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

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.
News
Something has to be done, Our electricity bills now more than house rent – Band A customers cry out

Minister of Power Adebayo Adelabu proudly highlighted the accomplishments of his ministry during his tenure.
Adelabu celebrated the ministry’s successes since taking charge a few years ago.
Minister Adelabu announced that the ministry achieved an additional N200 billion in revenue in 2024, as reported by Saturday Tribune.
But many Lagos residents, especially consumers in the power sector, do not share in the minister’s excitement.
Of late, it has been a litany of woes from the consumers, who insist that the reforms introduced by the minister since assuming office have left them worse off.
They can no longer use their freezers, pressing irons and other energy-sapping appliances.
Unfortunately, they believe the minister has abandoned them to the whims and caprices of the distribution companies (DisCos) in the state.
The DisCos, they claim, have continued to rip them off under the noses of the minister and other relevant regulatory authorities in the sector.
Some of them argue that despite being placed on Band A, they have been contending with epileptic power supply in their localities.
Recently, residents of Aguda and Ayetoro CDA in Surulere expressed their displeasure over exorbitant electricity bills despite poor power supply to the supposedly Band A consumers.
They allege that they receive less than 10 hours of electricity daily, instead of the over 20 hours meant for Band A consumers. Besides, they claim that N10,000 worth of electricity units last less than two hours.
They are therefore calling on the Eko Electricity Distribution Company (EKEDC) to return them to Band C, where they believe they truly belong based on the hours of electricity their community receives.
“What they are giving us is even more than our house rent. If you load N10,000 now, it won’t last two hours. Despite the high tariff, we are not getting electricity adequately,” Mr. Jimoh Ajala, the Aguda CDA leader, lamented in a video.
Ajala said, “I am here because of EKEDC. This is a residential area, not commercial. Like yesterday, they took the light four times for four hours each. We are requesting that the DisCo should return us to Band B or C. The tariff is for commercial users and we are not; we are residential.”
Another resident, Adeyanju from Ayetoro CDA, corroborated Ajala’s claims, saying that what they pay for electricity is more than their house rent.
“We are paying more than our house rent for light. This is killing us. They should return us to Band D,” he said.
Jimoh Ajala and other Aguda CDA residents in Surulere protested at the Ikoyi Federal High Court, demanding government action against their exorbitant electricity bills.Interestingly, they are not alone.
Many Lagos residents are finding it increasingly difficult to pay their electricity bills due to several factors, including the harsh economy, rising inflation, high transportation costs and rent, among others.
Source: Saturday Tribune
News
JUST IN: Governor Alia Names Top Politicians, NASS Members Sponsoring Attacks In Benue

…..Alia made the allegation during Friday’s Politics Today program on Channels Television, describing the situation as very unsettling and extremely unacceptable.
Benue State Governor, Hyacinth Alia, has accused top serving politicians in Abuja and the National Assembly of instigating killings, harbouring and feeding those responsible for the crisis in the state.
Alia made the allegation during Friday’s Politics Today program on Channels Television, describing the situation as very unsettling and extremely unacceptable. The Governor said that while the politicians were interested in fighting for their positions, it was his right to protect and serve the interests of the masses.
Although Alia declined to disclose the names of the politicians allegedly involved in the killings, he stated that a judicial panel had been set up to investigate the reasons behind the attacks, adding that the report indicted many big names and vowed to take up the matter when he receives the full report.
He said, “It is very, very unsettling because top politicians who are very functional and are in the National Assembly and are in Abuja, are the architects and arrowheads of not just instigating, but harbouring and keeping these people and feeding them in the bushes, and taking care of all their needs and buying all the other gadgets for them.
“This is extremely unacceptable. If they do not love the lives of the people and they’re only fighting for their own position, I think I am serving the interest of the common masses and it is a concern to me, and it is my right to protect it.
“We set up a judicial panel to sort out for us why we kept having attacks from within and from without, and we have received an interim report. Between Tuesday and Wednesday next week, I am going to get a full report from the panel.
“So once we receive this report that is coming, we are going to take it up and take it up very seriously. There are quite a lot of big names that are mentioned here, so this is where we are.”
International
Republic of Ireland deports 35 Nigerians without cogent reason

The Republic of Ireland has deported no fewer than 35 Nigerians, including five children, to Nigeria in a chartered flight that departed from Dublin Airport on Wednesday night.
According to the Irish Mirror, the returnees, comprising 21 men, nine women, and five children, landed in Nigeria on Thursday.
Irish Minister for Justice, Jim O’Callaghan, said he was “happy to say” that all of them returned to Nigeria despite an unscheduled stopover due to a medical incident on board.
While the Irish government did not give a specific reason for the deportation of the Nigerian nationals, O’Callaghan only said, “Ireland has a rules-based immigration system. It is important that those rules are robust and enforced.
”However, the Nigerians in Diaspora Commission said it was not aware of the deportation of the Nigerians by Ireland on Thursday.
The NiDCOM spokesperson, Abdur-Rahman Balogun, made this known on Thursday.
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