Information Minister Lai Mohammed says petrol in Nigeria remains the cheapest in Africa

Minister of Information and Culture, Lai Mohammed, says the price of Premium Motor Spirit (PMS) or petrol in Nigeria remains the lowest on the continent, in spite of a recent recalibration that has seen the price of the product go from N145/liter to N162/liter at gas stations.

Mohammed also said Nigerians should understand that the federal government can no longer afford to pay for subsidies on petrol in the face of current economic realities.

“The long drawn fuel subsidy regime ended in March 2020 when the PPMC (Petroleum Products Marketing Company) announced that it had begun fuel price modulation in accordance with the varying market dynamics,” Mohammed said during a press briefing in the nation’s capital city of Abuja |||READ MORE

Russia's Nornickel reports another fuel leak in Arctic

MOSCOW (Reuters) - A subsidiary of Russian mining giant Norilsk Nickel said on Sunday that up to 20 tonnes of aviation fuel had leaked from its pipeline in the Arctic.

Arctic environment security has been in the spotlight at Nornickel's assets since another leak of 21,000 tonnes of diesel from Nornickel's power plant near the city of Norilsk on May 29.

"A pipeline owned by Norilsktransgaz was depressurized while pumping aviation fuel in the area of Tukhard settlement," Norilsktransgaz said in a statement |||READ MORE

BREAKING: FG reduces petrol pump price to N121.50 per litre

The Petroleum Products Pricing Regulatory Agency (PPPRA ) on Monday announced the reduction of the pump price of the Premium Motor Spirit (PMS) to N121.50 from N123 per litre.

According to its guidelines price for the month of June 2020, the ex-depot price band is now N100. 13 and N108. 13 per litre while ex-depot for collection is N108. 78 and N111.78 per litre.

In a memo titled “A.4/9/017/C.2/IV/701 31“, the agency urged all marketers to operatensure within the indicative prices |||READ MORE

PDP rejects N123.50k price, insists on N90 per litre

The Peoples Democratic Party (PDP) has rejected the new price of N123.50k price per litre as announced by the federal government.

In a statement on Thursday by the spokesman for the PDP, Kola Ologbondiyan, said the appropriate price per litre be fixed at N90.

The party described the recent cut in price from N125 to N123.50 as offensive and fraudulent, adding that it’s a further display of cruelty and insensitivity to the plight of Nigerians by the administration |||READ MORE ….

FG further reduces pump price of petrol to N123.50 per litre

The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced further reduction of the pump price of Premium Motor Spirit (PMS) also known as petrol from N125 to N123.50k per litre.

The agency made the announcement in a statement singed by its Executive Secretary, Abdulkadir Saidu, in Abuja on Tuesday night.

“PPPRA in line with the government approval for a monthly review of Premium Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per Litre |||READ MORE …

Why refineries in Nigeria will not work — Experts

At the backdrop of the announcement of the Federal Government’s plans to rehabilitate the country’s refineries by the Minister of State, Petroleum Resources, Timipre Sylva, experts in the petroleum downstream industry have said that the government lacks credibility to restructure the sector and bring the refineries to full operation.

The country has four refineries with 524,000 barrels per day capacity. However, the refineries, in the last 20 years, have had a poor operating record with average capacity utilization hovering between 15 and 25 percent per annum.

As a result, 70-80 percent of the national petroleum products demand is met through imports. But operators in the petroleum industry have insisted that the Federal Government cannot make the country’s refineries efficient |||READ MORE …