NNPC Retail to Sell Petrol at Cost for 30 Days as FG Unveils Measures to Cushion Fuel Shock

NNPC Retail to Sell Petrol at Cost for 30 Days as FG Unveils Measures to Cushion Fuel Shock

By Zainab Uzomah|Abuja The Nigerian National Petroleum Company (NNPC) Retail has agreed to forgo its petrol retail profit margin and sell fuel at cost for the next 30 days as part of Federal Government measures to cushion households from the impact of rising global crude oil prices. In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Thursday, the Finance Minister and […]

October 8, 2026 6

NEWS

Fuel Price Intervention Sparks Debate Over Subsidy, Price Risk

By Zainab Uzomah|Abuja The Federal Government’s latest intervention to cushion Nigerians from rising petrol prices has triggered a fresh debate over whether the measures represent a temporary market stabilisation mechanism or a return, in substance, to fuel subsidy. The controversy followed the announcement that NNPC Retail would forgo its petrol retail profit margin and sell fuel at cost for an initial 30 days, while the Federal Government negotiates a N1,350-per-litre […]

October 8, 2026 7

NEWS

Troops Neutralise Bandits, Terrorists, Rescue 73 Kidnap Victims, Recover 211,790 Litres of Stolen Fuel

By Zainab Uzomah| Abuja The Armed Forces of Nigeria (AFN) have intensified nationwide offensives against terrorists, bandits and other criminal elements, neutralising several fighters across multiple theatres of operation, rescuing 73 kidnapped civilians, and recovering 211,790 litres of stolen and illegally refined Automotive Gas Oil (AGO) during operations conducted between June 19 and 25. The military said bandits were killed in Matazu Local Government Area of Katsina State, while terrorists […]

June 28, 2026 26

NEWS

Navy Uncovers Illegal Fuel Stockpile Along Rivers–Bayelsa Corridor

By Zainab Uzomah| Abuja The Nigerian Navy has intensified operations against crude oil theft and illegal refining activities in the Niger Delta, uncovering illegal refining sites in Bonny and intercepting a concealed fuel stockpile along the Rivers–Bayelsa border corridor. In a statement signed by the Director of Naval Information, Navy Captain Abiodun Folorunsho, the Navy said personnel of Forward Operating Base BONNY, under Operation DELTA SENTINEL, foiled attempts by suspected […]

May 16, 2026 20

NEWS

Navy Seizes 44,000 Litres of Illegal Fuel, Arrests Eight in Rivers Crackdown

By Zainab Uzomah|Abuja The Nigerian Navy says it has intercepted about 44,000 litres of suspected illegally refined fuel and arrested eight people during an anti-oil theft operation in Rivers State. According to a statement issued by the Director of Naval Information, Captain AA Folorunsho, the operation was carried out under Operation Delta Sentinel in the Degema, Ogbogoro and Ogbologo areas following intelligence reports of illegal refining activities. Naval personnel deployed […]

March 25, 2026 19

NEWS

Four marketers spend N833bn on fuel imports – Report

Nigeria’s major oil marketers have significantly benefited from the Federal Government’s recent policy to eliminate subsidies on petroleum products. This change has allowed marketers to operate in a more market-driven environment, leading to substantial financial gains. In the first nine months of 2024, four prominent oil marketers reported significant revenue gain, earning a total sum of N1.3tn from the sales of petroleum products to Nigerians. Despite the considerable costs involved […]

November 4, 2024 92

BUSINESS

NLC slams IMF for fuel subsidy removal denial

The Nigeria Labour Congress has criticised the International Monetary Fund for its denial of responsibility regarding the Nigerian government’s recent removal of subsidy on petrol. The congress describes the denial as cynical and emblematic of the IMF and World Bank’s longstanding pattern of imposing harsh economic policies on developing nations. In a statement on Sunday, NLC National President, Joe Ajaaero, criticised the IMF for presenting its harmful recommendations as growth […]

October 28, 2024 191

NEWS

FG unveils 150 million-litre jet fuel depot

The Minister of Aviation and Aerospace Development, Festus Keyamo, has unveiled the Joint User Hydrant Installation 2 (JUHI-2) with a storage capacity of 150 million litres of Jet A1 fuel. The facility is described as the largest airside jet fuel depot in Nigeria, having the capability of delivering a minimum of 150 million litres of ATK supplies monthly to airlines, implying that it can deliver 20 per cent of the […]

October 18, 2024 87

BUSINESS

Hunger protests: Marketers stop fuel supply, queues resurface

Oil marketers have explained that the reappearance of queues at filling stations in many states is because of the halt in the supply of petroleum products by dealers in a bid to avert losing their assets due to the ongoing nationwide hunger protests. Many states in Nigeria, including the Federal Capital Territory, Abuja, witnessed varying degrees of queues about two weeks ago, which the Nigerian National Petroleum Company Limited blamed […]

August 5, 2024 64

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