Business

Group To Buhari: Direct Marketers To Revert To Normal Petrol Price Or Face Nationwide Protest

Published

3 years ago

March 27, 2022

A group, Citizens For Righteousness and Social Justice, Imo State chapter, on Sunday threatened to lead Nigerians in a nationwide protest if President Muhammadu Buhari led government refuses to use its relevant agencies to get the petroleum marketers to revert petroleum products to the old and approved pump prices in 14 days.

The Chairman, Bishop Kenneth Obi, who stated this in a release made available to newsmen in Owerri, Imo State capital, said, unfortunately, the increase in the products has consequently affected adversely the prices of goods and services in the nation.

“The disheartening aspect of it is not that bad leadership has negatively affected the country’s economy but that nobody is speaking out either for the fear of being killed or intimidated by those who are behind our woes in the society.

“It is no longer news that factors including high exchange rate have caused inflation in Nigeria, the sudden increase in the prices of petroleum products has worsened the whole situation; stemming from the fact that almost all sectors of the economy depend on the use of petroleum products to produce goods or render meaningful services to the society.

“For instance, fuel has risen to N240 per litre against the government approved pump price of #1I65. Diesel now costs more than #550 per litre, same as kerosene and Liquefied Petroleum Gas which are three times higher than what they used to be a few years ago.

“A bag of rice which was once sold below N800 is now N38,000. The transportation sector is also affected as people now pay through their nose, to embark on journeys.

“Sadly enough, the hardest hit by this ugly development are the people considered as ordinary Nigerians; whose wages or salaries have not experienced the necessary upgrade.

“Of course, financially well to do individuals and highly placed government officials can afford petroleum products at whatever prices they are pegged which is why they rarely come out to speak for the masses.

“Recently the Federal Government imported bad fuel into the country which created an avenue for marketers to hoard the product; thereby creating an artificial scarcity which consequently skyrocketed the price even above N800. The situation which occurred in February last month has lingered with the price of fuel seemed not to be going down below N220 per litre.

” And it is crystal clear that the Federal Government has regulatory agencies like Petroleum Products Price Regulatory Agency (PPPRA) bestowed with the authority to ensure that petroleum marketers sell the products at the approved price.

“The question now is ‘does the failure of the government to get the marketers to sell at their approved price of N165 per litre entails that they have used the importation of bad fuel as a way to further increase the price of the product?

“If the answer is in the affirmative, then the Federal Government should open up to us (citizens) and provide palliative measures to cushion the effect of the accompanying hardship.

“But if the answer is ‘No’ the government should urgently prevail on the marketers to come down to the normal and approved price since the Nigerian National Petroleum Corporation (NNPC) has made persistent claims that they have enough product to serve Nigerians.”

Related Topics:Buhari Group petroleum price

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Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

1 month ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.