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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.
Nigeria's petroleum is classified mostly as "light" and "sweet", as the oil is largely free of sulfur. Nigeria is the largest producer of sweet oil in OPEC. [18] This sweet oil is similar in composition to the petroleum extracted from the North Sea. This crude oil is known as "Bonny light".
The largest component of the average price of $2.80/gallon of regular grade gasoline in the United States from 2012 through 2021, representing 54.8% of the price of gas, was the price of crude oil. The second largest component during the same period was taxes—federal and state taxes representing 17% of the price of gas.
The death toll from a fuel tanker explosion in northern Nigeria has risen to at least 153 people and injured 100, police told CNN Thursday. ... Gas prices have risen dramatically to more than six ...
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Oil and gas in Nigeria. The first oil well in Nigeria was drilled in 1958 in Oloibiri [12] which is present day Bayelsa State.This acted as a milestone for the production of oil and gas in Nigeria and the emergence of the country as a top oil & gas producer globally.
Post Occupy Nigeria and 2015, the Nigerian Government under the new president, Muhammadu Buhari, has increased fuel prices from N87 to N145 with little resistant, possibly because Nigerians are beginning to realize that fuel subsidies are actually harmful to the country's growth, rather than a mechanism towards helping the poor.
At the time of writing, the national average price of regular gas is $3.62 per gallon, $0.02 higher than this time last year. Drivers who use premium gas are paying $0.07 more this year than last ...