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

petrol landing cost

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 landing cost

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 landing cost

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 landing cost

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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