Business
Fuel Scarcity: FG To Deal With Depot Owners Selling Beyond Approved Price
Published
3 years agoon
By
Editor
The Federal Government says it will deal decisively and sanction any Depot Owner caught selling petroleum products beyond the approved Ex-Depot price in the country.
Chief Timipre Sylva, Minister of State, Petroleum Resources, made this known on Thursday in Abuja while briefing newsmen on its effort to resolve the issue of fuel scarcity in the country.
Sylva urged the public to report anyone who tried to take advantage of the situation for sanctioning as required by the law.
“We are aware, just like President Muhammadu Buhari said in a statement, that there are some Depot Owners who are taking advantage of the situation by increasing the Ex-depot price.
“I can assure you that there will be sanctions for any of those depots that continue to increase the Ex-depot price as approved. We are going to deal decisively with anyone who tries to take advantage of this situation.
“It been a difficult few weeks; a few weeks ago, we had the issue of petroleum product shortage. I have already addressed that matter which coincided with the geopolitical tension in Ukraine and Russia.
“Prices of crude oil went up exponentially beyond levels expected. As you all know, when crude oil prices rise to that level, it can also affect the derivatives of crude oil.
“Nigerians are suffering because of the high diesel prices, including everywhere else globally.
READ ALSO: Jonathan Warns Bayelsa Youths Against Hostilities
“This is not peculiar to us at all. Diesel is a deregulated product and therefore, when the prices go up internationally, it affects the price also in Nigeria,” he said.
As a result, the minister said the trucks that could move petroleum products that ran on diesel were impacted and could not really cope with the high diesel prices.
Though he said the products were available in the depots, the trucks could not move the product because of the high cost of transportation.
This, he said, brought in another dimension to the crisis.
“If any deport owner increases price or any fuel station tries to take advantage of the situation, the public should report immediately.
“If we do not get the report, we cannot know what is going on or sanction them,” he said.
You may like
Show Of Force: Joint Security Operatives Take Over Benin As Naira, Fuel Scarcity Protesters Go Weird
1.3 Billion Litres Of Petrol Now Available – FG
FG Orders Massive Distribution Of Petrol To Marketers
Riot In Ogun As Angry Youths Protest Naira, Fuel Scarcity
Fuel, Naira Scarcity: Osun CSOs Accuse Buhari, Emefiele Of Insensitivity
Fuel Crisis: Transporters Kick, Threaten To Occupy NNPL Headquarters
Business
‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction
Published
23 hours agoon
September 13, 2025By
Editor
The decision of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to warn Nigerians against accepting Dangote Refinery’s recent fuel price reduction has drawn heavy backlash on social media, with many citizens mocking the union and embracing what they described as “much-needed relief.”
Dangote had announced lower petrol pump prices in several states alongside a new scheme to deploy compressed natural gas (CNG) trucks directly to filling stations, a move expected to reduce logistics costs.
But NUPENG dismissed the offer as a “Greek gift,” alleging that the refinery was undermining workers’ rights, sidelining the union, and pushing drivers into a rival association.
However, netizens have lambasted the union, querying that during hard times, NUPENG has never supported the masses.
On X (formerly Twitter), Nigerians quickly turned NUPENG’s warning into a trending topic, using humour and sarcasm to lampoon the union.
READ ALSO:NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable
Oloye Somorin Osifeso (@OloyeSomorin) wrote: “We like Greek gifts in my garage.”
Just Jude (@JustJude) asked bluntly: “Is it your deception?”
Oladele (@Oladele) quipped: “As Dangote Refinery dey offer Nigerians Greek gift, why can’t NUPENG too offer Nigerians French gift?”
Agbalaka (@Agbalaka) queried: “Can they tell Nigerians what exactly they are fighting about?”
CBN Gov Akinsola (@Akinsola) joked: “Then give us Trojan gift now 😆. Man do man. Man no go vex.”
Omobalaji (@Omobalaji) teased: “NUPENG, oya surprise us with Arabian gifts.”
READ ALSO:Union Gloves vs Corporate Fists: The Dangote–NUPENG Showdown
Habdulakeem Bahdmus (@BahdmusHabdulakeem) added: “If Dangote is showering Nigerians with Greek gift, NUPENG can also set up a Roman gift now.”
Femi Yekinni (@FemiYekinni) steered it back to reality: “We thank them for their advice. Now, @DangoteGroup pls how do we schedule deliveries to Badagry?”
Curtis Abbi (@CurtisAbbi) slammed the union: “Nigerians will manage the Greek gift. @officialNUPENG9, what gift have you given Nigerians in your entire years of existence? NUPENG should offer Nigerians their own Somalian gift 🤣.”
Akin Adejola (@AkinAdejola) echoed the sentiment: “LOL. I can bet Nigerians don’t mind the gift. NUPENG should gift Nigerians same ‘Greek gift’ too if they have any goodwill. NUPENG is the enemy of progress in the oil & gas sector.”
READ ALSO:NUPENG Tanker Drivers Announce Strike Over CNG Trucks Dispute
Adeola Akinwande (@adeolarewaju9) criticised union leaders: “Does NUPENG remember Nigerians at hard times? They have all failed Nigerians the same way the @NLCHeadquarters has failed. They are living big on unionism and cashing out big time. Without unionism, some of their excos are nobody. They should stop the crocodile tears.”
Okunwa U. U. Azikiwe (@OkunwaUUazikiwe) argued: “Competition has created jealousy by the previous monopoly in the sale of fuel. They have lost control, and it is paining them that they are no longer in control. SMH!!!”
Solihull Abdulkareem (@SolihullAbdul) chipped in: “NUPENG or whatever, do you want the market to be monopoly? You’ve been doing what you want for many years. It’s time for change, just accept it and move forward.”
