Echotitbits – Nigeria News

Tag: Petrol Price

  • Dangote Refinery Slashes Ex-Depot Petrol Price to ₦699 per Litre

    Dangote Refinery Slashes Ex-Depot Petrol Price to ₦699 per Litre

    Dangote Petroleum Refinery has announced a major cut in its ex-depot petrol price, dropping from ₦828 to ₦699 per litre in what is described as one of its most significant downward reviews this year. The refinery is also rolling out a 10‑day credit window for marketers who lift a minimum of 500,000 litres backed by bank guarantees.

    The company says the adjustment reflects improved supply conditions and its commitment to easing the burden on Nigerians grappling with high pump prices after subsidy removal. Industry players say any reduction at the gantry should, in principle, translate to cheaper fuel at filling stations if middlemen do not hoard the gains.

    Economic analysts, however, caution that exchange-rate volatility and distribution margins could still limit how much relief consumers feel at the pump. They also note that Dangote’s growing dominance in local refining makes its pricing decisions a key variable in Nigeria’s inflation outlook.

    Source: The Nation – “Dangote refinery slashes ex-depot petrol price from ₦828/litre to ₦699/litre”.

  • Department of Petroleum Resources inspects Lagos stations to monitor pump price

    Department of Petroleum Resources inspects Lagos stations to monitor pump price

    Petrol stations in Lagos State are now under surveillance to ensure compliance with the approved pump price band for Premium Motor Spirit (PMS), Department of Petroleum Resources (DPR) says on Monday.

    This is coming after News Agency of Nigeria (NAN) reported that the Federal Government had on March 12 denied the increment of petrol to N212 per litre and had directed marketers to revert to the old price regime.

    During an inspection exercise in some petrol stations located in Ikoyi, Victoria Island and Lekki areas of the lagos State, DPR’s Zonal Operations Controller, Ayorinde Cardoso said seven petrol stations inspected are complying to selling fuel to customers between N162 to N165 per litre which was the approved price band.

    “This surveillance visit is part of our regular function and we are coming out today to check product availability and product quality because we heard some information about water ingress in some of the tanks.

    “We going out to check that. Also, we are looking at consumer protection so that they are not short-changed by under- dispensing.

    “We have gone round to about seven stations and they are all selling within the approved pump price band,” he said.

    Cardoso said the DPR sealed three fuel pumps that were under dispensing in one of the petrol stations, pending when they were rectified and re-evaluated by the regulatory agency.

    According to him, though the agency has not discovered any incident of hoarding of petroleum products in the zone, its officials will continue to intensify surveillance on petrol stations.

    He said: “I want to assure the public that the sufficiency level in Lagos State is okay and for now we have not seen any hoarding of products.

    ” Surveillance is a regular assignment for us and our officials are going around every day for that purpose.”

  • Fuel Price Hike: Your Action is Callous, PDP Tells Buhari, Rejects N151 Per Litre

    Fuel Price Hike: Your Action is Callous, PDP Tells Buhari, Rejects N151 Per Litre

    Peoples Democratic Party (PDP) Wednesday vehemently rejected the fresh increase in the price of fuel to N151 per litre and electricity tariff to N66 per kwh by the President Muhammadu Buhari-led Federal Government.

    The opposition party described the All Progressives Congress (APC) and its government as callous, cruel and punishing.

    The party demanded an immediate reversal of the prices to avert what it described as “a national crisis,” noting that “the increase will result in upsurge in costs of goods and services and worsen the biting hardship being faced by Nigerians, who are already impoverished and overburdened by APC-imposed high cost of living in the last five years.”

    “Our party asserts that by increasing the price of fuel from the N87 per litre it sold under the PDP to an excruciating N151 while at the same time allowing the hike in electricity tariff from N30.23 per kwh to over N66, the APC has left no one in doubt that its agenda is to inflict pain and hardship on Nigerians to satisfy their selfish interests.

    “The unjustifiable increase in the price of these essential supplies, coming barely a week after the APC brazenly posted a support for fuel price hike, while attempting to rationalise the excruciating hardship being suffered by Nigerians under the Buhari administration, has further confirmed that the APC is at the centre of the harsh policies of the Buhari Presidency.

    “It is distressing that the APC administration increased the cost of essential commodities at the time the leadership of other countries are offering palliatives to their citizens to cushion the effect of the COVID-19 pandemic. It is instructive to add that our nation is doomed under the APC watch.

    “We know that the APC is an unfeeling party but it is indeed shocking that it could go to the extent of approving such a hike at this trying time, when many Nigerians are struggling to afford staple foods and other necessities of life.

    “Our party challenges the APC and the Buhari administration to publish the parameters with which it arrived at the increase of fuel price to N151 per litre given that with the prevailing values in the international market, the appropriate price template for domestic pump price in Nigeria ought not to be above N100 per litre.

    “Our party further challenges the APC-led Federal Government to publish details of its sleazy and over-bloated oil subsidy regime, including the involvement of APC interests in the claimed under-recovery for unnamed West African countries, running into trillions of naira, while Nigerians are made to bear the burden of high fuel costs.

    “Moreover, the APC and its government have failed to allow an open investigation into allegations of fuel price overcharge as well as the fraudulent subsidy regime through which over N14 trillion had allegedly been frittered by unscrupulous individuals in the APC.

    “Our fear is that the APC is pushing Nigerians to the wall with its obnoxious and anti-people proclivities and we caution that nobody should misinterpret the peaceful and law-abiding nature of Nigerians as a sign of weakness.

    “Our party therefore restates our call on the National Assembly to save the nation by calling the APC and its administration to order before they plunge our nation into chaos,” PDP alleged, in a statement by its National Publicity Secretary, Kola Ologbondiyan.