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Fuel Price May Crash To N500 Per Litre In 2025 — Oil Marketers

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Strong indications emerged at the weekend that prices of “Premium Motor Spirit” (PMS), popularly called petrol, may crash further in 2025.

Industry experts, who spoke to Saturday Sun, noted that petrol, which currently sells for between N900 and N950 in many fuel stations, may have its price further crashing to as low as N500 a litre in the course of the year.

According to oil stakeholders, the likely drop in prices of petrol in 2025 is premised on a strong downstream sector propelled by the deregulation policy of the federal government.

According to industry players, other reasons for the price drop include stable foreign exchange policy, price competition, “Naira-for-crude” policy and the coming on stream of the Port Harcourt, Warri, and Dangote refineries. They also affirmed that for the refineries to sell their products in the domestic market and accept payment in naira will contribute to price fall.

The Federal Executive Council (FEC) had last July approved the sale of crude to local refineries for payment in naira.

In addition to this is the rebound of activities by modular refineries, which are now upbeat about the downstream sector and have concluded plans to add petrol refining to their stable of products in addition to diesel, which hitherto was their sole product line.

This comes as Nigeria’s current daily petrol consumption has hit approximately 40 million litres with local production. According to truck-out data from the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), Dangote Refinery contributes an average of seven million litres while NNPCL controls 1.2 million litres, bringing the total to 8.2 million litres.

Modular refineries are out of the picture as they only produce diesel for now. The country currently has about 25 licensed modular refineries but only five are in operation.

This means that only 20.5 percent of the country’s petrol need is met through local refining, while the remaining 79.5 percent or 31.8 million litres are imported.

At the moment, the Dangote Refinery is producing about 30 million litres of petrol but only injects about seven million litres into the domestic market, a figure which increased by five million litres in October, up from its initial 25 million litres.

On the contrary, the 125,000 barrels per day Warri Refining and Petrochemical Company (WRPC), which commenced operations a few days ago, is operating at 60 percent capacity with the production of Kerosene, Diesel, and Naphtha.

Prior to the commencement of operations of Warri refinery, the 60,000 barrels per day old Port Harcourt Refinery, which commenced operations over a month ago, is injecting about 1.4 million litres of petrol via blending with straight-run gasoline, 1.5 million litres of diesel and 2.1 million litres of LPFO.

According to the Group Chief Executive Officer (GCEO), NNPC Ltd, Mr. Mele Kyari, the 150,000 Port Harcourt Refinery 2 is currently undergoing rehabilitation and is at 90 percent completion stage, ditto for the Kaduna Refinery which is also undergoing rehabilitation. But a presidency source told Saturday Sun that the Kaduna Refinery may not come on stream anytime soon due to the huge cost implication and other technical reasons.

Though Kyari had recently said NNPC was no longer importing petrol, major marketers and some private depot owners were still importing about 30 million litres daily to bridge supply shortfall.

But the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Ukadike Chinedu, in a telephone interview with Saturday Sun, said the coming on stream of Port Harcourt and Warri refineries is a game changer for the downstream sector as it will promote a healthy price competition as already being witnessed.

He said both the Nigerian National Petroleum Company Ltd and Dangote have reduced prices in the last three weeks, a signal to the gains of multiple sources of production.

Besides, he said the coming on stream of the NNPC Ltd refineries in addition to Dangote’s gives petroleum marketers and consumers the option of multiple sources of products as against a monopoly market.

Ukadike was upbeat that this development will see prices of petrol drop further below N500 per litre in 2025 as more players add capacity to refining petroleum products.

Again, he said the foreign exchange policy of the Federal Government is already yielding some positive results with a dollar exchanging for less than N1,800, adding that if this trend is sustained, petroleum prices would crash further because more foreign exchange would be conserved when products are no longer imported.

He further disclosed that more modular refineries are now beginning to take steps to add petrol refining to their line of products because they are now certain of the market through improved product demand.

According to him, all these improvements being witnessed in the sector are a result of the deregulation of the downstream sector, which promotes efficiency, healthy rivalry, and price competition among players to the benefit of the consumers.

The IPMAN Publicity Secretary further pointed out that the “naira-for-crude” policy of the Federal Government is a major factor that will shape petrol prices in 2025 as it would tame inflation and reduce foreign exchange pressure.

Also speaking, the President of the Petroleum Products Retail Owners Association of Nigeria (PETROAN), Mr. Billy Harry, aligned with Ukadike.

Harry assured that the coming on stream of the Port Harcourt and Warri refineries would lead to cheaper fuel options for Nigerians.

The PETROAN President maintained that the possibility of affordable petrol for Nigerians is very feasible in 2025.

“As you can see, NNPC has reduced its ex-depot price from N1,045 per litre to N899 per litre for marketers, translating to N925 per litre at the pumps for the end users. This, I must say, is very commendable. These are not small drops, but massive drops from N1,045 to N899 ex-depot is a lot of drop.”

