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September 4, 2024 NLC Demands Immediate Reversal of Fuel Price Hike

NLC Demands Immediate Reversal of Fuel Price Hike

The Nigeria Labour Congress (NLC) on Tuesday issued a strong demand for the immediate reversal of the recent fuel price hike announced by the Nigerian National Petroleum Company Limited (NNPCL). The NLC emphasized that the increase has exacerbated the already dire conditions faced by Nigerians.

In the midst of ongoing fuel scarcity, the NNPCL raised the pump price of petrol from ₦568 to between ₦855 and ₦897 per litre, depending on the location. The NLC, through its president, Joe Ajaero, expressed deep disapproval of this move, accusing the Federal Government of betraying the trust of the labor movement.

“We demand the immediate reversal of the latest increase in the pump price of PMS across the country,” Ajaero stated. He also called for the release of all individuals currently detained or facing prosecution for allegedly participating in recent protests.

Ajaero further demanded an end to the indiscriminate arrest and detention of citizens on what he described as "trumped-up charges," the reversal of the 250% electricity tariff hike, and a halt to the government's overreach into the duties of the Ministry of Labour and Employment.

The NLC President concluded by urging the government to cease policies that contribute to hunger and insecurity, to stop the culture of fear, terror, and dishonesty, and to focus on safeguarding the nation's sovereignty, integrity, and the welfare of its people.

READ ALSO: NNPC Increases Fuel Pump Price To N897 Per Litre

September 3, 2024 NNPCL Finalizes Agreement to Sell Crude to Dangote Refinery in Naira

NNPCL Finalizes Agreement to Sell Crude to Dangote Refinery in Naira

The Nigerian National Petroleum Company Limited (NNPCL) has finalized an agreement to sell crude oil to Dangote Petroleum Refinery in Naira, according to a statement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on its X handle, @NMDPRA_Official.

The agreement allows the NNPCL to begin supplying crude oil to Dangote Refinery in local currency. The refinery is set to deliver an initial 25 million liters of Premium Motor Spirit (PMS) daily to the domestic market starting in September 2024, with plans to increase this to 30 million liters per day by October.

September 3, 2024 NNPC Increases Fuel Pump Price To N897 Per Litre

NNPC Increases Fuel Pump Price To N897 Per Litre

Just two days after announcing that soaring petrol prices had pushed it into over $6 billion in debt, the Nigerian National Petroleum Corporation (NNPC) Limited has raised its pump price from N617 to N897 per litre—an increase of more than 45 percent.

The new prices were observed at NNPC retail stations in Abuja. When contacted, the company’s Chief Communications Officer, Olufemi Soneye, claimed he was unaware of the price hike and had no comment on the matter. He assured that any updates would be communicated in due course.

Earlier, an unverified social media message hinted at the price increase, stating: “Good morning. NNPC Retail Management has approved a new PMS pump price of N897 per litre, effective today, 3rd September 2024. Please update all pumps and price boards accordingly. Thank you.”

September 3, 2024 Dangote: Our Petrol Will Reach Stations Within 48 Hours

Dangote: Our Petrol Will Reach Stations Within 48 Hours

Aliko Dangote has announced that petrol from his 650,000 barrels-per-day refinery will be available at filling stations within 48 hours, pending final agreements with the Nigerian National Petroleum Company Limited (NNPCL). During a press briefing on Tuesday, Dangote confirmed that the refinery is ready to distribute its Premium Motor Spirit (PMS) as soon as the arrangements with NNPCL are finalized.

When asked about the pricing of petrol from his refinery, Dangote mentioned that the pricing framework has been approved by the Federal Executive Council under President Bola Ahmed Tinubu. He emphasized that the refinery is ready to enter the market as soon as the NNPCL agreement is completed, which could happen imminently.

Dangote’s refinery, which began operations last December with a capacity of 350,000 barrels per day, plans to reach its full capacity of 650,000 barrels per day by the end of the year. The refinery has already started supplying diesel and aviation fuel to the market and is now prepared to distribute petrol.

Additionally, Dangote highlighted the benefits of the “Naira for Crude” initiative, which he believes will reduce the demand for foreign exchange by 40% and bring greater stability to the Naira. He also noted that this system would help track the distribution of loaded trucks, making it easier to calculate the country’s fuel consumption.

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