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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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HAPPENING NOW: Blackout hits Abuja, Embassies affected

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The Abuja Electricity Distribution Company (AEDC) has announced power outage in various parts of Abuja including hotels and diplomatic buildings.

The AEDC made the announcement in its verified X handle today.

It said the blackout also affected Bolingo Hotel, Wada Maida Building, which houses the headquarters of Sudan, Egypt embassies, Envoy Hotel, the European Union embassy, among others.

The other places affected by the blackout are the National Planning Commission (NPC), the National Hospital, and the Turkish, Pakistani, and Indian embassies.

“Also, Garki Area One, Two, Three, Seven and Eight; Garki village; Garki market; Ubiaja Street; Kaltungo Street; and Lagos Street have been affected.

“Also affected are Oka Akoko Street, Treasury House, Karibu Hotel, and part of Asokoro, such as Yakubu Gowon Street.

“Similarly, Imo Government Lodges, Gado Nasko Street, Justice Sowemimo, Hassan Musa Katsina Streets, part of Jasse Martin, NIA, and TY Danjuma Street are without power supply.

“It said also affected are Lugbe, Jedo, Forte Royal, Back Of Dunamics, Customs Quarters, Aviation Village Piwoye Kapwa Ok Water, Nicomsat, Korean School and Nnamdi Azikiwe International Airport,”.

It attributed the power outage to a technical fault.

“The technical team of the Transmission Company of Nigeria (TCN) is currently working to restore the power supply.

“We regret the inconvenience this may cause and appreciate your patience and understanding,” AEDC said.

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Burial begins for Oyo school teacher killed by JAS terrorist group

The deceased teacher is expected to be buried at his residence in the Owolake area of Ogbomoso.

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The burial arrangements for Adesiyan Adegboye, the teacher killed during last Friday’s coordinated attack on three schools in Oriire Local Government Area of Oyo State, began on Friday at Ayegun Baptist Church, Ogbomoso.

Adegboye, 49, was shot dead during the invasion carried out by armed bandits at Baptist Nursery and Primary School, Yawota, Community Grammar School, and L.A. Primary School, Esiele.

The deceased teacher is expected to be buried at his residence in the Owolake area of Ogbomoso.

The attackers reportedly stormed the schools around 9:30am, abducting several teachers and students during the operation that threw the communities into panic.

Following the incident, the Inspector-General of Police, Olatunji Disu, visited the affected area on Saturday and ordered the deployment of additional detectives from the Force Headquarters in Abuja to support ongoing rescue efforts.

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FG launches GovGuideNigeria to boost citizens governance access

GovGuideNigeria platform is accessible through WhatsApp and the web, and is available in English, Hausa, Igbo, and Yoruba to ensure wider accessibility for citizens across different linguistic backgrounds.

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The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijan, has said that Nigerians can now access the government information and services through the newly launched GovGuideNigeria.

The artificial intelligence-powered platform was launched on May 21 by the government in collaboration with Meta, the National Centre for Artificial Intelligence and Robotics (NCAIR), and local developer partner Publica AI.

According to the Minister, the platform is accessible through WhatsApp and the web, and is available in English, Hausa, Igbo, and Yoruba to ensure wider accessibility for citizens across different linguistic backgrounds.

Tijani stated that the platform provides users with easy access to information from more than 35 federal ministries and over 60 government agencies.

He described the initiative as part of the government’s efforts to improve public service delivery through technology and digital innovation.

Sade Dada, Head of Public Policy, Meta, said during the launch “Meta’s open-source AI is critical to economic growth and productivity — and GovGuide Nigeria, is a clear example of what this looks like in practice.

Ignatius Willie, CEO, Publica AI said, “Today is not just a product launch. It is a step towards democratising how Nigerians engage with their government. With GovGuide Nigeria, we are not simply digitising access to public services; we are making them conversational, multilingual, and available on the channels Nigerians already use every day.

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