On the other hand, he said the Dangote refinery equally implemented a similar ex-depot price slash from N970 to N899.50 per litre. He pointed out that with the consistent availability of petroleum products, competition will set in and prices of petroleum products will drop further in the New Year.

In his submission, the Publicity Secretary of Crude Oil Refiners Association of Nigeria (CORAN), Mr. Iche Idoko, said Nigerians would gradually begin to witness the gains, which is typical of a deregulated market.

“Price drop is one of the characteristics of deregulation we had highlighted. As the industry settles in to the regime of full deregulation, we are bound to see competitions amongst players, which ultimately will benefit the consumers.”

According to him, these competitions will be around prices, product quality, and credit lines available to bulk buyers.

This, he said, are the advantages that local refining brings. As more local refineries come on stream in the coming months, the industry shall see these positive trends of refiners and suppliers wooing consumers with price reduction and all manner of incentives.

BIG STORY

Rejoinder To Daily Trust Article: President Tinubu Positioned For Victory In 2027 — By Prince Adeyemi Shonibare

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President Tinubu is well-positioned to secure victory in the 2027 elections. His achievements, leadership experience, and the significant strides made across key sectors of governance solidify his place as the frontrunner.

  • Key Achievements and Factors for Victory

1. Direct Funding to Local Governments:

For the first time in Nigeria’s history, the 774 local government chairmen will receive funds directly from the federal government starting this month. This bold move decentralizes resources, empowers grassroots development, and strengthens loyalty to the man who initiated this transformative policy—President Tinubu.

2. Empowering Citizens:

President Tinubu’s administration has rolled out impactful programs, including student loans, consumer credit initiatives, and direct cash transfers. These initiatives have touched millions of lives and earned him unwavering support from beneficiaries who recognise the positive impact of these policies.

3. Political Dominance:

APC remains the most dominant political party in Nigeria, controlling more states than any opposition party. APC governors will rally behind Tinubu in 2027, leveraging the party’s expansive structure to consolidate support.

4. Regional Strength:

South West:

President Tinubu will sweep all six South West states. APC currently controls four states, and Tinubu’s win in Oyo during the 2023 elections further demonstrates his stronghold. By 2027, even Osun, which narrowly escaped APC control, will fall back in line.

South-South:

Tinubu will likely secure Cross River, Rivers, Edo, and Delta while achieving the required 25% in other states. APC’s current control of Edo and Cross River further reinforces this projection.

South East:

The establishment of the South East Development Commission has endeared Tinubu to the region. He is expected to win Enugu, Imo, and Ebonyi while securing 25% in Anambra and Abia. APC governs Imo and Ebonyi, and with strategic campaigning, Anambra might surprise everyone in 2027.

North West & North East:

These regions remain APC’s strongholds, and Tinubu’s track record ensures that they will deliver the necessary states.

North Central:

States like Abuja, Kogi, Nasarawa, and Plateau are expected to align with Tinubu, given his strong rapport and ongoing development efforts in the region.

5. Resilience and Leadership Experience:

Tinubu’s journey from private sector success to public service is unparalleled. He served as a lawmaker, a transformative governor, and now a results-driven president. His international experience in oil, gas, and finance, coupled with his fearless leadership style, makes him a standout leader. Tinubu is the only president in Nigeria’s history to take bold steps like subsidy removal and exchange rate unification, laying the foundation for long-term prosperity

6. Economic Reforms and Policies:

Tinubu’s tax reforms exempt minimum wage earners and small businesses (earning less than ₦25 million annually) from federal taxes. By 2027, Nigeria will become a major exporter of refined petroleum products, with all four refineries operational.

The federal government’s agriculture policies, in collaboration with states, will yield significant results.

Security will improve, potentially with the full implementation of state policing.

Electricity management, now involving states, will lead to a more reliable power supply.

Mass transportation systems, including local, state, and federal rail services, will transform mobility.

With growing FDI, increased earnings from oil and gas, and direct investments, Nigeria will witness unprecedented progress under Tinubu’s leadership.

7. Broad-Based Support:

Tinubu’s influence transcends party lines, garnering support from private enterprises, public institutions, and even opposition leaders. Some PDP governors from the East may align with Tinubu’s vision in 2027, recognizing his ability to unify and deliver results.

8. Legacy of Leadership:

Tinubu’s record of governance in Lagos—one of Africa’s largest economies—is unmatched. When he assumed office in 1999, Lagos generated ₦400 million monthly against expenses of over ₦600 million. By the end of his tenure, Lagos’ monthly IGR had risen to ₦8 billion. This same transformational leadership is now evident at the federal level, with Nigeria’s reserves growing and states receiving triple their previous allocations.

