Category: Power and Energy

NERC Approves Increased Cost Of Single And Three Phase Meters

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NERC Approves Increased Cost Of Single And Three Phase Meters

Single and three-phase prepaid meters will now cost N81,975 and N143,836 respectively as the Nigerian Electricity Regulatory Commission (NERC) has approved price increases for Meter Asset Providers (MAPs). This implies that the single-phase meter which initially went for N58,661 is now up by 40 percent while the third-phase formerly N109,684 increased by 31.1 per cent….

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Power and Energy

Petrol Pump Price May Soon Hit N750/Litre – IPMAN

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Petrol Pump Price May Soon Hit N750/Litre – IPMAN

The pump price of Premium Motor Spirit (PMS), popularly called petrol, may increase to about N750 per litre, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned. National spokesperson of IPMAN, Chinedu Ukadike, gave the hint in Abuja. Although he said the Nigerian National Petroleum Company Limited (NNPCL), being the major importer of petroleum…

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Finance and Economy, Power and Energy

Marketers Warns Of Cooking Gas Price Hike Next Week

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Marketers Warns Of Cooking Gas Price Hike Next Week

The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, said gas consumers should brace themselves for price hikes starting next week. He cited rising international prices, high tax rates and prices of vessels, forex scarcity, and naira devaluation as some of the reasons for the intended price review. “It is starting…

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Power and Energy

As Global Oil Price Gained 20%, Price Of Petrol In Nigeria To Increase Further

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As Global Oil Price Gained 20%, Price Of Petrol In Nigeria To Increase Further

Price of petrol in the country may further increase as international market data gathered by The PUNCH revealed that oil prices has gained 20 per cent. At the beginning of 2023, Brent crude traded around $78 per barrel. However, last week, the international benchmark hit $83 per barrel. On the other hand, petrol prices started…

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Power and Energy

Petrol Projected To Cost N700/Litre From July – Marketers

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Petrol Projected To Cost N700/Litre From July – Marketers

Oil marketers have projected that the pump price of petrol could rise above N700 per litre in Northern Nigeria starting from July. The National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, told The PUNCH on Wednesday that prices could rise to above N700 in the north once independent marketers start importing products…

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Finance and Economy, Power and Energy

Petrol Prices May Go Up Soon, As Naira Weakens Against Dollar

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Petrol Prices May Go Up Soon, As Naira Weakens Against Dollar

Prevalent Economy indices Indicates that the national average price of petrol will rise further as marketers benchmark costs against rising exchange rates, Vanguard reports. Marketers yesterday said against the backdrop of continued depreciation of the naira, the implication would be that their cost has also increased beyond the figure used in fixing current pump prices….

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Finance and Economy, Power and Energy

Nigerians May Pay N700 For Litre Of Petrol From July

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Nigerians May Pay N700 For Litre Of Petrol From July

Following the termination of subsidy regime at the end of June, hard times await motorists and gasoline powered engine users as the cost of Premium Motor Spirit, (PMS), otherwise called petrol may go up to an unprecedented rate of N700 per litre. President Bola Tinubu, in the first policy directive of his administration yesterday, announced…

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News, Power and Energy

NUPENG Counsels Tinubu On Fuel Subsidy Removal

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NUPENG Counsels Tinubu On Fuel Subsidy Removal

The Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has advised president-elect Bola Ahmed Tinubu, as he takes over the presidency of the country, to slow down in caution towards removing subsidy in Premium Motor Spirit, PMS, commonly known as petrol because of its socio-economic implications. This was made known in a statement by…

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News, Power and Energy

Transmission Company of Nigeria Reconnects 3 DisCos, Gives 60-day Grace To Debt Defaulters

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Transmission Company of Nigeria Reconnects 3 DisCos, Gives 60-day Grace To Debt Defaulters

The Transmission Company of Nigeria (TCN) is set to reconnect the three electricity distribution companies earlier disconnected from the national grid for non-compliance with market rules. Kano DisCo, Kaduna Electric and APLE Electric were disconnected by the TCN, a situation which left customers in their franchise areas in total darkness for days. Market Operator, TCN,…

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Power and Energy

Labour Will Resist Fuel Price Increase In The Name Of Subsidy Removal

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Labour Will Resist Fuel Price Increase In The Name Of Subsidy Removal

Organized labor in the country, NLC, has warned that those pushing for subsidy removal in Nigeria are out to set the country on fire. The warning came against the backdrop of an announcement that the outgoing government of President Muhammadu Buhari had left the decision of petrol subsidy removal to the incoming government. The General…

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Employment, Labour & Productivity, Finance and Economy, Power and Energy