Business

FG Raises Fuel Supply To Avert Price Hike

Published

3 years ago

March 19, 2023

The Federal Government, through its Nigerian National Petroleum Company Limited, has increased the supply of Premium Motor Spirit, popularly called petrol, to independent oil marketers, in a bid to avert a further hike in the pump price of the commodity.

Oil marketers confirmed on Friday that the national oil company listened to their demands for an increase in the volumes of PMS released to independent filling stations, so as to curb the widening disparity in the cost of petrol.

They told our correspondent that the move by NNPCL had now improved the availability of products in retail outlets operated by independent marketers, adding that the national oil firm also promised to sustain this.

On Wednesday, it was reported that oil marketers warned that there could be an imminent hike in fuel price due to the poor supply of the commodity by NNPCL.

They cautioned that the disparity in the pump price of petrol would further widen due to the incomplete delivery of products to many filling stations.

According to the report, dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria, said there was a lopsided pattern in the distribution of PMS lately, stressing that this would cause scarcity and worsen the price disparity in retail outlets.

“Here in Port Harcourt, for instance, we have Oando and NNPC Retail, and they have products in some private depots. Master Energy and Liquid Bulk also have products, but there is no volume for independent marketers,” the National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, had stated.

He added, “Independent marketers have no volume in all these depots and we have over 3,400 tickets lying and waiting at the NNPC Retail account.

“This new system is now making independent marketers beg for petroleum products from NNPC Retail. The lopsided distribution pattern will continue to cause scarcity and price disparity in retail outlets.”

But when asked on Friday whether the NNPCL had listened to the demands of oil marketers, in order to avert the imminent price hike, Ukadike replied in the affirmative.

He said, “The NNPCL supplied 13 million litres and informed us about it. This is to cushion the effect of the poor supply in the affected areas. They also promised that they will ensure that marketers are given products back-to-back.”

The IPMAN official assured PMS consumers that with the sustenance of adequate supply by NNPCL, the cost of petrol at filling stations operated by independent marketers, would always revolve around the government-approved price.

NNPCL is the sole importer of PMS into Nigeria and this has continued for several year. Other marketers stopped importing the commodity due to the difficulty in accessing the United States dollar for PMS imports.

The marketers now source the commodity from NNPCL at a subsidised cost, for onward distribution to consumers across the country.

“That is the situation of things now. The recent supply of PMS has really helped in making the product available in many retail outlets across the country. So, with enough supply, the issue of unnecessary price disparities would be addressed,” Ukadike stated.

On Thursday, The PUNCH reported that the consumption of petrol in Nigeria had risen to about 80 million litres daily, pushing up subsidy on the commodity to an estimated N484bn monthly.

The report stated that an analysis of PMS weekly evacuation/dispatch data from March 4 – 10, 2023, obtained from NNPCL, indicated that a total of 558.83 million litres of petrol was evacuated during the period, translating to an average daily consumption of 79.83 million litres.

Around mid-last month, the Group Chief Executive, NNPCL, Mele Kyari, said about 66 million litres of petrol was pumped daily into the market by the oil firm, as the company was spending about N202 on every litre of PMS consumed across the country.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.