The pump price of Premium Motor Spirit (PMS), popularly known as petrol, was raised from N537/litre to N617/litre at some filling stations operated by the Nigerian National Petroleum Company Limited in Abuja on Tuesday. Independent oil marketers confirmed the increase in the cost of the commodity, as they stated that any shift in price by […]
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Following last week’s Supreme Court order approving the use of old N1,000 and N500 and N200 notes as legal tender till December, some Deposit Money Banks have started re-circulating the old notes. However, it was observed that motorists, fuel stations, retailers, traders, and other categories of bank customers rejected the old currencies. The development came […]
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Oil marketers have given the federal government a seven-day ultimatum to settle outstanding debts to the sum of N800 billion, failing which depots would cease operation across the country. The marketers, comprising Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs), said failure to […]
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Oil marketers have commenced a reduction of their workforce due to their inability to pay staff salaries, the News Agency of Nigeria (NAN) reports. Some of the marketers, who preferred anonymity, confirmed to NAN on Wednesday in Lagos that they resorted to adopt a massive sack of their workers as the Federal Government had yet […]
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The Nigerian National Petroleum Corporation (NNPC) says it has started a crack down on erring marketers and fuel hawkers in the country. In a statement released on Wednesday by Ndu Ughamadu, the Group General Manager, Group Public Affairs Division of NNPC, it was said that the move was to sanitize the fuel distribution system and […]
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The executive secretary of Depot and Petroleum Products Marketers Association (DAPPMA), Olufemi Adewole, said the association has paid over N90bn to the Nigerian National Petroleum Corporation (NNPC) for petrol but the corporation has no cargo for allocation. Adewole said the NNPC is owing DAPPMA members N600 billion and other marketers over N800 billion. “Marketers have continued […]
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The Depot and Petroleum Products Marketers Association (DAPPMA) says members’ depots are empty, maintaining that they are not hoarding fuel and are therefore not responsible for crippling crisis. In a statement signed by Olufemi Adewole, DAPPMA’s executive secretary, and shared with TheCable, the association said there are always issues when the Nigerian National Petroleum Corporation […]
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Mohammed Saidu, head public affairs unit of the Department of Petroleum Resources (DPR), says petroleum marketers diverted 129,000 liters of petrol from Abuja on Friday. Saidu, who revealed this monitoring the stations, added that some of the erring filling stations had been given a total fine of more than N30.5 million. According to him, more […]
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The Nigerian National Petroleum Corporation (NNPC) has blamed the current petroleum scarcity in the country on marketers of the product. Maikanti Baru, group managing director of the company, said this in a statement by Ndu Ughamadu, NNPC spokesman. Assuring that the fuel scarcity would fizzle out this week, Baru warned marketers against hoarding, saying any filling station […]
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