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Fuel price may crash to N500 per litre-Marketers
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Strong indications emerged at the weekend that prices of Premium Motor Spirit (PMS), popularly called petrol, may crash further in 2025.
Industry experts, who spoke to Saturday Sun, noted that petrol, which currently sells for between N900 and N950 in many fuel stations, may have its price further crashing to as low as N500 a litre in the course of the year.
According to oil stakeholders, the likely drop in prices of petrol in 2025 is premised on a strong downstream sector propelled by the deregulation policy of the federal government.
According to industry players, other reasons for the price drop include stable foreign exchange policy, price competition, Naira-for-crude policy and the coming on stream of the Port Harcourt, Warri, and Dangote refineries. They also affirmed that for the refineries to sell their products in the domestic market and accept payment in naira will contribute to price fall.
The Federal Executive Council (FEC) had last July approved the sale of crude to local refineries for payment in naira.
In addition to this is the rebound of activities by modular refineries, which are now upbeat about the downstream sector and have concluded plans to add petrol refining to their stable of products in addition to diesel which hitherto was their sole product line.
This comes as Nigeria’s current daily petrol consumption has hit approximately 40 million litres with local production. According to truck out data from the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), Dangote Refinery contributes an average of seven million litres while NNPCL controls 1.2 million litres, bringing the total to 8.2 million litres.
Modular refineries are out of the picture as they only produce diesel for now. The country currently has about 25 licensed modular refineries but only five are in operation.
This means that only 20.5 per cent of the country’s petrol need is met through local refining, while the remaining 79.5 per cent or 31.8 million litres are imported.
At the moment, the Dangote Refinery is producing about 30 million litres of petrol but only injects about seven million litres into the domestic market, a figure which increased by five million litres in October, up from its initial 25 million litres.
On the contrary, the 125,000 barrels per day Warri Refining and Petrochemical Company (WRPC), which commenced operations a few days ago, is operating at 60 per cent capacity with the production of Kerosene, Diesel and Naphtha.
Prior to the commencement of operations of Warri refinery, the 60,000 barrels per day old Port Harcourt Refinery, which commenced operations over a month ago, is injecting about 1.4 million litres of petrol via blending with straight-run gasoline, 1.5 million litres of diesel and 2.1 million litres of LPFO.
According to the Group Chief Executive Officer (GCEO), NNPC Ltd, Mr Mele Kyari, the 150,000 Port Harcourt Refinery 2 is currently undergoing rehabilitation and is at 90 per cent completion stage, ditto for the Kaduna Refinery which is also undergoing rehabilitation. But a presidency source told Saturday Sun that the Kaduna Refinery may not come on stream anytime soon due to the huge cost implication and other technical reasons.
Though Kyari had recently said NNPC was no longer importing petrol, major marketers and some private depot owners were still importing about 30 million litres daily to bridge supply shortfall.
But the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Ukadike Chinedu, in a telephone interview with Saturday Sun, said the coming on stream of Port Harcourt and Warri refineries is a game changer for the downstream sector as it will promote a healthy price competition as already being witnessed.
He said both the Nigerian National Petroleum Company Ltd and Dangote have reduced prices in the last three weeks, a signal to the gains of multiple sources of production.
Besides, he said the coming on stream of the NNPC Ltd refineries in addition to Dangote’s gives petroleum marketers and consumers the option of multiple sources of products as against a monopoly market.
Ukadike was upbeat that this development will see prices of petrol drop further below N500 per litre in 2025 as more players add capacity to refining petroleum products.
Again, he said the foreign exchange policy of the Federal Government is already yielding some positive results with a dollar exchanging for less than N1,800, adding that if this trend is sustained, petroleum prices would crash further because more foreign exchange would be conserved when products are no longer imported.
He further disclosed that more modular refineries are now beginning to take steps to add petrol refining to their line of product because they are now certain of the market through improved product demand.
According to him, all these improvements being witnessed in the sector is as a result of the deregulation of the downstream sector, which promotes efficiency, healthy rivalry and price competition among players to the benefit of the consumers.
The IPMAN Publicity Secretary further pointed out that the naira-for crude policy of the Federal Government is a major factor that will shape petrol prices in 2025 as it would tame inflation and reduce foreign exchange pressure
Also speaking, the President of the Petroleum Products Retail Owners Association of Nigeria (PETROAN), Mr Billy Harry, aligned with Ukadike.
Harry assured that the coming on stream of the Port Harcourt and Warri refineries would lead to cheaper fuel options for Nigerians.
The PETROAN President maintained that the possibility of affordable petrol for Nigerians is very feasible in 2025.
‘’As you can see, NNPC has reduced its ex- depot price from N1, 045 per litre to N899 per litre for marketers, translating to N925 per litre at the pumps for the end users. This, I must say, is very commendable. These are not small drops, but massive drops from N1, 045 to N899 ex- depot is a lot of drop.”
