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JUST IN: Petrol: Marketers Lamenting as Nigerians Shun Buying Above N1000/Litre
With the price of a litre of petrol now above ₦1,000 in most filling stations across Nigeria, petrol marketers have lamented low patronage at their retail outlets nationwide.
They said marketers are now cutting workers and shifts because of high pricing and low returns on investment.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, was in an interview on Monday with a spokesman for the Independent Petroleum Marketers Association of Nigeria (IPMAN),Ukadike Chinedu.
Gillis-Harry said, “Marketers, retail outlet owners, all of us in the industry are finding it difficult to cope with the current situation, we used to buy 45,000 litres of fuel a couple of months ago for less than 8.5 million naira but today, we have to cough out about 49 million naira to buy the product.
“Financial institutions are not coming to our rescue. The cost of money is so high, it is so difficult to even sell, what we get to our retail outlets is not quickly bought because Nigerians also have the challenge with their buying power.”
On his part, IPMAN spokesman Ukadike Chinedu said filling stations nationwide have become ghost places as middle-class Nigerians have abandoned their vehicles and embraced public transportation.
“Most of the money we use in investing is bank money. It’s being borrowed and the interest rate is also high. There is no return on investment because the more we sell, the more we make profits,” Chinedu said.
“Now the volume of trade in the filling stations is very low because of the characteristics of the buyers who have now dropped some of their luxury vehicles with V8 and are now using alternative transportation.
“If you check some of the filling stations these days, you will find out that there is skeletal or ghost buying, two, or three cars will just come in and buy. We are no longer talking about scarcity, we are now talking about price differentials.
”The two unions urged President Bola Tinubu to provide ₦100bn as a seed fund for oil marketers to stay afloat, just like the aviation and agricultural sectors.
Nigerians are grappling with the weight of unprecedented food inflation, and energy prices which have quadrupled in the last year under the Tinubu administration.
Specifically, the price per litre of petrol jumped from less than ₦200 to over ₦1,000. Many people have blamed the twin policies of petrol subsidy removal and unification of forex rates for the high living costs that have assailed the middle class.
Citizens have staged two major protests to drive home their grievances against the Tinubu administration and pressured the All Progressives Congress (APC) government to reverse its “reforms” but the current administration has insisted that its policies are necessary and won’t be reversed.
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May Agbamuche-Mbu Takes Over as INEC Acting Chairman
In recognition of Yakubu’s dedicated service to the nation, President Tinubu has bestowed on him the honour of Commander of the Order of the Niger(CON).
• From left: Agbamuche-Mbu, and Mahmood Yakubu during the handover ceremony
Professor Mahmood Yakubu has stepped down as the Chairman of the Independent National Electoral Commission (INEC).
Yakubu on Monday handed over to a National Commissioner of the commission, May Agbamuche-Mbu, who steps in in acting capacity pending the appointment of a substantive chairman.
Meanwhile , Yakubu was first appointed in November 2015 as the 14th chairman of the commission for an initial term of five years.
The appointment, which was renewed in 2020, has now expired due to the passage of time.
President Tinubu thanked Professor Yakubu for his services to the nation and his efforts to sustain Nigeria’s democracy, particularly through the organisation of free and fair elections throughout his two-term tenure.
In recognition of Yakubu’s dedicated service to the nation, President Tinubu has bestowed on him the honour of Commander of the Order of the Niger(CON).
President Tinubu also directed that Professor Yakubu should hand over to the most senior national commissioner, May Agbamuche-Mbu, who will direct the affairs of the commission until the completion of the process to appoint a successor.
In the letter dated October 3, 2025, Professor Yakubu thanked the President for the opportunity to serve the nation as chairman of the commission since 2015.
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Retired Air Vice Marshal Obierika dies mid-air on British Airways flight
Obierika, a retired Air Vice Marshal (AVM) of the Nigerian Air Force (NAF), was a former Air Officer Commanding (AOC) Training Command, Kaduna and a directing staff at the National Defence College, Abuja.
A British Airways (BA) flight from London to Abuja was forced to make an emergency diversion to Barcelona, Spain, after Prof. Osita Obierika, died mid-air.
Obierika, a retired Air Vice Marshal (AVM) of the Nigerian Air Force (NAF), was a former Air Officer Commanding (AOC) Training Command, Kaduna and a directing staff at the National Defence College, Abuja.
It was gathered that the aircraft departed London’s Heathrow Airport at 11pm on Sunday, October 5 and was to arrive Nnamdi Azikiwe International Airport, Abuja, by 5am on Monday.
However, around 1:30am, the pilot declared a medical emergency and diverted to El Prat Airport in Barcelona, Spain.
The Octogenarian was said to have been returning to Nigeria from the United Kingdom where he was being treated for cancer.
News
JUST IN: Fire guts Rivers Secretariat
Permanent Secretary of the State Ministry of Information, Dr Honour Sirawoo, confirmed the incident saying fire fighters intervened immediately to stop the inferno.
Fire has engulfed a section of the Rivers State Secretariat Complex in Port Harcourt destroying some property.
Permanent Secretary of the State Ministry of Information, Dr Honour Sirawoo, confirmed the incident saying fire fighters intervened immediately to stop the inferno.
It was gathered that the inferno started at the ground floor of one of the tall buildings popularly called the Podium after the close of work and spread to the office of the newly constituted Rivers State Pension Board.
Sources said the fire started around 4.00pm and was reportedly caused by an electrical fault, though there was no casualty.
Rivers Head of Service, Dr Inyinge Brown, confirmed that no life was lost saying she was happy that the recently rehabilitated State Fire Service was on ground to quench the fire.
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