Petrol

Abuja, March 20, 2024: The National Bureau of Statistics (NBS) says Nigeria has recorded increases in prices of petrol and diesel in the month of February 2024.

The average retail price of a litre of petrol increased from N263.76 in February 2023 to N679.36 in February 2024.

The bureau said this in its petroleum Price Watch for February 2024, released in Abuja on Wednesday.

It said that the February 2024 price of N679.36 represented a 157.57 per cent increase over the price of N263.76 recorded in February 2023.

“Comparing the average price value with the previous month of January 2024, the average retail price increased by 1.66 per cent from N668.30.

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

“Conversely, Kwara, Ogun and Benue paid the lowest average retail price at N650.00, 650.83 and 652.73,” the bureau said.

The report said analysis by zones showed that the North-West zone recorded the highest average retail price in January 2024 at N701.20, while the South-West recorded the lowest price at N657.20 per litre.

The retail price of a litre of diesel increased from N836.91 in February 2023 to N1,257.06 in February 2024.

It stated that the February 2024 price amounted to a 50.20 per cent increase over the price in February 2023.

“On a month-on-month basis, the price increased by 9.02 per cent from the N1,153.01 per litre recorded in January 2024,’’ it added.

The bureau stated also that in state profile analysis, the highest price of diesel in February 2024 was recorded in Akwa Ibom at N1,525 per litre, followed by Gombe State at N1,500 per litre and Kwara at N1,444 per litre.

It stated that the lowest price was recorded in Adamawa at N1,037.50 per litre, followed by Kano at N1,111.43 per litre and Katsina State at N1,125 per litre.

“Analysis by zones showed that the South-South had the highest price of N1,343.09 per litre, while the Southwest recorded the lowest price at N1,164.05 per litre,’’ it added.

Lagos, Feb. 20, 2024: The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has dismissed claims that the petrol currently dispensed in some filling stations across the country dry up rapidly.

Mr Ayo Cardoso, Coordinator, South-West Region of NMDPRA, said on Tuesday in Lagos that petroleum products, particularly petrol, which has lighter end hydrocarbons when exposed to the atmosphere evaporates or dries up.

The NMDPRA coordinator said: “All imported fuels undergo comprehensive quality recertification and must be within acceptable limits in line with SON/NIS specifications before the vessels are allowed to discharge into our depots.

“The Research Octane Number(RON) which indicates the engine performance of all PMS imported are within specified minimum limit of 91.

“For PMS bought into the tanks of vehicles, there could be several causes for it to burn faster than usual.

“Low tyre pressure, dirty air filters, overloading, and poor driving habits are just a few of the many reasons why a car’s fuel economy is not efficient.

However,  some residents of Lagos have raised concerns over the current petrol being dispensed in some filling stations.

Mrs Adenike Ayodele, a civil servant, said that fuel bought at a filling station in Ayobo-Ipaja was observed to have dried up faster than expected.

According to her, she bought petrol in jerry can and kept at home but when she wanted to turn it into the generator she observed that the quantity had reduced.

“l think the petrol currently sold in filling stations dry up faster than expected,” she said.

Also, Mrs Itohan Laserian also acknowledged that petrol bought at a filling station around Abeokuta Expressway did not last as expected.

“l bought fuel in my car and l noticed that it didn’t last longer as it used to be.

“Usually, such quantity of petrol takes me longer hours before refueling but this one was not up to the hours,” she said.

Abuja, Feb. 9, 2024: The Nigerian National Petroleum Company (NNPC) Ltd. has assured the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.

The Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, in a statement on Thursday urged Nigerians to disregard unfounded rumours.

Soneye assured 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,” he said.

Lagos, Feb. 7, 2024: The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has assured Nigerians and motorists that there is no need for panic buying of fuel, as there is enough stock available.

Mr Ayo Cardoso, Coordinator, South-West Region of NMDPRA, gave the assurance on Tuesday in Lagos.

Cardoso, who said there was no fuel shortage, urged the public against engaging in panic buying as a result of long queues in the Lagos metropolis.

According to him,  to address the ongoing queues in Lagos, NMDPRA is actively monitoring and investigating the causes.

