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May 31, 2023 Confusion As Price of Petrol Is Estimated at More Than N500 Per Litre

Confusion As Price of Petrol Is Estimated at More Than N500 Per Litre

THE DOWNSTREAM sector of Nigeria’s petroleum business has been thrown into disarray when a document said that the retail price of gasoline is more than N500 per litre.

According to the paper, the price of petrol in Abuja, Lagos, and Kano is N537, N488 and N540 per litre, respectively.

Mr. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, whose agency monitors sector activities, did not reply when they were contacted many times for confirmation.

However, an anonymous oil marketer dismissed it as a hoax, saying, “How can any credible business base its pricing on an obviously fake random list circulating on social media?”

 

 

November 24, 2021 Federal Government Says It Does Not Have Control Over Cooking Gas Price

Federal Government Says It Does Not Have Control Over Cooking Gas Price

The Minister of State for Petroleum Resources, TIMIPRE SYLVA, has said the Federal Government has no control over the skyrocketing prices of cooking gas.

He said this while fielding questions from State House reporters after introducing the CEO, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Engr FARUK AHMED and the CEO, Nigerian Upstream Petroleum Regulatory Commission, Engr. GBENGA KOMOLAFE, to the President at the Presidential Villa, Abuja.

The minister, who said President BUHARI was concerned about the development, stated that government cannot even subsidize the product because it is fully deregulated as gas prices are determined by the global market.

He said government was doing everything possible to bring down the price especially during the yuletide.


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