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The NNPC had been buying petrol from Dangote Refiner at ₦898.78 per litre and selling to marketers at ₦765.99 per litre, shouldering a subsidy of almost ₦133 per litre. Following the NNPC's withdrawal as the sole off-taker, subsidies ceased to exist in Nigeria as marketers had to buy directly from Dangote and sell at cost price, adding ...
The Petroleum Products Pricing Regulatory Agency (PPPRA) is an agency of the government of Nigeria established in 2003 to, among other responsibilities, monitor and regulate the supply and distribution, and determine the prices of petroleum products in Nigeria. Its headquarters is located in Abuja, Nigeria.
In 2008, in response to public concerns over the availability and pricing of kerosene, African Petroleum launched an initiative to saturate the market and sell fuel at N50 per litre from more than 500 service stations across Nigeria. [22] [23]
On 1 January 2012, the Nigerian government headed by president Goodluck Ebele Jonathan, tried to cease the subsidy on petrol and deregulate the oil prices by announcing the new price for petrol as US$0.88/litre from the old subsidised price of US$0.406/litre (LAGOS), which in areas distant from Lagos petrol was priced at US$1.25/litre.
Nigeria imports most of its motor spirit, though it is a major oil exporter, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50. [54] As of 2019, Nigeria produced a form of oil ideal for the United States, had huge reserves, and increased its production to 2.8 million barrels (450,000 m 3 ...
The price of petrol has increased from 65 naira ($0.40; £0.26) per litre to at least 141 naira in filling stations [6] and from 100 naira to at least 200 naira on the black market, from which many Nigerians buy their fuel.
In October 2019, NNPC announced the signing of a $2.5 billion pre-payment agreement with Nigeria LNG to fund upstream gas development projects. [4] In December 2021, the Federal Government of Nigeria and NNPC Ltd signed a ₦621 billion Memorandum of Understanding to finance the construction of critical road infrastructure across the country. [5]
Dangote Group was created in the late 1970s, when Aliko Dangote established a venture that traded sugar and other consumer goods, which was funded by a $3,000 loan from his grandfather. [2] Later, the group would gradually expand into trading other commodities, such as rice. [ 6 ]