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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
Reps Move to End Rejection of NYSC Members by Government Agencies
…say the practice undermines National Service Scheme, waste public funds
By Gloria Ikibah
The House of Representatives has taken steps to address the growing rejection of National Youth Service Corps (NYSC) members by government institutions across the country, warning that the trend is undermining the objectives of the national service scheme and depriving young graduates of valuable work experience.
The move followed the consideration of a motion sponsored by Rep. Rodney Ambaiowei, who raised concerns over what he described as the increasing refusal of Ministries, Departments and Agencies (MDAs) to accept corps members posted to them for their mandatory one-year national service.
Presenting the motion, Ambaiowei reminded lawmakers that the NYSC was established as a critical component of Nigeria’s post-civil war reconciliation and nation-building efforts.
He stated: “The National Youth Service Corps (NYSC) scheme was established as part of the post-civil war reconstruction of Nigeria with the specific aims of fostering national unity, reconciliation, and reconstruction by engaging young graduates in community service and promoting a sense of shared national identity and purpose. The scheme came into effect vide Decree No. 24 of 1973 (now the National Youth Service Corps Act, Cap. N84, LFN, 2004) promulgated by the General Yakubu Gowon administration.”
The lawmaker noted that for more than five decades, the scheme has played a significant role in promoting national integration by deploying graduates to states outside their regions of origin and residence.
Ambaiowei further highlighted the positive contributions of the programme over the years, including community development, business growth and social integration.
According to him, “Since its inception, the scheme has fostered national cohesion and healing, as a mandatory national scheme, graduates of universities and polytechnics from different regions of the country converge to render compulsory one-year national service in locations other than their states of origin and residence.
“The scheme has recorded positive impacts in credible service delivery, marriages contracted during service year, successful business development in places of primary assignment, and integration of corps members in their host communities, among other benefits”.
Despite these achievements, the lawmaker expressed concern that many government establishments now routinely reject corps members posted to them, leaving graduates without meaningful opportunities to contribute or gain practical experience.
Ambaiowei also cautioned that the practice amounts to a waste of public resources, as the government continues to pay allowances to corps members who are left without structured engagements.
“The scheme, which is designed to provide willing workforce to the public and private sectors, is currently facing setbacks as Government establishments are rejecting NYSC corps members, denying them service opportunities and experience. This has left many graduates vulnerable to exploitation by private firms and crime, while wasting the scheme’s intended workforce for public and private sectors.
“The rejecting corps members wastes public funds since the government still pays stipends for no economic contribution, without a clear engagement plan, the NYSC scheme loses value and discourages future graduates from participating.
“Proper deployment and utilisation of this young Corps Members’ energy in government offices during service year will enhance valuable experience, prepare them for rewarding careers in the public and private sectors, and boost national productivity and economic growth”, he added.
Following deliberations, the House resolved to urge all Ministries, Departments and Agencies of government, including the National Assembly, to stop rejecting corps members and instead create work structures that accommodate and effectively engage them.
Lawmakers also mandated the House Committee on Youth Development to liaise with the Director-General of the NYSC with a view to developing a comprehensive framework for deploying and harnessing the potential of corps members throughout their service year.
The resolution is expected to strengthen the implementation of the NYSC scheme and ensure that young graduates are given meaningful opportunities to contribute to national development while acquiring practical workplace experience.
News
Reps Order FCTA, Works Ministry to Urgently Cleanup Blocked Waterways,Sewage Systems in Abuja
By Gloria Ikibah
The House of Representatives has directed the Federal Capital Territory Administration (FCTA) and the Ministry of Works and Housing to immediately clear blocked drains and repair damaged drainage infrastructure in parts of Abuja plagued by flooding and sewage-related challenges.
The directive affects key locations including Shehu Shagari Way, LaSalle Junction, Alvan Ikoku Way and other flood-prone areas across the Federal Capital Territory.
The House also called on the FCTA to develop and implement a comprehensive sewage evacuation and drainage maintenance programme, while engaging urban planning and environmental experts to design sustainable solutions to recurring sewage blockages and drainage failures across the capital city.
The resolutions followed the adoption of a motion titled “Need to Clear Blocked Waterways and Sewages in the Federal Capital Territory, Abuja”, sponsored by Rep. Blessing Onuh during Thursday’s plenary.
Moving the motion, Onuh warned that neglected drainage channels and blocked sewage systems had become a major public health and environmental concern, contributing to repeated flooding in several parts of Abuja.
She noted that some of the worst-hit locations include Shehu Shagari Way, LaSalle Junction and Alvan Ikoku Way at Minister Hill, as well as communities within the Area Councils of the FCT.
She said: “These problems stem from poor drainage maintenance and blocked channels resulting in stagnant water that emits foul odors and poses serious health and environmental hazards to residents and commuters.
“Worried that the resulting unhygienic conditions from stagnant water and blocked drains increases the risk of waterborne diseases and affect the quality of life within the FCT.
“Also worried that despite repeated public complaints, the response from relevant authorities has remained inadequate, with insufficient proactive measures”.
The lawmaker stressed that proper maintenance of drainage and sewage systems was essential to preventing hazardous overflows and protecting public infrastructure, health and the environment.
The House unanimously adopted the motion, expressing concern over the recurring flooding incidents and the growing risks posed by poorly maintained waterways and drainage channels.
The House mandated its Committee on the Federal Capital Territory and the Committee on Legislative Compliance to monitor implementation and ensure that the relevant authorities comply with the resolutions.
The latest intervention comes amid growing concerns over flooding and sanitation challenges in parts of Abuja, particularly during the rainy season when blocked drains often worsen traffic congestion, damage infrastructure and expose residents to health risks.
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.
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