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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

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Buhari Never Honoured Anyone The Way Tinubu Did To Him — Shehu Sani

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Former senator representing Kaduna Central, Shehu Sani, stated that while he was alive, late President Muhammadu Buhari never paid tribute to anyone in the same way President Bola Tinubu did for him.

He mentioned that Tinubu declared a public holiday on the day of Buhari’s funeral, personally attended the burial, and also renamed a federal institution in Buhari’s honour, among other gestures.

Sani referred to these actions as extraordinary and worthy of recognition.

He took to X to outline the several ways Tinubu showed respect to his predecessor.

These actions included declaring a public holiday, being physically present at Buhari’s burial, visiting his family, holding a Federal Executive Council meeting in his memory, and renaming a university to commemorate him.

The President physically attended the burial of Buhari, met with his family, declared a public holiday, held a FEC meeting in his honor and renamed a university to immortalise him.

Something even the late President never did to others. And yet they said he is ‘exploiting the death of Buhari’.

What would they have said if he had done none of the above? Politics is something else, the senator tweeted.

The post continued to draw reactions, with over 1,000 likes recorded at the time this report was made.

Sani’s statement came amid increasing political discourse regarding Tinubu’s actions following Buhari’s death, especially from opposition groups.

His remarks appeared to be a direct response to criticisms from parties such as the African Democratic Congress (ADC), which accused Tinubu’s administration of leveraging Buhari’s death for image-boosting.

Presidential media aide, Sunday Dare, dismissed ADC’s claims, describing them as nothing but an opportunistic exercise in manufactured outrage.

He pointed out the irony of the same party accusing Tinubu of politicising Buhari’s passing while also trying to gain attention by speaking ill of the late president.

Their latest press release alleging that President Tinubu’s government is ‘exploiting’ the passing of former President Muhammadu Buhari for political gain is not only dishonest.

It is an insult to millions of Nigerians who genuinely mourned the loss of a statesman, and who watched the State Burial accorded Buhari with solemn respect and dignity, he said.

He added that the funeral was held with full honours appropriate for a former leader, and witnessed by dignitaries worldwide, with millions following on various media platforms.

According to him, Tinubu is not chasing superficial popularity but rather letting his growing accomplishments speak louder than the distractions posed by groups like the ADC.

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Court Jails Gospel Singer Moses Otitoju, Eight Others For Cybercrime

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The Federal High Court in Ilorin, Kwara State, has sentenced Moses Otitoju, a self-proclaimed gospel singer, and eight others to prison for crimes linked to cybercrime, conspiracy, and misuse of funds.

Otitoju was sentenced along with Ayodele Joseph, Adeoye Joseph, and Abubakar Abdulmalik, all charged with similar offences by the anti-corruption agency.

The charges were filed by the Ilorin Zonal Office of the Economic and Financial Crimes Commission.

According to a statement issued Friday by Dele Oyewale, Head of Media and Publicity at the EFCC, the 31-year-old gospel singer from Iyamoye in Ijumu Local Government Area of Kogi State was sentenced to six months in prison by Justice Abimbola Awogboro without the option to pay a fine.

Otitoju was convicted for keeping over N8.4 million in his bank account, which was traced to illegal activities.

One of the charges read, “That you, Otitoju Moses Sesan, sometime between October 2024 and December 2025, within the jurisdiction of this honourable court, did retain control of the gross sum of N8,404,339 in your account, being proceeds of criminal conduct, thereby committing an offence contrary to and punishable under Section 17(a) and (b) of the EFCC Act, 2004.”

Ayodele, who had N243,750 in his account, received an eight-month jail sentence without an option of fine.

His Tecno 19 phone was confiscated by order of the court and handed over to the Federal Government.

Adeoye, a native of Okene LGA in Kogi State, was also sentenced to eight months without the option of a fine.

He forfeited $220, an iPhone 13, and a Tecno Pop 9 phone to the Federal Government.

Abubakar was handed a six-month prison term. His iPhone 16 and Samsung S10 were also ordered forfeited to the Federal Government.

EFCC prosecutors Aliyu Adebayo, Sesan Ola, Rashidat Alao, and Mustapha Kaigama led the cases, presenting statements, exhibits, and recovered funds as evidence, all of which were admitted in court.

In another case, Justices Haleema Saleeman and Sulaiman Akanbi of the Kwara State High Court found Emeka Achi, Isaac Oluwafemi, Afolabi Olatoye, Zubeiru Zubeiru Junior, and Abdulkadir Taofeek guilty of cybercrime and diversion of funds.

Justice Akanbi sentenced Abdulkadir to three years in prison with an option to pay a N500,000 fine, and ordered that N800,000, an iPhone 14 Pro Max, and a Samsung phone be permanently forfeited to the Federal Government.

Justice Saleeman sentenced Emeka, Isaac, and Afolabi to six months in jail each, with the option to pay N100,000 as a fine.

In addition, Emeka was ordered to repay N3.35 million within three months and report to the EFCC every two weeks alongside his parents until full payment is made.

Tunde Oyekola

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Kogi University Lecturer Dies During Sex Romp In Hotel Room With 200-Level Student

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A senior lecturer at Kogi State University, Anyigba, named Dr. Olabode Abimbola Ibikunle, reportedly died in a hotel room following a sexual encounter with a 22-year-old student in her second year.

It was reported that the event happened on Tuesday, July 15, and the police at Anyigba were alerted shortly after. The student involved was taken into custody for questioning.

The lecturer, known across the university for his strict approach, was allegedly infamous for taking advantage of female students in return for academic favours.

Sources claim Dr. Ibikunle, who was married with children, had booked a room in a hotel alongside the student, who is studying Social Studies Education.

According to those familiar with the situation, the lecturer consumed several energy drinks prior to the incident, presumably in anticipation of vigorous activity.

Unfortunately, the lecturer collapsed and passed away during the act.

The Kogi State Police Command verified the incident to SaharaReporters on Friday, labeling it as unfortunate.

In a statement to SaharaReporters, the Command’s spokesperson, SP William Ovye Aya, stated that the student had been moved to the State Criminal Investigation Department (SCID) for deeper inquiry and potential charges.

Aya explained: “The report was received on July 16, but the unfortunate incident happened on July 15, 2025. It was the manager of the hotel (name not disclosed), who came to the police station at Anyigba and reported about his guest, the lecturer who had lodged in their facility with a 22-year-old 200-level student, 22 years old, named Gloria Samuel.

“According to the manager, the girl on that fateful day rushed to the reception and complained that the lecturer took her to the hotel, and after they had sex, the man slumped.

“So the manager rushed and informed the DPO, and the DPO rushed to the scene, and they moved the man to the hospital. On arrival, a doctor on duty confirmed the lecturer’s death.

“So the girl in question has been transferred from Anyigba Police Division to the State CID for further investigation and prosecution. An autopsy has been conducted, but right now I don’t know whether the result of the autopsy is out because I haven’t spoken with the SCID.”

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