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Diesel Price May Hit N1,500/Litre In The Next 2 Weeks – Oil Marketers

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About 75 percent of filling stations across the country cannot purchase the diesel required to power their tankers and transport petrol, to their various outlets, hence they are currently out of business, oil marketers stated on Tuesday.

Marketers also stated that the cost of diesel would keep increasing and might hit N1,500/liter in the next two weeks if nothing drastic was done to curtail the current challenge faced by importers of the deregulated commodity.

Dealers under the aegis of the Natural Oil and Gas Suppliers Association told journalists in Abuja that this was also the reason why petrol scarcity had failed to abate in Abuja and neighboring Nasarawa and Niger states, among others.

Speaking on behalf of the marketers, the National President, NOGASA, Bennett Korie, explained that the only solution to the current challenge was for the Federal Government to raise the pump price of petrol a little to reduce the huge foreign exchange used in PMS imports.

This, he said, would eventually free up some forex for diesel imports, a development that would impact positively on the rising cost of diesel, stressing that the product was currently sold at N850/liter.

He said, “If you go round now you will see that about 75 percent of filling stations in Nigeria have gone out of business. There is no diesel to take fuel to their stations. All of them are going down.

“And it is not that the fuel is not there, but the cost of bringing it to the stations is too high. We know that the crisis between Ukraine and Russia has contributed badly, but the government has to do something fast, otherwise, we are going to buy diesel in the next two weeks at N1000 to N1500/liter.”

Asked whether anything was being done to address the challenge, Korie replied, “As far as I am concerned nothing for now. The only way out, if you want to know, is that they (the government) should increase the price of fuel a little to reduce the money spent on PMS subsidies.

“I know Nigerians will not be happy to hear this, but this is the only solution. They should increase the price of fuel a little so that the savings will enable the Central Bank of Nigeria to have enough foreign exchange.

“You and I know that we import everything now in Nigeria. Diesel is an imported product and it is fully deregulated. So the importers are not getting dollars at the official CBN rate to import diesel. Everybody is going to the black market to get dollars to import their products and so you expect the price of diesel to be high.”

Korie states that if the government could bring down the rate at which it spends foreign exchange on PMS imports, this would help other businessmen who import diesel to bring in products at low prices.

“So you need to increase the fuel price a little to ensure that the dollars spent in importing petrol is reduced and there will be enough forex for importers of diesel and this will cut down the price of diesel.”

He also stated that this was the major reason why fuel queues had failed to clear in Abuja, as many filling stations lacked the funds to buy diesel at a high cost to run their trucks, transport petrol to the capital city and would still be made to sell PMS at N165/liter.

He explained that Lagos, Port Harcourt, Warri and other states closer to these areas had no queues because the three named cities had seaports and large depots for loading and distributing petroleum products.

Korie said, “The reason why you are having scarcity of petroleum products, particularly in Abuja is as a result of the high cost of diesel. The price of diesel today in the market is N850/liter. You will also agree with me that the money being paid as bridging claims to transporters is not enough.

“The price is N850/liter and you are giving your driver 1,200 liters from Lagos to Abuja, if you do the calculation you will find out that the landing cost (for transporting the fuel) is about N40/liter.

“So if you add that to PMS, buying at the depot price and selling here, it is too high. So if your cost of bringing it in is at N40/liter and you bought it at N155/liter, when you add this you will get N195/liter. But you are to sell at N165/liter. So who will do that kind of business? It is already a loss-making business.”

Economic experts and operators in the oil sector had repeatedly called on the Federal Government to stop subsidizing petrol to halt the humungous foreign exchange spent on its imports.

A former President, of the Association of National Accountants of Nigeria, Dr. Sam Nzekwe, told our correspondent that petrol subsidy was eating deep into the finances of Nigeria.

“Petrol subsidy is eating deep into our national treasury. It is affecting almost every aspect of the economy because so much forex is used for its imports. It has to be stopped, but we must get our refineries working,” Nzekwe said.

Also, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, has told our correspondent that subsidies on petrol should be cautiously and gradually removed based on its depleting effects on both federal and state governments’ revenues.

BIG STORY

Lagos Ministry Demolishes Illegal Gatehouse After Attack On Workers [PHOTOS]

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The Lagos Ministry of Environment and Water Resources has commenced the demolition of an illegal gatehouse erected by the management of an estate on January 3, 2025.

The action follows repeated warnings from the ministry, which had earlier alerted the estate about the unlawful construction.

