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Tag: Petrol price

  • Petrol price increase will worsen poverty of workers – TUC

    Petrol price increase will worsen poverty of workers – TUC

    …union wants increase reversed

    The Trade Union Congress of Nigeria (TUC) has warned the federal government that the latest increase in the pump price of petroleum products would worsen poverty among workers

    The union said the sudden hike allegedly “implemented without consultation with critical stakeholders,” represented a blatant disregard for the welfare of the Nigerian people, particularly the working class who bear the brunt of such decisions.

    In a statement by its president, Comrade Festus Osifo, the TUC urged the government to “immediately rescind these decisions, promote policies that will strengthen the naira, and take decisive steps to alleviate the suffering of Nigerians.”

    According to the statement, the federal government must “act swiftly to restore confidence and prevent further deterioration in the living conditions of its citizens.”

    Read Also; Fuel crisis deepens in Lagos as prices soar, scarcity bites harder

    The statement said: “The Trade Union Congress of Nigeria (TUC) received the news of the PMS price hike with great contestation and grave concern. The burden of PMS price increase is huge and percolates to all facets of our social-economic life. This sudden hike, implemented without consultation with critical stakeholders, represents a blatant disregard for the welfare of the Nigerian people, particularly the working class who bear the brunt of such decisions.

    “The disturbing news of the increase in PMS pump price all over the country has sent a wave of apprehension and depression across the length and breadth of the nation. This is in the wake of an already existing unprecedented hardship upon citizens.

    “In addition, we are deeply troubled by the further hike in electricity tariffs to 250%, a service that is essential for the survival of the poorest in our society. The timing and magnitude of these increases, in the absence of any meaningful social security measures, demonstrate a lack of empathy and understanding of the challenges faced by ordinary Nigerians.

    “Why does it have to be the common Nigerians bearing all the pains of the high cost of living while those in power enjoy increased allocation and affluence? The government has not made any concerted efforts to reduce the cost of governance or personal effects, nor have they focused on directing resources or effecting policies that would strengthen the naira and improve the standard of living of our citizens.

    “The Congress has long posited several strategies that should be activated towards improving the strength of the Naira and give value to every kobo spent by Nigerians as this is one of the root causes of all the economic woes we face as a country today. Yet much hasn’t been done about these recommendations.

    “Congress stands with the working people of Nigeria who are struggling under the weight of rising inflation, a high cost of living, and a deficient work environment that fails to provide the basic standards of decency and dignity. The sudden hike in fuel and electricity costs will only exacerbate these challenges, leading to further hardship and potential social unrest.

    “We urge the government to immediately rescind these decisions, promote policies that will strengthen the naira, and take decisive steps to alleviate the suffering of Nigerians. The government must act swiftly to restore confidence and prevent further deterioration in the living conditions of its citizens.

    “The Trade Union Congress of Nigeria remains committed to defending the rights and interests of Nigerian workers and will continue to advocate for policies that promote social justice, fair wages, and a decent work environment.”

  • Petrol price rises by 1.7%, diesel 9.02%

    Petrol price rises by 1.7%, diesel 9.02%

    The price of Premium Motor Spirit, otherwise known as petrol, increased marginally by 1.66 per cent from N668.30 in January, this year to N679.36  last month.

    This was made known by the National Bureau of Statistics (NBS) in its latest report – Premium Motor Spirit (Petrol) Price Watch for last month.

    Read Also; CBN clears all $7b forex backlog

    On state profile analysis, the Bureau said: “Zamfara paid the highest average retail price of N750.43 per litre, followed by Kebbi and Taraba at N746.67 and N710.56.

    “Kwara, Ogun and Benue paid the lowest average retail price at N650, 650.83 and N652.73.”

  • Petrol price stood at N668.30 in January – NBS

    Petrol price stood at N668.30 in January – NBS

    National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N257.12 in January 2023 to N668.30 in January 2024.

    The bureau stated this in its Petrol Price Watch for January 2024, released in Abuja on Thursday.

    It said that the January 2024 price of N668.30 represented a 159.92 per cent increase over the price of N257.12 recorded in January 2023. “Comparing the average price value with the previous month of December 2023, the average retail price increased by 0.53 per cent from N671.86.

    Read Also: NBS: average healthy diet rose from N703 to N786

    “On state profile analysis, Kebbi paid the highest average retail price of N796.67 per litre, followed by Zamfara and Taraba at N771.43 and N704.11 respectively. “Conversely, Kwara, Niger and Kogi paid the lowest average retail price at N614.90, 624.04 and 626.79 respectively,” the bureau stated.

    According to the organisation, analysis by zones shows that the North-West zone recorded the highest average retail price in January 2024 at N701.60, while the North-Central recorded the lowest price at N632.86 per litre.

