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

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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.

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Niger Speaker Lauds Army, DSS, and Security Agencies for Successfully Dislodging Bandits in the State

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Speaker of the Niger State House of Assembly, Rt. Hon. Abdulmalik Mohammed Sarkin-Daji, has commended the Nigerian Army, the Department of State Services (DSS), and other security agencies for what he described as remarkable successes recorded against bandits in Mariga LGA and parts of the Niger North senatorial district of the state.

The Speaker described the operation as a major breakthrough in the fight against insecurity in the state, noting that the bravery, professionalism, and commitment demonstrated by the security personnel resulted in the death of several bandits, while others were successfully arrested by the security agencies.

The Speaker’s commendation was contained in a statement issued on Sunday by the Assembly’s acting head, Directorate of Media and Public Relations, Mairo Adamu Mani.

The Speaker “stated that this decisive action has greatly weakened the activities of criminal elements in the affected areas and restored confidence among residents who had lived in fear for a long time,” noted the statement.

“Rt. Hon. Abdulmalik Mohammed Sarkin-Daji further praised the tireless efforts of the security agencies, especially special forces and DSS operatives, for their continuous sacrifices in protecting lives and property across Niger State and Nigeria at large.

The statement quoted the Speaker as commending the joint clearance operations by the Army and the DSS, which he said was based on intelligence, and resulted in the rescue of over 70 kidnapped persons in the state.

“He acknowledged the risks involved in such operations and expressed deep appreciation to the officers and men who put their lives on the line to ensure peace, stability, and the safety of citizens, especially in vulnerable communities.

“The Speaker assured the security agencies of the unwavering support and cooperation of the Niger State Government, emphasizing that the state will continue to provide all necessary assistance to strengthen security operations,” further stated the Assembly spokesman.

Niger state government, remarked the statement, “remains fully committed to working closely with all security stakeholders to ensure that the lingering challenges of insecurity are completely addressed and brought to an end.

“The Speaker “also appealed to all Nigerlites to remain calm, vigilant, and law-abiding, assuring them that the government considers the security of lives and property as its topmost priority.

“The Speaker encouraged residents to continue to support security agencies by providing credible and timely information that will aid ongoing and future operations aimed at sustaining peace and stability across the state,” the statement declared.

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President Tinubu Celebrates Fela Kuti’s Historic Posthumous Grammy.

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President Bola Ahmed Tinubu has hailed the posthumous conferment of the Grammy Lifetime Achievement Award on Afrobeat pioneer Fela Anikulapo-Kuti as a landmark recognition of African musical excellence and cultural influence.

In a personally signed statement issued today, the President described the honour bestowed by the Recording Academy during the Special Merit Awards Ceremony in Los Angeles on January 31 as a historic first for an African artist.

“The world of music has honoured a giant: Fela Anikulapo-Kuti,” President Tinubu declared. “Fela was more than a musician. He was a fearless voice of the people, a philosopher of freedom, and a revolutionary force whose music confronted injustice and reshaped the global sound.

“The award, presented alongside other legends including Whitney Houston, Cher, Chaka Khan, Carlos Santana, and Paul Simon, marks the first time an African musician has received this prestigious Lifetime Achievement honour.

Fela’s family, including children Yeni, Kunle, Shalewa, and Femi Kuti, accepted the award on his behalf.President Tinubu emphasized Fela’s enduring legacy, noting that his courage, creativity, and conviction not only defined a generation but continue to inspire artists, activists, and audiences worldwide.

Invoking Yoruba cultural reverence, he added: “In Yoruba mythology, he has transcended to a higher plane as an Orisa. He is now eternal.

“The President highlighted Fela’s creation of Afrobeat a powerful fusion of African rhythms, jazz, funk, and highlife infused with sharp social and political commentary and its profound impact on contemporary music.

“He defined Afrobeat, and you can hear and see his influence in generations of Nigerian musicians, in the global rise of Afrobeats, and far beyond,” Tinubu stated.

He described the Grammy recognition as “an affirmation of his enduring global influence and the foundational role he has played in the evolution and impact of Africa on modern music.”

This latest honour builds on prior accolades, including the 2025 induction of Fela’s seminal 1976 album Zombie into the Grammy Hall of Fame.

Nearly three decades after his death in 1997, Fela’s music and activism remain a symbol of resistance and cultural pride. President Tinubu’s tribute underscores national pride in the icon’s global validation.

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Tinubu returns to Abuja from Ankara State Visit

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President Bola Ahmed Tinubu has returned to Abuja after concluding a successful state visit to Türkiye, where he held high-level talks with President Recep Tayyip Erdoğan and signed multiple bilateral agreements.

The President arrived in Abuja on Saturday evening, January 31, 2026, around 8:30–8:55 p.m. local time, following his departure from Türkiye.

Tinubu departed Abuja on Monday, January 26, 2026, for the state visit to Ankara, Türkiye’s capital.

The trip focused on strengthening Nigeria-Türkiye relations in areas including trade, defense, security, energy, education, media, and technical cooperation.

Key highlights included the signing of nine Memoranda of Understanding (MOUs), aimed at boosting economic ties, defense collaboration (including potential training for Nigerian Special Forces), and a targeted increase in bilateral trade volume. Both leaders described the engagements as ushering in a “new era” of strategic partnership.

The visit drew public attention, including an incident during the official welcome ceremony in Ankara where President Tinubu briefly stumbled but continued without issue, with aides confirming he was in good health.

Upon his return, focus now shifts to implementing the signed agreements, including the activation of joint committees on trade and other sectors.

The Presidency has emphasized the visit’s role in advancing Nigeria’s diplomatic and economic interests on the global stage.

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