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Tag: Petrol pump price

  • IPMAN Partners with Dangote Refinery for Direct Product Supply

    IPMAN Partners with Dangote Refinery for Direct Product Supply

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reached an agreement with Dangote Refinery to procure petroleum products directly for distribution. 

    Abubakar Garima, IPMAN’s National President, made the announcement in Abuja after a meeting with the Association’s National Working Committee.

    The partnership aims to guarantee a consistent and affordable supply of petrol, kerosene, and diesel across the country. 

    Garima shared that following discussions with Aliko Dangote and his team in Lagos, Dangote Refinery will provide IPMAN with products directly for its depots and retail outlets.

    Garima encouraged members of IPMAN to support Dangote Refinery, highlighting the benefits of using local refineries, which will create jobs and boost the nation’s foreign exchange. 

    He also expressed confidence that the partnership would lead to competitive pricing.

    Regarding the shift to Compressed Natural Gas (CNG), Garima mentioned that IPMAN is preparing for the establishment of CNG refueling stations across Nigeria. 

    He emphasized the potential economic benefits of CNG and reaffirmed IPMAN’s commitment to working with the Federal Government to ensure the success of the transition.

    This partnership between IPMAN and Dangote Refinery is set to improve the efficiency and affordability of Nigeria’s petroleum sector while fostering economic growth.

  • FG Unveils Direct Cash Support Scheme for Nigerians 

    FG Unveils Direct Cash Support Scheme for Nigerians 

    In a move aimed at alleviating poverty and enhancing economic stability, Nigeria’s government has introduced a cash transfer programme to assist 20 million low-income individuals. 

    Finance Minister Wale Edun revealed this development at the Nigeria Economic Summit, emphasizing the government’s efforts to allocate its improved revenue toward social welfare programs.

    The initiative targets the most vulnerable, covering around 60% of the nation’s poorest citizens. 

    Currently, the programme supports four million households, which equates to approximately 20 million people. 

    The plan includes an expansion phase that seeks to reach 15 million households nationwide.

    The government’s revenue for the first half of 2024 saw a remarkable rise to ₦9.1 trillion, a considerable increase from the ₦4.06 trillion collected during the same period in 2023. 

    This surge has enabled the administration to invest heavily in social programs that address the cost of living and other economic challenges faced by Nigerians.

    Edun also discussed the broader fiscal reform plan, which involves utilizing technology to enhance tax collection and ensure compliance from various government entities. 

    This approach has facilitated an increase in domestic resource mobilization, allowing the government to allocate more funds toward social initiatives.

    The programme’s expansion is in line with the government’s focus on developing sectors like agriculture, manufacturing, oil, and housing. The aim is to curb inflation, improve food production, and make essential goods more affordable. 

    The initiative reflects the government’s commitment to enhancing the quality of life for Nigerians through targeted economic interventions and sectoral development.

  • Petrol landing cost drops amid naira appreciation

    The landing cost of petrol has dropped from the N981/litre recorded on September 25, 2024, to N945.63/litre as of September 27.
    This is according to data released by the Major Energies Marketers Association of Nigeria on Monday.
    The drop in the landing cost of petrol happened following the appreciation of the naira against the United States dollar.
    In the MEMAN report, a dollar was said to have been exchanged for N1,586.26 on September 27 while it was N1,667.22 on September 25.
    Also, Brent, the global benchmark for crude, dropped from the $73.67/barrel recorded in the last report released by MEMAN to $72.45 in the latest report on Monday.
    The fall must have also contributed to the reduction in the landing cost of imported petrol.
    The average ex-depot prices of PMS saw a marginal reduction in Lagos, Calabar, and Port Harcourt.
    The major marketers disclosed that the landing cost of diesel, which was N1,089/litre previously, dropped to N1,068.04/litre, while that aviation fuel also fell from N1,117.34/litre to N1,079.79/litre.
    It was observed that the difference between imported petrol and that of Dangote might be less than N46 if calculated by the N898/litre which the Nigerian National Petroleum Company claimed it bought the Dangote fuel.

  • No Plan To Increase Petrol Pump Price –NNPCL

    The Nigeria National Petroleum Company Limited (NNPCL) has said it has no plans of increasing the pump price of petrol.

    In a statement posted on its verified X handle, and signed by the company’s Retail Management, it urged Nigerians to ignore speculations about a possible increase.

    NNPC Limited GCEO, Mele Kyari, had repeatedly stressed that the company would not increase the price of petrol from its present N617 per litre.

    “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated.

    “Please buy the best-quality products at the most affordable prices at our NNPC Retail Stations nationwide,” the statement read.