FG fix price of petroleum at N138.62, an increase of N6 from its previous N132 – N133

The Federal Government has fixed ex-depot price of petroleum at N138.62, an increase of N6 from its previous N132 – N133. This means a litre of petrol may be increased from N143 to N149. The new ex-depot price was contained in an internal memo by the Pipelines and Products Marketing[Read More…]

Until domestic refining capacity improves, NLC warns against fuel subsidy removal

The Nigerian Labour Congress (NLC) may be against fuel subsidy removal – following a statement warning the Petroleum Products Pricing Regulatory Agency (PPPRA) not to remove price cap on the premium motor spirit (PMS) otherwise called petrol until domestic refining capacity improves. In a letter signed by Dr Peter Ozo-Eson,[Read More…]

Just In: Nigeria reduces petrol price to N123.5 per litre

The Federal Government on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre. Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide. It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the[Read More…]

PPPRA Workers Protest Against Appointment Of New Executive Secretary

Members of the Senior Staff Association of the Petroleum Product Pricing Regulatory Agency (PPPRA) have still shut down the operations of the Agency in Abuja on account of the appointment of a new Executive Secretary from the Nigerian National Petroleum Corporation (NNPC). The Senior Staff of the PPPRA staged the[Read More…]

Federal Government Officially End Subsidy On Kerosene

The Federal Government has officially ended the payment of subsidy on kerosene. Instead of the regulated pump price of N50 per litre, the product will now sell for N83, according to the latest pricing template for House Hold Kerosene released by the Petroleum Products Pricing Regulatory Agency. The PPPRA is[Read More…]

Subsidy On Petrol, Kerosene Hits N4.5bn Daily

There are indications that the Federal Government is now spending about N4.5 billion to subsidize premium motor spirit (PMS), otherwise called petrol and House Hold Kerosene (HHK) otherwise called kerosene. According to the data posted on the website of Petroleum Products Pricing Regulatory Authority (PPPRA) on Friday, subsidy payment on[Read More…]

NNPC Audit Report Exposes Double Subsidy Payments

It also called for a review of the current NNPC Act to make it pay all revenues accruing from crude oil sales into the Federation Account. In the final report made available by the government on Monday, the auditors said the corporation over-claimed $980m (N19.3bn based on the interbank exchange[Read More…]