Price of Petroleum has increased again

-



 The pump price of petrol in Nigeria has risen for the second time in three weeks, now at N1,025 in Lagos and N1,050 in Abuja. This follows an increase on October 9, 2024, when prices went from N897 to N1,030 in Abuja and from N885 to N998 in Lagos.

The price hikes are attributed to the Nigerian National Petroleum Corporation Limited's (NNPCL) exit as a middleman in transactions with the Dangote Refinery. As a result, NNPCL will no longer subsidize the price gap, previously absorbing a subsidy of N133 per litre. This move marks a significant step towards a fully deregulated oil market, allowing marketers to negotiate prices directly with the refinery under a "willing buyer, willing seller" framework, similar to other deregulated fuels like diesel and kerosene.

Comments

Post a Comment

Popular posts from this blog

Breaking News: Nigerian Air Force Aircraft Crashes in Niger State

-
Image
NAF Plane crash in Niger State A Nigerian Air Force (NAF) aircraft went down on Saturday near Karabonde, a small community in Borgu Local Government Area of Niger State. The crash occurred around 4:00 p.m., according to eyewitnesses. Local residents reported that the two pilots sustained injuries. One resident noted that the cause of the crash remains unknown as investigations are still underway. Proximity to Military Facilities A community source revealed that the crash site is close to major military installations, including the NAF Base in New Busa and the Wawa Cantonment, where numerous suspected terrorists are detained. The incident has raised concerns due to its closeness to these sensitive locations. NAF Confirms Incident In a statement, the Director of Public Relations and Information, Air Commodore Ehimen Ejodame, confirmed that the aircraft encountered an emergency shortly after take-off during a routine post-inspection test flight. He said the pilots displayed remarkable pro...
Read more

Governor Umar Bago of Niger State has inaugurated the newly appointed Commissioners, the Permanent Secretary, and the elected Council Chairmen.

-
Image
Newly Sworn Female LGA Vice Chairmen The Niger State Governor has inaugurated the newly appointed commissioners, permanent secretary, and elected council chairmen.  Newly Sworn Commissioners The ceremony, held at the Government House, also included the swearing-in of the vice chairmen During the ceremony, Alhaji Yahaya Gulbin Boka, the newly appointed Permanent Secretary, was also sworn in. Newly appointed Commissioner,   Hon. Obed Nana Nuhu, middle in white dress with some of his secondary school friends after the swearing in at the govt House, Minna The Governor urged both the elected and appointed officials to brace up for the daunting challenges facing the state, noting that he is counting on them to help realize his vision for a New Niger . Newly Sworn LGA Chairmen The event was graced by Governor Umar Bago, his Deputy Comrade Yakubu Garba, the Secretary to the State Government, Senator Sani Musa, members of the House of Representatives representing Kontagora and S...
Read more

NELFUND Slams Tertiary Institutions for Raising Fees, Delaying Student Refunds

-
Image
  NELFUND Condemns Tuition Fee Hikes, Refund Delays by Tertiary Institutions The Nigerian Education Loan Fund (NELFUND) has criticised what it described as unethical practices by some tertiary institutions in the implementation of the Federal Government's Student Loan Scheme. The agency accused the institutions of delaying or refusing to refund students who had already paid their tuition fees before NELFUND disbursed the loan funds. The Fund also raised concerns over reports that some institutions have arbitrarily increased tuition fees and other charges, warning that such actions undermine the purpose of the student loan programme introduced by the administration of President Bola Tinubu to improve access to higher education. In a statement issued on Monday, NELFUND's Director of Strategic Communications, Oseyemi Oluwatuyi, said the scheme was created to remove financial barriers to higher education, not to impose additional hardship on students through unfair institutional pr...
Read more