Petrol price rises to N935 in Lagos – Newstrends
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Petrol price rises to N935 in Lagos

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7 days ago

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Petrol price rises to N935 in Lagos

Petrol marketers across the Lagos metropolis at the weekend raised the pump price of the commodity to between N925 per litre and N935 per litre.

This is in response to the increase in the landing cost of petrol, the stoppage by Dangote Refinery of the sales of the commodity in naira about two weeks ago and the delay in conclusion of negotiation on the naira for crude policy.

Last Monday, the landing cost of the commodity rose to N843.28 per litre from a previous N797 per litre a forthnight ago.

This increase represents an addition of N46 per litre to the landing cost of petrol.

Some filling stations like TotalEnergies sold at N935 per litre; MRS, N925.

According to the major Energy Marketers Association of Nigeria (MEMAN) latest report in its Bulletin, the increase in the landing cost of petrol is a result of the rise in international petroleum pricing in the past two weeks due to the transition from winter to summer specification gasoline (petrol) in Europe, which typically comes at a premium. MEMAN explained that supply constraints have emerged as arbitrage flows into Europe remain unprofitable, and Amsterdam-Rotterdam-Antwerp (ARA) hub stocks have dropped to a 12-week low.
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ARA is a crucial global oil and biofuel hub known for its physical infrastructure, pricing benchmarks, and significant oil consumption.

It added that seasonal refinery maintenance across Europe and a recent fire at the Falconara refinery in Italy have further restricted supply, adding to market tightness and price volatility.

The Association said the foreign exchange rate remained fairly stable, with minimal fluctuations observed over recent periods.

Therefore, the landing cost of petrol, being fundamentally influenced by these elements, is likely to change several times intra-day.

It advised that savings can be achieved through negotiations, access to foreign exchange, and logistics efficiencies, for example, by eliminating Ship to ship (STS) transfer where possible or receiving larger cargos.

MEMAN explained that the landing cost into Apapa/ASPM Jetty is calculated based on the following assumptions: exchange rate, finance charges at 32 per cent per annum for 30 days; STS and related charges; NIMASA charges at two per cent of local STS; NMDPRA at 0.5 per cent MDGIF; NPA and VAT charges covering towage, berthage/mooring, ship dues, cargo dues, contingency, fire coverage, agency fee; other costs at N2 per litre.

 

Petrol price rises to N935 in Lagos

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Fuel prices to fall as global cost of crude drops

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20 hours ago

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April 6, 2025

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Fuel prices to fall as global cost of crude drops 

Nigerians are expected to pay less for Premium Motor Spirit, also known as petrol, as the price of Brent dropped to $65 per barrel from $69.90 per barrel in the global market.

The price of Brent is used globally to benchmark the prices of other crudes. major feedstocks – and by extension petroleum products prices.

The development was partly fueled by the US President Donald Trump’s announcement of sweeping new tariffs.

This was reportedly fueled by the decision of the Organisation of Oil Producing Countries and its allies to increase oil output by 410,000 barrels per day starting May 2025 far above the 135,000 barrels originally planned.

A report by Vanguard stated that the depot prices of Mainland, A.Y.M and Ever have dropped to N918 per litre from N920 and N919 from N920 per litre, respectively.

Also, the depot prices of Prudent, Eterna and Soroman have dropped to N912 from N913 per litre, N897 from N900 per litre and N915 from N916 per litre, respectively.

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According to petroleumprice.ng, oil marketers would likely adjust their pump prices downwards as they get new supplies this week, if the current market condition persists.

The Vanguard report quoted the President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, expressed optimism that the development would culminate in low costs of fares, goods and services if the fundamentals persist in the market.

OPEC stated, “The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 April 2025, to review global market conditions and outlook.

“In view of the continuing healthy market fundamentals and the positive market outlook, and in accordance with the decision agreed upon on 5 December 2024, subsequently reaffirmed on 3 March 2025, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day, equivalent to three monthly increments, in May 2025.

“This comprises the increment originally planned for May in addition to two monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions.

“This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.

