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Why some stations sell petrol above N1,000/litre — Marketers

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Marketers of petroleum products say filling stations still sell Premium Motor Spirit, otherwise called petrol, above N1,000 per litre because they have yet to sell out the old stock.

According to them, the old stock of PMS was bought at the rate of N970 and many still have the product in their tanks.

The PUNCH reported that on December 19, 2024, the Dangote refinery slashed the ex-depot price of its petrol from N970 to N899.50 per litre.

Similarly, the Dangote refinery announced its partnership with MRS Petrol station to sell petrol from its retail outlets nationwide at N935 per litre.

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The President of Dangote Industries Limited, Aliko Dangote, clarified that the reduction in the price of PMS was primarily driven by the complex dynamics of market forces.

This generated what some called a price war in the downstream sector, forcing the Nigerian National Petroleum Company Limited to reduce its ex-depot price to N899 per litre.

Since the price cuts, NNPC retail outlets in Lagos and its environs have adjusted their pumps to N925/litre.

Similarly, some major marketers were forced to sell petrol below N1,000 a litre. Some sell at N990, N980, N950 or N935.

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However, our correspondent observed that despite the price reduction, many filling stations are still selling a litre of petrol above N1,000.

In many filling stations in Lagos, Ogun and many other states, the price still goes for as high as N1,070 per litre.

Although some have effected some changes, they still sell around N1,050, N1,030, N1,010 or N1,000 per litre as of Wednesday.

The price disparity between these filling stations and those owned by major marketers has been blamed for the queues in the latter.

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Speaking in an interview with our correspondent, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said the marketers were still struggling with the old stock they bought at the old price.

Fashola maintained that the reduction cannot just take effect immediately.

“Some of our members have old stocks. So, there’s no way they can just start immediately. It’s only when they go back to the market to purchase at the lower price, then they will start selling at the new price. If you look around, as of yesterday, I see many of our members have come down to N940 or N935 in Lagos. So, by next week, you will see more of them. Once they finish with their old stock, they will start selling at the reduced rate,” Fashola stated.

According to him, marketers are aware of the competition out there and no one wants to be left behind.

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“You cannot deceive yourself. This is competition. This is what we have been asking for. So, if you like, put your fuel at N1,500, nobody will buy it. So, it’s not deliberate. If you are still seeing a few of us that are still selling at N1,000, it is because of the old stock. Once they finish with their old stocks, they will start selling at the lower price,” he emphasised.

When Fashola was reminded that the filling stations would not have retained the old price if the price had gone up, he replied, “Well, as a businessman, your purpose is to remain in the business. So, if you make a huge loss, you can go down. That’s just it. It is natural.”

Nonetheless, the IPMAN Vice President maintained that a lot of marketers are now making losses due to the price reduction.

“Even at that, some of us still make losses. I can tell you that some people when their stock gets to a level that they can bear the loss, they will reduce their prices. I can take myself an example. Some of my stations yesterday, when we looked at our stock, maybe we had 20,000 litres in some of our stations, we calculated our losses and I thought it was minimal. So, we reduced our prices despite being the old stock.

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“That’s the truth. That’s because people are running away. That’s the reality. Many of our members are doing that too. When they calculate the loss and they can bear this loss, they fix a new price,” he stated.

While acknowledging the positive impacts of deregulation, Fashola noted that there is also a negative effect to it.

“The negative effect of deregulation is like what we are just discussing. If you buy a product at maybe, N1,000 today, and tomorrow, the price goes down to N950. You’ve already recorded a N50 loss. You buy a product today from a depot and the following day, the price goes down. Have you finished that stock? It’s not possible. That is the negative aspect of it. Therefore, you have to be careful. You have to go with information before you make your purchases, even before you make your imports.

