BUSINESS
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...
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...
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...
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...
NNPC Releases Estimated Pump Prices Nationwide After Lifting Dangote Refinery Petrol
The Nigerian National Petroleum Company (NNPC) has released a breakdown of estimated prices of Premium Motor Spirit (Petrol) from Dangote Refinery in retail stations across the country based on September 2024 pricing. The Spokesperson of NNPCL, Olufemi Soneye disclosed this in a statement on Monday. The company confirmed that it is paying Dangote Refinery in United States Dollars for the September...
WTO: Okonjo-Iweala To Seek Second Term DG
Ngozi Okonjo-Iweala, the first woman and first African to head the World Trade Organization, will seek a second four-year term when her mandate expires next August, her spokesman said Monday. “We can confirm that Dr. Ngozi Okonjo-Iweala has officially announced her intention to seek a second term as Director-General of the WTO,” spokesman Ismaila Dieng said in a statement. Dieng said...
It’s Illegal For NNPCL To Fix Price Of Dangote Refinery Petrol – Falana
Human rights lawyer, Femi Falana, SAN, says it is illegal for the Nigerian National Petroleum Company Limited, NNPCL, to determine the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation. Falana, who said this in a statement on Tuesday, added that the action of the NNPCL contravenes Section 205 of the Petroleum Industry Act,...
Tinubu Assures Business-Friendly Economy As Coca-Cola Announces $1bn Investment In Nigeria
President Bola Tinubu has reiterated his administration’s commitment to creating a robust financial system and a business-friendly economy that will attract more foreign direct investments. The President made the commitment on Thursday in Abuja, as the Coca-Cola Company announced plans to accelerate its investments in Nigeria to $1 billion over the next five years. This was disclosed by the Special Adviser...
FG To Backdate Payment Of Minimum Wage From July 29
The Committee on Consequential Adjustments in Salaries for civil servants has agreed that the new minimum wage will be implemented from July 29, 2024. This was stated in a Memorandum of Understanding issued at the end of the committee’s meeting, which was seen by our correspondent in Abuja on Friday. The MoU reads: “The NSIWC will generate the appropriate salary templates...
At N52 Per Litre, Libya Offers Cheapest Petrol Price In Africa
Libya continues to offer the cheapest petrol in Africa, with the price of octane-95 gasoline (petrol) standing at 0.15 Libyan Dinar per litre, equivalent to approximately $0.032 or N52 as of September 16, 2024. This is according to a report by Global Petrol Prices, a platform that tracks retail petrol prices across various countries. In comparison, petrol prices in Egypt, Algeria,...