Mr Tunji Oyebanji, CEO of 11 Plc, also confirmed to NAN that there was an adequate stock of fuel available.

He mentioned that the delay in lifting fuel from the depot might be due to the recently concluded Surulere Federal Constituency 1 election on Feb. 3.

Mr Hammed Fashola, the National Vice Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), suggested that the queues might be attributed to panic buying by customers rather than an actual shortage of fuel.

He said: “Some marketers could not lift fuel on Saturday due to the election, but the queue will be normalised before Thursday.

“I am not in Lagos as we speak. But I heard about it too that there are queues in Lagos. It may just be panic buying. I am not sure there is fuel scarcity,” Fashola said.

Meanwhile, some marketers who prefers not to be mentioned told NAN that the increase in forex also contributed to the ongoing queues.

They claimed that marketers are battling with the current dollar rate of N1,550 to a dollar, which makes it difficult to import fuel.

According to them, it is only NNPCL that can import petrol at this rate and no marketers can cope with the present reality of foreign exchange

Fuel stations within Lagos, reports that there was traffic gridlock in some parts of Lagos on Tuesday due to the queues.

Motorists formed long queues outside the forecourts of filling stations, such as NNPCL, Mobil and Conoil along the Ikorodu road axis, which appeared as fresh scarcity of fuel.

Also, at the Total filling station at the Mobolaji Bank Anthony Way and Northwest at Gbagada,  queues led to heavy tariff around the Ikeja and Gbagada axis respectively.

Motorists endured an unusual heavy gridlock, due to long queue of motorists waiting to buy petrol at filling stations.

Many of the filling stations along the Ikeja axis, through Obafemi Awolowo Road in Ikeja and Ikorodu road were shut.

Meanwhile, some motorists had begun to hike the prices of their fares due to the development.

A commercial transport operator, plying the Ikeja- Costain axis, told our correspondents that he was forced to hike his fees after waiting for hours to buy fuel.

The commercial transport operator, who prefers anonymity, said, “Do you know how long it took me to buy fuel today? Anybody who doesn’t want to enter should stay out.”

It was observed that all the filling stations along Ogunnusi Road inbound Berger did not sell petrol to customers.

Queues were noticeable in major filling stations considered to be selling at lower rates.

Meanwhile, a number of filling stations owned by the Nigerian National Petroleum Company Ltd.,(NNPC), along the Lagos-Ibadan Expressway,  did not dispense fuel too.

Abuja, Jan. 4, 2024: The Nigerian National Petroleum Company (NNPC) Ltd. says there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.

The NNPC Ltd, in a statement by its Chief Corporate Communications Officer, Mr Olufemi Soneye, on Wednesday, urged Nigerians to disregard unfounded rumours of increase in the pump price of petrol.

Soneye assured the public that there were no plans for an upward review of the price of petrol.

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

There were reports in some sections of the media that fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) clashed with the NNPC Ltd over payment of subsidy.

Soneye, while reacting through a WhatsApp message, emphasised that subsidy had been completely removed on petrol.

He also said the company did not have any dispute with IPMAN over any subsidy payment on petrol as alleged.

The IPMAN National President, Mr Chinedu Okoronkwo, also dispelled rumours of dispute, adding that the public should ignore such news.

Abuja, Nov. 23, 2023: The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has made a robust plan for the supply of petroleum products sufficient to last beyond the ember months and the new year festivities.

The NNPC Ltd. said the supply of petroleum products, especially the Premium Motor Spirit (PMS), known as petrol would last beyond the Yuletide and new year festivities.

The Group Chief Executive Officer, NNPC Ltd., Malam Mele Kyari said this when he led an NNPC Ltd. delegation on a courtesy visit to the Senate President, Sen. Godswill Akpabio, on Wednesday in Abuja.

Kyari, in a statement by Olufemi Soneye, Chief Corporate Communication Officer, NNPC Ltd. said by the creation of the National Assembly, NNPC Ltd. was saddled with the responsibility of guaranteeing Nigeria’s energy security which was critical to national security.

“We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” the GCEO added.

While lauding the National Assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021, Kyari said that this legislative endeavour gave birth to a new commercially oriented National Oil Company, governed by the Company and Allied Matters Act (CAMA) principles.

