Connect with us

News

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

Published

on

730 Views

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

ASCON To Be Rebranded “National School Of Government”

Situated at Topo, Badagry Lagos, President Tinubu said that the proposed institution would serve as a national centre for leadership development, policy delivery and executive capacity building.

Published

on

By

11 Views

President Bola Tinubu has asked the Senate to approve a bill seeking to repeal the Administrative Staff College of Nigeria (ASCON) Act and establish the National School of Government, Nigeria.

Situated at Topo, Badagry Lagos, President Tinubu said that the proposed institution would serve as a national centre for leadership development, policy delivery and executive capacity building.

Senate President Godswill Akpabio read the president’s letter transmitting the National School of Government Bill 2026 to the upper chamber during Wednesday plenary.

In the letter, Tinubu urged the Senate to give the proposed legislation expeditious consideration, stressing the need to establish a dedicated institution to strengthen leadership development and improve the capacity of public officials to deliver government policies.

The president invoked Section 58(2) of the 1999 Constitution, as amended, to formally transmit the bill to the Senate for legislative consideration.“Pursuant to Section 58 (2) of the 1999 Constitution of the Federal Republic of Nigeria, as amended, I forward herewith the National School of Government Bill 2026 for the kind consideration of the Senate,” Tinubu stated in the letter.

He expressed the hope that the lawmakers would give the bill the necessary attention and facilitate its consideration.

According to the president, the proposed institution would serve as a national centre for leadership development, policy delivery and executive capacity building.

Continue Reading

News

Sanwo-Olu Appoints Olatunbosun Ogunbanwo, 5 Others as Perm Secs

Ogunbanwo brings nearly three decades of experience in public service, strategic communication, public relations and information management.

Published

on

By

18 Views

•Mr. Olatunbosun Ogunbanwo

Lagos State Governor, Mr. Babajide Sanwo-Olu, has appointed Mr. Olatunbosun Ogunbanwo, Director of Public Affairs at the Lagos State Ministry of Health, as a Permanent Secretary in the State Public Service, alongside five other senior officers.

The five other senior officers appointed as Permanent Secretaries as conveyed by the Head of Service (HOS), Mr. Bode Agoro, in Circular Ref. No. CIR/HOS/’26/071, dated October 13, 2026, are Dr. Olawale Mahadiyu Adegbite, Director of Medical Services, Health Service Commission; Mrs. Folashade Aina Thomas-Orogan and Mr. Adebayo Mubashiru Haroun, both Directors, State Counsel at the Ministry of Justice.

The rest are Mrs. Olayinka Margret Oye-Bamgbose, Director of Administration and Human Resource at the Lagos State University Teaching Hospital (LASUTH) and Mrs. Bilquees Toyin Adekoya, Principal/Director of Education at Education District VI.

The appointments, which take effect from October 13, 2026, were aimed at reinvigorating the State’s policy implementation apparatus and strengthening public service delivery.

Mr. Olatunbosun Ogunbanwo

Ogunbanwo brings nearly three decades of experience in public service, strategic communication, public relations and information management.

Before his appointment, Ogunbanwo served as Director of Public Affairs at the Ministry of Health and previously held the same position at the Ministry of Agriculture.

He also played key communication roles in Lagos State’s responses to public health emergencies, including Ebola, COVID-19, Lassa fever and diphtheria.

Continue Reading

News

NAF Crash: Residents Fear Disease as Body Parts Foul Community River

Published

on

40 Views

Residents of Igbokoda in Ilaje Local Government Area of Ondo State are grappling with a severe public health and environmental crisis following the crash of a Nigerian Air Force (NAF) ATR-42 aircraft into a swamp near the community.

The aircraft, on a routine mission from Benin City to Lagos, crashed last Monday, killing all 25 people on board. Recovery efforts continue amid difficult swampy terrain, with large sections of the wreckage and human remains still unrecovered.

The traditional ruler of Igbokoda, Oba Afolabi Odidiomo, said residents have been battling an extremely offensive odour caused by decomposing human remains floating in the river. “The odour is extremely offensive. So many parts of the human body are floating around in the river. Some of the bodies have not been recovered. They have decomposed, and it is affecting everything,” he stated.

He warned that the river — the community’s main source of water for drinking, cooking and fishing — has been polluted by the remains and aviation fuel spillage. Residents can no longer safely use the water, raising fears of a disease outbreak.

Ondo State authorities confirmed they are assessing the environmental and public health impact, with plans for decontamination. Recovery teams, including the Navy, Air Force and emergency agencies, are intensifying efforts to retrieve remaining wreckage and remains.

Continue Reading

Trending