“The eight countries reaffirmed their commitment to the voluntary production adjustments agreed at the 53rd Joint Ministerial Monitoring Committee, JMMC meeting on 3 April 2024.

“They also confirmed their intention to fully compensate any overproduced volume since January 2024 and to submit updated front-loaded compensation plans to the OPEC Secretariat by 15 April 2025.”

Fuel prices to fall as global cost of crude drops

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CBN injects $197.71m to boost FX as Trump trade tariff spreads

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20 hours ago

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April 6, 2025

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CBN injects $197.71m to boost FX as Trump trade tariff spreads

The Central Bank of Nigeria (CBN) has supplied $197.71 million to the foreign exchange market through sales to authorised dealers.

The apex bank’s director of financial markets department, Omolara Duke, disclosed this in a statement on Saturday in Abuja.

She noted that the intervention aligned with the apex bank’s ongoing commitment to ensuring adequate liquidity and supporting orderly market functioning.

According to Ms Duke, the move reflects the CBN’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.

She said the decision was largely influenced by recent movements in the FX market, driven by the announcement of new U.S. tariffs and declining crude oil prices.

“The CBN has observed recent fluctuations in the foreign exchange market between April 3 and April 4.

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“These are reflective of broader global macroeconomic shifts currently impacting several emerging markets and developing economies.

“These developments stem from the recent announcement by the United States government of new import tariffs on goods from several economies, triggering a period of adjustment across global markets,” she said.

Ms Duke said crude oil prices had dropped by over 12 per cent, falling to approximately $$65.50 per barrel, introducing new challenges for oil-exporting nations like Nigeria.

She said the CBN would continue monitoring global and domestic market conditions.

Ms Duke expressed confidence in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust in line with evolving economic fundamentals.

“All authorised dealers are reminded to strictly adhere to the principles outlined in the Nigerian FX Market Code and uphold the highest standards in their dealings with clients and market counterparties,” she said.

CBN injects $197.71m to boost FX as Trump trade tariff spreads

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More heads to roll in NNPCL, subsidiaries as Ojulari assumes office

Published

4 days ago

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April 3, 2025

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Engineer Bashir Bayo Ojulari

More heads to roll in NNPCL, subsidiaries as Ojulari assumes office

There are indications that more heads will roll in the Nigerian National Petroleum Company Limited, NNPCL and its subsidiaries as Engineer Bayo Ojulari yesterday assumed office as the new Group Chief Executive Officer.

This was even as the management and staff of NNPC Ltd welcomed the appointment of a new GCEO Officer and Board of Directors for the company by President Bola Ahmed Tinubu.

However, checks Vanguard showed that the reorganisation would start from the corporate headquarters to the subsidiaries, including Upstream, Gas and Power, new Energy, Downstream and Non-Energy businesses.
The checks indicated that the reorganisation would be targeted at ensuring that round pegs are placed into round holes based on the commitment of the new leadership to achieve national goals and objectives in the oil and gas industry.

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It was confirmed that the businesses to be impacted include the NNPC E&P Limited (NEPL), NNPC Upstream Investment Management Services (NUIMS), NNPC Energy Services Limited (EnServ), NNPC Engineering and Technical Company (NETCO), NNPC New Energy Limited (NNEL), NNPC Gas Infrastructure Company (NGIC), NNPC Gas Marketing Limited (NGML), and NNPC Gas & Power Investment Services (NGPIS).

They also include NNPC Trading Limited (NTL) NNPC Retail Limited (NRL), NNPC Shipping Limited (NSL), NNPC RefChem Limited (NRCL), NNPC Downstream Investment Services (NDIS), Nigerian Pipelines and Storage Company Limited (NPSC), National Energy Reserve Management Company (NERMC), NNPC Non-Energy Investment Services (NNIS), NNPC Foundation Limited/Gte, NNPC Academy, NNPC Properties Limited (NPL), and Health Maintenance Organization (HMO) and Research Technology and Innovation (RTI).

 

More heads to roll in NNPCL, subsidiaries as Ojulari assumes office

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