Author: Abdulateef Ahmed

The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) from ₦990 per litre to ₦940 per litre for ships and ₦970 for marketers. The rates indicate prices given as 15 metric tonnes upwards of PMS sold at ₦940, while 1-10 metric tonnes is ₦970 for trucks The development was disclosed in a statement by Anthony Chiejina, the Group Chief Branding and Communications Officer. The statement read: *“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a…

PMS (Premium Motor Spirit) PMS prices experienced noticeable fluctuations this week, largely driven by the competitive dynamics between Dangote Refinery and independent importers. With Dangote consistently refining and distributing at competitive rates, importers have been compelled to adjust their pricing strategies downward to remain relevant in the market. This rivalry has generally pushed prices lower, benefiting buyers and increasing market liquidity. However, midweek highs suggest that regional logistics and distribution bottlenecks occasionally influenced prices. Weekly PMS Prices: Monday: Dangote ₦999 | Wosbab ₦1005 Tuesday: Coolspring ₦997 | Wosbab ₦1005 Wednesday: Coolspring ₦997 | Aipec ₦1002 Thursday: Dangote ₦997 | Rainoil…

The Nigerian Content Development and Monitoring Board (NCDMB) has announced efforts to accelerate the approval of five oil and gas projects, aimed at increasing crude oil production and national revenue. The Executive Secretary of NCDMB, Felix Ogbe, disclosed that the board had applied presidential directives to fast-track the approval of these projects, which are expected to yield one billion standard cubic feet of gas per day and 350,000 barrels of crude oil daily. Ogbe made these remarks at the African Energy Week held in Cape Town, South Africa. In a statement released by the board, Ogbe explained the importance of…

The Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Fatuyi Yemi Phillips, has been sentenced to 21 years imprisonment by Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, over a N43.5 million scam. The conviction, delivered on Monday, November 18, 2024, followed a case filed by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). Phillips and his company, Oceanview Oil and Gas Limited, were arraigned on April 5, 2022, on a two-count charge of obtaining money by false pretenses amounting to N43,502,000.00. Details of the Charges Count one stated:”Fatuyi…

Based on the price trends observed from November 11–17, the depot prices of PMS (Premium Motor Spirit) showed a gradual decrease throughout the week. By Friday November 15, the lowest price was recorded at ₦1000, down from ₦1010 on Monday. Weekly PMS Lowest and Highest Price Monday: Ramaniya. ₦1010 Best Bono. ₦1030 Tuesday: Dangote ₦ 1010 Sahara ₦1030 Wednesday: MRS Tincan ₦1010 Nipco ₦1015 Thursday: Dangote ₦1005 Sahara ₦1010 Friday: Dangote ₦1000 Bovas. ₦1010 Similarly, the highest price dropped from ₦1030 to ₦1010 by the end of the week. This consistent downward trajectory suggests a likelihood of further reductions in…

An official document obtained by Petroleumprice reveals that the Nigerian National Petroleum Company Limited (NNPC) and oil marketers imported 1.5 million metric tonnes of petrol and 414,018.764 metric tonnes of diesel between October 1 and November 11, 2024. This development coincides with the naira’s depreciation in the parallel market, where it fell to N1,740/$ on Friday from N1,720/$ the previous day. On the official forex market, the NAFEM, the naira also weakened marginally, closing at N1,652/$ compared to the previous day’s N1,650/$. On Friday, the National Bureau of Statistics (NBS) announced that the Consumer Price Index (CPI), which measures inflation,…

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed plans to cut petrol prices by N50 per litre for fuel purchased directly from the Dangote Refinery. In an interview with Channels Television on Tuesday, IPMAN’s National President, Abubakar Maigandi, announced that Dangote Refinery had agreed to supply petrol to IPMAN members at N940 per litre for depots and N990 per litre for trucks. According to Maigandi, this new arrangement means IPMAN members who currently sell petrol between N1,150 and N1,200 per litre will adjust their prices down by N50, depending on the location. “Presently, we have been given two…

The estimated landing cost of Premium Motor Spirit (PMS), or petrol, in Nigeria has dropped by 20.34%, now standing at N971.57 per litre. This decrease, observed over the last three months, signals some relief amid global market shifts and supply chain dynamics. Despite this drop, the retail price of petrol in Nigeria has surged significantly, rising from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024—an increase of N443 or 71.79%. According to the Major Energy Marketers Association( MEMAN) daily energy bulletin, oil marketers imported petrol at N1,219 per litre in August, when the…

The Dangote Refinery and Petrochemical complex is set to commence fuel exports to South Africa, Angola, and Namibia. According to a credible source, who shared details exclusively with one of our correspondents on Friday, the 650,000-barrel-per-day refinery is in advanced negotiations with these countries to start fuel deliveries soon. Petroleumprice.ng also gathered that Burkina Faso, the Central African Republic, Chad, and the Niger Republic have begun discussions with the refinery. Findings indicate that more countries are expected to express interest in fuel imports from the refinery in the coming months. Recently, Ghana was reported to have shown interest in procuring…

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has threatened a nationwide strike following an incident in which a Naval Special Forces unit reportedly stormed the Oritsetimeyin oil drilling rig to remove workers. The rig had already been shut down due to an ongoing industrial dispute. Special naval personnel, allegedly transported to the rig by helicopter, were seen engaging with workers on the platform. Amateur footage showed some naval personnel and workers involved in tense altercations. In one clip, a worker was heard telling the officers, “We are fighting for our rights and we cannot be slaves in…