people.

    This, according to him, includes prioritising the rehabilitation and upgrading of our local refineries and curbing corruption within the petroleum sector.

    He urged the Federal Government to ensure that subsidies genuinely benefitted the masses rather than a few privileged individuals.

  • Dangote Refinery denies N600 per litre price of petrol speculation

    Dangote Refinery denies N600 per litre price of petrol speculation

    Dangote Limited on Tuesday night denied fixing the price of petrol from its refinery based in Lagos State at ₦600 per litre.

    The Group Chief Branding and Communications Officer, Anthony Chiejina, in a statement titled ‘ We have not fixed Petrol Price’ disclosed that it has not fixed any price for petrol, and IPMAN is not a business partner of the organization yet.

    The denial follows the earlier submission of the Independent Petroleum Marketers in Nigeria, who anticipated that petrol from the Dangote Petroleum Refinery will be sold for ₦600 to ₦650 per litre once it is released to the market.

    The National Vice President IPMAN, Hammed Fashola, told the Punch that the Dangote refinery, like it did with diesel, will help reduce the cost of petrol.

    Fashola, explained that the $20 billion refinery could lower fuel prices, provided it receives adequate support, particularly in securing crude oil supplies.

    However, in reaction to the anticipated price, Dangote, via its verified social media pages, refuted the claims, clarifying that Dangote has not discussed the price of petrol with the marketers, and they have no authorization to speak on behalf of the organization.

    The statement reads: “We have not fixed Petrol Price

    “Our attention has been drawn to headlines announcing “Marketers Project N600/litre for Dangote Petrol” published in Punch Newspapers of Tuesday August 13,2024.

    “We would like to clarify that Independent Petroleum Marketers Association of Nigeria (IPMAN) is not our business partner yet. We have never discussed price of Premium Motor Spirit (PMS) with them, and they have no mandate or authority to speak for us, either for good or with hidden transcript.

    “We urge the public to desist from such speculative announcements. We have our official channels through which we make our views known to our stakeholders.”

  • See why Petrol will now sell for N630.63 – NBS

    See why Petrol will now sell for N630.63 – NBS

    The National Bureau of Statistics (NBS), says the average retail price of a litre of petrol increased from N195.29 in October 2022 to N630.63 in October 2023.

    It made the declaration in its Petrol Price Watch for October 2023 released in Abuja on Wednesday.

    It stated that the October 2023 price of N630.63 represented a 222.92 per cent increase over the price of N195.29 recorded in October 2022.

    “Comparing the average price value with the previous month of September 2023, the average retail price increased by 0.71 per cent from N626.21.

    “On state profiles analysis, Zamfara paid the highest average retail price of N659.38 per litre, followed by Gombe and Borno at N658.33 and N657.27, respectively.

    “Conversely, Lagos, Oyo, and Delta paid the lowest average retail price at N590.95, N592.19 and N599.38 respectively,’’ it stated.

    Analysis by zones showed that the North-East Zone recorded the highest average retail price in October 2023 at N644.16, while the South-West recorded the lowest price at N616.81 per litre.

    The NBS also stated in its Diesel Price Watch Report for October 2023 that the average retail price was N1004.98 per litre.

    It said that the October 2023 price of N801.09 per litre amounted to a 25.45 per cent increase over the N801.09 per litre paid in October 2022.

    “On a month-on-month basis, the price increased by 12.82 per cent from the N890.80 per litre recorded in September 2023,’’ it added.

    On state profile analysis, the report said the highest average price of diesel in October 2023 was recorded in Plateau at N1150.00 per litre, followed by Nasarawa at N1138.00 and Benue at N1091.67.

    On the other hand, the lowest price was recorded in Rivers State at N824.44 per litre followed by Borno at N827.27 and Kebbi State at N845.00 per litre.

    In addition, the analysis by zones showed that the North-Central had the highest price of N1090.69 per litre, while North- East recorded the lowest price at N947.32 per litre.

  • How petrol price jumped from N189 in Aug 2022 to N626 in Aug 2023

    How petrol price jumped from N189 in Aug 2022 to N626 in Aug 2023

    The National Bureau of Statistics (NBS), says the average retail price of a litre of Petrol increased from N189.46 in Aug. 2022 to N626.70 in Aug. 2023.

    NBS made this known in its Petrol Price Watch for Aug. 2023 released in Abuja on Friday.

    The Bureau stated that the Aug. 2023 price of N626.70 represented a 230.78 per cent increase over the price of N189.46 recorded in Aug. 2022.

    “Comparing the average price value with the previous month of July 2023, the average retail price increased by 4.39 per cent from N600.35.

    “On state profiles analysis, Taraba paid the highest average retail price of N680 per litre, followed by Borno and Benue at N657.27 and N649, respectively.

    “Conversely, Adamawa paid the lowest average retail prices of N594.81 per litre, followed by Rivers at N596.80 and Delta at N604.63,’’ it stated.

    Analysis by zone showed that the North-East recorded the highest average retail price in Aug.2023 at N636.93 per litre, while the South-South recorded the lowest at N616.95 per litre.

    The NBS also stated in its Diesel Price Watch Report for August 2023 that the average retail price was N854.32 per litre.

    It explained further that the Aug. 2023 price of N854.32 per litre amounted to a 8.57 per cent increase over the N786.88 per litre paid in August 2022.

    “On a month-on-month basis, the price increased by 7.53 per cent from the N794.48 per litre recorded in July 2023,’’ it added.

    On state profiles analysis, the report said the highest average price of diesel in Aug. 2023 was recorded in Abia at N970 per litre, followed by Niger at N960.14 per litre and Abuja at N950.22 per litre.

    On the other hand, the lowest price was recorded in Bayelsa at N700 per litre, followed by Katsina State at N771.43 per litre and Kaduna State at N775.42 per litre.

    In addition, the analysis by zone showed that the North-Central had the highest price at N907.86 per litre, while the South-South recorded the lowest price at N820.02 per litre.

  • FACT CHECK: New PMS price review not authorised by NNPC

    FACT CHECK: New PMS price review not authorised by NNPC

    Following weeks of fuel scarcity in some parts of the country, reports emerged Tuesday that the Nigerian National Petroleum Company (NNPC) Limited had “quietly” approved an upward review of the pump price of Premium Motor Spirit (PMS).

    According to reports, the directive which was allegedly issued by the NNPC to fuel marketers varied according to geo-political zones and was to come into effect from Tuesday.

    The ex-depot price was also allegedly increased from N148.17 to N167 per litre.

    How true are these claims?

    The responsibility of regulating petrol price in the country falls directly falls under the purview of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA).

    Spokesperson for NNPC Limited Garba Deen Muhammad, said Wednesday that “the NNPC no longer approves pump price review. NNPC has already exited all that situation. We are operating just like MTN now”.

    Similarly, the managers of two petrol filling stations confirmed to TheNewsGuru.com (TNG) on Tuesday that the purported claimed that the directive came from the NNPC was false and that the oil marketers unilaterally adjusted the price to cover their business costs.

    Most filling stations visited were selling petrol for between N185 and N200 per litre, with the exception of NNPC Limited which sold at N169 per litre.

    Verdict

    False: Reports that NNPC Limited quietly reviewed fuel price upward is therefore false and should be disregarded by the public.