“And there are some factors you have to consider. That is the exchange rate and the crude oil price. Those are the major factors that determine the price of petroleum products. So, you have to be futuristic. You have to be able to project very well before you make your move. Otherwise, you enter into trouble. That is one of the negative aspects of deregulation. But, we have to cope with it,” he explained.

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The marketer lamented that those in the business now face financial challenges following the removal of fuel subsidies.

As the price of PMS rose from N200 to N1,000 per litre, Fashola disclosed that marketers are finding it difficult to do business, especially as the interest rate rises monthly in banks.

“When you go to the bank, you know the interest you will pay. So, which way? We need more money to remain in business–more money, but with a little margin. This is really impacting on us. But we all call for deregulation and we have to live by it. We don’t have an option,” he added.

Fashola advised marketers to get themselves prepared for the challenges ahead, the reality, and the new trend, saying “We cannot be doing our business the way we used to do it before.”

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On his part, the National Publicity Secretary of the Petroleum Products Retail Outlet Owners Association of Nigeria, Joseph Obele, said no member of the association has bought fuel at the reduced rate.

“None of our members has bought at the reduced rate at the moment,” Obele said, justifying why some filling stations still sell PMS at a higher rate.

He added that there was a wide disparity between the price of PMS in Lagos and Port Harcourt or other places far from Lagos.

According to him, the NNPC sells PMS at N899 in Lagos and N970 in Port Harcourt due to logistics.

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Credit: PUNCH

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Popular gospel singer, Asu Ekiye finally opens up on his failed 28-year-old marriage

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Popular Nigerian gospel singer Asu Ekiye has finally opened up on how his estranged wife, Kunemofa Asu, initiated the divorce proceedings that led to the dissolution of their 28-year marriage.

Ekiye, popularly known as the “Prince of the Niger Delta”, made the clarification in a statement shared on social media.

The clarification followed reactions to his earlier announcement on Thursday that his marriage to Kunemofa, which began in 1998, had ended.

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The announcement sparked widespread reactions from fans of the award-winning singer, especially netizens, with many expressing shock at why a marriage of that length could have been salvaged.

However, following public curiosity, the singer, in a new post, clarified that his wife initiated the split and filed for divorce without a prior quarrel, and that reconciliation efforts failed.

Ekiye said his wife had expressed her desire to end the marriage, moved out of their home, and subsequently instituted divorce proceedings.

“The decision regarding the dissolution of my marriage was not one I initiated.

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“Having done all I could to seek reconciliation, I eventually came to the difficult decision to accept the reality of the situation,” he said.

The singer said he spent about a year making efforts to reconcile with his wife and preserve the marriage, but she remained firm in her decision.

Ekiye said he decided to clarify the circumstances surrounding the divorce after receiving numerous calls and messages following his announcement about the end of the marriage.

He said he bore no bitterness or ill will towards his former wife and had chosen to approach the new phase of his life with dignity and respect for all concerned.
“I bear no bitterness or ill will toward anyone,” he said.

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Navy hands nine suspected stowaways to Immigration Service

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The Nigerian Navy (NN) has handed over nine suspected stowaways to the Nigeria Immigration Service (NIS) after rescuing them from a merchant vessel in Lagos.

The Nigerian Navy Ship (NNS) Beecroft effected the handover on Friday following the discovery of the suspects concealed in the propeller compartment of MT *Evgenia* two days earlier.

According to a statement by the Commander of NNS Beecroft, Commodore Aiwuyor Adams-Aliu, the suspects were found on Wednesday, August 19, and evacuated to the naval base for preliminary investigation and profiling.

He said investigations revealed that the suspects boarded the vessel while it was berthed at the Flour Mills Jetty in Apapa, allegedly intending to travel illegally to Europe.

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The suspects were identified as Thompson Vincent, 23; Emmanuel Philip, 24; Tobi Olalekan, 32; Omotayo Adebowale, 43; Abdullahi Idowu, 21; Tunde Mustapha, 19; Jamiu Ismaila, 25; Ibrahim Alabi, 30; and Christian Kadiri, 22.

