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Why Nigerians are yet to enjoy significant fuel price drop – Marketers

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The Independent Petroleum Marketers Association of Nigeria has explained that the eventual renewal of the naira-for-crude deal between the Nigerian government, the Dangote Refinery and other refiners could not crash the price of Premium Motor Spirit because of the forces of demand and supply and depreciation in the foreign exchange rate.

The spokesperson of IPMAN, Chinedu Ukadike, disclosed this to newsmen in an interview on Tuesday.

Ukadike was commenting on why Nigerians did not see a drastic fuel price crash in the local market despite the downturn in global crude oil prices, which stood at $65 per barrel and $61 for Brent and WTI crude blends, respectively, on Tuesday morning, according to oilprice.com.

Global crude prices had dropped from around $67 before the emergence of United States of America President Donald Trump’s administration’s tariff war.

In the last few days, Trump and China had engaged in tit-for-tat over tariffs impacting global trade, including crude oil.

Similarly, the recent agreement on supply cuts by the Organisation of Petroleum Exporting Countries, OPEC+, had also triggered the downward slide of crude oil prices.

However, since Trump announced a global tariff pause except for China, there has been a noticeable respite in global crude prices.

Meanwhile, Nigerians have lamented that they are yet to feel the impact of the global crude price drop on local prices.

A resident of Abuja, Nurudeen Abdullahi, said that with the continuation of naira-for-crude and the price of crude in the international market, he expects local petrol to be no more than N850 per litre.

“To be fair with you, local petrol prices should be around N850 per litre or less following the current benchmark of crude oil prices, which stood around $65 per barrel, down from $72,” he said.

Another Nigerian, Evelyn Adebayo, expressed a similar view over expectations of the crash of local fuel prices.

“I believe refiners and marketers are not fair to Nigerians. If it were petrol price hike, they would have implemented it without hesitation.

“But I am surprised that local petrol prices did not drop in a commensurate level as crude prices in the international market,” she stated.

Dangote Refinery had announced a N10 reduction in its ex-depot price of petrol.

Its decision to reduce ex-depot petrol prices follows the commitment to continue the Naira-for-crude by the Nigerian government implementation committee.

Reacting, Ukadike exonerated marketers, insisting that the price of local petrol did not drop as expected because of forces of demand and supply.

He added that Nigeria’s foreign exchange rate, which stood at N1,604.48 per dollar at the official market as of Tuesday, may also be the reason local fuel prices did not crash.

“The forces of demand and supply in the downstream sector, and the cost of foreign exchange also determine the price of crude and its by-product, fuel.

“The current price of petrol is competitive and fair enough for Nigerians owing to the two factors of forces of demand and supply and FX rate,” he said.

Nigerians currently buy petrol for between N940 and N975 per litre in Abuja.

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Nigerians to return home as S’African attacks worsen

The protests, according to reports, are being driven by community groups, anti-immigration organisations, and social movements such as Operation Dudula, the March and March Movement, and similar local initiatives, often under the banner of tackling illegal immigration and unemployment.

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The Nigerian Consulate in collaboration with the Nigerian Citizens Association in South Africa (NICASA) has offered a free repatriation flight to Nigerians willing to return home permanently amid the ongoing worsening attacks on foreigners.

The President of NICASA, Frank Onyekwelu, disclosed that the situation had forced many Nigerians to shut their shops and businesses.

According to him, there is currently no structured support system in place for affected Nigerians, but the consulate’s intervention is already providing an option for those who wish to leave.

” The process is ongoing as we have recorded many Nigerians signalling interest to return home, ” said Onyekwelu .

Violent anti-foreigner protests erupted recently in cities such as Pretoria, Johannesburg, Durban, East London, and parts of KwaZulu-Natal, resulting in harassment, looting, property damage, and injuries.

The protests, according to reports, are being driven by community groups, anti-immigration organisations, and social movements such as Operation Dudula, the March and March Movement, and similar local initiatives, often under the banner of tackling illegal immigration and unemployment.

