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Petrol Price Likely To Crash To N800/Litre — Marketers

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The price war in the downstream oil sector escalated on Tuesday as major oil marketers sought to offer a lower price compared to the gantry loading cost of “N825 per litre” set by “Dangote Petroleum Refinery.”

This development came after marketers disclosed that the landing cost of “Premium Motor Spirit (petrol)” imported into Nigeria had dropped to “N774.72 per litre.” According to marketers, the ongoing price decline could result in a reduction of pump prices to around “N800 per litre.”

Dealers noted that the “N774.72 per litre” landing cost—which includes various expenses such as shipping, import duties, and exchange rates—represents a significant reduction of “N50.28” from the “N825 per litre” offered at the “Dangote Petroleum Refinery” loading gantry.

Industry stakeholders stated that this situation has triggered a price war, with retail marketers shifting away from refinery products in favor of imported alternatives due to lower pricing.

Findings (by The Punch) further indicated that the drop in landing cost is likely to impact the retail price of petrol and may encourage marketers to resume petrol imports.

“Crude oil is a major component in the production of fuel, so a further reduction in its price would definitely warrant a drop in petrol price, and it is possible to drop to N800 per litre,” the National Publicity Secretary of the Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, stated.

Recall that last Monday, NNPC dropped its retail petrol price to N860 and N880 per litre from N945 and N965 in Lagos and Abuja, respectively.

NNPC’s petrol price drop followed Dangote refinery’s retail fuel price reduction to N860 and N880 per litre across its retail partners.

The refinery, In its second price reduction in the new year and the third one in a space of two months, reduced its ex-depot petrol price from N890 to N825 per litre to the delight of Nigerians.

But the reduction by NNPC, the country’s largest fuel supplier, sparked a wave of competitive pricing among private marketers seeking to capture the market share in an environment where consumers are highly sensitive to price fluctuations.

The pain of the price reduction was more significant for petrol importers as they lost an average of N2.5bn daily and N75bn monthly due to the PMS price reduction.

But in a swift business survival strategy, these marketers have now secured fresh products at a cheaper cost that is now detrimental to the operations of the refinery.

According to the latest competency centre daily energy data released by the Major Energies Marketers Association of Nigeria and obtained by our correspondent on Tuesday, the on-spot estimated import parity into tanks has reduced to N774.82 per litre, a reduction of N152.56 or 16.5 per cent from the N927.48 per litre quoted on February 21, 2025 (the last energy data on petrol).

The average cost for 30 days also dropped to N864.92 per litre, while on-the-spot sale at the NPSC terminal was N927.53.

The document also noted that the price of Brent crude was benchmarked at $70.36 per barrel, down from $76.48 per barrel quoted on February 21, with an exchange rate of N1,517.24 per dollar. This price was calculated based on 38,000 metric tonnes by the marketers.

This cost is viewed as an improvement for importers, providing private depot owners and independent marketers with an alternative route to profitability and the opportunity to source cheaper products.

Further checks by our correspondent revealed that private depots have effected a price change lower than marketers off taking products from the refinery.

An analysis showed that AA RANO depot has reduced its loading cost to N830 per litre, MENJ Depot now sells at N830, MRS TINCAN sold its products at N830, WOSBAB gave its customers a price estimate of N832, AITEO gave a price of N832 and RAINOIL depot sold its products at N831 per litre.

While marketers that bought two million litres from the Dangote refinery at N825 are selling at N835 per litre, indicating an N1 profit and N4 less than the price offered by private depots.

Commenting on the latest development, an oil and gas expert, Olatide Jeremiah, forecasted that the current situation is likely to compel the refinery to lower its ex-gantry price to attract more customers.

Jeremiah, who is the Chief Executive Officer of petroleumprice.ng, emphasized that, due to ongoing price fluctuations, marketers are increasingly choosing to source products from private depots, where they can expect greater price stability. This shift in preference is because the refinery has implemented two price reductions this year.

Giving a detailed explanation of the situation, he stated, “Last week, prices particularly for petrol and diesel started dropping, and on Thursday, it went below Dangote’s ex-depot price. The refinery price is N825 per litre and marketers will pay N9 for NMDPRA fees and other levies making a total of N834 per liter.

“Even as I speak, marketers that bought from Dangote and still have old stock are seeking at zero profit. So most of the marketers stopped buying. Many depots also started selling N830, even MRS, that get products from Dangote, while marketers at the Dangote refinery sold between N835 or N834 today to finish their stock.

“Other private depots are selling at N830 or N831 per liter. The reason is that private depots got a cheaper product even less than Dangote coastal price of N780. But the landing cost is less than that amount. Another scenario is the MRS and Ardova got their product at the coastal price which will enable them to sell at N834.

“The expense to the truck from Dangote refinery is between N40 to N45, so it is not a good deal. I can tell you at the Dangote depot today, the place was deserted, marketers trading there have now switched to private depots. This is likely to force Dangote to reduce its price.

