News
Marketers Predict Petrol Could Drop Below N800 Per Litre, Renew Call for Import Permits
By Rukevwe Odeh
Independent petroleum marketers have expressed optimism that the retail price of Premium Motor Spirit (PMS), commonly known as petrol, could fall below N800 per litre if they are permitted to resume direct fuel importation and competition in the downstream sector is strengthened.
The projection followed a meeting convened by the Federal Government in Abuja with key stakeholders in the petroleum industry to examine why local pump prices have remained high despite a decline in international crude oil prices. The discussions brought together regulators, major and independent marketers, depot owners, transport operators, and representatives of the Dangote refinery.
Speaking after the meeting, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, urged the government to restore import licences to independent marketers while continuing to support domestic refining.
According to him, giving marketers direct access to products from the Dangote refinery, alongside regulated fuel imports where necessary, would encourage healthy competition and lead to lower prices for consumers. He added that many independent marketers have already reduced pump prices and are prepared to make further cuts as supply costs continue to ease.
Maigandi noted that petrol prices could fall below the N800 mark if marketers are able to purchase products at more competitive rates from refineries and depots.
Meanwhile, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the government is concerned that current petrol prices have not reflected the recent decline in global crude oil prices.
He stressed that although the downstream sector operates under a deregulated market, marketers should not continue to maintain high prices after the cost of replacing fuel stocks has fallen. The minister warned that failing to pass on the benefits of lower crude prices to consumers could worsen inflation and increase economic pressure on households and businesses.
Lokpobiri disclosed that consultations with industry players are continuing, expressing hope that the engagement will produce practical measures capable of reducing pump prices across the country in the near future.
By staff Reporter Rukevwe Odeh
Nigeria’s petrol prices may face downward pressure following a fresh decline in international crude oil prices, amid growing optimism that diplomatic efforts to end the conflict between the United States and Iran could lead to the resumption of crude oil and petroleum product shipments through the strategic Strait of Hormuz.
The development could ease pressure on global oil markets, as the Strait of Hormuz remains a major international route for crude oil and petroleum product transportation.
A possible restoration of shipping activities through the waterway is expected to improve global supply and reduce concerns over disruptions that have contributed to fluctuations in oil prices.
By staff Reporter Rukevwe Odeh
The Presidency and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, have exchanged words following allegations that officials of the Nigeria Football Federation (NFF) prevented him from greeting Nigeria’s victorious Under-17 women’s national football team, the Flamingos, at the Nnamdi Azikiwe International Airport, Abuja.
Obi alleged that NFF officials stopped him from approaching the players when he encountered the team at the airport on Monday, following their return from Morocco with the FIFA U-17 Women’s World Cup trophy.
In a statement issued through his media office, the former Anambra State governor said he had asked his protocol officer, Jackie Wayas, to find out whether he could welcome and congratulate the players.
By staff Reporter Rukevwe Odeh
Leader of the Warri South-West Legislative House and Chairman of the Delta State Councillors Forum, Rt. Hon. Ekpemupolo Idukedoumene Samuel, has warmly welcomed Delta State Governor, Rt. Hon. Sheriff Oborevwori, alongside members of the Delta State APC Campaign Council, to Warri South-West Local Government Area.
The visit forms part of the party’s political engagements and mobilisation activities ahead of the 2027 general elections.
Ekpemupolo Samuel’s reception of the governor and his entourage underscores the involvement of political and legislative stakeholders in the party’s activities across the local government area.
The visit also provides an opportunity for party leaders, elected representatives and grassroots stakeholders to interact as the APC intensifies its political engagements across Delta State.
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