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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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Tinubu government begins 2026 Tertiary Institutions National Laureate Programme

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● Institutions directed to Constitute Laureate Committees as Nigeria Begins Search for its Finest Academic Research

The Tertiary Institutions National Laureate Committee has formally announced the commencement of the 2026 National Laureate Programme, marking the inaugural edition of what is expected to become Nigeria’s foremost national platform for recognising outstanding student academic research, innovation and scholarly excellence across tertiary institutions.

The launch of the Programme signals a major milestone in the Federal Government’s commitment to promoting research excellence, strengthening the nation’s knowledge economy and placing scholarship at the centre of Nigeria’s development agenda.

The National Laureate Programme, inaugurated by the Federal Government under the leadership of the Honourable Minister of Education, Dr Tunji Alausa, CON, is designed to identify, evaluate, celebrate and reward exceptional undergraduate dissertations, master’s theses and doctoral research produced in accredited Nigerian tertiary institutions.

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Supported by an annual research prize fund of ₦365 million, the Programme ranks among Nigeria’s most prestigious academic recognition initiatives and reflects the Federal Government’s determination to encourage original research, innovation and solutions capable of addressing national and global challenges.

Beyond recognising academic excellence, the Prize is intended to strengthen Nigeria’s research ecosystem by promoting innovation, encouraging the commercialisation of research outputs, supporting industrial development, inspiring future researchers and establishing scholarship as a strategic national asset.

As part of the commencement of the 2026 edition, all accredited universities, polytechnics, colleges of education, monotechnics, military institutions and other eligible tertiary institutions are requested to immediately commence internal preparations for participation.

Every eligible institution is expected to constitute an Institutional Laureate Selection Committee made up of experienced academics with proven research records, unquestionable integrity and the capacity to conduct objective evaluations in accordance with the approved National Laureate Programme framework.

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Institutions are also required to formally submit the names and designations of the Chairman, Secretary and members of the Committee, after which the Committee will coordinate the institution’s participation in the Programme.

Following the institutional evaluation process, each participating institution is expected to nominate up to eighteen outstanding research works, comprising six undergraduate dissertations, six master’s theses, and six doctoral theses in the case of universities, or their equivalents for polytechnics, monotechnics, colleges of education, and other tertiary institutions, drawn from the six approved thematic areas, such as Agriculture, Teaching Innovation, Medicine and Health Sciences, Engineering, Science, and Technology, Law, Arts and Social Sciences.

The Programme offers Star Prizes of ₦35 million for the undergraduate category, ₦50 million for the master’s category, and ₦100 million for the doctoral category.

In addition, 15 Thematic Laureate Awards, valued at ₦12 million each, will be presented to other outstanding winners.

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Institutions are reminded that every nominated research work must first be formally submitted as required under the National Policy for the Nigeria Education Repository and Databank (NERD) and assigned a valid National Document Number (NDN) before it can be considered for the National Laureate Programme.

This requirement reinforces the Federal Government’s commitment to research integrity, proper documentation and the preservation of Nigeria’s academic output within the national knowledge infrastructure.

The Committee further reminds participating institutions that the National Laureate Programme operates a rigorous three-tier evaluation system, comprising Institutional, Regional, also referred to as Zonal, and National assessments.

This multi-layered process has been designed to guarantee transparency, fairness, objectivity and merit in the selection of the country’s finest academic research.

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Institutions are therefore encouraged to conduct their internal assessments with the highest standards of professionalism and impartiality, recognising that only the very best research works will progress through the successive stages of evaluation.

The management of every participating institution is responsible for constituting its Institutional Laureate Selection Committee in accordance with the approved guidelines. Once constituted, the institution’s approved NERD Focal Officer (NFO) is required to designate the Committee members through NFO dashboard on NERD.

This formal designation grants authorised members secure access to make entries, evaluate submissions and digitally manage the institution’s participation on the national Laureate Dashboard throughout the Programme.

The National Laureate Committee also calls on Nigerian professional bodies and associations to play an active role in safeguarding the integrity of the Programme by nominating distinguished scholars and subject experts for appointment into the Regional Laureate Selection Committees across the six geopolitical zones of the Federation.

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Professional bodies representing agriculture, science, engineering and technology, medicine, law, arts and social sciences, teaching, and related disciplines are encouraged to submit nominations of suitably qualified experts with established records of scholarship, peer review, integrity and professional leadership.

Those appointed will participate in the independent regional evaluation of research submissions before the national assessment. All nominations will undergo rigorous screening based on merit, experience, integrity, diversity and conflict of interest requirements to ensure that the Programme maintains the highest standards of credibility and academic excellence.

Institutions and professional bodies are advised to conclude the selection of committee members and subject matter experts by 15 August 2026 while the submission of institutional entries will continue until the 31st of August 2026.

It noted that submissions would include mandatory digital transmission as provided in the guideline on the National Laureate portal.

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Describing the Programme as a landmark national investment in intellectual capital, the Chairman of the National Laureate Committee, Emeritus Professor Abubakar S. Sambo (OON), said the National Laureate Programme was designed to elevate academic excellence to national prominence, encourage world-class research, inspire innovation and recognise scholars whose work has the potential to transform lives, industries and the future of Nigeria.