“Rumours are already spreading because private depots are now making good sales. The back and forth of prices has made marketers uncomfortable. They are counting their loss and that is why they now patronise private depots where there is a bit of stability.”

On Monday, oil marketers under the aegis of the Petroleum Products Retail Outlet Owners Association of Nigeria condemned the constant reduction of fuel prices, saying marketers are still counting losses.

Despite deregulation, PETROAN said there is a need for a regulation that will make it mandatory that prices can only be changed after six months.

In a statement by PETROAN Publicity Secretary Joseph Obele, the association also made a U-turn, saying imports should be encouraged to put an end to monopoly.

 

Credit: The Punch

BIG STORY

Peter Obi Will Be Denied 2027 Presidential, VP Tickets In ADC —– Bwala

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Daniel Bwala, Special Adviser to President Bola Tinubu on Policy Communication, says Peter Obi will not become the presidential or vice-presidential candidate of the African Democratic Congress (ADC).

Speaking in an interview on The Clarity Zone Podcast, Bwala claimed that Obi lacks the capacity to serve as director-general of any coalition movement.

The presidential aide also added that the former Anambra governor would eventually contest the next election on a different platform.

He said Obi lost control of the political structure he built after the 2023 election, including his influence in the national assembly.

“After the election, he lost everybody he was leading. He had members in the House of Representatives. How many are there in the national assembly?” Bwala asked.

“The only governor he had… is the governor with him or with us? In fact, I have not seen one that identifies with him at the moment. All the elections he has gone across Nigeria supporting candidates… all of them failed.

“The army of Trojans that he has on social media, they attack people. They say you are two-faced, that you change party. That’s what they do every day.

“But when you say their master and hero has been changing party like a player in the Premier League changes clubs every season, they don’t like it.”

The presidential aide also accused Obi of hypocrisy over party loyalty, saying the former Anambra governor has switched political platforms repeatedly.

“He started with PDP, then went to APGA. In APGA, he came back to PDP. From PDP, he went to Labour,” he said.

“Right now, when you hear people talk about being between the devil and the deep blue sea, he is between ADC and Labour.

“He will not be the presidential candidate, he will not be the vice-presidential candidate. Peter Obi is going to run on a platform other than Labour and other than ADC.”

Bwala further said Obi will not secure even a quarter of the votes he recorded in the 2023 presidential election.

Obi, a former presidential candidate of the Labour Party (LP) in the last general election, polled 6,101,533 votes to come a distant third behind candidates of the All Progressives Congress (APC) and the Peoples Democratic Party (PDP).

The presidential aide said Obi’s political rise was driven by a fleeting opportunity rather than enduring grassroots strength.

Bwala also described Obi as “an actor” in Nigeria’s political space, noting that his appeal was based on “make-believe” rather than political reality.

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BIG STORY

Anthony Joshua Seriously Considering Retirement From Boxing After Car Crash —- Uncle

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Former world heavyweight champion Anthony Joshua is seriously considering retirement from boxing, according to his uncle, Adedamola Joshua, who spoke with newsmen.

The 36-year-old boxer, who survived a fatal car crash in Nigeria that claimed the lives of two of his close friends and team members, made the decision known to his family in private following last week’s tragedy.

“The major thing there is that he has retired from boxing. That is one thing that makes us glad because each time he’s fighting in the ring, we are always carried away emotionally,” Adedamola told newsmen during a visit to the family home in Sagamu on Monday morning.

“Each time he’s knocked down, it is just like the heart is coming out of our chest. All these emotional feelings whenever he’s fighting, it’s too much trauma for us, also. Now that he has said that he’s leaving while the ovation is highest, we are happy.”

A journalist asked if Joshua had communicated this decision to the family.

“Yes,” the uncle confirmed.

The boxing star has also committed to providing lifelong support to the families of his two close friends, Sina Ghami and Latif ‘Latz’ Ayodele, who died in the car accident near Lagos last Monday.

Joshua broke his public silence on Sunday, sharing photographs with the bereaved relatives on Instagram. His post carried the caption “My Brothers Keeper”, accompanied by two heart emojis and a military helmet symbol representing protection. The phrase references a biblical passage from Genesis 4:9, conveying a moral obligation to look after others.

A source within Joshua’s camp told UK publication The Sun, “AJ is fiercely loyal to his friends and their families and will be there for them for the rest of their lives. He’s had the same team around him for his whole career, and that team included Sina and Latz.”

Ghami served as Joshua’s strength and conditioning coach, while Ayodele worked as his personal trainer, making both men integral members of his boxing camp.

The pair had travelled to Nigeria with Joshua to visit his family when tragedy struck. Their Lexus SUV collided with a stationary truck on the Lagos-Ibadan Expressway. Both Ghami and Ayodele were killed instantly at the scene.

Joshua had to be extracted from the wreckage by rescuers. The boxer was rushed to the hospital but escaped with only minor injuries.

