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

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.
Business
EU fines Apple and Meta €700m, risking Trump fury

Apple Inc. and Meta Platforms Inc. were hit by relatively modest European Union fines totaling €700 million ($798 million) for violating tough new antitrust rules for Big Tech, following warnings of harsh retaliation from US President Donald Trump.
EU regulators levied the penalties — €500 million against Apple and €200 million against Meta — under its Digital Markets Act, which includes a list of dos and don’ts mainly aimed at Silicon Valley giants.
“Apple and Meta have fallen short,” EU antitrust chief Teresa Ribera said on Wednesday.
“All companies operating in the EU must follow our laws and respect European values.”
The punishments — the first under the DMA — are far lower than previous penalties under traditional EU competition law, and are likely to be seen as an attempt to avoid further provoking Trump, who recently laid out a swath of tariffs on global economies.
He’s specifically called out the EU’s tech regulations as the kind of non-tariff trade barrier that his so-called reciprocal tariffs are intended to target.
The European Commission said that Apple had failed to allow developers to link out from its App Store in order to make sales outside of the company’s marketplace.
Meta’s business model for ad-free services on Instagram and Facebook also fell foul of the tech law, which gives regulators fining powers of up to 10% of a company’s global annual revenue.
Both firms must comply with the EU decision within 60 days, or face the risk of further financial penalties.
Apple was also warned that its new fee structure for app developers — itself a plan devised to comply with EU rules — isn’t in line with the EU Big Tech rulebook.
Apple responded fiercely to the EU penalty, accusing the bloc’s regulators of discriminating against the company and forcing it to give away its technology for free.
The Cupertino, California-based company said it would appeal the fine to the EU courts. Just last year, the company was hit with a €1.8 billion EU fine for shutting out music-streaming rivals on the iPhone.
Meta’s head of global affairs Joel Kaplan also hit back, saying the EU “is attempting to handicap successful American businesses while allowing Chinese and European companies to operate under different standards.”
The EU decision “isn’t just about a fine; the commission forcing us to change our business model effectively imposes a multi-billion-dollar tariff on Meta while requiring us to offer an inferior service,” said Kaplan.
“And by unfairly restricting personalized advertising the European Commission is also hurting European businesses and economies.
”The White House didn’t immediately respond to a request for comment.Asked about whether the commission had deliberately kept the fines low to avoid provoking Trump, the Brussels-based EU commission said the fines were “proportionate” to the alleged gravity and duration of breaches of the DMA, which became applicable two years ago.
“This is about enforcement. It’s not about trade negotiations,” commission spokesperson Arianna Podesta told reporters.
Still, the size of the fines “suggest an easing of European regulatory pressure on US tech giants,” according to Bloomberg Intelligence analyst Tamlin Bason.
“Penalties under the competition law could have been as much as 10% of total revenue, but ended up being less than 0.15% of each company’s 2024 sales, likely reflecting caution on aggressive enforcement against a tense backdrop in US-EU relations,” Bason said.
Despite its fine, Apple did see EU watchdogs close an investigation into online browsers after it rejigged how it offers users more choice on their iPhones.
EU regulators also backtracked on their decision to target Facebook Marketplace under the DMA. Meta was hit by a €798 million EU fine for alleged abuses on that service last year under standard antitrust law.
Apple shares rose 3.5% and Meta advanced 7% in early New York trading while the S&P 500 Index was up 3%.
Over recent years the EU has made costly penalties against firms, including more than $8 billion in fines against Alphabet Inc.’s Google and a separate order for Apple to pay Ireland back taxes of €13 billion.
Under its abuse-of-dominance rules, it has also forced changes out of Amazon.com Inc.’s marketplace platform and Apple’s tap-and-go chip, while also investigating Microsoft Corp. video conference software, Teams.
Business
Uber, Bolt, inDrive workers to down tools in Lagos on May 1

The Amalgamated Union of App-Based Transporters of Nigeria (AUATON), Lagos State Chapter, is planning a 24-hour protest on May Day over alleged anti-labour practices by app-based companies including Uber, Bolt.
In a statement signed by AUATON Public Relations Officer Steven Iwindoye on Tuesday, the union said members would be staying off the apps, refusing to work, and demanding that their rights be respected.
According to Iwindoye, the union is protesting against alleged poor wages, unjust deactivations, insecurity and unsafe working conditions.
Others are excessive commissions taken by app companies, lack of proper rider profiles, mandatory facial recognition systems and harmful and exploitative work policies.
He alleged that app-based companies like Uber, Bolt, Lagride, inDrive, and Rida had ignored the union’s concerns and disrespected its rights.
Business
BACITI Advocates Market Shift for Nigerian Exporters
Nigerian agricultural and manufacturing SMEs that have carved out a market in the U.S.now face a price disadvantage.

The Bashir Adeniyi Centre for International Trade and Investment (BACITI) says that Nigerian fertilizers manufacturers and industrial goods had better consider exporting regionally under the AfCFTA .
BACITI also urges the Nigerian Export Promotion Council (NEPC) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to help exporters cope with the tariff’s cost through rebates, tax breaks, or low-interest loans to affected exporters.
BACITI , in its Economic Insight April 2025, noted that the U.S. tariff will hit Nigeria’s non-oil export sector hardest.
Said the report: ” Many African countries rely on preferential access to the U.S.market under AGOA (African Growth and Opportunity Act), which granted duty-free treatment to thousands of African exports.African manufacturers who invested with AGOA preferences in mind are now at risk.
Textiles, leather, and agro-processing exports from countries like Kenya,Ethiopia, Ghana, Lesotho, and Nigeria may now face 10–14%tariffs, rendering the uncompetitive.
This could lead to job losses in export zones and industrial park.
Nigerian agricultural and manufacturing SMEs that have carved out a market in the U.S.now face a price disadvantage.
Niche products like Nigerian cocoa butter, dried fruits, or textiles and apparels which entered the U.S. duty-free will become costlier and uncompetitive.
Fertilizer makes up 2–3% of Nigeria’s exports to the U.S. A 10-14% tariff on fertilizer could lead U.S. buyers to seek cheaper suppliers, thus Nigerian producers might lose that market or have to accept lower net prices.
While crude oil is less likely to be directly impacted by the new tariffs, the broader uncertainty stemming from the ongoing trade war is likely to exert downward pressure on global oil prices, thereby affecting Nigeria’s export revenues and fiscal stability.
Indirect macro impact via oil prices: fallin oil prices due to slow global trade and economic uncertainty.
This would further reduce Nigeria’s export earnings and government revenue. A $10 drop in oil price, for example, costs Nigeria billions in export earnings.
Fiscal and FX pressures: A decline inNigeria’s export earnings would reduce dollar inflows, placing pressure on the naira.
In times of global uncertainty or trade wars, investors often retreat from riskier markets. As a result, Nigeria could face capital outflows, further currency depreciation, and rising inflationary pressure.”
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