Nigeria’s expenditure on the importation of petroleum products, including premium motor spirit (PMS), commonly known as petrol, amounted to approximately N12 trillion in 2023, according to data released by the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023.

This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.… Read the rest

The Natural Oil and Gas Suppliers Association of Nigeria, Akwa Ibom State Council, has decried the absence of a licensed laboratory by the Nigerian Midstream Downstream Petroleum Regulatory Authority, saying that the situation is forcing marketers out of business in the state.

The chairman of NOGASA, Sam Osung, who made this known in a statement on Friday, said whenever petroleum products intercepted by security agencies were subjected to analysis, the process took days because of the absence of a hydrocarbon laboratory.… Read the rest