Skip to main content

NNPC increases petrol prices in Abuja, Lagos

The Nigerian National Petroleum Company (NNPC) Limited has raised petrol prices in its retail outlets, with Abuja residents now paying ₦990 per litre, up from ₦965.

In Lagos, the price has increased to ₦965 from ₦925.

This adjustment, announced on Tuesday, January 21, reflects the ongoing deregulation policy in Nigeria's petroleum sector, which allows prices to fluctuate in response to market dynamics.

The hike follows a surge in petrol costs at depots, with Dangote Petroleum Refinery recently raising its price from ₦899 to ₦955 per litre.

“The increase is inevitable, given the rising costs of crude oil and local production challenges,” an oil marketer explained.

Brent crude, the global benchmark, has recently hit $81 per barrel, further pressuring fuel prices.

FG approves licence for 10,000bpd refinery in Delta

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted a licence to MRO Energy Limited to establish a 10,000-barrel-per-day refinery in Imode, Delta State.

The authority's CEO, Engr, announced the development on its X account. Farouk Ahmed noted, “This refinery will strengthen Nigeria's refining capacity and reduce dependency on imports.”

This licence follows a similar approval issued two months ago for a 27,000-barrel-per-day refinery in Gombe State.

Analysts view these projects as pivotal in addressing the nation’s recurring fuel supply issues and stabilising pump prices over the long term.

For now, consumers are bracing for the impact of the hike, which has further strained household budgets amid rising inflation.

ridoola.blogspot.com.ng
Labels:

Comments

Post a Comment

Popular posts from this blog

Okpebholo suspends A-G & LG Chair under 3 months over finance dealings

The Edo Government has announced the suspension of Samson Osagie , its Attorney-General and Commissioner for Justice, and Damian Lawani , chairman of the Local Government Service Commission. Mr Musa Ikhilor , Secretary to the State Government (SSG) announced the suspension in a statement in Benin on Thursday morning. ALSO READ: Kano Govt suspend 2 school principals for alleged absenteeism, negligence Ikhilor said the two-state top officials were suspended over allegations of “grave official and financial interactions”. Okpebholo suspends Edo Attorney-General and LG Service Commission Chairman According to him, the suspension, which takes immediate effect, is pending the conclusion of an investigation into the allegations. The SSG said; It is hereby announced for the information of the general public that Gov. Monday Okpebholo has approved the suspension from office of the Chairman of Edo Local Government Service Commission, Damian Lawani and Commissioner for Justice, Samson Os...
Post a Comment
Read more

Tinubu appoints MKO Abiola's son, Jamiu as SSA on Linguistics & Foreign Matters

President Bola Tinubu has appointed Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters. The appointee is one of the children of the late Chief Moshood Kolawole Abiola , the winner of the 1993 presidential election annulled by General Ibrahim Babangida . According to a statement by Segun Imohiosen , the Director of Information and Public Relations, Office of the Secretary to the Government of the Federation on Wednesday, November 27, 2024, Jamiu's appointment took effect from November 14, 2024. Imohiosen said the appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended. Until his recent deployment, the appointee served as the Special Assistant to the President of Special Duties in the office of the Vice President. Tinubu tasked Jamiu to work closely with the Federal Ministry of Foreign Affairs and bring his wealth of experience to bear in his new ...
Post a Comment
Read more

Protesters block East-West road in Rivers, demand action on poverty & hunger

The protesters chose to spotlight the East-west road in the expression of their anger over hunger, poverty and infrastructure deficit in the supposed viable business area. The ongoing nationwide protest, on Monday, spread to the Eleme/Onne section of the East/West Road of Rivers as a large crowd of protesters stormed the popular section connecting the Port Harcourt refineries. The News Agency of Nigeria (NAN) reports that the Akpajo axis of the East-West Road, up to the entrance leading to Indorama Petrochemicals, was taken over by angry protesters, who disrupted free vehicular movements. The East-west road is a major route connecting Port Harcourt city to key business facilities, like the Onne seaport, Port Harcourt refineries, Indorama Petrochemicals and more than six Local Government Areas of the state. The protesters, who carried on their activities peacefully, displayed placards with inscriptions, expressing dissatisfaction over the pervasive poverty, hunger and high cost of ...
Post a Comment
Read more