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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

Keyamo Faults Atiku’s Use Of Coat Of Arms In PDP Resignation Letter, Says “You Left Office 18 Years Ago”

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Festus Keyamo, the minister of aviation and aerospace development, has criticised former Vice-President Atiku Abubakar for using a coat of arms letterhead to announce his departure from the Peoples Democratic Party (PDP).

He also expressed disapproval over Abubakar making the resignation letter public during the period of national mourning for the late President Muhammadu Buhari.

Buhari passed away on Sunday at a clinic in London, United Kingdom, and was laid to rest on Tuesday in Daura, Katsina state.

President Bola Tinubu had declared a seven-day period of national mourning in Buhari’s honour.

Despite this, Abubakar’s resignation letter from the PDP, dated July 14, was shared online on Wednesday.

Responding to the letter shared by Paul Ibe, Abubakar’s media adviser, on X, Keyamo said the former vice-president’s “perennial presidential ambition knows no sympathy or empathy”.

He wrote, “Your Excellency, Atiku Abubakar, whilst I acknowledge that it is within your constitutional right to change political Parties at any time you may wish, however, releasing your letter of resignation from the PDP during this week of the mourning of our immediate past President, Muhammadu Buhari, is clearly an attempt to draw the spotlight away from such a solemn occasion and direct it on yourself.”

“In fact (as the image below shows) you prepared, typed, signed and delivered that letter the morning after the passing away of the former President was announced.”

“With the greatest respect to you, this clearly demonstrates that your obsession with your perennial Presidential ambition knows no sympathy or empathy.”

Keyamo also pointed out that Abubakar’s use of the coat of arms letterhead, despite leaving office 18 years ago, is “illegal”.

He said, “And since we are on the issue of your letter, it is both morally and legally wrong to continue to use the Coat of Arms of the Federal Government in your private or political communications when you stopped being a functionary of the Federal Government more than 18 years ago.”

He cited Section 6 of the Flag and Coat of Arms Act, Cap. F30, Laws of the Federation of Nigeria, 2004, as the basis for his claim.

The law states that “Any person who, otherwise than in conformity with the terms of a licence granted by the Minister or under other lawful authority, uses or displays- (a) in connection with the carrying on of any business, trade, profession or calling; or (b) in connection with the activities of any body of persons, whether corporate or unincorporate, the National Flag, the National Coat of Arms or the Coat of Arms of royalty as Head of the Commonwealth, or any flag or arms so closely resembling that flag or either of those coat of arms that they might reasonably be taken to be that flag or coat of arms, shall be guilty of an offence against this Act.”

Keyamo further argued that using the national symbol in this manner is also “reprehensible”, as it gives the impression that Abubakar is acting in an official capacity on behalf of the government.

He said, “It borders on impersonation. Imagine a situation where all former Government functionaries continue to use the Coat of Arms of Nigeria in their personal, political or private communications. There would certainly be confusion everywhere.”

As a lawyer and a member of the federal executive council (FEC), Keyamo said he is obligated to uphold the laws of the country.

 

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BIG STORY

Road To 2027:  Tensions In APC As Buhari’s CPC Bloc May Dump Party

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The passing of former President Muhammadu Buhari has stirred renewed discussions about the future of his political loyalists, particularly those who belonged to the now-defunct Congress for Progressive Change, which he established in 2009.

Since President Bola Tinubu assumed office in 2023, the influence of Buhari’s CPC allies has diminished. Prominent figures like former Kaduna State Governor Nasir El-Rufai and ex-SGF Babachir Lawal have publicly criticized Tinubu’s potential reelection bid.

Analysts suggest that Buhari’s death could present new challenges for the APC, especially given his significant support base, long estimated to exceed 12 million people.

Signs of friction are emerging between the APC and the African Democratic Congress, as both parties attempt to court Buhari’s base. This shift comes after comments by former military Head of State, General Abdulsalami Abubakar, who remarked that Buhari’s death might redefine Nigeria’s political future.

“That shows the magnitude of what has befallen Nigeria,” Abdulsalami stated. “With the passing away of Buhari, politics in Nigeria will certainly change — I hope for the better.”

The ADC’s interim National Publicity Secretary, Bolaji Abdullahi, claimed during a PUNCH interview that many of Buhari’s key allies had already aligned with their coalition.

“Most of the Buhari loyalists are already with us,” Abdullahi said. “The majority of them, the entire North is already with our party. We are very confident. The passing of the former President will only cement that for us because that was his wish when he was alive — that his members should join the coalition.”

He added, “As you can see, there is a strong representation of CPC and Buhari loyalists in the senior ranks of the coalition — the likes of Babachir Lawal, Abubakar Malami, Isah Pantami, Emeka Nwajuba, Nasir El-Rufai, Rotimi Amaechi, Rauf Aregbesola and the rest of them. Those are Buhari people. And their presence in the leadership of the coalition indicates that that’s where Buhari stood.”

Abdullahi also emphasized that the coalition is determined to uphold Buhari’s legacy, arguing that the APC had sidelined and criticized the late President during his life.

“Why would they remain part of the APC?” he asked. “Is it because they enjoy the humiliation and the exclusion they have suffered? Or is it because they’ve watched the government demonise the legacy of Buhari while he was alive?”

He also blamed the Tinubu administration for attributing Nigeria’s economic problems to Buhari. “President Tinubu’s government has blamed Buhari for almost every economic woe. So, why would Buhari followers or loyalists remain with the APC?”

Some CPC figures still in the APC include former Nasarawa Governor, Senator Tanko Al-Makura; Babale Ila; Ibrahim Gobir; Senator Ibrahim Musa; Sanusi Aliyu; Mohammed Tukur; Senator Ahmed Sani; Ibrahim Chachangi; Yusuf Bala; and the party’s current North West National Vice Chairman, Garuba Datti.

