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Crude Oil Price Will Dictate Petrol Pump Price, Says FG

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The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri on Thursday insisted that fluctuations in the pump price of petrol would be determined by the price of crude oil in the international market.

Lokpobiri who spoke in Abuja at the the inaugural meeting of the Petroleum Industry Stakeholders Forum, PISF, in Abuja, noted that the downstream sector is now fully deregulated with the government no longer involved in setting prices.

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The government’s position followed the recent hike in the price of petrol from N909 per litre to N970 per litre by depot owners, fueling fears of a possible rise in pump price at filling stations to over N1,000 per litre.

Lokpobiri pointed out that deregulation ended all malfeasance associated with the petrol subsidy policy.

He said: “The whole essence of deregulation is for price to find its level. Before now you will agree with me that every day you are hearing negative news about petrol subsidies. Today, you journalists have no negative news about petrol subsidies because it is completely regulated, and the price will find its level.

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“As oil price goes up, petrol price will go up and as oil price comes down, price will come up. During the Christmas season, I was in Bayelsa, and I tried to go around different filling stations. Some filling stations were selling N1,020, others were selling N999, while others were selling N1,015.

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“What we are concerned about, and I’ve always had that discussion with you, with the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, is that the government is more interested in quality control. Government is more interested in availability and what the government is particularly interested in is dispensation of the right quantity.

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“If you are buying 10 litres of PMS, let it be that you are not short changed by the retail filling station. That is where we have issues. And once there is competition, people have a choice, and that’s why you don’t see any queues”.

The Minister explained that the PISF which is modelled after the Bankers Fommittee meetings will afford leaders in the oil and gas industry the opportunity of addressing industry issues, amicably.

Also speaking, the Chairman, Major Energy Marketers Association of Nigeria, MEMAN, Mr. Huub Stockman explained that although petrol pump price is affected by crude oil price, this may not be immediate.

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Mr. Stockman, who is also the Managing Director, NNPC Retail, added: “This is because crude and product prices don’t always directly relate. And it’s not always that when the crude price changes, immediately all other products that are derivatives from it change. But I think normally there is a correlation, but I think it’s too early to say when or what impact it would have”.

READ ALSO: Dogs Attack, Kill Nigerian Woman In Italy

On his part, the Authority Chief Executive, NMDPRA, Farouk Ahmed explained that the full price deregulation of petroleum products market has enabled the creation of a level playing field which fosters healthy competition and enables investment opportunities.

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He stated that the “reform has occasioned adequate supply and distribution of petroleum products in the country, with consumers enjoying competitive prices and value-added services. The National Energy security has been further enhanced with multiple sources of supply. For the first time in many years, the country witnessed the end-of-year festivities and the beginning of a new year without any supply disruption or product shortages that may have lead to fuel queues”.

Ahmed observed that “the contribution of domestic refineries to national energy supply requirements and participation of other Oil Marketing Companies (OMCs) in product supply has been enhanced. Equally, the emerging competitive market environment, downswing in international market price, appreciation in Naira and multiple sources of supply, continue to encourage steady stability in pump price of petroleum products nationwide”.

He added that “the Forum will aid speedy resolution of issues by the policy-making and regulatory bodies thereby helping to mitigate disputes that may otherwise lead to unnecessary and costly litigations or alternative dispute resolutions”.

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READ ALSO: Naira-for-crude: LCCI Reveals Solution To Crash Fuel Price In Nigeria

Earlier in his address at the meeting, the Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr Gbenga Komolafe said the Commission was working hard in collaboration with stakeholders to increase Nigeria’s oil production, adding that the number of active oil rig has increased by 79 per cent from 8 in 2021 to the current 38.

He said: “The upstream sector experienced growth in the national oil and gas reserves by 1.45% and 0.206% respectively in 2024 compared with 2023 and oil production rose by 26% from April 2023 to November 2024. The active rig count increased from an average of 8 in 2021 to 38 as at today representing 79% growth. Also, with effective collaboration with the security agencies, the theft and deferment has reduced drastically by more than 40% in the last year. The import of this is that its not all gloomy for the industry”.