Adams-Aliu said the handover was part of ongoing collaboration among security agencies to curb illegal migration and strengthen maritime security.

He urged parents, guardians and other authority figures to discourage young people from attempting to board seagoing vessels illegally, noting that the dangers associated with the practice extended beyond Nigeria to other West African coastal states.

He added that NNS Beecroft would continue to support the Chief of the Naval Staff, Vice Admiral Idi Abbas, in deploying a professional naval force to safeguard Nigeria’s maritime interests and support national security operations.

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US Judge Strikes Down Trump’s Visa Ban against Nigeria, 74 Other Countries

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A United States District Court in Manhattan has nullified the President Donald Trump administration’s policy suspending the processing and issuance of immigrant visas to applicants from 75 countries, including Nigeria.

In a ruling delivered on Friday, U.S District Judge Jeannette Vargas described the January directive by the State Department as patently unlawful and said it exceeded the statutory authority of Secretary of State Marco Rubio.

The policy, which took effect on January 21, had barred the issuance of immigrant visas to nationals of 75 countries because they posed “a high risk for becoming a public charge” and of relying on U.S. government cash assistance.

Affected countries are: Afghanistan, Albania, Algeria, Antigua and Barbuda, Armenia, Azerbaijan, Bahamas, Bangladesh, Barbados, Belarus, Belize, Bhutan, Bosnia-Herzegovina, Brazil, Cambodia, Cameroon, Cape Verde, Colombia, Cuba, Dominica, DR Congo, Egypt, Eritrea, Ethiopia, Fiji, Gambia, Georgia, Ghana, Grenada, Guatemala, Guinea and Haiti.

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Other countries on the list are:  Iran, Iraq, Ivory Coast, Jamaica, Jordan, Kazakhstan, Kosovo, Kuwait, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Moldova, Mongolia, Montenegro, Morocco, Myanmar, Nepal, Nicaragua, Nigeria, North Macedonia, Pakistan, Republic of Congo, Russia, Rwanda, Saint Kitts and Nevis, Saint Lucia, Senegal, Sierra Leone, Somalia, South Sudan, St. Vincent and the Grenadines, Sudan, Syria, Tanzania, Thailand, Togo, Tunisia, Uganda, Uruguay, Uzbekistan and Yemen.

President Donald Trump had, early in the year, published a list of welfare-dependent rates among immigrants, noting that about 33.3 per cent of Nigerian immigrant households received some form of public assistance.

According to the directive, older or overweight applicants, as well as those with any past use of government cash assistance or institutionalisation, can be denied.

But in delivering the judgment, Judge Vargas, an appointee of former President Joe Biden, held that the suspension ran afoul of federal immigration law, which expressly removed the Secretary of State’s authority over the consular processing of immigrant visas.

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“The policy, which categorically prohibits the issuance of immigrant visas based upon the nationality of the applicant, represents a direct abrogation of this statutory scheme,” she wrote.

Immigrant rights groups, Catholic Legal Immigration Network and African Communities Together, filed the suit, alongside U.S. citizens sponsoring family members and visa applicants from the affected countries.

The State Department had, in a cable sent to U.S missions in January, directed consular officers to refuse applicants whose visas were “print-authorized” but not yet printed.

It said the suspension was part of a full review to ensure the highest level of screening and vetting and to prevent foreign nationals from exploiting U.S welfare systems.

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“Applicants from these countries are at a high risk for becoming a public charge and recourse to local, state and federal government resources in the United States,” the cable stated.

Principal Deputy Spokesperson Tommy Pigott had defended the move, saying: “The State Department will use its long-standing authority to deem ineligible potential immigrants who would become a public charge in the United States and exploit the generosity of the American people.

“Immigration from these 75 countries will be paused while the State Department reassess immigration processing procedures to prevent the entry of foreign nationals who would take welfare and public benefits.”

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