He encouraged every eligible institution and every relevant professional association to participate actively in ensuring the success of the inaugural edition of the Programme.

Further information, including detailed guidelines, committee manuals and application procedures, is available on the National Laureate Programme website at www.nationalaureate.ng.

Additional guidance may also be obtained through the Committee Guide and the Application Guide available on the website.

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Issued by:
Ita Ekpenyong
Spokesperson
National Laureate Committee

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Troops rescue 34 abductees, nab ISWAP informant, recover arms

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Troops of the Nigerian Army have, in the last 24 hours, rescued 34 kidnap victims, apprehended suspected ISWAP informants and recovered arms and ammunition in coordinated operations nationwide.

This is contained in an operational report made available to the News Agency of Nigeria (NAN) on Sunday.

The report said that troops of Operation HADIN KAI rescued 31 kidnap victims from terrorists along the Buratai-Kamuya road in Biu Local Government Area of Borno.

It said the rescue followed a swift response after troops of 135 Special Forces Battalion detected ISWAP/JAS terrorists abducting civilians from four vehicles through CCTV surveillance.

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According to the report, troops immediately deployed a quick reaction force, engaged the terrorists and forced them to abandon the victims and flee, with one motorcycle left behind.

“In another operation, troops of 145 Battalion conducted a fighting patrol to the Turoh general area of Damasak in Mobbar Local Government Area.

“The terrorists reportedly fled on sighting the troops, leaving behind two motorcycles and illicit drugs recovered during exploitation of the area.

“Also, troops of 232 Battalion Tactical apprehended a suspected ISWAP informant at Garaha Market in Hong Local Government Area of Adamawa,” it said.

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In the North-West, the report revealed that troops of Operation FANSAN YAMMA engaged terrorists moving with rustled cattle in Tsafe Local Government Area of Zamfara.

It added that the troops’ superior firepower forced the terrorists to withdraw in disarray during the encounter.

The report also revealed that troops of Operation MESA rescued a kidnapped woman and her two children along the old Obajana-Jakura-Tajimi road in Lokoja Local Government Area of Kogi.

According to the report, preliminary investigation revealed that the victims were abducted on July 29 from a Ruga settlement in the Gada-Biyu area of the same local government.

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“In Plateau State, troops of Operation Enduring Peace responded to reports of an attack on a herder in Bassa Local Government Area.

“The assailants had fled before the troops arrived, while the deceased and recovered cattle were handed over to the victim’s family,” it added.

In the South-East, the report said the troops of Operation UDO KA recorded a major breakthrough with the arrest of three suspected terrorists linked to the ambush of troops in Imo on May 4.

It added that the operation, conducted in Delta and Imo states, followed intelligence obtained from earlier arrested suspects.

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According to the report, troops recovered four AK-47 rifles, one FN rifle, a pistol, 11 AK-47 magazines, two FN magazines, 239 rounds of assorted ammunition, a fragmentation jacket and other military items from terrorist camps.

“The recovered weapons included rifles earlier carted away during the May ambush on troops, while further exploitation led to the discovery of another terrorist camp containing additional arms and ammunition,” it said.

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Joint military task force rescue kidnapped Lt Col, civilian after 10-day search operation

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A joint military task force has rescued a senior Nigerian Army officer, Lt. Col. Ofor Amobi, and a civilian, Mr. Ikechukwu Onwuanra, after an intensive 10-day search-and-rescue operation across forests and communities in Enugu State.

This was contained in a military operational report made available to the News Agency of Nigeria (NAN) on Saturday, August 1, 2026 in Abuja.

The breakthrough came in the early hours of Saturday following sustained operations by troops of Sector 1, Operation UDO KA (OPUK).

The search mission involved personnel of the 82 Division Garrison, 103 Battalion (Rear), the Nigerian Navy Special Boat Service (NN SBS), and the 197 Special Forces Battalion, operating under the leadership of the Commander, 82 Division Garrison, with support from the Air Component.

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According to the report, between 6:00 p.m. on July 31 and 6:00 a.m. on August 1, the joint troops continued search operations using actionable intelligence across Inyi, Awlaw and Akpugo-Eze forests and adjoining communities in Oji River Local Government Area of Enugu State.News

At about 2:00 a.m., the Divisional Police Officer (DPO) of Inyi Division alerted the troops to the suspected location of the kidnapped victims.

The troops immediately mobilised and launched a fighting patrol into the area, where they discovered Lt. Col. Amobi and Mr. Onwuanra abandoned at the edge of a forest. The civilian was found with a gunshot wound.

The victims were successfully rescued and evacuated to Inyi before being moved to the 82 Division Medical Hospital for medical treatment and comprehensive evaluation.

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During preliminary debriefing, the victims disclosed that they had been blindfolded shortly after their abduction and transported to an unknown location.

They said they were later abandoned in a forest around the Enugu–Anambra border as the kidnappers came under sustained operational pressure.

The military attributed the successful rescue to the relentless pressure mounted by the joint force, supported by the Air Component, which maintained continuous dominance of the suspected hideouts and denied the abductors freedom of movement throughout the 10-day operation.

The sustained search-and-rescue mission ultimately forced the kidnappers to abandon the captives and flee.

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Further investigations and follow-up operations are ongoing to identify, track and apprehend those responsible for the abduction.

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