Cost of petrol in Nigeria rises by 28.5% in one year

Cost of petrol in Nigeria rises by 28.5% in one year

Cost of petrol in Nigeria rises by 28.5% in one year     The average price paid by consumers in Nigeria for a litre of petrol increased by 28.49 per cent in June 2021 from N128.88 recorded in the comparable period of 2020 to N165.61 in June 2021. Business Metrics learnt this in the latest Premium Motor Spirit price watch report, released by the National Bureau of Statistics (NBS). According to the report, petrol price increased year-on-year but recorded a decline of 1.46 per cent on a month-on-month basis relative to…

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Minister says petrol should sell above N280/litre

Why we're borrowing to buy 20% stake in Dangote Refinery – FG

Minister says petrol should sell above N280/litre     The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has said the price of petrol should be more than N280/litre at which Automotive Gas Oil, also known as diesel, is being sold. Kyari said smuggling of petrol from Nigeria had impacted negatively on the Nigerian oil sector but added that this would not lead to another closure of the borders. He said on Tuesday during a programme on Channels Television that efforts were rather being made…

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Rising oil price, falling naira rate push petrol landing cost to N216.31

Petrol subsidy could gulp N900bn in 2022, says minister

Rising oil price, falling naira rate push petrol landing cost to N216.31   The twin factors of rising global oil prices and depreciation of the naira against the dollar has pushed the landing cost of Premium Motor Spirit (PMS) also known as petrol imported into Nigeria to N216.31 per litre. The Petroleum Products Pricing Regulatory Agency (PPPRA) had in March released a pricing template that indicated the guiding prices for the month. The template, which showed that petrol pump price was expected to range from N209.61 to N212.61 per litre,…

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FG spent N8.94trn as petrol subsidy in 10 years, says PPPRA

Petrol subsidy could gulp N900bn in 2022, says minister

The Federal Government spent N8.94 trillion on petrol subsidy between 2006 and 2015, figures released by the Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday has indicated. The Latest statistics showed that during the 10-year period, the government consistently spent billions of naira subsidising Premium Motor Spirit (PMS), popularly called petrol. It said that in 2006, 2007, 2008, 2009 and 2010, the government spent N257.36 billion, N271.51 billion, N630.57 billion, N469.31 billion and N667.08 billion respectively. The government also paid N2.104 trillion, N1.354 trillion, N1.315 trillion, N1.217 trillion and N653.51…

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5.26bn litres of PMS imported into Nigeria in Q1

Petrol subsidy could gulp N900bn in 2022, says minister

A total of 5.26 billion litres of premium motor spirit (PMS) also know petrol were imported for consumption in the first three months of 2020. The National Bureau of Statistics (NBS) revealed this in its latest report titled ‘Petroleum Products Imports and Consumption (Truck Out) Statistics Q1 2020”. The petroleum products importation statistics reflected that apart from the PMS, the country also recorded importation of 1.66 billion litres of Automotive Gas Oil (AGO), 258.27 million litres of Aviation Turbine Kerosene (ATK), 28.33 million litres of Low Pour Fuel Oil (LPFO) and 135.14 million litres of…

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Petrol scarcity looms as PENGASSAN, NUPENG threaten strike

Petrol subsidy could gulp N900bn in 2022, says minister

Nigeria may face petrol scarcity if oil workers make good the threat of withdrawing their services nationwide should the Federal Government insist on registering employees in the oil sector on the Integrated Payroll and Personnel Information System. The Petroleum and Natural Gas Senior Staff Association of Nigeria and the Nigeria (PENGASSAN) Union of Petroleum and Natural Gas Workers (NUPENG) made the threat in a letter addressed to Timipre Sylva, the Minister of State for Petroleum Resources. The unions kicked against plans by the Office of the Accountant-General of the Federation…

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