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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

Coup Plotters Marked Me For Arrest, Assassination —- Defence Minister

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The Minister of Defence, Gen. Christopher Musa (retd.), on Sunday disclosed that he was among the intended targets of the recently foiled coup plot against President Bola Tinubu, revealing that the conspirators planned to arrest or shoot him if he resisted.

Musa made the disclosure while speaking as a guest on Politics Today, a Channels Television programme, where he also described the suspects behind the plot as “a bunch of very unserious individuals.”

While admitting that he played a key role in helping security agencies nip the plot in the bud, the former Chief of Defence Staff said he was personally marked for arrest by the plotters.

“I was also a target, I am sure you know. I was supposed to be arrested, and if I refused, I was supposed to be shot,” he said.

“But that’s the job. Anybody who goes into a coup zeroes his mind because he knows if he succeeds, good.

If he doesn’t succeed, whatever consequences come, you are ready for it.”

Musa dismissed the capacity of the suspects to successfully challenge the Nigerian state, saying their actions showed a complete misunderstanding of Nigeria’s democratic history and the strength of its armed forces.

“But again, I think these guys were just a bunch of very unserious individuals that I really don’t know. If you look at the calibre of the individuals, I really don’t know what got into their heads to think that they could take on the armed forces like that,” he said.

He added that even without the intervention of the military, Nigerians would have resisted any attempt to overthrow a democratically elected government.

“What I even said was that even Nigerians would have fought them. Even without the armed forces, Nigerians would have stood against them. Remember how Nigerians fought against the military rule for quite some time. And that’s why Mr. President has always been one of them.

“So now, for them to think they could just wake up one morning and do that in Nigeria, I think something went wrong in there. They need to reset their brains.”

Speaking on the arrests made so far, the Defence Minister said most of those involved had been apprehended, with only “maybe one or two” still at large.

“So far, most of them have been caught. If there’s anyone, maybe one or two. It just started from the colonel himself, who felt disgruntled because he was not promoted. He didn’t meet the marks to be promoted,” he said.

Musa explained that the plot was driven largely by personal grievances, noting that the armed forces’ promotion system is strict and merit-based.

“You know that the armed forces is really very strict about its promotions system. But he didn’t make it. So what he decided to do was probably go around, look at other people that had one issue or the other…with the aim of bringing them in,” he said.

Expressing concern for junior officers allegedly drawn into the plot, Musa said, “My pain is all those young officers who didn’t understand what was going on that he put in this mess. Now they have to face the consequences.

“So everything evolves around him as an individual. But he was just a colonel. I can’t even imagine a colonel ever thinking of doing such a thing.”

The Defence Minister stressed that executing a coup in modern-day Nigeria was virtually impossible, unlike in the past.

“That was in the past. That was Nigeria of yesteryears. It’s impossible,” he said, adding that security agencies relied on verified facts, not speculation, before acting.

“If there’s a situation where you hear that somebody is trying to do something and you walk in, what facts do you have because you are going to go to the courts? If you can’t present it in the courts, then they throw you away. And then you look stupid.”

He said the investigation was thorough and collaborative, involving multiple intelligence agencies to avoid indicting innocent officers.

“Since I was there, I was the one who inaugurated the board. I made sure the board started. We sent them to DIA to do a thorough investigation along with the NIA, DSS, and every other person. So it’s a holistic investigation that was carried out because we didn’t want any innocent person to be indicted,” Musa said.

He dismissed claims that the plot was driven by dissatisfaction with the current administration, insisting it predated Tinubu’s inauguration.

“These things were planned even right before the president took office. So it was a plan they had ahead of him since they knew he was the one who won the election,” he said, describing the development as “quite unfortunate.”

Musa further noted that past coups succeeded only with the backing of top military commanders, a factor completely absent in the current case.

“If you remember, during those days when they had coups, you had to have most of the big boys like the GOCs and service chiefs…You don’t have any of such. They are just very low-ranking individuals that have no access to some of these things,” he said.

“For anybody to want to truncate democracy in this disposition, I think there’s something really wrong with them.”

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BIG STORY

Public Infrastructure Vandals Should Be Shot On Sight —— Bayo Onanuga

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Bayo Onanuga, Special Adviser to the President on Information and Strategy, has called for vandals of public infrastructure to be shot on sight.

Onanuga made the statement in a post on X on Sunday, while reacting to a video showing damage to an ongoing federal road project.

“Just shoot these unconscionable vandals/thieves at sight. They are the worst species of citizenships,” he wrote.

The video showed men wearing reflective jackets, emblazoned with the crest of the federal ministry of works, narrating how vandals cut and removed starter bars, also known as shoulder rods, at the reconstruction site of the Ibadan-Ilesa/Ife federal highway.

An official in the footage said the vandals removed sections of the iron bars they could access, and cut out others entirely, despite security presence at the site.

“So what happens is that we have some people vandalising these starter bars. You can see that they are pressing in some places, but all these vandals, they cut out of it, they remove the ones they could remove,” he said.

“They cut the ones that are very solid and remove the ones they can remove entirely. These are starter bars. This is a very bad thing they are doing. These are vandals, and we have security patrols.”

The Ibadan-Ilesa/Ife highway is one of the major roads being reconstructed by the federal government.

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BIG STORY

Adron Homes Hails Ondo State at 50, Celebrates Legacy of Excellence

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The Chairman, Board of Directors, Management, and staff of Adron Group have congratulated the Government and people of Ondo State on the celebration of its 50th anniversary, describing the milestone as a significant chapter in Nigeria’s federal history and a testament to visionary leadership, resilience, and purposeful development.

In a goodwill message issued to commemorate the Golden Jubilee, Adron Group noted that since its creation in 1976, Ondo State has consistently distinguished itself as a centre of honour, intellect, and enterprise. Fondly referred to as The Sunshine State, the state has produced generations of outstanding professionals, administrators, and national leaders whose contributions continue to shape Nigeria’s socio-economic and political development.

According to the company, the strength of Ondo State lies not only in its rich cultural heritage and intellectual depth, but also in the values of integrity, diligence, and excellence that define its people. These qualities, Adron noted, have remained the bedrock of the state’s enduring relevance and national impact over the past five decades.

Adron Group further commended the state’s renewed drive in recent years towards infrastructure development, economic diversification, industrial growth, and youth empowerment, describing these initiatives as indicators of a forward-looking, inclusive development agenda anchored in sustainability and long-term prosperity.

“As a corporate organisation committed to nation-building and sustainable development, Adron Group recognises Ondo State as a strategic partner in progress,” the statement read. “We commend His Excellency, Lucky Orimisan Aiyedatiwa, Executive Governor of Ondo State, and the leadership of the state at all levels for their dedication to public service and their commitment to the advancement of the people.”

As Ondo State marks its Golden Jubilee, Adron Group joined millions of well-wishers in celebrating a legacy of excellence, strength of character, and promise, while expressing optimism that the next fifty years will usher in greater milestones in economic vitality, social advancement, innovation, and enduring peace.

The company concluded by wishing the Government and people of Ondo State continued progress and prosperity, adding that the Sunshine State remains well-positioned to shine even brighter in the years ahead.

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