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…
The harsh economic environment led to the closure of about 30 percent of Micro and Small Medium Enterprises (MSMEs) in Nigeria, amounting to about 7.2 million of the country’s estimated 24 million MSMEs, between 2023 and 2024, the Nigerian Economic Summit Group (NESG) has stated. Chief Economist and Director of Research at NESG, Dr. Segun…
The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has announced the approval of licences for the construction of three new refineries. The NMDPRA, in a post on its official X handle on Friday, said the new facilities will add 140,000 barrels per day to Nigeria’s domestic refining capacity. It was noted…
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025. The price adjustment, according to Dangote was designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan…
The Federal Government has spent approximately $8 billion in an attempt to stabilize the naira amid ongoing economic pressures. This was made known by the CEO of Financial Derivatives Company, Bismarck Rewane on Friday. Speaking on Channels Television’s News at 10 on Friday, Rewane highlighted the substantial interventions made to manage exchange rate volatility and…
The Nigerian government, through the Federal Inland Revenue Service (FIRS), has asked the Federal High Court in Abuja to order Binance Holdings Limited to pay $79,514,055,594.40 and N231 million for economic losses allegedly caused by its operations in Nigeria, as well as $2,001,000,000 in income tax for 2022 and 2023. These monetary demands and alleged…
The Federal Government of Nigeria has called on traders across the country to reduce the prices of foodstuff in the market. The call by the Federal government comes shortly after it was announced that the inflation rate of the nation had dropped to 24.48 percent. Speaking during the 2025 Wheat Farmers Green Field Day at…
GISTSMATE MEDIA reports that Nigeria’s headline inflation has dropped to 24.48 per cent year on year in January 2025. This is a sharp decline from the 34.80 per cent headline inflation recorded in December 2024. This is according to the National Bureau of Statistics (NBS). The Statistician-General of the Federation Adeyemi Adeniran announced this on…