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Oil Marketers Kick Against N5 Reduction In Petrol Pump Price, Says N162 Not Possible

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Against the backdrop of the N5 reduction in the price of Premium Motor Spirit (petrol) announced by the Federal Government, fuel marketers have said it is not possible to sell the product at N162 per litre amid the current market realities.

The Minister of Labour and Employment, Dr Chris Ngige, had announced the petrol price cut at the end of a meeting with labour leaders which began around 9 pm on Monday and ended at 1:30 am on Tuesday.

“Our discussion was fruitful and the Nigerian National Petroleum Corporation, which is the major importer and marketers of petroleum products, and customers have agreed that there will be a slide down of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today,” he had said.

Top officials of the marketers’ associations who spoke with our correspondents on Tuesday said the price decrease had not been communicated to them, adding that they only read media reports that the government had reached an agreement with the organised labour to reduce petrol price by about N5 per litre.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, told one of our correspondents that given the recent increase in global oil prices and the devaluation of the naira, “petrol price of N162 cannot work, except we are going back to the subsidy.”

He said, “The government said it had deregulated; so, it is not possible to sell petrol at N162 on December 14. If you ask anybody now in the industry, they will tell you the price at which they can sell is about N170 to N180.

“The minister of labour does not have the power to determine the price of petrol. Even the President can only do that if we go back to the subsidy.”

The National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Dr Billy Gillis-Harry, said the interference by government in petrol pricing had continued to defeat the purpose of deregulation.

The Minister of State for Petroleum Resources, Chief Timipre Sylva, had said in September that the Federal Government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would determine the cost of the product.

Gillis-Harry said marketers had lost millions of naira as a result of the frequent price adjustments.

“We have no circular to confirm that price adjustment, and as far as we are concerned, we cannot say it will be implemented until we get an official communication about it,” he added.

When contacted to find out when the government would issue a circular to marketers regarding the price reduction, the Special Assistant to the Minister of State for Petroleum Resources, Mr Garba-Deen Mohammed, promised to revert but had yet to do so as of the time of filing this report.

“We are waiting for the circular from the government. We can only implement the price reduction when we get the circular,” the Vice President, IPMAN, Mr Abubakar Maigandi, said.

The Federal Government removed the petrol subsidy in March this year after reducing the pump price of petrol to N125 per litre from N145 on the back of the sharp drop in crude oil prices. The price reduction lasted till June.

Nigerians have seen increases in the pump prices of petrol four times in the past five months, rising from N121.50–N123.50 per litre in June to N140.80-N143.80 in July, N148-N150 in August, N158-N162 in September and N163-N170 in November.

BIG STORY

Press Statement On The Transition Of His Imperial Majesty, Oba Owolabi Olakulehin, The Olubadan Of Ibadanland

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With deep sorrow and solemn reverence, I, Aare (Dr.) Abisoye Fagade, the Aare Asojuoba of Ibadanland, join the Olubadan-in-Council, the people of Ibadanland, and the entire Yoruba nation in mourning the passing of our highly esteemed monarch, His Imperial Majesty, Oba Owolabi Olakulehin, the Olubadan of Ibadanland.

Kabiyesi answered the call of his ancestors barely a year after ascending the revered throne, leaving behind a legacy of peace, quiet strength, and decades of meritorious service to our traditional system. His reign, though short, was a symbol of continuity, tradition, and grace. He brought calm to the kingdom and bore the crown with dignity, humility, and honour.

This loss is also personal to me. Nearly twenty years after the passing of my late father, Elder David Oladokun Fagade, who shared a deep and brotherly bond with Kabiyesi, I find myself once again reflecting on the values they both upheld: integrity, loyalty to Ibadan, and unshakable devotion to the Yoruba heritage. The Olubadan was not only a king; he was family, a father figure, and a respected elder whose counsel and presence meant so much to many of us.

As we mourn his passing, we also look to the future with hope and trust in the well-structured traditional succession system that has long been the pride of Ibadan. In accordance with custom and seniority, the next Olubadan is expected to emerge from the Balogun line, with Oba Rashidi Ladoja, former governor and a respected High Chief, as the most senior in line. We await the formal processes and pronouncements of the Olubadan-in-Council.

May the soul of His Imperial Majesty find eternal rest among the ancestors, and may Ibadanland continue to flourish under divine guidance and cultural unity.

O digba, Kabiyesi. Ibadanland salutes you.

Signed,
Aare (Dr.) Abisoye Fagade fimc
Aare Asojuoba of Ibadanland
7th July 2025

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President Tinubu Demands Equity For Developing Nations At 17th BRICS Meeting

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President Bola Tinubu says there must be equity and inclusion for low-income and emerging economies in global systems. Tinubu explained that these measures should extend across governance, finance, healthcare, and climate change issues.

The president made these remarks at the 17th BRICS meeting on Saturday in Rio de Janeiro, Brazil.

Nigeria became a partner country to the bloc in January.