    (NAN)

  • NNPCL: No increase in petrol prices

    NNPCL: No increase in petrol prices

    The Nigerian National Petroleum Company (NNPC) Ltd has denied any imminent hike in the pump prices of the Premium Motor Spirit (PMS), petrol.

    A statement by its chief communications officer, Olufemi Soneye issued in Abuja on Thursday, February 8, urged motorists to shun panic buying of the product.

    The statement also assured customers of the abundant availability of the PMS.

    The statement reads in part: “NNPCL assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.

    Read Also: NNPCL begins production of extra 14,000bpd 

    “NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS Price.

    “Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”

  • NNPC pumps up petrol price from Fuel Fund

    Nigeria National Petroleum Corporation (NNPC) boss Maikanti Baru yesterday told the Senate that the corporation spends $1.05billion from dividends of Liquefied Natural Gas (LNG) to augment daily shortages incurred in the pump price of Premium Motor Spirit (PMS).

    Baru appeared before the Senate Ad- Hoc Committee Investigating alleged illegal application of $3.5billion petroleum subsidy by NNPC.

    The NNPC Group Managing Director (GMD) denied the existence of any $3.5 billion for fuel subsidy.

    He noted that $1.05bn (equivalent of N383.2bn) taken from LNG dividends is domiciled in a special account with the Central Bank of Nigeria (CBN), called National Fuel Support Fund (NFSF).

    The fund, he said, is for augmenting losses incurred from petrol pump price of N145 per litre as against N185 per litre it is supposed to be.

    Baru said: “Based on available parameters from landing to transportation costs, the pump price of PMS is supposed to be N185 per litre as against the official price of N145 per litre, indicating shortage of N40 per litre.

    ” Since subsidy is not appropriated for and pump price is not adjusted upwardly, NNPC had no other choice than to in line with its establishment Act, Section 7 sub section 4(b), defray its costs from its revenues.”

    The GMD explained that the $1.05billion costs augmentation money came into being in October last year when Independent Marketers pulled out of the supply chain of importation of PMS into the country as a result of increase in landing cost without corresponding increase in pump price .

    Baru said subsidy or pump price increase could best be tackled by the National Assembly and not the NNPC, failure of which, he said, will make smuggling of petroleum products across Nigerian borders, lucrative business by smugglers.

    He said: “The N145 per litre pump price of PMS in Nigeria is the lowest when compared to N400 it is sold in Cameron, N350 in Ghana, N330 in Benin Republic etc.

    “As long as the product is sold at the lowest price in Nigeria, so shall it be attractive for smugglers to trade on across the borders.”

    Asked about the daily consumption of the product in the country, Baru said he did not know.

    He however told the committee that the consumption rate as at 2016 was 49m litres per day and 53m litres per day in 2017.

    He said NNPC has 1.9bn litres of PMS in stock which could last the country for 39 days in case of any breakdown in the supply chain.

    Baru’ s appearance before the committee was sequel to a resolution taken by the Senate on the 16th of last month for probe into alleged warehousing of $3.5bn by NNPC for fuel subsidy through a motion moved by the Senate Minority Leader, Biodun Olujimi.

    Apart from Baru, other government officials from the Ministry of Finance and the office of Auditor General of the Federation also appeared before the committee.

    Committee Chairman Senator Ahmed Lawan adjourned the sitting till Tuesday.

  • NNPC declines Falana’s request for information on ‘proposed’ petrol price

    NNPC declines Falana’s request for information on ‘proposed’ petrol price

    The Nigerian National Petroleum Corporation (NNPC) has refused to give information on alleged proposed review of the pump price of petrol.

    The corporation was responding to a letter by the law firm of Falana and Falana, which requested for information on the alleged planned hike in the pump price of petrol under the Freedom for Information Act (FOIA).

    In its response the law firm’s latter of March 1 and signed by its General Manager for Litigation, Arbitration and Property Law Department, Mrs Sarah Ndukwu, NNPC said the request was outside the scope of FOIA.

    It said: “We regret to inform you that NNPC is not in a position to provide you with any information or document as your request is incongruous with, unsupported by and or outside the scope and purview of the Freedom for Information Act (FOIA). Be informed that the FOIA is not applicable to NNPC because it is not a public institution within the meaning of Section 31 of FOIA.”

    Although the letter described NNPC as a law-abiding corporate citizen which complies with extant laws, it averred that the request by the law firm would not serve any useful interest to public health, public safety or the protection of the environment as to bring it within the items exempted for disclosure under Section 15(4) of the Act.

