Fuel price hits N143.80 per litre, labour fumes
The Academic Staff Union of Nigerian Universities (ASUU), yesterday, condemned the increase in the pump price of petrol, describing it as ill-timed and insensitive.
Allow market forces determine petrol pump price, NNRC tells Federal Government
The Nigeria Natural Resource Charter (NNRC) has urged President Muhammadu Buhari to allow market forces determine prices of petroleum resources in the country
Petrol scarcity hits Abuja, others over lockdown fears
Motorists and other consumers of Premium Motor Spirit (PMS) also called petrol were yesterday faced with long queues, as most fuel stations were lockdown in the Federal Capital Territory (FCT)
Why Buhari reduced petrol price to N125
President Muhammadu Buhari yesterday approved an immediate reduction in the pump price of premium motor spirit (PMS), otherwise known as petrol, from N145 to N125 per litre.
Nigeria needs 1.52mbd capacity to meet petrol demand by 2025
With increased global competition in the crude oil production space, and the need to find a solution to the rising subsidy payments, the Nigerian National Petroleum Corporation (NNPC), has said the country needs a refining capacity of about 1.52 million barrels per stream day (MBPSD), to meet its premium motor spirit (PMS) requirement by 2025. …
DPR to shut stations hiking petrol price in Bayelsa
The Department of Petroleum Resources (DPR) in Bayelsa State has vowed to sanction marketers selling the Premium Motor Spirit (PMS) above 145 per litre. It was irked by the sudden hike in the price of PMS (petrol) to N160 per litre and above in Yenagoa. Arising from a meeting with petrol marketers in the state,…
BudgIT, experts renew call for end to N10tr fuel subsidy
The assessed wastes and costs to the economy, associated with the 13-year old fuel subsidy regime operated by the Federal Government have irked economic analysts, who now renew calls for its end. The situation, described as detrimental to socio-economic developments, has seen the country spend no less than N10 trillion on petrol import subsidy between…
Nigeria subsidises petrol consumption for other African countries
The massive petrol subsidy currently being reported by the Nigerian National Petroleum Corporation (NNPC), may be a reflection of petrol consumption not only by Nigerians, but also those used by neighbouring African countries.
Ten hurt in blast, blaze at German refinery
A fire erupted Saturday at a refinery in southern Germany following an explosion, injuring at least 10 people and forcing authorities to temporarily evacuate almost 2,000 local residents, police said. The explosion took place at around 5:30 am (0330 GMT) in a site owned by the Bayernoil group near the Bavarian city of Ingolstadt, on…
Nigeria imports N812 billion petrol in Q1
The downstream of the Nigeria oil and gas sector imported N812 billion of Premium Motor Spirit (PMS) during the first quarter of 2018, according to the National Bureau of Statistics (NBS). The country imported N349.45 billion worth of PMS in the month of March 2018, representing the highest volume of petroleum product import during the…