The Kunle Blog.

The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Yakubu Suleiman, has said that even with the sudden hike in the pump price of petrol in Nigeria, the country still has the cheapest price of the product among other African countries. He stated this during a chat with ARISE TV concerning the recent hike in the price of Premium Motor Spirit, otherwise known as petrol. Suleiman also blamed the sudden hike in the pump price of petrol on the cost of dollars. He explained that petroleum products are imported to Nigeria using dollars, hence the increase. Fire destroys shops in Kano market Salihu Lukman: Replacing Adamu with Ganduje will be suicidal He said, "The rise in price was caused, as usual, by the market forces. Market now determines prices. And secondly because of the dollar. You know the higher the crude oil price, the product price locally will also be higher. So at the time the crude oil comes down, the product will al...

In Cameroon, the unintended consequences of Nigeria's fuel subsidy withdrawal ripple across the beleaguered Anglophone region. WHAT HAPPENED TO CAMEROON'S REFINERY? On the night of 29 May, 2019, the lone petroleum refinery in Cameroon was struck by a massive explosion that damaged four of its 13 production units. The incident at the 42,000 barrel-per-day SONARA refinery in Limbe, southwest Cameroon, abruptly stopped petroleum refining in Cameroon. To mitigate the effects of the damage, the government immediately accorded the National Oil Refining Company, SONARA, and other licensed agents, the right to import and market refined petroleum products across the country. Wary of inflation, the government subsidised the prices of the various imported fuel products. The price of a litre of petrol was thus fixed at FCFA 630 (approx. $ 1.4) On 1 February, 2023, with the refinery still not restored almost four years after the explosion, the government increased fuel prices. Petrol and di...

The Conference Of Nigeria Political Parties (CNPP) has reacted to the recent hike in pump price of Premium Motor Spirit (PMS), otherwise known as petrol. CNPP, in a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, said that the increment less than 60 days after "the Federal Government announced the removal of subsidy is a fresh pointer that the All Progressives Congress (APC) government has never been sincere with Nigerians on the subsidy issue." The political parties also backed the House of Representatives' move "to investigate the overnight destruction of a vessel with stolen Nigerian crude oil recently without investigation or prosecution of the culprits. "In the last eight years, Nigerians have been subjected to misery as a result of the incessant increment in the pump price of petrol," the statement read in part. "Even after the said removal of subsidy on petrol, the Muhammadu Buhari administration continued to in...