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Petrol Prices Crash At Depots Due To Low Demand

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Petrol depots have crashed the prices of fuel amidst speculations of a rise to N700 per litre this month.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday denied plan by the association to increase the pump price of petrol to N700 per litre this month.

On the contrary, The Nation confirmed that private depots crashed their prices to between N495 and N496 per litre from between N502 and N503 per litre.

The Nigerian National Petroleum Company Limited (NNPCL) depot however retained its N479.6/litre price.

National Vice President, Alhaji Abubakar Maigandi, said on the phone that the crash in prices stemmed from low demand for fuel.

He said the high prices caused by the new foreign exchange policy were beyond the means of customers.

He said: “They (private petrol depots) are even reducing the prices compared to last week’s.

They are selling at the rate of N495 to N496/litre. You know it reached N502 to N503/litre.

“In Lagos, most of the depots, that is what they are selling. NNPC is maintaining its old rate of N479.6/litre.

“There is no much demand because people, especially civil servants, are complaining that there is no money.”

He urged importers of the product to expedite action, noting that there has been no fresh stocking since the removal of subsidy.

Continuing, Maigandi said: “Nobody has imported petrol since the removal of subsidy. Even NNPC did not import.

“We are all using the old stock. But I know probably this month there will be new stock. If not, there may be scarcity.”

IPMAN denies plan to hike petrol to N700 per litre

In a separate interview, IPMAN Chairman in the Southwest, Alhaji Dele Tajudeen, denied alleged plan by the association to increase pump price of petrol to N700 per litre nationwide.

He, therefore, urged Nigerians to disregard the speculation and not to engage in panic buying.

Tajudeen stressed that the price of the product would not be more that what it is being currently sold.

He commended President Bola Tinubu for removing the subsidy on petrol, adding that it was long overdue.

“Even in the PIA Bill, it is clearly stated that the subsidy must be removed,” he told the News Agency of Nigeria (NAN).

“So, I want to commend him for removing the subsidy and I want to say that we are in support totally. This is because the subsidy was a scam.”

He said the slight increase in pump price was because of the transportation cost and that Nigerians should be at rest as the commodity will not be out of reach for the masses.

“I want to disabuse the mind of the people that they should not panic about it. There is no cause for alarm. We are in control and there is nothing like that.

“So, people should rest assured that there is no way they can buy petrol more than the price it is being sold now.

“If we look at the price from NNPC retail limited, which is an integral part of NNPC limited, they have more advantages than independent marketers and major marketers.

”So, it was the retail price that they announced; they had never given a specific price to the independent marketers.

“However, I have read what somebody put in the paper. It is just speculation; it is not a reality. There is nothing like that, I want to assure the masses.

“There is no how the price can go to N700, because even if the FX is N700 or N800, that has nothing to take the price of petroleum from N500 to N700,” Tajudeen said.

He noted that the product had been deregulated hence the differential in prices was due to transportation as it is related to location.

”If you are moving products within Lagos, the price may not be more than N300,000. But if you are moving up to Ibadan or thereabout, it could be as much as N500,000.

”And if you are going to Ilorin, it could be as high as N700,000. That would account for differential in prices.

“I want to say with all sense of authority that as of today within the Lagos metropolis, nobody should sell more than N515 to N520 per litre.

”Though NNPC has given us the price, the reality of it is that what we buy from the market, because NNPC limited is not the only source for our product; we get from private depots.

“So, whatever we buy is what we put our own margin and sell.

”But as of today, the highest you can get anywhere should be around N550; Lagos N510 per litre; Ogun State between N500 and N520,” Tajudeen said.

The Major Oil Marketers of Nigeria said recently that consumption of PMS had reduced by 20% from 66 million litres per day to just over 40 litres.

Its Executive Secretary, Mr. Clement Isong, said adjustment of lifestyle due to increased rates was responsible for the decline in demand.

His words: “What we are hearing is that the consumption came down. It used to be 66 million litres per day for the country, but it came down to just over 40 million litres per day.

“But there are many reasons why it came down. People are still adjusting their lifestyle. The price has also gone up in many countries because in some countries their supply was coming from Nigeria.

“They have all developed alternative supply sources. So a lot of their volumes were coming from and will still come from Nigeria until they develop less alternative ways for themselves.

“It is only after they have developed, when the market settles that we will know what Nigeria’s volumes will be.

“Also, remember that we are building a couple of refineries in Nigeria. So, we will have legitimate export of product once we have satisfied our national demand.

Credit: The Nation

“Too, I will say averagely in the month of June, supply is down by 20% to just over 40ml/day. But it is still not Uhuru. It is not the final position.”

BIG STORY

Thousands Flock To Lagos For Africa’s Biggest Shopping, Entertainment Event [PHOTOS]

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Thousands of excited Nigerians attended the opening day of the much-anticipated maiden edition of the Lagos Shopping Festival (LSF) on Monday, December 23 and were served up an electrifying feast of events, activities and promotions across the the main venue of the festival, the iconic Mobolaji Johnson Arena, (formerly Onikan Stadium).

As advertised, first day of the festival lived up to its billing with a colourful blend of commerce, music, innovation and creativity following its flag off by the Executive Governor of Lagos State, Babajide Olusola Sanwo-Olu.

