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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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Algiers-Abuja direct flights begin April 6

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The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.

This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.

According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.

This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.

“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.

“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.

“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.

The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.

The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.

With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.

The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.

“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.

“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”

The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.

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FG borrows N13.21trn from World Bank in 20 months

The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

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The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months,

Daily Trust analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.

The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.

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Women make up 15% of 288 new billionaires in 2025

One of the most striking trends among the newcomers is the high percentage of self-made billionaires.

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The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.

Forbes’ 2025 World’s Billionaires list has welcomed a record 288 new billionaires, pushing the total number of billionaires to 3,028 globally.

This group, which includes entrepreneurs, investors, and heirs, is collectively valued at nearly $680 billion, averaging $2.4 billion per person.

The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.

The United States remains the dominant force, contributing the most new billionaires with 103 additions this year.

Among the top names is Marilyn Simons, widow of quantitative hedge fund founder Jim Simons, whose net worth is estimated at $31 billion.

She stands alongside Lyndal Stephens Greth, the daughter of oil magnate Autry Stephens, who holds $25.8 billion following her father’s passing in 2024.Germany ranks second in terms of new entries, with 37 individuals joining the list, including Johannes von Baumbach. At 19 years old, he becomes the youngest new billionaire globally, with a fortune of $5.4 billion.

Along with von Baumbach, 14 other heirs to the Boehringer Ingelheim pharmaceutical empire also made their debut on the list.China and Hong Kong together contributed 32 new billionaires, with jeweller Xu Gaoming being one of the notable additions, valued at $8.2 billion. India saw 17 new billionaires, while Russia accounted for 15.

One of the most striking trends among the newcomers is the high percentage of self-made billionaires.

Of the 288 newcomers, 196 (approximately 70%) built their wealth from the ground up, rather than inheriting it.

The wealthiest self-made newcomer is Saudi Arabian entrepreneur Sulaiman Al Habib, whose fortune stands at $10.9 billion. Al Habib’s success is a notable achievement as Saudi Arabia has seen a resurgence of billionaires on the list for the first time since 2017.

Alexandr Wang, the 28-year-old co-founder and CEO of Scale AI, is the youngest self-made billionaire this year, valued at $2 billion.

(BusinessDay)

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