Joshua attended an emotional funeral service at the London Central Mosque on Sunday, joining other mourners to pay his respects. The two coffins were positioned side by side as the Janaza – the Islamic funeral prayer – was read. Hundreds of members of the public had gathered outside the gates of the mosque before the coffins were taken to a nearby crematorium for the funeral service. A wake followed in the afternoon.

One of the indigenes in Sagamu, Adeniji Taiwo, expressed relief that Joshua survived the crash while mourning the loss of the two friends.

“We thank God we didn’t lose our son, and for those who lost their children, God will help us to comfort them,” Taiwo said.

“I believe the fear will be there for him not to come back home, but I will advise him to come back home because he can’t leave his father’s place. This is his home.

“We feel bad that happened to our son, who was already almost home when he had the accident, but we thank God, and we pray nothing like that will happen to him again. There is nothing that can’t happen anywhere. God will continue to be with him, and all of us; no one in Remo wishes him evil, he is our glory.”

Joshua’s uncle also addressed concerns about the boxer’s relationship with Nigeria following the tragedy.

“There are a lot of things we have heard, but this is a Christian family, and everything we take with faith,” he said.

“Once something like that happens, emotionally, you can say anything, but as time goes on, you know this is (always) your root.”

On Friday, the Ogun State Police Command confirmed that Adeniyi Kayode, who was driving the car with Joshua as a passenger, had been charged over the crash at the Sagamu Magistrate Court. He was charged with causing death by dangerous driving, reckless and negligent driving, driving without due care, and driving without a valid driver’s licence. The case has been adjourned until January 20.

Kayode’s lawyer told the Daily Mail, “My client has pleaded not guilty and what happened was an accident. I haven’t had a full chance to speak with him yet, but I know he is saying the brakes did not work.

“I also understand that the journey started in Lagos and that initially Anthony had got into the front seat, but the driver asked him to swap seats. He did this because Anthony is a big fellow, and he couldn’t see the wing mirror properly, so he asked him to move, and he sat behind the driver. From what I understand, Latif was in front and then changed seats with Anthony.”

Joshua, who was born in Watford to Nigerian parents, was on holiday in Nigeria following his sixth-round knockout win over YouTuber-turned-boxer Jake Paul in Miami on December 19.

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BIG STORY

Nigeria Battle Mozambique For AFCON Quarter Final Spot Today

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Nigeria continues its quest for a fourth Africa Cup of Nations title when they face Mozambique in the round of 16 on Monday at the Fez Stadium.

Victory will secure the Super Eagles’ 12th quarter-final appearance, extending their record for last-eight finishes ahead of Egypt, while Mozambique will make their debut at this stage after reaching the knockout phase for the first time in six attempts.

The two sides have met five times across all competitions, with Nigeria undefeated against the Mambas, winning four and drawing one.

Their only previous AFCON meeting came in 2010, a 3–0 group stage victory featuring a Peter Odemwingie brace and an Obafemi Martins strike.

More recently, Nigeria edged Mozambique 3–2 in a friendly in October 2023, with Terem Moffi, Frank Onyeka, and Moses Simon on the scoresheet.

Nigeria entered the knockout stage on the back of a flawless group performance, winning all three matches against Tanzania, Tunisia, and Uganda. They scored eight goals in the group phase, their highest tally in an AFCON group stage, and conceded four.

Their total of 61 AFCON wins now sits just behind Egypt’s 62, while their record of scoring in 10 consecutive tournament matches remains intact.

Key performers for the Super Eagles include Ademola Lookman, who has scored twice and provided two assists so far, earning a spot in the group stage Best XI. Forward Victor Osimhen, who has 32 goals in 49 appearances for Nigeria, is expected to spearhead the attack, supported by captain Wilfred Ndidi and midfielders Alex Iwobi and Raphael Onyedika.

Semi Ajayi and Bright Osayi-Samuel are set to return to the starting line-up in defence and on the wing, respectively.

Lookman reflected on the team’s strong showing in the group stage, “Yeah, we had a great run in the group stage, and I am thankful to all who voted. The selection is not just for me, but for my entire teammates, because their efforts on the pitch contributed to my selection.

“However, this is not the vision for our team. We have set targets to accomplish here in Morocco, and we are nowhere near our targets yet.”

Mozambique entered the knockout phase having claimed their first-ever AFCON finals win against Gabon in the group stage. They also scored against Cameroon in their final group match but lost 2–1.

The squad, led by captain Domingues and coached by Chiquinho Conde, will rely on defenders Nené, Bruno Langa, and Reinildo Mandava, while Chamito, Faisal Bangal, and João Bonde spearhead their attacking efforts. Geny Catamo has already scored in back-to-back AFCON matches, becoming the first Mozambican to achieve this feat.

Cameroonian official Abdou Abdel Mefir has been appointed referee for the match, assisted by compatriots Elvis Noupoue and Carine Atezambong.

Eric Chelle has urged his players to remain focused, “We will not get ahead of ourselves and think we are the best. We will continue to work hard and stay focused for every match as it comes.”

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