Kelvinklin blog

The Nigerian government has increased the pump price of petrol to N212.61 a litre, less than two weeks after assuring the nation there would be no hike. The Petroleum Products Pricing Regulatory Agency (PPPRA) announced late Thursday that the retail price for a litre of petrol for the month will be between N209.61 and N212.61. The ex-depot price, which is the amount sold by fuel depot owners to marketers, will be N206.42, while the landing cost stands at N189.61 per litre, the agency said. The announcement comes amid a partial scarcity of fuel that has lingered for weeks. There had been concerns the government, which says it has deregulated the sector and no longer pays subsidy, would raise rates as crude oil prices have seen a rebound in the global market. The state-owned NNPC, which regulates the sector and is the sole importer of refined petrol, however, assured there was no such plan for February and March. On March 1, the NNPC said in a statement by its Group General Manager, Grou

The Nigerian National Petroleum Corporation(NNPC) has insisted that they will be no increase in the price of Premium Motor Spirit (PMS), also known as petrol despite the PPPRA’s PMS guiding price, released to stakeholders, which showed that the price of PMS has reached N212.6 per liter. Petrol is forecast to sell at a lower retail price of N209.61 and a higher retail price of N212.61, according to a template published by the PPPRA at midnight. Pump prices are typically set in the upper band by Nigerian marketers. Meanwhile, the Nigerian National Petroleum Corporation in a tweet has revealed that they will be no increase in the price of petrol across the country for the month of March. More details shortly…

The President Muhammadu Buhari-led Federal Government has said it has concluded a plan to hold a national conference on integrating artisanal/modular petroleum refinery operations to improve the capacity of the products and bring down prices of petroleum products. The Senior Special Assistant to the President on Niger Delta Affairs, Ita Enang, disclosed this at a news conference on Tuesday in Abuja. In collaboration with the Federal Ministry of Finance, Budget and National Planning, the Presidency will hold the conference on March 16 and 17. Mr. Enang noted that the summit’s outcome would help to crash the country’s prices of petroleum products. He added that the conference aimed to integrate local refining capacity into refining petroleum products such as petrol, kerosene, diesel, and other petrochemical products. According to him, the conference will mobilise all Nigerian assets, including technologists, engineers, and other relevant disciplines, including those producing