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From 10-16 to 8-hour Workday, The Story of Worker’s Day May 1

Nigeria adopted nationally on May 1, 1981, after Kano State first declared it in 1980

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Called International Workers’ Day, Labour Day, or May Day , the origin traces back to the 19th-century labour movement and one key event that shaped the development was the Haymarket Affair in Chicago, 1886.

The 2026 theme according to the International Labour Organization (ILO), is “Ensuring a Healthy Psychosocial Working Environment” – focusing on mental health, stress, and work-life balance .

Nigeria adopted nationally on May 1, 1981, after Kano State first declared it in 1980.

Industrial Revolution conditions

At that time, factory workers often worked 10-16 hour days in unsafe conditions for low pay.

As a result, Labour unions began pushing for an 8-hour workday.

The 8-hour movement

On April 21, 1856, Australian workers in Victoria did a mass stoppage for the 8-hour day .

In the US, the Federation of Organized Trades and Labour Unions declared May 1, 1886 as the day the 8-hour workday would start

May 1, 1886 strikes

Between 300,000-500,000 US workers went on strike across the country. Chicago was the centre, with about 40,000 protesters.

Haymarket Affair, May 3-4, 1886

May 3: Police fired on striking workers at McCormick Harvesting Machine Company, killing at least two

May 4: At a protest in Haymarket Square, someone threw a bomb at police. It killed 7 officers and at least 4 civilians. Eight anarchists were arrested and convicted. Four were hanged.

May 1 becomes International Workers’ Day

In 1889, the International Socialist Congress in Paris chose May 1 to commemorate Haymarket and call for annual demonstrations for the 8-hour day.

By 1904, it was made mandatory for workers’ groups to stop work on May 1.

Why May 1 spread globally

Europe

Traditional spring festival of May Day merged with labour demonstrations-

India

First celebrated in Chennai in 1923. May 1 became a national holiday to recognise workers’ rights.

It’s also Maharashtra Day & Gujarat Day-

Nigeria Adopted nationally on May 1, 1981, after Kano State first declared it in 1980

Philippines

First Labour Day was May 1, 1903, when the first workers’ union protested

Purpose

Honours workers’ contributions and pushes for fair wages, safe conditions, and the 8-hour day-

Public holiday

Not everywhere

The US & Canada celebrate Labour Day on the first Monday in September instead.

How Workers’ Day Is Celebrated in Nigeria

In Nigeria, Workers’ Day is more than a ceremonial gathering. It serves as a structured platform for engagement between labour unions and the government authorities.

Each year, workers use the occasion to highlight issues affecting their welfare, including wages, working conditions, unemployment and the rising cost of living.

Organised labour bodies such as the Nigeria Labour Congress, and the Trade Union Congress coordinate nationwide activities.

Their addresses during May Day celebrations often reflect the economic realities of the time, making the event a barometer for the state of the workforce.

Beyond formal speeches, the day reinforces the relevance of collective bargaining.

It reminds both workers and policymakers that labour rights are not static but require continuous negotiation and protection.

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Contractor Dies in Egbin Power Plant ‘s Accident

It was learned that the contractor, a diver engaged for underwater work inside the plant’s lagoon-based pump house, died after an accident during maintenance activities.

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Image: Egbin Power Plc

The board and management of Egbin Power Plc expressed deep sorrow for the loss of a contractor following an industrial accident during underwater maintenance operations at the plant in Lagos State.

The incident, which reportedly occurred on Tuesday, April 28, 2026, led to the shutdown of operations at parts of the facility and the disconnection of the plant from the national grid.

It was learned that the contractor, a diver engaged for underwater work inside the plant’s lagoon-based pump house, died after an accident during maintenance activities.

The diver was working inside the lagoon water pump system when a pump reportedly came on unexpectedly, trapping him in the impeller and leading to his death.

Following the incident, operations in the affected section of the plant were suspended as safety protocols were activated, eventually resulting in a broader shutdown of the plant.

The management of the company confirmed the incident, expressing sadness over the demise of the contractor.

Egbin Power Plc is Nigeria’s largest electricity generation plant with an installed capacity of 1,320MW.

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