Under Tinubu, local governments will receive significant funds. If each of the 774 local governments spends ₦2 billion monthly, the ripple effect will transform communities and improve lives nationwide. Without constitutional reforms, Tinubu is restructuring Nigeria by empowering states and local governments while maintaining harmony with governors, legislators, and the judiciary.

9. Strategic Reallocation of Subsidy Funds:

Funds from subsidy removal on petrol and exchange rates are now being redistributed across federal, state, and local governments. The judicious use of these funds will catalyse development, creating visible progress that further cements Tinubu’s leadership legacy.

10. A Leader for the Future

By 2027, Tinubu’s achievements will speak louder than promises. Nigeria will see improved security, stable electricity, a revitalized economy, and a robust transportation system. His reforms will deliver real, measurable results, leaving opponents to merely speculate on what they could do better.

If God grants him life and strength, and he chooses to contest in 2027, President Tinubu’s re-election will not just be a possibility—it will be a certainty. His vision, achievements, and widespread support make his victory inevitable.

 

By Prince Adeyemi Shonibare .

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BIG STORY

JUST IN: Fuji Icon K1 Loses 105-Yr-Old Mother Days After Wife’s Death

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Nigerian Fuji legend, Wasiu Ayinde, popularly known as “K1 de Ultimate,” is in mourning following the death of his mother, “Halimotu Anifowoshe,” just days after the passing of his former wife, “Hafsat,” at the age of 65.

It was gathered that the mother of the music icon was declared dead by medical professionals in her hometown, “Ijebu Ode,” Ogun State, where she resided.

A family source revealed that the centenarian passed away in the early hours of Saturday, causing the entire community of “Ijebu Ode” to mourn her loss.

It was further gathered that the deceased would be buried in accordance with Islamic rites later that day in her hometown.

According to a source, the Fuji musician has been deeply affected by his mother’s death, as they shared a close bond. He often praised her during his stage performances.

The centenarian’s death followed the artist’s earlier revelation that he inherited his musical talent from his mother, who, despite her own potential, was not permitted to pursue a career in music.

He explained that his mother was the daughter of a king, and her parents did not allow her to sing because they wanted her to marry.

K1 added that his mother was highly talented, but her parents feared that her career in music would delay her marriage.

“I was blessed with the gift of music from a young age, I was born into music. My mother was a singer before she got married. She had the gift of music and she was a princess.”

“She was not allowed to sing back then because she was a princess, and her parents were worried that allowing her to be a musician would delay her from getting married sooner. Her parents said my mother won’t be allowed to sing because she is the daughter of a king.”

It should be noted that the singer’s former wife, “Hafsat,” passed away after battling an undisclosed illness and was buried following Islamic traditions at “Abari Cemetery,” Lagos State.

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Nigerians Recruited As UK Prison Officers Sleep In Cars, Camp Near Jails

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The United Kingdom’s prison service has started recruiting prison officers from Nigeria and other countries to address staffing shortages.

However, many of these new recruits, including Nigerians, are facing accommodation difficulties, with some resorting to sleeping in their cars or camping near prisons to save on housing costs, according to a report by The Telegraph on Thursday.

This is the first time the UK prison service is sponsoring skilled worker visas for international recruits, following a rule change in 2023 that added prison officers to the list of eligible professions.

Many of the new recruits are Nigerians, including some who transitioned from other visa routes to the prison service.

The Prison Officers Association (POA) has reported cases of Nigerian recruits arriving at UK prisons under the assumption that accommodation would be provided.

Mark Fairhurst, the president of the POA, shared an example of a recruit who commuted 70 miles daily from Huddersfield to Nottingham, eventually deciding it was cheaper to sleep in his car outside the prison.

At another location, some officers set up a camp in a wooded area near the prison after learning they would need to arrange their own housing.

“We have got problems with people who turn up at the gates with cases in tow and with their families saying to the staff: ‘Where is the accommodation?’,” Fairhurst stated.

Sources from the Ministry of Justice in the UK indicate that approximately 250 foreign nationals have been recruited into the UK prison service after Zoom interviews and vetting.

In 2023, a significant portion of the 3,500 monthly applicants were from Africa.

Tom Wheatley, the president of the Prison Governors Association, attributed the influx to word-of-mouth promotion by Nigerians already working in the UK.

“It’s turned into an approach that has been promoted online by the expat Nigerian community,” Wheatley noted.

However, he acknowledged challenges, including language barriers and the difficulty of integrating foreign recruits into rural communities.

Despite these challenges, the UK prison service insists its recruitment and training processes are thorough.

A spokesperson for the Prison Service told The Telegraph, “all staff – regardless of nationality – undergo robust assessments and training before they work in prisons. Our strengthened vetting process roots out those who fall below our high standards.”

The reliance on virtual interviews has also raised concerns, with some questioning the suitability of officers recruited this way.

Fairhurst has called on the prison service to return to face-to-face interviews, stating that six weeks of training is insufficient for recruits to manage prisoners effectively.

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