BUSINESS
Abia Petrol Stations Shut For Over-pricing
Many filling stations in Aba, the commercial nerve centre of Abia State, have shut down due to high cost of sourcing petroleum products from third party marketers other than the Nigerian National Petroleum Corporation. Investigation reveals that some filling stations in the city that sell petrol to the people at prices between N1300 and N1350 were the ones that lifted...
Removal Of Subsidy On Fuel A Strategic Decision, Will Free Up Resources For Infrastructure Devt — Tinubu
President Bola Ahmed Tinubu has said his administration took the decision to remove the subsidy on Premium Motor Spirit (PMS) because it will free up resources for critical investments in the country. He also said the courageous steps to reform Nigeria’s macroeconomic environment is focused on restoring confidence in the nation’s economy. The President spoke on Tuesday when he declared open...
Dangote Refinery Not An Assurance Of Lower Petrol Price — NNPC
The Nigeria National Petroleum Company Ltd (NNPCL) on Saturday said there is no guarantee of lower price as it is set to begin lifting petrol from the Dangote refinery. NNPCL would reportedly commence lifting petrol from the refinery on September 15. In a statement by its spokesman, Olufemi Soneye, the company said the pricing of petroleum products from any refinery, including...
Tinubu Addresses Nigerians In China, Speaks On Petrol Price Increase
President Bola Tinubu has broken his silence on the increase in the price of Premium Motor Spirit (PMS), popularly known as petrol. Tinubu, who addressed Nigerians living in China on Friday, said the petrol price hike and other reforms by his administration are part of an overall strategy to set Nigeria on the path of economic growth. “Nigeria is going through...
Petrol Queues Disappearing This Weekend, Says Minister
The Minister of State (Oil) Petroleum Resources, Heineken Lokpobiri, says there is availability of petrol despite the scarcity and hike in the price of the product. He stated this on Thursday while briefing journalists at the Presidential Villa, Abuja after meeting with Vice President Kashim Shettima. “What is important is that products are available in the country,” he said. The minister also...
VP Shettima Summons Lokpobiri, Mele Kyari, Ribadu Over Petrol Price Hike
Vice President Kashim Shettima has summoned the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari. Also summoned on Thursday at the Presidential Villa is the National Security Adviser, Nuhu Ribadu over the recent hike in the price of Premium Motor Spirit (PMS), popularly known as...
No Plan To Regulate Market Prices — FG
The Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday said it has no plans to regulate prices in the Nigerian market. FCCPC in a statement by its spokesman, Ondaje Ijagwu, clarified that its recent directives are solely aimed at curbing exploitative practices and maintaining a competitive marketplace. The statement came in response to feedback from the Organised Private Sector and...
NNPC Stations ‘Jerks Up’ Petrol Pump Price To N855/Litre
Some retail stations of the Nigerian National Petroleum Company (NNPC) are selling petrol at N855 per litre in some parts of Lagos, according to a viral video on social media. The video, shared by a disgruntled buyer, revealed that the pump price displayed on a machine at a petrol station in Ikoyi, Lagos was N855 per litre. The development came amid growing concerns...
Dangote Refinery Presents First Petrol Sample
The President of Dangote Group, Aliko Dangote, has presented the first sample of Premium Motor Spirit, otherwise known as petrol. Dangote made this presentation on Tuesday in a broadcast at his refinery situated in the Ibeju-Lekki Area of Lagos State. The 650,000-capacity refinery engaged in a test run of the product. “I would like to salute the people of Nigeria and the...
Reduce Prices Of Items Within One Month, FG Tells Traders
The Federal Competition and Consumer Protection Commission (FCCPC) has given one month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods. The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders’ engagement on exploitative pricing on Thursday in Abuja. According to Bello, the Commission will...
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