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While describing the creation of the forum as timely, Engr Komolafe harped on the need to significantly increase oil production in the country.

“The 2025 budget is predicated on crude oil production of 2.062 million barrels at $75 per barrel whereas our current production is averaging 1.7 million barrels leaving a deficit of about 350,000 barrels to be bridged. To avert budget deficit and revenue gap, the Commission launched the project 1m barrel per day incremental production initiative during its 3rd year anniversary.

“This initiative entails that every player within the upstream value chain operates in onestop shop economic system as against operating in silos thereby failing to leverage optimum capability and economic of scale”, he stated.

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Naira Records Three Straight Depreciations Against Dollar As Foreign Reserves Drop

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Nigeria’s naira continued its depreciation streak against the dollar at the official foreign exchange market on Wednesday for the third straight time this week.

The Central Bank of Nigeria’s exchange data disclosed that the naira dropped again to N1,535.61 per dollar on Wednesday from N1,535.24 traded on Tuesday.

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This means that the marginal weakening to 0.37 against the dollar on a day-to-day basis.

From Monday to Wednesday this week, the naira has shed N3.07 against the dollar at the official exchange market.

READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market

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Meanwhile, at the black market, the naira remained stable at N1,540 per dollar on Wednesday, the same rate as the previous day for the majority of Bureau De Change Operators in Wuse Zone 4, Abuja.

This comes as the Central Bank of Nigeria Governor, Olayemi Cardoso, in his communique after the 301st Monetary Policy Committee held this week, said the country’s external reserves stood at $40.1 billion as of July 18, 2025.

However, checks on CBN’s website on Thursday showed that Nigeria’s external reserves had dropped to $38.37 billion as of July 22, 2025.

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French Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv

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French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal. The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23.

The approval comes after months of intense negotiations and regulatory reviews, and paves the way for the deal to be finalized by October 8, 2025. While the Tribunal gave the green light, it imposed several public interest conditions to protect local content and maintain South Africa’s media sovereignty.

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For Canal+, the deal represents a major strategic expansion into Africa’s booming media and entertainment market. Already operating in 25 African countries with over eight million subscribers, Canal+ is now positioned to significantly scale up its presence, targeting 50 to 100 million subscribers across the continent in the coming years.

MultiChoice, Africa’s largest pay-TV broadcaster, brings more than 14.5 million subscribers in 50 sub-Saharan African countries, as well as flagship platforms like DStv and GOtv. The company is also home to premium content brands such as SuperSport, making it an attractive acquisition for the French media powerhouse.

READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers

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Describing the deal as transformative, Canal+ CEO Maxime Saada said: “The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”

One of the key benefits of the merger is the integration of Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings—creating a multilingual media powerhouse capable of serving diverse African audiences.

Beyond strategic value, the acquisition is also a timely boost for MultiChoice. The deal is expected to inject fresh capital into the South African broadcaster, enabling deeper investment in local content production, technology upgrades, and digital innovation.

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READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers

As part of the Competition Tribunal’s conditional approval, Canal+ has committed to spend approximately 26 billion rand over the next three years on initiatives aligned with South Africa’s public interest objectives. These include retaining MultiChoice’s headquarters in South Africa, maintaining investment in local content and sports broadcasting, and supporting local content creators.

In a joint statement, both companies reaffirmed their commitment to the South African media ecosystem: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”

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Canal+ began its takeover bid in 2023 with a mandatory buyout offer of 125 rand per share, valuing MultiChoice at around $3 billion. With full ownership now secured, the French media giant is poised to redefine Africa’s pay-TV industry, tapping into its vast potential and shifting the competitive

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JUST IN: Again, NNPCL Reduces Fuel Price

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Nigerian National Petroleum Company Limited has reduced its premium motor spirit price for the second time in one week.

It was observed on Wednesday, that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.

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This represents an N5 per litre downward price review when compared to its earlier N895 pump price.

NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.

READ ALSO: First Bank: Controversy Trails Multi-billion Naira Shares Deal

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The latest adjustment comes barely a week after the company implemented a retail price slash.

While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.

The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told DAILY POST earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.

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