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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

FULL LIST: Tinubu Appoints IBB’s Son, Muhammad Babangida Chairman Bank Of Agriculture, Others As Heads Of Govt Agencies

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President Bola Ahmed Tinubu has appointed Muhammad Babangida, the son of the former military President, as chairman of the revamped Bank of Agriculture.

President Tinubu approved the appointment today, along with seven others. Some of them will serve as chairmen or directors-general of Federal agencies.

Muhammad Babangida, 53, is an alumnus of the European University in Montreux, Switzerland, where he earned a Bachelor’s degree in Business Administration and a Master’s degree in Public Relations and Business Communication. He later attended Harvard Business School’s Executive Program on Corporate Governance in 2002.

Others appointed by the President are:

Lydia Kalat Musa (Kaduna State) Chairman, Oil and Gas Free Zone Authority (OGFZA).

Jamilu Wada Aliyu (Kano State) Chairman, National Educational Research and Development Council (NERDC).

The Hon. Yahuza Ado Inuwa (Kano State) is the Standard Organisation of Nigeria (SON) chairman.

Sanusi Musa (SAN, Kano State) is the Chairman of the Institute of Peace and Conflict Resolution(IPCR).

Prof. Al-Mustapha Alhaji Aliyu (Sokoto State) is the Director-General of the Directorate of Technical Cooperation in Africa (DTCA).

Sanusi Garba Rikiji (Zamfara State) is the Director-General of the Nigerian Office for Trade Negotiations (NOTN).

Mrs Tomi Somefun (Oyo State) is the Managing Director of the National Hydro-Electric Power Areas Development Commission (HYPPADEC).

Dr Abdulmumini Mohammed Aminu-Zaria (Kaduna State) has been appointed Executive Director of the Nigerian Integrated Water Resources Management Commission (NIWRMC).

 

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

July 18, 2025

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BIG STORY

Buhari Never Wanted To Congratulate Saraki, Dogara After Emerging Senate President, Speaker — Femi Adesina

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Femi Adesina, who served as Special Adviser on Media and Publicity to the late President Muhammadu Buhari, revealed that Buhari was initially unwilling to congratulate Bukola Saraki and Yakubu Dogara after they controversially became Senate President and Speaker of the House of Representatives in 2015.

Adesina shared this in a tribute to Buhari, reflecting on his early experience as the president’s media aide and the difficulty of balancing loyalty with professional duty.

He explained that the incident happened just nine days after he took up the role of presidential spokesman.

According to Adesina, Saraki and Dogara emerged as leaders of the National Assembly against the preference of the ruling All Progressives Congress (APC).

Although their emergence was viewed as defiant, it still adhered to constitutional norms.

“I told the President we needed to congratulate them. He balked. But I stood my ground. He said no, I also said no. I said it would portray him as undemocratic,” Adesina wrote.

He noted that Buhari later agreed to issue the statement, making only a small addition to the final version.

“At the end of the day, he reasoned with me and the statement was written, with him just adding one word,” he stated.

“Keeping to his word is part of the famed integrity. Argue with me. If you have a better point, I’ll agree with you.”

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BIG STORY

Road To 2027: Everyone Afraid Of Atiku — Dele Momodu Claims As He Joins ADC

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Dele Momodu, the publisher of Ovation International, has said that “everyone is afraid” of former vice-president Atiku Abubakar.

He made this remark while giving reasons for leaving the Peoples Democratic Party, PDP, to join the African Democratic Congress, ADC.

Momodu also confirmed that he would be backing Atiku in the 2027 presidential election.

During an appearance on Channels TV on Thursday, Momodu stated that his endorsement of Atiku stems from a strategic understanding of Nigeria’s political dynamics.

He said: “Everybody is afraid of Atiku, and that is exactly why I, Dele Momodu, support him.

“The fear the ruling party has for him shows he remains the most formidable opposition figure today.

“When everyone is trying to discredit or silence a man, it means he’s the one they truly fear.”

Momodu previously ran for president in 2011 and took part in the PDP presidential primaries in 2022.

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