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 Depreciates Against Dollar

Published

3 days ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

2 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month 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.