    In its letter, dated January 8, the law firm requested NNPC for information on “the revenue realised from the sale of the daily allocation of 445,000 barrels of crude oil to the corporation – from June 1, 2015 to December 2017; the amount realised as subsidy and the amount remitted to the Federation Account from the revenue realised from the sale of the daily allocation of 445,000 barrels of crude oil to the corporation – from June 1, 2015 to December 2017; the quantity of crude oil refined locally – from June 1, 2015 to December 2017; the amount spent on turnaround maintenance of local refineries, with vouchers and the quantity of crude oil refined daily in Abidjan, Cote d’Ivoire, by the corporation within same period – June 1, 2015 to December 2017″.

    But the corporation, while declining the request, said it is neither a legislative, executive, judicial, administrative nor advisory body of the government, as listed under Section 31 of FOIA.

  • NBS report: Osun, Abia, Benue paid highest petrol price in January

    NBS report: Osun, Abia, Benue paid highest petrol price in January

    The National Bureau of State (NBS) said residents of Osun, Abia and Benue states paid the highest average price for purchase of Premium Motor Spirit (PMS), or petrol, in January.

    The NBS stated this in “Premium Motor Spirit (Petrol) Price Watch for January 2018” posted on its website.

    The bureau noted that in Osun, petrol was sold for N228.89 per litre; in Abia, it was N227.50 per litre, while it was N223.33 per litre in Benue.

    According to the report, average price paid by consumers for petrol increased by 28.4 per cent year-on-year and ll.1 per cent month-on-month to N190.9 in January 2018 from N171.8 in December 2017.

    It noted that states with the lowest average price of petrol were Zamfara, Gombe and Kogi, adding that a litre was sold for N159.12, N157.73 and N152.83 in Zamfara, Gombe and Kogi.

    This showed that Nigerians bought the product more than the official pump price of N145 per litre.

    Also, the NBS said in its National Household Kerosene Price Watch for January, the average price per litre paid by consumers for kerosene increased by 1.70 per cent month-on-month.

    The bureau stated that the price per litre paid by consumers decreased by-33.42 per cent year-on-year to N288.85 in January from N284.03 in last December.

    It added that states with the highest average price per litre of kerosene were Gombe (N332.37), Edo (N326.39) and Benue (N325.64).

    Besides, states with the lowest average price per litre of kerosene were Zamfara (N237.50), Kaduna (N241.23) and Kebbi (N242.98).

    Similarly, average price per gallon paid by consumers for the product decreased by -2.30 per cent month-on-month and by -28.56 per cent year-on-year to N1,024.83 in January 2018 from N1,048.97 in December 2017.

    It stated that states with the highest average price per gallon of kerosene were Kebbi (N1,253.33), Borno (N1,188.46) and Ekiti (N1,180.00).

    It also stated that states with the lowest average price per gallon of kerosene were Benue, which sold the product as N855.00 per gallon, Delta for N875.00 and Abuja for N875.30 per gallon.

     

     

     

     

     

  • Kachikwu denies plans to hike petrol price

    Kachikwu denies plans to hike petrol price

    The Ministry of Petroleum Resources yesterday denied plans to hike the price of the Premium Motor Spirit (PMS) also known as petrol, contrary to earlier media reports.

    A statement issued by the Director of Press in the ministry, Mr. Idang Alibi, said the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, did not insinuate during his presentations at the Joint Senate and House of Representatives Committee hearing on fuel scarcity that the pump price of petrol would be raised.

    The statement said the Presidency had set up a special committee to identify the immediate and remote causes of fuel scarcity with a view to finding immediate and long lasting solutions to the challenge.

    “The Committee has been in rounds of deliberations in the past few days and these discussions are still ongoing,” the statement said.

    “The final decisions and recommendations from the Committee would be passed on to the President and Commander-In-Chief for approval.

    ”The general public and indeed stakeholders in the oil and aas sector are by this statement urged to disregard any such report of a price increase.

    “Further information and communiqué on the resolutions would be communicated as and when due.”

    Also addressing reporters in Abuja yesterday on media reports that the Federal Government might raise the pump price of fuel to N180 per litre, Kachikwu said that no such decision was intended.

    He, there is a presidential and Federal Executive Council mandate to provide petrol at N145 per litre.

    His said: “It is not a political issue; people should step out of that goal post. We want to provide succour to Nigerians, we want to provide product at N145. That is the presidential mandate. That is the Federal Executive Council mandate. Nobody is having a deliberation on that.”

    The minister admitted that the petrol price template that the Petroleum Product Pricing Regulatory Agency (PPPRA) uses at the moment has become questionable as a result of the changes in prices in the international market.

    Kachikwu noted that there are two lines over the template, which are the actual landing cost of the product and other ancillary charges that pertain to logistics and profit margins for the operators.