The Lagos Shopping Festival, powered by the Lagos State Government in collaboration with Chain Reactions Africa, a frontline PR firm, and supported by leading brands, including Zenith Bank, Tolaram Group, First Bank Plc, and Guinness, will see millions of people hit the main venue and select Lagos malls to bag the latest bargains, and bring together the best of city’s retail offering, showcasing local and top global brands and shopping experiences, including in-mall promotions.

Speaking at the event, Governor Sanwo-Olu described the LSF as a history-making festival of back-to-back shopping, fun, and entertainment, reaffirming the Lagos state’s commitment to grow small businesses as well as the entertainment industry.

“This is the first of its kind and this event is made to bring shoppers with MSMEs, with innovators, with entertainers, with the creative industry, with the food industry and everybody,” said Sanwo-Olu.

“For the next three days, we are meant to all come together, enjoy good food, good music, sales at discounted market price, shopping at the highest level and just general entertainment with the creativity of Lagos,” the Governor added.

He called on all Lagosians and Nigerian to join the fun, shopping and entertainment.

“Call everybody from Iyana-Ipaja to Alimosho, call people from Agege, call them from Ebute-Meta to Shomolu, call them from Bariga, from Badagry to Ikorodu, from Epe to Ibeju-Lekki, call everyone to come to the arena here at the Mobolaji Johson Center in Onikan where we’ll be doing shopping, we’ll be doing music, we’ll be doing entertainment for the next two days. This is the first of its kind”, Sanwo-Olu added.

He assured all fun-seekers, buyers and sellers of their safety, saying that they are in a safe, secure, peaceful environment, urging them to “to sit back, relax and see another Lagos creativity that is the first, and the very first Lagos Shopping Festival”.

Governor Sanwo-Olu expressed his appreciation to the sponsors of the Lagos Shopping Festival for their unwavering support to drive the story of Lagos commerce, entertainment and creativity.

“I want to thank all of our sponsors from FirstBank, to Zenith Bank, to Tolaram, to Smirnoff Ice, to Indomie Noodles, to OmniBiz, to PowerOil, to Minimie, and to Malta Guinness, all of them, including the Lagos State Government. I want to thank you”.

He also commended all the local and small businesses at the festival, and urged Lagosians and Nigerians to always patronize them.

“More importantly, to all the small businesses that are inside and under the canopies, go out there and make good deals. Go out there and do huge purchases from them. Go out there and make their small-scale market, work for them; because here, we want the market to be meeting all of the shoppers. That’s what this is all about. It’s about buying stuff at the most reduced market. It’s about entertainment, it’s about food, it’s about tourism. This is what Lagos has given to you again,” Sanwo-Olu said.

Also, commenting, the MD/ Chief Strategist, Chain Reactions Africa, the organisers of the Lagos Shopping Festival, Mr Israel Jaiye Opayemi, buttressed the strategic significance of the festival saying, “LSF is poised to be the catalyst that will redefine the true essence of commerce, especially SME businesses, the creative ecosystem, and fun times with family, friends and loved one. LSF is sure set to open a new vista of socio-economic growth from Lagos, to Nigeria, whilst raising a unique bar in the African market”.

Fun-seekers and business men and women alike had entertainment value for their time, with dancing and singing competition with the winners adjudged by the audience receiving cash gifts. The highlight of the day was the energy-revving musical performances from the youthful Ayo Maff, with the soulful rendition of songs from Adekunle Gold the icing on the cake for the audience who kept singing along to his enchanting stage performances.

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BIG STORY

JUST IN: Oriyomi Hamzat, Queen Naomi, School Principal Remanded In Agodi Prison Over Ibadan Stampede

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The Chief Magistrate Court sitting in Iyaganku, Ibadan, Oyo State has ordered the remand of Prophetess Naomi Silekunola, Alhaji Oriyomi Hamzat, and Mr. Abdullahi Fasasi at Agodi Correctional Center following their roles in the Ibadan Children Funfair stampede last week.

Amid heavy security, the three individuals, including the principal of Islamic High School, Bashorun Ibadan, Mr. Fasasi; the proprietor of Agidigbo FM, Alhaji Hamzat; and the estranged wife of the Ooni of Ile Ife, Oba Enitan Adeyeye Ogunwusi, Naomi Silekunola, were on Tuesday arraigned before the court over the incident.

The trio were arrested in connection with the Wednesday, December 18, 2024, stampede that occurred at Islamic High School, Ibadan, resulting in the death of 35 minors, while others sustained injuries.

Chief Magistrate Olabisi Ogunkanmi gave the order following the arraignment of the suspects in court on Tuesday.

The Police prosecutor accused the defendants of committing an offense contrary to Section 324 of the Criminal Code, Cap. 38, Vol. II, Laws of Oyo State of Nigeria, 2000 in a four-count charge for which they were arraigned.

The court premises was filled with relatives of the defendants and other interested parties.

 

More to come…

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BIG STORY

JUST IN: Dele Farotimi Finally Released After 21 Days In Detention

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Dele Farotimi has been released from detention in Ekiti after spending 21 days in a cell, following a complaint from Afe Babalola, SAN, who accused the human rights lawyer of defamation in his recently published book Nigeria And Its Criminal Justice System, a global bestseller on Amazon.

Farotimi was released on Tuesday after meeting the bail conditions set by an Ekiti Chief Magistrate’s Court on December 20, according to fellow activist Omoyele Sowore.

“I am pleased to report that Dele Farotimi is no longer being held at the prison yards in Ekiti State and is now returning home to Lagos,” Sowore shared the news on his X handle today.

“The struggle continues! Happy holidays to you all!”

 

More to come…

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