Petrol

The Nigeria Customs Service has seized 38,700 litres of Premium Motor Spirit, valued alongside an intercepted vehicle at ₦63m, during a six-week crackdown on suspected petroleum smuggling in Adamawa State

The International Monetary Fund (IMF) has warned Nigeria against reinstating blanket petrol subsidies amid mounting political pressure ahead of the elections, urging the Federal Government to prioritise targeted support for vulnerable households facing rising energy and transportation costs.

The Federal Government’s ₦66-per-litre petrol discount offers temporary relief amid rising fuel prices. Questions persist over whether transport operators will pass the savings on to commuters. Consumers must use the NNPC Fuel App to access the discount, raising...

Many motorists say in spite of the discount in pump price of petrol at the Nigerian National Petroleum Company Ltd (NNPCL) filling stations, they are yet to access the product.

Announced amid renewed pressure from high fuel prices, rising transport costs and persistent household hardship, the initiative is being presented by the government as a targeted intervention to cushion the impact of global crude oil price volatility without returning the country to the costly petrol subsidy regime abolished in May 2023.

The Dangote Petroleum Refinery has stopped selling Premium Motor Spirit (petrol) to major marketers that import petroleum products, citing concerns that its high-quality fuel could be blended with imported grades of uncertain quality.

Some Nigerians and economic experts have called for the speedy rehabilitation and restart of refineries to strengthen domestic petrol supply and reduce pump prices.

The Nigeria Labour Congress (NLC) has rattled the Federal Government over what it described as a worsening survival crisis in the country, demanding an immediate reduction in petrol prices, a nationwide wage award and the commencement of negotiations for a new national minimum wage.

Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has proposed a targeted production subsidy for petroleum products refined in Nigeria, saying the measure would reduce pump prices.

Nigeria’s latest petrol price increase has not eliminated one of the strongest incentives for cross-border fuel diversion: a substantial price gap between Nigeria and neighbouring countries.