    The committee that has been set up to address the fuel crisis issue, according to him, has it as part of its terms of reference to review the template with a view to accommodating the sale of the PMS within N145 per litre band.

    He said: “There is the actual cost of landing the product on the template and there are other ancillary charges, dealing logistics, profit margins for the operators and all that, which are the below the line elements.  “As part of this committee’s work, we are also reviewing that template to see whether there are things we need to do, all to help us ensure that we can accommodate sales at the N145 per litre window. That is also going to be looked at. PPPRA is working on that and it is heading a special committee on it.”

    Asked whether the marketers were at liberty to fix their own prices, Kachikwu said there is no provision for a multiple price-fixing environment, where people can work outside the umbrella of what has been fixed.

    According to him, some marketers were selling at N143 per litre while others sold at N145 per litre yesterday. But some erring marketers, he said, sold the product above the pump price, and must face the law.

    He insisted that “what we have approved was a modulation between N135 per litre and N145 per litre. I am aware that some stations, even as of this morning, sold at N143. The majority sold at N145. Some recalcitrant individuals sold above that, and that is why the law needs to go after them.

    “There is no authorization to modulate outside the N135 – N145 bracket. Nobody is free to set price above that.”

    Continuing, he said: “I have reacted to this. I think it is very important to make this go universally clear. We are actually looking at steps for those who have breached these processes, what we can do to penalise them and also set very stiff penalties for those who go to sell above N145.”

    Our correspondent who monitored the sale of petrol in the Federal Capital Territory (FCT) yesterday reports that motorists and other consumers were not moved by reports that fuel price might increase to N180 per litre.

    At the time of filing this story, there were no panic buying in the city, which was also devoid of the long queues and black marketers that had become the feature of the city since the fuel crisis began.

  • Reps: cut petrol price

    Reps: cut petrol price

    • N70. 04 proposed

    The House of Representatives yesterday urged the Ministry of Petroleum Resources and the Petroleum Products Price Regulatory Agency ( PPPRA) to review the current price template for petrol with a view to bringing it down.

    The Green Chamber was of the opinion that Nigerians are being made to pay for unnecessary costs attached to petrol , saying that the price ought to be N70.04 per litre.

    The House also resolved to set up an ad hoc committee to interface with the Ministry of Petroleum Resources on the review of petrol price and such related matters and to report back to the House within eight weeks for further legislative action.

    The resolution of the House was sequel to the adoption of a motion brought before members by Hon. Abubakar Hassan Fulata (APC Jigawa) with“ Urgent Need to Review the Petroleum Price Template” as its title.

  • No need to hike petrol price, says NNPC

    No need to hike petrol price, says NNPC

    The Nigerian National Petroleum Corporation (NNPC) said yesterday that there is no plan to increase petrol price from the N145 per litre ceiling.

    NNPC Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, told reporters in Abuja that there was a robust arrangement to guarantee fuel supply for a long time.

    He insisted that the Federal Government had terminated petrol subsidy.

    Speaking on the report that the N145 per litre was no longer sustainable, he said: “I have read the reports but the statement was made in the context of   technical and logistics issues.”

    The NNPC spokesman explained that “the bottom line regardless of what they (reports) are saying is that there is no plan whatsoever by government to increase fuel price above the N145 margin.

    “If there is going to be anything like that agency responsible for price review would definitely sensitize Nigerians and say this is why. But as at this moment there is no plan to do that and and there is no need to do that.”

    Stressing that the corporation has sufficient stock of product in our custody, he added that the corporation has a procurement contracts for supply of product beyond the ember months.

    He said: “In addition to that we have a long term procurement contracts with our suppliers.  So the usual reasons that would have led to increase in price at the moment have been well taken care of. We have contracts with our suppliers that will last throughout the ember months period.”

    Muhammad said the NNPC in the last two weeks opened a new window for marketers to import products to foreclose the hurdles of their inability to access the foreign exchange which has been their major compliant and constrain.

    According to him, owing to the new opportunity for the marketers to import their products, the corporation is awaiting them to make good their promise.

    He insisted that supply had outweighed demand for petrol at filling stations.

    He said: “There have been complaints and their complaints have been addressed to their satisfaction. A new window has been opened for them and in fact what is happening now is that we are waiting for them to deliver. A new window to make forex available for them has been opened and they are satisfied with it. We are waiting for them to deliver on their own promises.

    “Like I said, what we have at the moment is a glut in the market. We have people who have even imported that are looking for people to buy their products. There is not even a hint of scarcity so what will generate it.”

    Asked to state when the window was opened to the marketers, he said that about two weeks ago, the corporation met with the Central Bank of Nigeria representatives, the marketers laid their issues on the table which NNPC adequately addressed.