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Petrol price hike: IPMAN tackles NNPCL, threatens to stop operations

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The Independent Petroleum Marketers Association of Nigeria has threatened to stop operations nationwide following the high cost of Premium Motor Spirit, popularly known as petrol, sold to IPMAN members by the Nigerian National Petroleum Company Limited.

IPMAN revealed on Thursday that the cost of petrol from the Dangote Petroleum Refinery to NNPC was about N898/litre, but noted that NNPC was selling the same product to independent marketers at N1,010/litre in Lagos.

The association, which controls over 70 per cent of filling stations nationwide, kicked against this and threatened to down tools, as it also demanded a refund from NNPC for earlier petrol supply payments made by its members.

This development may further worsen the petrol scarcity and queues in many parts of the country.

Meanwhile, it was also gathered on Thursday that members of the Major Energies Marketers Association of Nigeria were still loading subsidised petrol from Dangote refinery, based on earlier arrangements with NNPC.

Speaking with one of our correspondents on Thursday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the association may be forced to take action if the challenge between IPMAN and NNPC is not resolved immediately.

This development followed an earlier revelation by IPMAN national president, Abubakar Maigandi, that NNPC was asking independent marketers to buy petroleum products from its depot at N1,010/litre in Lagos State.

Maigandi, who spoke during a live television interview on Thursday, argued that the price was higher than what NNPC paid for the product from the Dangote refinery.

He also noted that independent marketers’ funds had been held by the national oil company for about three months.

According to him, NNPC purchased the product from the refinery at N898/litre but is asking marketers to buy it at N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port Harcourt; and N1,040 in Warri.

“Our major challenge now is that independent marketers have an outstanding debt from the NNPC and the company collected products through Dangote at a lower rate, which is not up to N900, but they are telling us now to buy this product from them at the price of N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port-Harcourt; and N1,040 in Warri”, Maigandi stated.

He also pointed out that the association’s funds with NNPC had reached N15bn, stressing that marketers were eager to be fully involved in the petrol business and its components following the full deregulation of the sector.

He added, “Marketers want to be fully engaged in the business of petrol and its components.

NNPC has been the one bringing in the product and loading and has an off-take in the Dangote refinery.

“We are now being allowed to import and there is no challenge on that issue.

What we are after is to get the product directly from Dangote and not through NNPC. Currently, they owe us up to N15bn.”

On Wednesday, the retail stations of NNPC raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos it was hiked to N998/litre from N868/litre.

Other locations witnessed similar price hikes, a development that triggered anger among Nigerians.

The price hike, the second in one month, represents about 14.8 per cent or N133 rise.

However, the Nigeria Labour Congress and the Organised Private Sector called for the immediate reversal of the hike in the pump prices.

With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power.

Asked if NNPC had reached out to resolve the issue with independent marketers, the National Publicity Secretary of IPMAN, Ukadike, responded in the negative.

He said the oil company had not provided any feedback or response following its last discussion with the marketers.

Ukadike said, “No changes or feedback at all. NNPC hasn’t responded to us. They haven’t returned our money.

We are still observing what the situation would turn to since they haven’t reached out to us, or probably we would have to withdraw our services if the issue is not resolved.

”He, however, noted that efforts to reach Dangote for direct loading were in progress and a meeting between both parties expected to hold soon.

Ukadike also disclosed that its marketers would sell at a lower rate of N970/litre if allowed to purchase products directly from the refinery.

The IPMAN official added, “Any moment from now, Dangote will invite us, from the fillers we have received.

”On its pricing, he said, “If we start buying from Dangote at its current price, we will sell at N970, lower than the price of NNPC.

Dangote sold to NNPCL at N898/litre.

But they are asking us to buy from them at their pump price, can you imagine this kind of slavery? We continue to talk about price disparity every day and it’s there for all Nigerians to see.

”Phone calls and messages to NNPC officials to respond to the position of IPMAN were not replied as of the time of filing this report.

Similarly, officials at the Dangote refinery did not respond to enquiries when contacted for their views on the issues raised by IPMAN.

On the contrary, the Major Energies Marketers Association of Nigeria said it is not owed by NNPC, as it owns a large stock of storage systems to mitigate against sudden changes in petrol prices.

The Executive Secretary, MEMAN, Clement Isong, in a telephone interview, attributed this situation to its continuing relationship with NNPC.

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PENGASSAN – Dangote Rift: A needless attack on private enterprise

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The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

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FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

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