Business

NUPENG Gives Marketers 24hrs To Revert To Official Price Of Petrol

Published

3 years ago

February 26, 2022

Editor

The Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has issued the petroleum products marketers 24 hours to revert to the official depots’ price of petrol or risk unpleasant consequences.

NUPENG issued the warning on Saturday.

In a statement signed by the Union’s President and General Secretary, Prince William Akporeha and Afolabi Olawale, respectively, said that unscrupulous Marketers are selling PMS (Petrol) from the depots at prices far above the official rate aimed at forcing illegal increases in the pump price.

NUPENG threatened to name and shame the affected marketers if they continued with their illegal action targeted at worsening the woes of Nigerians.

Part of the statement read, “Our attention and empathy have been drawn to the harrowing experiences and pains of Nigerians due to the exploitative and unscrupulous activities and tendencies of Petroleum Products Marketers who taking advantage of the seeming gaps and teething challenges in the implementation of Petroleum Industry Act to enrich themselves at the expense of the Country and the people.

“It is an undeniable fact that the Premium Motor Spirit, PMS, is still under subsidy regime, and we find it disheartening and worrisome that these unscrupulous Marketers are selling Petrol from the depots at prices far above the official rate.

“We are giving these Marketers twenty-four (24) hours with effect from midnight of Sunday, 27th February, 2022 to revert to official rate or we shall name and shame them as public enemies aside from other sanctions.”

NUPENG also directed its officials in all our zones to compile lists of petrol stations hoarding products during the day and selling at night at exorbitant rates for possible sanctions.

“These also include Petroleum Products depots that may want to be hoarding products because of our decision on this matter.”

Business

NNPCL Increases Fuel Price

Published

2 days ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

2 days ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

5 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.