Petrol Tankers To Stop Loading Beyond 45,000 Litres By October 1 – IPMAN

Published

4 months ago

August 1, 2025

The Western Zone of the Independent Petroleum Marketers Association of Nigeria has said tankers will no longer load more than 45,000 litres of the product from October 1.

The Chairman of the zone, Chief Oyewole Akanni, disclosed this in an interview with the News Agency of Nigeria in Ibadan on Friday.

Akanni stated that the measure was adopted in a joint meeting involving IPMAN, the government and other stakeholders, held to reduce the cases of petroleum tanker accidents.

The stakeholders, he said, are the Petroleum Tanker Drivers, Nigerian Association of Road Transport Owners, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and oil marketers.

He said, “Before now, some tankers carried up to 90,000 or 60,000 litres, which was dangerous.

“Those big tankers damage our roads, as the trucks are made to carry far more than they were designed for.

“And when overloaded, they become unstable and fall, causing accidents.”

Akanni stated that the government had also mandated all tankers to install safety covers that prevent spillage in the event of a crash.

“With these covers, even if a tanker falls, fuel won’t spill, except if the tank is punctured,” he said.

He, however, lamented the activities of vandals, who deliberately puncture fallen tankers to steal fuel, describing it as a major challenge.

The IPMAN chairman also said that PTD discovered that most accidents occurred at night due to fatigue.

“We have, therefore, instructed drivers not to drive at night.

“Once it is 7.00 p.m., they must park and continue their journey by 7.00 a.m. the next day, but some still disobey this directive,” he said.

Akanni assured that IPMAN would continue to work with stakeholders to ensure that tanker-related accidents were minimised.

He said that the spate of fatalities had triggered federal interventions, calling for stricter regulations, mass education, and enforced safety reforms.

According to Akanni, the incidents form part of a broader wave of tanker disasters across Nigeria.

“These are marked by systemic failures, including overloading, poor infrastructure, inadequate enforcement, alongside dangerous public practices like fuel scooping,” he said.

NAN

Naira Records Second Consecutive Depreciation Against US Dollar

Published

5 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

3 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.