According to a statement on Sunday by Bayo Onanuga, special adviser to the president on information and strategy, Tinubu highlighted that environmental degradation, the climate crisis, and healthcare inequalities deserve more focus, as they slow development and growth.

“Africa has contributed the least to global emissions but suffers the most,” he added.

Tinubu emphasized the importance of a new path of justice, anchored on fairness, sustainable technology transfer, and accessible financing, to help emerging economies fully benefit from various initiatives.

“The African continent is creating the path through the African Carbon Market Initiative and the Great Green Wall. We believe that COP-30 will strengthen our resolve to adopt a strategic approach to achieving a healthy global environment,” the president said.

“Nigeria strongly believes in South-South cooperation. We can, therefore, not be passive participants in global decision-making on financial restructuring, debt forgiveness, climate change, environmental issues, and healthcare.

“We must be the architects of a future that addresses the specific needs and concerns of youths, who represent 70 per cent of our population in Nigeria. Therefore, Nigeria remains guided by our long-term vision, 2050, and nationally determined contribution.

“We are taking bold steps to accelerate renewable energy adoption, mainstream climate action, promote nature-based solutions, strengthen urban resilience, champion South-South cooperation, align with the global renewal framework and achieve universal health coverage for all.

“As we approach COP-30 and look to strengthen the global health system, we believe the BRICS must not only be a bloc for emerging economies but also a beacon for emerging solutions and resolutions rooted in solidarity, self-reliance, sustainability, and shared prosperity of a common future.”

Tinubu reiterated Nigeria’s commitment to strategic collaboration that results in sustainable and inclusive development.

Yusuf Tuggar, minister of foreign affairs, and Wale Edun, minister of finance, accompanied the president to the summit.

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I’m Going To Contest For President In 2027 — Peter Obi

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Opposition leader Peter Obi has declared he will run for president in 2027, rejecting claims that he might serve as running mate to Atiku Abubakar of the Peoples Democratic Party.

“I’m going to contest for the President of the Federal Republic of Nigeria, and I believe I am qualified for it,” Obi, the Labour Party’s 2023 presidential flagbearer, said during the Sunday Politics programme.

When asked if he was considering being Atiku’s running mate in 2027, Obi responded, “This is not in play; nobody has ever discussed that. People assume so many things. Nobody has ever discussed with me whether I am going to be A or B or C.”

The former governor of Anambra State emphasized that he remains a strong member of the Labour Party, though he is actively involved in the African Democratic Congress coalition formed by opposition groups to defeat President Bola Tinubu of the All Progressives Congress, who is seeking a second term in 2027.

“I am part of the coalition which will be able to produce a president with the capacity and compassion to save this country,” he said.

‘Just Four Years’

Obi explained that he would need no more than four years to provide effective leadership for Nigerians.

“I don’t need a day more than four years. I will show the direction of good governance,” Obi insisted, making it clear that he will run for president in 2027 rather than as a deputy to any other politician.

“In two years, there has been maximum damage. Two years can change it in a good direction. People want to get up and see a president that cares, that shows compassion,” he added.

On July 2, 2025, an inter-party coalition including Atiku Abubakar, Obi, ex-Senate President David Mark, former minister Rauf Aregbesola, former minister Rotimi Amaechi, ex-Kaduna governor Nasir El-Rufai and others, adopted the ADC as the joint opposition platform to challenge Tinubu, whose government has faced accusations of economic mismanagement, historic inflation, and unprecedented hardship.

The coalition is relying on the voting numbers Obi and Atiku achieved in 2023. Atiku of the PDP and Obi of the Labour Party came second and third respectively, with a combined tally exceeding 12 million votes, over four million more than Tinubu’s total as announced by INEC.

Reacting to criticism that the ADC coalition consists of spent politicians who once held power, Obi argued:

“In fact, even some who have been in that government, their experience is critical.

“I can tell you one of the major companies in the world hired two people who have worked in failed companies because they can tell you why they failed.

“You need the experience of those who have failed and those who have succeeded to move on, and I need everyone. It is a critical experience because they know what can fail a system and they know what was wrong with the system,” he explained.

‘No Anti-Party Activity’

Obi further maintained that he is still a member of the Labour Party despite being active within the ADC coalition, stressing that his participation is not “anti-party”.

“No, there is no anti-party. Remember, we said for 2027. We are not in 2027; we are in 2025. It’s clear. We’ve adopted it for 2027. So, if I say I am going to be part of your dinner in the evening, that doesn’t mean I should abandon my breakfast and lunch.”

“The coalition just adopted a party for 2027. So, we are trying to work together for the sake of Nigeria.

“Today, I am a Labour Party member. I remain in the Labour Party. But we have all agreed to work as a coalition for the 2027 election, and for that, we’ve adopted ADC. Going on, other parties, other individuals will also come in.

“We want better governance for this country. We want to see a more competent government with capacity and character.

“This coalition might have other parties as it happened in the past, and change the name of the party.

“I am a member of this (Labour Party) and I am going to work with this group,” he concluded.

 

Credit: Channels TV

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