Others include Katsina State Governor, Dikko Radda; Revenue Mobilisation Allocation and Fiscal Commission Chairman, M.B. Shehu; NDLEA Chairman, retired General Buba Marwa; former House of Representatives Speaker, Aminu Bello Masari; Adamu Farouk; Okoi Obono-Obla; former DG of the Voice of Nigeria, Osita Okechukwu; Senator Ibrahim Musa; and Nasiru Argungu.

Also still in the APC are former Katsina Governor Aminu Masari; Nasarawa Governor Abdullahi Sule; Adamu Adamu; Senator Mustafa Salihu; Almajiri Geidam; Waziri Bulama; Dr. Nasiru Argungu; Dr. Dominic Alancha; Ayuba Balami; Lucy Ajayi; Captain Bala Jibrin; Uche Ufearoh; Yusuf Salih; and Alkali Ajikolo, among others.

However, sources within the party told The PUNCH that although many of these individuals are presently supporting the APC in the lead-up to 2027, not all are expected to remain. Some disgruntled members, particularly those who feel marginalized since Buhari left office, may eventually exit.

Another member of the ADC coalition, former APC North-West Vice Chairman Salihu Lukman, said Buhari’s death signals the close of a political era where his endorsement could secure electoral wins.

During an appearance on Arise TV, Lukman noted, “What we must learn, most especially in the coalition, is that we don’t have somebody with the kind of intimidating profile like that of the late Buhari. Our leaders must have a kind of team spirit.”

He stressed that the goal isn’t only to defeat the APC or Tinubu, but to build a new political system that meets the people’s expectations.

“I know that many politicians look forward to him raising their hands and endorsing them. That translates almost into victory in many places in the North. Now we don’t have any figure like that. Politicians must relate to citizens with higher humility rather than the current arrogance,” he added.

APC pushes back

In reaction to the growing rumors of defections, APC Publicity Director Bala Ibrahim insisted that Buhari’s supporters remain ideologically committed to the APC.

“No, they will not support ADC, it’s not possible. They are people of different ideologies. They are more comfortable with and in APC,” he said.

While acknowledging that Buhari’s death leaves a void, Ibrahim believes it will spur the party to reflect and improve.

“Yes, political atmosphere will change for our party. But it is not a vacuum that will deform the party. It is a vacuum that will push the party into sobriety… The party is doing something to reconcile, reassess the situation, and see to it that there is a very good sense of mending,” he added.

Shittu dismisses claim

Former Communications Minister Adebayo Shittu, another CPC stalwart, denied claims that he’s leaving the APC for the ADC.

“No way, I am not leaving the APC. In fact, I am even planning to run for Oyo governorship seat on the platform of the party in 2027. And I have no doubt I will defeat any opponent to clinch it if I am given the APC ticket,” he stated.

On the broader impact of Buhari’s death, Shittu said, “No, the exit of Buhari can’t break up or divide the APC. Although you can’t rule out the fact that some elements of CPC may go… there are more people moving into the APC.”

Arewa leaders react

Reactions from northern political figures remain mixed.

Anthony Sani, former Secretary General of the Arewa Consultative Forum, believes the APC will remain on course.

“I do not think there will be any substantial change in direction by the APC after the death of former President Buhari. He said he would remain in the APC, which had made him President twice,” Sani said. “Given the attitude of his supporters, I do not see how they will betray Buhari, even in his grave.”

He also questioned the strength of the coalition, citing a lack of distinct policies and zoning disadvantages.

“The politics of zoning does not favour the coalition. President Tinubu is about the only one who has only one term to go, and northerners cannot trust Peter Obi, they cannot support Atiku Abubakar to dismantle the zoning,” he added.

On the other hand, Arewa Youth Consultative Forum President, Yerima Shettima, warned that Buhari’s death might result in a leadership vacuum within the APC.

“Buhari’s leadership was characterised by a blend of loyalty and divisiveness. His death could trigger a power vacuum. The APC would face a critical juncture in its trajectory,” Shettima stated.

He added that how the APC manages Buhari’s legacy would determine the party’s future.

“If the party fails to address the grievances of the populace, it risks losing credibility and support,” he warned.

Shettima said the CPC bloc could either rise as the custodian of Buhari’s values or transition into an entirely new political entity, depending on how it responds to ongoing internal shifts.

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BIG STORY

JUST IN: Dele Momodu Dumps PDP For ADC, Cites Hijack By ‘Antidemocratic Forces’

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Veteran journalist and former presidential aspirant, Dele Momodu, has officially left the Peoples Democratic Party, attributing his departure to what he called the party’s takeover by “antidemocratic forces.”

In a letter dated July 17, 2025, addressed to the Chairman of PDP Ward 4 in Ihievbe, Owan East Local Government Area of Edo State, Momodu confirmed that his resignation takes “immediate effect,” describing it as a move to preserve democratic values.

“My reason is simple and straightforward. Our party has been unarguably hijacked by antidemocratic forces, from within and outside, in broad daylight,” the letter stated.

He referred to the PDP as a “carcass” now controlled by those undermining internal democracy, adding that leaving the party at this time was the honourable course of action.

“It is, therefore, honourable to abandon the carcass of the party to them while the majority of us earnestly sign up with the new coalition party known as the African Democratic Congress,” he said.

Momodu, who vied for the PDP presidential ticket in the 2023 elections, also thanked party members for their support.

“I will forever treasure the kind support you gave me at all times,” he added.

This development comes amid growing defections within the PDP in recent months, with several members and leaders raising concerns over imposition and the erosion of internal democracy.

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