FUEL PRICES HIT N1000 PER LITRE

FUEL PRICES HIT N1000 PER LITRE

BY JENNIFER NWOSU 

The downstream sector of Nigeria’s petroleum industry faced deepening turmoil as Premium Motor Spirit (PMS) scarcity hit the Federal Capital Territory (FCT), Abuja, on a somber day.  

This latest crisis unfolded just a day after the Nigerian National Petroleum Company Limited (NNPCL) firmly denied the reinstatement of subsidies on petrol, setting the stage for a series of disheartening events.   

 Moreover, the official pump prices soared as well. Independent retailers charged customers at rates as high as N625 per litre, while the NNPCL managed to dispense the precious fuel at a slightly lower rate of N613 per litre. 

These price hikes stood in stark contrast to President Bola Tinubu’s earlier assurances that there would be no further increases in petrol prices, despite the supposed deregulation of the downstream market.   

With the crisis deepening, key industry players, including the National Association of Road Transport Owners (NARTO), Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Marketers Association of Nigeria (DAPPMAN), and other stakeholders, expressed growing concerns about the implications of deregulation on their businesses.  

 They voiced a compelling need for the Federal Government to provide foreign exchange at a subsidized rate, as the current pump prices no longer aligned with the market realities they faced. The situation has been further exacerbated by the NNPCL’s dominance in the industry due to its ability to access foreign exchange at the Importers and Exporters (I&E) window, an advantage that has eluded many other market participants.   

The beleaguered state of Nigeria’s petrol industry presents a significant challenge to both the government and the nation’s populace, who continue to grapple with the consequences of rising fuel prices and shortages.   

As these issues persist, the hope for a more stable and affordable fuel market remains elusive.

Comments

Post a Comment

Popular posts from this blog

SHEHU BAMIDELE SMASHES 8-Ball POOL WORLD RECORD AT POOLFEST NAIJA

Image
SHEHU BAMIDELE SMASHES 8-Ball POOL WORLD RECORD AT POOLFEST NAIJA By Jennifer Nwosu  Lagos added a new highlight to its cultural calendar on September 7th, 2025, when the Silverbird Galleria became the stage for an extraordinary Guinness World Record attempt. Organized by Poolfest Naija and powered by Globus Bank as the official title sponsor, the city played host to five days of non-stop suspense, skill and sporting endurance. At the center of it all was Shehu Bamidele, whose remarkable feat pushed the boundaries of human stamina. With unyielding focus, Shehu played 8-ball pool for an astonishing 112 hours straight, breaking the previous record of 111 hours. The project coordinator, Folajimi Abegunde, described him as relentless and determined", a fitting tribute to a performance that held audiences spellbound for nearly a week. The atmosphere inside the Galleria was electric. Crowds of enthusiasts and casual onlookers alike gathered, mesmerized by Shehu’s mix of endu...
Read more

AKOKO-EDO ADVOCATES FOR HOMEGROWN RESTRUCTURING, REAFFIRMS COMMITMENT TO SELF-DETERMINED DEVELOPMENT

Image
AKOKO-EDO ADVOCATES FOR HOMEGROWN RESTRUCTURING, REAFFIRMS COMMITMENT TO SELF-DETERMINED DEVELOPMENT By Jennifer Nwosu  The Akoko-Edo Development Association (AEDA) has reaffirmed the collective desire of the Akoko-Edo people to shape their administrative future through inclusive dialogue and locally inspired proposals, rather than externally driven initiatives. In a statement signed by Barrister Mrs. Mary Opii, Secretary of AEDA, the association emphasized the importance of community consensus in any restructuring process, gently clarifying that the people of Akoko-Edo were not consulted in a recent proposal advocating the creation of Agbelo East and West Local Government Areas. The proposal, credited to Hon. Anamero Dekeri, representing Etsako Federal Constituency was described as one that does not reflect the views or aspirations of Akoko-Edo constituents. AEDA noted that Hon. Dekeri’s constituency does not include Akoko-Edo and as such, his proposal though possibly ...
Read more

FROM LAGOS TO THE WORLD: SHEHU BAMIDELE SETS 120-HOUR 8-BALL POOL RECORD

Image
FROM LAGOS TO THE WORLD: SHEHU BAMIDELE SETS 120-HOUR 8-BALL POOL RECORD By Jennifer Nwosu  Lagos added a new highlight to its cultural calendar on September 7th, 2025, when the Silverbird Galleria became the stage for an extraordinary Guinness World Record attempt. Organized by Poolfest Naija and powered by Globus Bank as the official title sponsor, the city played host to five days of non-stop suspense, skill and sporting endurance. At the center of it all was Shehu Bamidele, whose remarkable feat pushed the boundaries of human stamina. With unyielding focus, Shehu played 8-ball pool for an astonishing 112 hours straight, breaking the previous record of 111 hours. The project coordinator, Folajimi Abegunde, described him as “relentless and determined,” a fitting tribute to a performance that held audiences spellbound for nearly a week. In a stunning twist, Shehu didn’t stop at 112 hours. Showing even greater resilience, he extended his run and pushed the record to 120...
Read more