Sources revealed that the estate proceeded to build a soakaway system on the road immediately outside the entrance gate, despite several official warnings from the ministry.

This prompted the ministry’s task force to intervene on January 2, 2025, to dismantle the septic tank that was being constructed.

However, during the operation, workers from the ministry were reportedly attacked and locked up by the estate’s management.

In response to the harassment of its workers, the Lagos Ministry of Environment and Water Resources escalated its actions, directing the demolition of the illegal gatehouse on January 3, 2025.

The demolition is part of the ministry’s broader efforts to ensure that constructions adhere to legal and environmental standards.

Details later…

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BIG STORY

Inside Jigawa: One Dead, Groom Hospitalised As Bride Allegedly Poisons Wedding Guests

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A wedding in Jigawa State has turned tragic after a bride allegedly poisoned food served at the reception.

The incident reportedly left the groom critically ill and one of the wedding guests dead.

The incident occurred in the Jahun Local Government Area of the state.

Eyewitnesses suggested that the bride’s actions may have been driven by a personal vendetta.

Speaking on Friday, the state Police Public Relations Officer, Shi’isu Adam, confirmed the incident and stated that an investigation was underway.

“We received a report that the bride had tainted the food served at the wedding reception, leaving the groom critically ill.

“Police have arrested two suspects in connection with the alleged food poisoning incident that occurred during a wedding ceremony in the state,” Adam said.

He revealed that the two suspects are the bride and another female, adding that they are in custody and being interrogated by the Criminal Investigation Department of the command.

The police spokesperson added, “We will do everything in our power to ensure that justice is served.”

According to the police spokesman, all the wedding attendants who consumed the poisoned food have been discharged from the hospital, except for the one person who was confirmed dead.

“The command is currently investigating the circumstances surrounding the incident, and we will provide more details as soon as possible.

“For now, we can confirm that the incident occurred, and we are working tirelessly to unravel the facts. We urge the public to remain calm and assured that justice will be served,” he concluded.

The identities of the deceased, the groom, and other victims have not been disclosed by the authorities.

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BIG STORY

Peter Obi Hellbent On Inciting Nigerians Against President Tinubu, He’s A Doomsayer — APC

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The All Progressives Congress (APC) has described Peter Obi’s New Year message as “misleading and an attempt to score cheap political points.”

Obi, who was the presidential candidate of the Labour Party in the 2023 elections, used his New Year message to criticize President Bola Tinubu, expressing grave concerns over institutional corruption, mismanagement, poverty, hardship, and an escalating debt profile.

The former governor of Anambra stated that corruption has been deeply entrenched in government and nepotism has become the norm under Tinubu’s leadership.

He also demanded “vigorous, positive actions” from the administration to bring succour to Nigerians.

However, in a counter-statement on Thursday, Felix Morka, APC spokesperson, stated that Obi’s assessment contradicted all indicators showing that the nation’s economy is rebounding across various sectors.

Morka accused Obi and members of the main opposition Peoples Democratic Party (PDP) of relentlessly trying to incite public outrage against the Tinubu administration.

The APC further accused Obi of portraying himself as “a leading doomsayer, omniscient and philosopher’s stone” while failing to deliver “meaningful achievements during his eight-year tenure as governor in Anambra state.”

“In reality, 18 months later, the economy, under President Bola Ahmed Tinubu’s administration has shown a steady record of progress,” the statement reads.

“Despite these and other initial beneficial outcomes of ongoing reforms, the administration is doubling its effort to ensure their fullest benefits for the transformation of our country.

“It is a thing of irony that Obi, who now arrogates to himself to be omniscient and philosopher’s stone, when it comes to our nation’s challenges, left no record of significant achievement, let alone transformation of any kind, in his eight-year tenure as Governor of Anambra State.”

“Like his co-travellers in the PDP, Obi’s obsessive pessimism and endless but futile effort to incite public outrage against the administration is borne out of the realization that Tinubu is unwittingly cementing their political irrelevance by his visionary and full-throttle reform.”

“Under the banner of the Renewed Hope Agenda, President Tinubu is dutifully turning our nation’s fortunes around. We urge Nigerians to remain confident of better days ahead.”

The ruling party added that Tinubu’s goal is to reduce inflation from 34 percent to 15 percent in 2025.

“With the vigour in the administration’s war on corruption, evidenced by ongoing investigations and trial of well-heeled Nigerians, Obi’s pontification on the urgent need to tame corruption is a clear case of carrying coal to Newcastle,” the party added.

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