On the other hand, he said the Dangote refinery equally implemented a similar ex- depot price slash from N970 to N899.50 per litre. He pointed out that with the consistent availability of petroleum products, competition will set in and prices of petroleum products will drop further in the New Year.
In his submission, the Publicity Secretary of Crude Oil Refiners Association of Nigeria (CORAN), Mr Iche Idoko, said Nigerians would gradually begin to witness the gains, which is typical of a deregulated market.
“Price drop is one of the characteristics of deregulation we had highlighted. As the industry settles in to the regime of full deregulation, we are bound to see competitions amongst players, which ultimately will benefit the consumers.”
According to him, these competitions will be around prices, product quality, and credit lines available to bulk buyers.
This, he said, are the advantages that local refining brings. As more local refineries come on stream in the coming months, the industry shall see these positive trends of refiners and suppliers wooing consumers with price reduction and all manner of incentives.
News
G-60 Fires Back at Agbese, Insists No Signature Was Forged in Ugochinyere’s Minority Leader Bid
…group claim CCTV footage show lawmaker signing endorsement document
By Gloria Ikibah
The G-60 Minority Caucus in the House of Representatives has dismissed allegations that signatures on the nomination document endorsing Rep. Ikenga Ugochinyere for the position of Minority Leader were forged, insisting that all lawmakers who signed the document did so voluntarily.
The group’s response comes barely hours after a dramatic session on the floor of the House in which Deputy House Spokesperson, Rep. Philip Agbese, alleged that his signature had been forged on a list endorsing Ugochinyere’s emergence as Minority Leader.
The dispute is the latest twist in the battle for the leadership of the minority caucus following the resignation of former Minority Leader, Rep. Kingsley Chinda.
In a statement signed by Rep. Mukhtar Umar and Rep. Seyi Sowunmi on behalf of the G-60 Minority Caucus, lawmakers maintained that the endorsement process was transparent and enjoyed overwhelming support among opposition members.
“There is no forgery or fake signature in the nomination of Hon. Ikenga Ugochinyere of the Action People’s Party (APP) for the position of Minority Leader.
“Contrary to claims made by the Deputy Spokesperson of the House, Hon. Philip Agbese at the plenary today, all signatures appended to the nomination document were voluntarily provided by the lawmakers concerned. Out of the 81 members that constitute the Minority Caucus, 61 lawmakers willingly signed in support of Hon. Ikenga Ugochinyere’s nomination to fill the vacancy created by the exit of Hon. Kingsley Chinda following his defection to the All Progressives Congress (APC) and his subsequent emergence as the party’s governorship candidate in Rivers State”, the caucus said.
The lawmakers directly challenged Agbese’s claim that his signature was forged, describing the allegation as inaccurate and misleading.
The group said the controversy should not be allowed to undermine what it described as a democratic and transparent process carried out by members of the opposition caucus.
According to the caucus, “We note with concern the allegation by Hon. Philip Agbese that his signature was forged on the endorsement list. This claim is false and misleading. To establish the facts and dispel any misinformation, video evidence exists showing Hon. Agbese personally signing the nomination document and it will be sent out with this statement in the interest of transparency and accountability.
“We remain committed to due process, unity, and the collective interest of opposition lawmakers in the House of Representatives. Attempts to discredit a transparent and democratic process through unfounded allegations should be discouraged. We urge members of the public and the media to disregard claims of forgery and rely on verifiable facts regarding the nomination process.”
The latest development is expected to intensify the ongoing contest over the leadership of the minority bloc, with the House leadership already moving to engage opposition lawmakers in consultations aimed at resolving the dispute.
At the centre of the controversy is Ugochinyere’s claim that 61 of the 81 minority lawmakers have endorsed his nomination for Minority Leader, a development that has exposed deep divisions within the opposition caucus and triggered competing claims over the legitimacy of the process.
With both sides standing firmly by their positions and fresh evidence now being cited by the G-60 group, attention is likely to shift to any formal investigation by the House leadership into the allegations and counter-allegations surrounding the minority leadership contest.
News
Tinubu’s 3rd Anniversary: Wike Unveils Massive Abuja Transformation, Says Projects Ready for Commissioning(Photos)
As preparations gather momentum for the third anniversary of President Bola Ahmed Tinubu’s administration, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared that major infrastructure projects executed across Abuja are ready for commissioning, describing them as tangible evidence of the President’s commitment to delivering democratic dividends.

Speaking on Thursday after inspecting key projects across the FCT, Wike said the projects reflect the administration’s determination to transform both the city centre and satellite towns through massive investments in infrastructure.
“Governance is about delivering results, and these projects are clear evidence of President Tinubu’s commitment to improving the lives of Nigerians. All the projects we inspected are 100 per cent ready for commissioning,” the minister stated.
