The cost of importing premium motor spirit, popularly known as petrol, into Nigeria has increased to N885 per litre, up from N797 per litre recorded last week. The Major Energy Marketers Association of Nigeria (MEMAN) confirmed this rise in its daily energy bulletin released on Wednesday. This marks an increase of N88 per litre within…
Oil marketers under the aegis of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have raised alarm about potential risks linked to the naira-for-crude oil policy. On March 10, TheCable reported that the Nigerian National Petroleum Company (NNPC) Limited had reportedly suspended the naira-for-crude deal until 2030, as the government-owned company has forward-sold…
The National Publicity Secretary of the Independent Petroleum Marketers of Nigeria (IPMAN) Chinedu Ukadike has said that petrol marketers may be forced to retail petroleum products in dollars following the decision of the Dangote Petroleum Refinery to end the sale of petroleum products in Naira and sell in the dollar. This follows the expiration of…
Dangote Refinery will stop loading petroleum products for Nigerian market as the renegotiation of the naira-for-crude deal is not recording significant progress. However, sources told TheCable that refinery will continue to load for export as it currently sources all its crude stock from the international market in dollars. The refinery sells to Nigerian marketers in…
The National Bureau of Statistics (NBS) says Nigeria’s inflation rate declined to 23.18 percent in February, from 24.48 percent reported in January. NBS announced the decline in its February 2025 consumer price index (CPI) on Monday. The bureau said the headline inflation rate in February rose marginally by “1.30% points when compared to the January…
The Independent Petroleum Marketers of Nigeria has said that the price war between the Nigerian National Petroleum Company Limited and Dangote Petroleum is affecting its members. The Chairman, IPMAN, Enugu Depot Community in charge of Anambra, Ebonyi and Enugu states, Mr Chinedu Anyaso, stated this during an interview with journalists in Awka, Anambra State, on…
The Federal Polytechnic Nekede, Owerri, in Imo State, suspended a facilitator, Mr. Okoroafor Ifeanyichukwu, from duty on Friday after he was seen in a viral video assaulting a male student. The suspension notice, issued in a letter with reference FPN/TEDC/80/1 and dated March 14th, 2025, stated, “You are hereby suspended from duty as a facilitator…
The price war in the downstream oil sector continued on Thursday as the Dangote Petroleum Refinery quietly implemented a price reduction at its loading gantry, reducing the loading cost of its petrol from N825 per litre to N815 per litre. It was gathered that the new pricing structure introduced on Thursday was met with enthusiasm…
Oil marketers under the aegis of the Petroleum Products Retail Outlet Owners Association of Nigeria have condemned the constant reduction of fuel prices, saying marketers are still counting losses. Despite deregulation, PETROAN said there is a need for a regulation that will make it mandatory that prices can only be changed after six months. In…
President Bola Tinubu on Monday said that every decision he has taken so far, including the fuel subsidy removal is all about Nigerian youths and their future. Tinubu spoke during the inauguration of the Planning Committee for the National Youth Conference at the State House, Abuja. He assured that the ongoing economic reforms were designed…