Kyari stated that with the passage of the PIA 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.

According to him, NNPC Ltd. is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) are released, and since July, 2023 the Company has started paying dividends to its shareholders.

He also said that the NNPC Ltd. was involved in the entire value-chain of the oil and gas business and controls about 30 per cent of the nation’s petroleum downstream retail market.

He identified crude oil theft and pipeline vandalism as major challenges to the Company’s business.

Kyari further said the recent collaboration with the nation’s security services as well as third-party security contractors had been yielding results, mostly in the area of increased crude oil production.

The GCEO said NNPC Ltd. was investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.

He assured that NNPC Ltd. is working assiduously to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products.

In his response, the Senate President, Godswill Akpabio assured the GCEO of the 10th Senate’s support.

Akpabio said that the Nigerian Parliament appreciated the Kyari-led Management for its commitment to ensuring robust petroleum products supply during the yuletide period.

“Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient products supply this coming festive period and beyond,” Akpabio stated.

The Senate President also lauded the rehabilitation of the nation’s three refineries, saying that their re-streaming will cause a multiplier effect on Nigeria’s economy, in line with this administration’s Renewed Hope Agenda.

Abuja, Nov. 23, 2023: The Petroleum Tanker Drivers (PTD) has restated the association’s resolve to negotiate with the Federal Government on issues instead of embarking on strike.

Mr Lucky Osesua, the National Chairman of PTD, gave the assurance at a news briefing on Wednesday on the crisis rocking the association through its parent-union, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

“Remember that one of our mantras is not to in any way work against the progressive and seamless policies of the administration of President Bola Tinubu, or be an attack dog to the Federal Government,” he said.

Osesua noted that in spite of the arrest of the top executive members of the PTD, the association had resolved to toe the line of peace, and not strike, on issues concerning its members.

It would be recalled that some members of the PTD, an affiliate of NUPENG, are kicking against the decision of the union to allegedly jettison the laid down guidelines governing smooth elections in order to impose leaders on them.

“My executive and I, assure you that we are free and granted bail by the respectable court of records, and we shall continue to keep to the terms of the bail and shall prove our innocence in no distant time.

“We call on all national executive members, both past and present, to unite and come together towards ensuring an amicable resolution and smooth sailing of the PTD, as without peace and unity, the association will not move forward.

“We humbly appeal to members to be calm and loyal, law-abiding and go about their daily business without fear of police harassment, intimidation from other security agencies, as my executive is working tirelessly to resolve the leadership crisis.

“Again, we appeal to you to sheathe your sword and not embark on a strike, as we are working and shall resolve the leadership tussle soon,” Osesua said.

According to him, time has come for petroleum tanker drivers to be liberated from all manner of intimidation, blackmail, rascalities and unrealistic promises.

“This is a time for the PTD to stand on its own and focus on the primary objectives of the association, which are the delivery of petroleum products to all the states and locations within the federation.

“My team is ready to work with everyone and we offer an olive branch to the opposition to contribute their quota to the growth of PTD.

“PTD shall remain focused and drive its core objectives without causing commotion to the country’s economy or hardship to the people,” Osesua added.

Abuja,  Nov. 15, 2023: There are unprecedented  long queues in few fuel stations that opened for business within FCT and some other parts of the country as some fuel stations have shut down to comply with the ongoing nationwide strike.

Some of the stations on Tuesday observed the strike called by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to redress the maltreatment of the NLC President Joe Ajaero in Imo.

Panic buying also caused long queues as motorists besieged the few stations that opened for sale.

At one of the fuel stations, Mr Emeka Nwabueze, said that he came to get some fuel in his car as the strike might linger beyond normal.

Nwabueze said: “I am taking precautions as situations are hardly predictable today in the country.

“It is good I get this fuel to keep my running around as I cannot afford to be held back due to lack of fuel in my car as I have someone I frequently take to the hospital for medical check-ups.”

Another, Mr Innocent Monday, said that it was better to join in getting the fuel now in this queue before they tell you that it is N800 or N1,000 per litre in black market due to the ongoing nationwide strike.

NLC and TUC had directed all workers within its affiliate unions to join the ongoing nationwide strike on or before 12 midnight of Nov. 14.