Connect with us

News

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

Published

on

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

WAEC revokes licenses of 574 schools over exam malpractices

Published

on

The West African Examination Council (WAEC) in Nigeria has sanctioned and revoked about 574 schools found to have engaged in examination malpractices.

Head of WAEC national office, Dr Amos Dangut, disclosed this while speaking to journalists at the national headquarters in Lagos yesterday.

He stated that the examination body has submitted the list of schools involved to the Federal Government through the Ministry of Education for sanctions.

The schools involved in malpractices would no longer be recognised as WAEC examination centres.

He said, “This year, we have shared with them a total of 574 schools whose recognition has been withdrawn. This measure will also be adopted by all examining bodies.

“These schools are no longer recognised as examination centres by WAEC, and we will not conduct exams there.”

Ahead of the 2025 West African Senior School Certificate Examination (WASSCE), scheduled from Thursday, April 24 to Friday, June 20, 2025, Dangut revealed that 1,973,253 candidates from 23,554 schools have registered for the examination.

This is an increase of 158,627 candidates compared to last year.

He said there are 979,228 males, while 994,025 are females.

Dangut highlighted WAEC’s commitment to leveraging technology, introducing the first-ever Computer-Based WASSCE (CB-WASSCE) for school candidates.

He disclosed that no two candidates will receive identical questions to discourage cheating.

Continue Reading

News

Easter: IG orders tight security, deployment of personnel to churches

Published

on

As Christians in Nigeria join others around the world to mark the 2025 Easter celebrations, the Inspector-General of Police, Kayode Egbetokun, has ordered tight security measures across the country to ensure a peaceful and hitch-free holiday.

In a statement on Friday by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, the IGP extended warm Easter greetings to the Christian faithful, urging them to reflect on the values of hope, renewal, and sacrifice which the season represents.

Egbetokun directed all Commissioners of Police and supervising Assistant Inspectors-General of Police to intensify visibility policing, intelligence gathering, and extended surveillance in their jurisdictions.

He also directed the strategic deployment of personnel to churches, recreational centres, highways, and other public places to forestall any security breach during the festivities.

“‎The IGP hereby directs Commissioners of Police across all State Commands and Formations, and their supervising Assistant Inspectors-General of Police, to enhance visibility policing, extended vigilance, and intelligence gathering to ensure a safe and secure festive celebration for all citizens.

“He also emphasises the critical importance of enhanced patrol and strategic deployment of personnel to places of worship, recreation centres, major highways, and other public spaces to deter criminal activities and provide swift responses to any security challenges that may arise,” the statement said.

He also called on Nigerians to cooperate with law enforcement agencies by providing timely and credible information to help prevent any potential threats to public safety.

While urging citizens to remain vigilant, Egbetokun advised moderation in celebrations and warned against reckless driving on the highways throughout the Easter period and beyond.

He said, “‎The IGP calls on members of the public to cooperate with the Police and other security agencies by providing timely and credible information that could assist in preventing the breakdown of law and order during this period.

Citizens are therefore urged to remain security conscious, act with moderation, and avoid reckless driving on highways during the festive period and beyond.”

Continue Reading

News

Tinubu working remotely from overseas, returns after Easter – Presidency

Published

on

The Presidency has said President Bola Tinubu continues to direct the affairs of state from Europe, despite being outside the country for nearly two weeks.

It also said the President will return on Monday, April 21, after the Easter holidays.

In a statement signed on Thursday, Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, explained that the President, who travelled from Paris to London at the weekend, “remains fully engaged in Nigeria’s governance” and is in “constant communication with key government officials.

”Onanuga added that the President had given “directives to security chiefs to address emerging threats in some parts of the country.”

The statement was titled ‘Statement On President Tinubu’s Return To Nigeria.

’Tinubu’s absence, the Presidency noted, “is temporary and in line with the communicated timeframe of approximately two weeks.

”He is expected back in Abuja after the Easter holidays, which end on Monday, 21 April.

“The President’s commitment to his duties remains unwavering, and his administration continues to function effectively under his leadership,” Onanuga said, urging the public to remain calm and assuring citizens that “governance proceeds without interruption.”

“The President left Paris for London at the weekend and has maintained constant communication with key government officials, overseeing critical national matters, including directives to security chiefs to address emerging threats in some parts of the country.

“His return to Abuja and the resumption of duties at Aso Villa will follow the conclusion of the Easter holiday.

“We appreciate the public’s concern and assure all Nigerians that governance proceeds without interruption,” the statement read.

Although the Presidency did not specify the purpose of Tinubu’s stay in Paris and London, it follows a pattern of working visits the President has undertaken since assuming office nearly two years ago.

Thursday’s statement was ostensibly in response to criticisms by the opposition, who questioned Tinubu’s stay abroad while the country was bleeding from killings, particularly in Plateau and Benue states.

The concerns were raised by former Vice President Atiku Abubakar and the 2023 presidential candidate of the Labour Party, Peter Obi, who questioned Tinubu’s absence while the country grapples with heightening insecurity.

Continue Reading

Trending