The projects inspected include the Jahi-Gwarimpa interchange, the Airport Expressway to Kuje Road, Kuje to Gwagwalada road, the Outer Southern Expressway main carriageways and the aesthetic redesign of the Abuja City Gate.

Wike expressed satisfaction with the quality of works delivered by contractors, noting that residents would continue to reap the benefits of improved transportation and connectivity.
He particularly highlighted the impact of the Airport -Kuje Road and the Kuje to Gwagwalada road, saying they have significantly reduced travel time between the city centre and satellite communities.
“You can now drive from the city to Kuje in less than 25 minutes. This is what governance should be about making life easier for the people and ensuring that development reaches every part of the territory,” he said.

The minister also praised the transformation of the Abuja City Gate, describing it as one of the signature projects that would reinforce Abuja’s image as a world-class capital city.
“We are very happy, particularly with the City Gate. Anyone coming into Abuja will immediately appreciate the beauty and identity of the capital city. It is a landmark project that showcases the ongoing transformation of the FCT,” he added.
According to Wike, the commissioning exercise is expected to commence next week, with the sequence of events subject to final approval by the Presidency.
He disclosed that the Outer Southern Expressway (OSEX) extension and the Airport Road-Kuje Road are among the projects proposed for early commissioning, while other projects will be inaugurated by senior government officials representing the President.
“It is a comprehensive programme and Mr. President may not be able to personally commission all the projects. The Vice President, Senate President, Speaker of the House of Representatives, the First Lady and other senior officials will participate in the exercise,” he said.

The minister further revealed plans for the flag-off of additional road projects, including the Tunga Madaki-Zuba Road and other strategic routes being executed by CCECC, indicating that the FCT Administration was sustaining its aggressive infrastructure drive.
Wike called on the media to help showcase the achievements of the Tinubu administration in the FCT, stressing that the scale of development demonstrates the President’s resolve to modernise the nation’s capital.
“You have seen the transformation yourselves. The media should help tell the story of what is happening in Abuja. These projects are changing both the city centre and the satellite towns, and residents are already beginning to feel the impact,” he said.
The minister commended the contractors for adhering to project timelines and delivering quality infrastructure, expressing confidence that the completed projects would further boost economic activities and improve the quality of life for residents of the Federal Capital Territory.
News
Senate endorses Bill seeking to establish National Agency for Malaria elimination
The Senate has endorsed for third reading a bill seeking the establishment of the National Agency for Malaria Elimination, aimed at coordinating efforts to prevent, control, and eventually eradicate malaria in Nigeria.
The bill, sponsored by Senator Ned Nwoko (Delta North), was passed following the consideration and adoption of a report by the Senate Committee on Health (Secondary and Tertiary), chaired by Senator Ipalibo Harry Banigo (Rivers West).
According to the committee, the proposed agency will coordinate national malaria elimination programmes and shift the country’s response from treatment-focused interventions to prevention and eradication strategies.
The agency is also expected to establish zonal and state offices to drive implementation through a framework anchored on law, science and accountability.
President of the Senate, Godswill Akpabio, described the legislation as a landmark step in the fight against malaria, noting that the disease remains one of Nigeria’s most common health challenges.
Speaking with senate correspondents after the passage, Nwoko expressed confidence that malaria elimination in Nigeria is both practical and achievable.
He said the proposed agency would deploy strategies such as effective waste management, environmental fumigation and vaccine research to combat the disease, adding that its establishment could position Nigeria as the first malaria-free country in Africa.
MalariaTreatment For Newborns
Last month, the World Health Organisation announced that it had given prequalification approval to a malaria treatment for newborns and infants for the first time.
Artemether-lumefantrine is the first antimalarial formulation designed specifically for the youngest victims of the mosquito-borne disease.
It said that the prequalification designation indicated that the medicine met international standards of quality, safety and efficacy.
Before the prequalification approval, infants have been treated with formulations intended for older children — carrying a greater risk of dosage errors, side effects and toxicity.
“For centuries, malaria has stolen children from their parents, and health, wealth and hope from communities,” said WHO’s chief Tedros Adhanom Ghebreyesus.
“But today, the story is changing. New vaccines, diagnostic tests, next-generation mosquito nets and effective medicines, including those adapted for the youngest, are helping to turn the tide.
“Ending malaria in our lifetime is no longer a dream — it is a real possibility, but only with sustained political and financial commitment. Now we can. Now we must,” he added.
In 2024, there were an estimated 282 million malaria cases and 610,000 deaths in 80 countries, according to the WHO, and Africa accounts for 95 per cent of cases and deaths, with children under five accounting for three-quarters of those deaths.
The UN health agency says progress against malaria is being hampered by drug resistance, insecticide resistance, diagnostic failure and sharp reductions in foreign aid spending.
Globally, 70 per cent of countries do not have regulatory systems that are robust enough to oversee medicines, vaccines, tests and medical devices.
Credit: Channels TV
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