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Petrol-Scarcity Protesters Block Lagos-Benin Expressway

Protesters, mainly youths, on Thursday blocked the Lagos Benin Expressway at Oluku Junction to express their grievance about the rise in fuel prices and the scarcity of the product. Commuters, who were on their way to Lagos and those hoping to do business in the area, were stranded for long hours. The transporters also lamented the blockade, while also expressing ...

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Fuel Crisis : MOMAN Again Call for Full Deregulation of Downstream Sector

The Major Oil Marketers Association of Nigeria (MOMAN) has said that it sympathizes with Nigerians over the current challenges they face in the purchase of Premium Motor Spirit (PMS) known as petrol at the various filling stations nationwide. However, MOMAN reiterated that a final resolution to these challenges will be the full deregulation of the petroleumdownstream sector to encourage liberalization ...

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Scarcity : Independent Marketers Make N6 Million Cross-Border Profit Per Truck

There are strong indications that some independent petroleum products marketers are now making brisk businesses with the current scarcity of Premium Motor Spirit (PMS) known as Petrol as they now prefer to smuggle the product across Nigerian borders making N6 Million margin for each truck load of Petrol. Financial Energy Review learnt that the independent marketers who source their product ...

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Fuel Price Soars, Hits N400 Per Litre

The prices of Premium Motor Spirit (PMS) popular called petrol soars as high as N400 per litre in Lagos and some other Nigerian cities. However, it is not clear if subsidy has been gradually or systematically removed since marketers complained of not getting supply at stipulated price. The government is paying over N1 trillion subsidy, starting from this January to ...

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We are yet to get fuel at official price, says IPMAN

Queues at filling stations across the country may continue for a longer time as the Nigeria National Petroleum Company Limited (NNPCL) is yet to begin direct supply of Premium Motor Spirit (PMS) otherwise known as petrol, to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN). It would be recalled that at the peak of negotiations involving the NNPCL, ...

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NCDMB : Disburses Over $293.3 Million Intervention Fund to 61 Firms

The Nigerian Content Development and Monitoring Board (NCDMB) says Bank of Industry (BoI), its fund manager, has so far disbursed 293.3 million dollars and N32.8 billion to 61 firms under its Nigerian Content Intervention Fund (NCIF). The General Manager, NCIF and Treasury, Mr Obinna Ofili, said this at the Nigerian Content Capapcity Building workshop for media stakeholders in Lagos on ...

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End Fuel Smuggling, Oil Workers Tell FG

The Federal Government and operators in the downstream oil sector are all culpable for the nationwide prolonged scarcity of the premium motor spirit, popularly called petrol, the Petroleum and Natural Gas Senior Staff Association of Nigeria has said. Oil sector operators in the downstream include: the Nigerian National Petroleum Company Limited, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as ...

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