Temidayo (@Temidayo) asked: “It’s a lie. What benefits has your union provided for Nigerians? Middlemen syndrome has been room for corruption. Your association should go and buy shares in Dangote and work together to make Nigeria great.”
And LegalTech Sam Akanbi (@SamAkanbi) summed up: “Nigerians no longer want your Nigerian gift, we want the Greek gift. If you have a better offer, we’d abandon Dangote’s Greek gift and take yours. But for now, let the Greek gift go round.”
READ ALSO:NUPENG Mobilises Tanker Drivers, Petrol Attendants, Others For October 3 Strike
Recall that NUPENG earlier alleged that Dangote Refinery was forcing truck drivers to abandon its union for a rival group, the Direct Trucking Company Drivers Association (DTCDA).
The union also accused Dangote of undermining collective bargaining rights and violating a Memorandum of Understanding (MoU) signed under government supervision.
Dangote, however, denies the claims, insisting that union membership remains voluntary and that its delivery scheme is designed to cut costs and ease supply.
The federal government has intervened, with the Ministry of Labour and the Department of State Services mediating between both parties.
Business
Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
Published
2 days agoon
September 12, 2025By
Editor
Dangote Refinery has reduced its premium motor spirit retail price nationwide.
This is as it announced Monday, September 15, 2025, as the new date to begin the direct petrol distribution initiative.
The initiative, which Dangote Group had earlier announced would kick off on August 15, 2025, would see the $20 billion plant distribute petrol and diesel to consumers with its 4,000 compressed natural gas trucks at zero logistics cost.
The 650,000-barrel-per-day refinery said its new gantry price is N820 per litre, the same price announced last month.
READ ALSO:
The company, which is currently in a face-off with the Nigerian Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), disclosed this in a fresh price template released by Dangote Group on its X account.
With the new price template, in Lagos, Oyo, Ogun, Ondo, and Ekiti, Dangote Refinery’s petrol retail price stands at N841 from N860 per litre.
In Abuja, Edo, Delta, Rivers and Kwara states, the largest African refinery’s retail price is N851, down from N885 per litre.
This means that Dangote Refinery will deliver its petrol directly to willing consumers in Lagos and the South-west states at a reduced retail price of N19, while in Abuja, North Central, and the South-South, it will be a N34 reduction.
READ ALSO:
It stressed that the new price template and direct fuel distribution scheme are expected to take effect on Monday, September 15, 2025.
Meanwhile, the Dangote Refinery price template is not binding on petroleum marketers and retailers except MRS and its other distribution partners, according to DAILY POST.
NUPENG on Thursday announced that it may return to strike against Dangote Group, alleging that the company reneged on its recent resolutions.
However, Dangote Group said it respects the voluntary membership of unions by its workers.
Business
FG Gives Criteria For Opening Bank Accounts
Published
2 days agoon
September 12, 2025By
Editor
From January 1, 2026, all Nigerians and non-residents will be required to obtain a Tax Identification Number, Tax ID, to open or operate bank accounts.
The development followed the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu.
Section 8(2) of the Act makes the Tax ID compulsory for banking, insurance, stock broking, and other financial services. It also extends the requirement to contracts with federal and state governments.
READ ALSO:FirstBank’s Digital Banking Channels Suffers Downtime
For non-residents, Section 6(1) mandates registration for tax purposes, requiring them to obtain a Tax ID if they supply taxable goods and services or derive income from Nigeria.
To enforce compliance, Section 7(3) empowers tax authorities to assign a Tax ID to individuals or entities who fail to register. The Act also allows for suspension or deregistration of a Tax ID if a business ceases operations temporarily or permanently, provided tax authorities are notified within 30 days.
The legislation is aimed at expanding Nigeria’s tax net and boosting revenue collection. Analysts say the policy could significantly improve tax compliance rates nationwide.
Financial institutions are expected to adjust their systems and processes ahead of the January 2026 rollout.
- ADC Will Take Over Aso Rock, Lagos Govt House In 2027 — Aregbesola
- Nigerians Who Have Broken Guinness World Records
- What To Know About Albania’s AI Minister, Diella
- Sanwo-Olu makes U-turn, Unblocks Lawyer Who Sued Him Over Blocking On X
- Tragedy Deepens As Prime Suspect in Taraba Student’s Death Found Dead
- Ossiomo, Chinese Impasse: This Is Our Story — Management
- Israel-Palestine Conflict: Nigeria, 141 Countries Endorse Two-State Solution
- Five Soft Skills Every Graduate Must Have In Today’s Job Market
- 2027: Details Of Jonathan, Peter Obi Meeting Emerge
- Start A Small Business In These 7 Steps
Trending
- Metro4 days ago
Police Vows To Arrest Killers of NSCDC Officers In Edo
- News5 days ago
FULL LIST: FG Releases Approved Subjects For Basic, Senior Secondary Education
- News5 days ago
Edo Govt Denies Shares As Ownership Tussle Rocks Ossiomo Power
- Metro5 days ago
Tragedy As Traders, Ocha Brigade Clash At Onitsha Market
- Politics4 days ago
Warri Delineation: Ijaw, Urhobo Boycott CVR, Demand S’Court Judgment Implementation
- Politics4 days ago
BREAKING: INEC Recognises David Mark-led ADC Leadership
- Headline5 days ago
PDP Dead, Buried, Controlled By APC – Dino Melaye
- News5 days ago
Delta Govt Closes Six Unapproved Schools
- News5 days ago
Customs Appoint New Controller For Ondo/Ekiti Command
- News4 days ago
FG Gazettes New Tax Reform Laws