News
Why some stations sell petrol above N1,000/litre — Marketers
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/03/fuel.jpg&description=Why some stations sell petrol above N1,000/litre — Marketers', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/03/fuel.jpg&description=Why some stations sell petrol above N1,000/litre — Marketers', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
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.
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.
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.
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.
“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.
“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.
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.”
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.
Credit: PUNCH
News
NSITF promises Gambia of technical support, stronger partnership …As study tour ends in Abuja
By Kayode Sanni-Arewa
The Nigeria Social Insurance Trust Fund (NSITF) has promised to provide technical support while continuing to share knowledge with the Industrial Injuries Compensation Fund (IICF), Social Security and Housing Finance Corporation (SSHFC) of the Gambia in advancing social protection and workers’ welfare in the West African sub-region.
Managing Director/CE of NSITF, Barr. Oluwaseun Faleye, gave the assurance at the closing ceremony of the one-week study tour by the Board of the Industrial Injuries Compensation Fund (IICF), Social Security and Housing Finance Corporation (SSHFC) of the Gambia to the Fund.
He said the “NSITF will continue to support the Industrial Injuries Compensation Fund under the SSHFC by sharing technical knowledge, exchanging experiences and providing guidance wherever we can.
“We see this as a partnership between brothers, working together towards the common goal of strengthening social protection and advancing the welfare of workers across our sub-region”.
Faleye, who was represented by the Executive Director (Administration), Barr. Samaila Abdu, said, “I therefore wish to assure you that this relationship does not end with today’s closing ceremony. Rather, it marks the beginning of an even stronger partnership between our two institutions.
“As you return home, please convey our warm regards to the Managing Director, the Board, Management and the entire Social Security and Housing Finance Corporation of The Gambia.
“As we come to the close of this week-long study visit, permit me to express our sincere appreciation to the delegation from the Social Security and Housing Finance Corporation of The Gambia for choosing NSITF as the destination for this important study tour.
“Your decision to understudy our institution is both an honour and a demonstration of the growing spirit of collaboration among social security institutions within our sub-region. We are grateful for the openness, professionalism and mutual respect that have defined our engagements throughout the week,” the MD enthused.
“Over the course of this engagement, we have shared experiences, exchanged ideas and explored practical approaches to strengthening the administration of employment injury compensation and social security,” he continued, adding that “beyond the presentations and technical sessions, what has been most rewarding has been the quality of our interactions. We have engaged in frank discussions, asked important questions and learned from one another. That, indeed, is the true value of a study visit”.
Speaking further on the collaboration by the two agencies, the NSITF helmsman stated that “We are particularly delighted by your invitation for NSITF to visit The Gambia and witness first-hand how some of the lessons from this engagement will be adapted and domesticated within your institution. We deeply appreciate that invitation and will certainly give it due consideration.
“As an institution, we readily acknowledge that we are still strengthening and expanding our own social security implementation. Like every progressive institution, we continue to learn, innovate, and improve. However, we remain committed to sharing our experiences and best practices in areas where we have made meaningful progress”.
Giving a summary of what transpired during the tour, the Managing Director said, “We began by examining the evolution of social security administration in Nigeria, tracing the journey from the National Provident Fund through the NSITF and ultimately to the Employees’ Compensation Scheme established under the Employees’ Compensation Act, 2010.
“We also had the opportunity to exchange views on institutional governance, policy evolution and the future direction of social security within our respective countries.
“We examined the operational backbone of the Scheme, employer registration, compliance management and contribution assessment. Discussions centred on the legal obligations of employers, our compliance strategies, assessment methodologies and the role of technology in enhancing transparency and accountability.
“The interactive exchanges demonstrated our shared commitment to improving compliance while expanding coverage, particularly within underserved sectors of the economy.
“We explored claims administration, compensation delivery, rehabilitation and return-to-work programmes. Beyond the statutory obligation to compensate injured workers, we highlighted the importance of restoring dignity through medical rehabilitation, vocational training and economic reintegration.
“Our discussions also focused on research, evidence-based policy formulation, actuarial planning and the role of digital transformation in modern social security administration,” he highlited, adding that “the demonstration of the Employees Compensation Scheme Application (ECSA) illustrated how technology is enhancing efficiency, improving compliance and strengthening service delivery within the Fund. More importantly, our discussions on future cooperation reaffirmed our collective resolve to sustain this partnership beyond the confines of this study visit.”
Faleye maintained that together, the two social security agencies have reaffirmed that effective social security administration is not a destination but a continuous journey of learning, innovation and improvement.
“Perhaps the most important outcome of this engagement is our shared commitment to continue working together. The invitation extended to NSITF to visit The Gambia and witness your own reform journey is one we sincerely appreciate, he summed.
In his response, the leader of the Gambian delegation, Permanent Secretary, Ministry of Trade and Employment, Lamine Camara, expressed appreciation for the opportunity, expressing the desire to improve on their operations.
“We are very pleased and not happy that this tour is coming to an end. We want to take this collaboration further in every area of social security. We are also looking at improving capacity from this collaboration.
“We are eager to learn from the NSITF experience. We also want to improve the areas of research we are behind in that area, and this will help improve us, and our experience can also be of great benefit to Nigeria. We also use this opportunity to invite NSITF to visit us in the Gambia, and we are very happy,” he stated.
News
Plateau in panic mode as nine members of same family 2 month old baby killed in renewed attack
No fewer than nine members of the same family, including a two-month-old baby, were killed in a fresh attack by suspected gunmen on Kum and Wereng-Camp communities in Riyom Local Government Area of Plateau State late Saturday night.
The attack, according to residents, began at about 11:30 p.m. on Saturday and lasted for more than one hour, leaving the village head of the community critically injured after he was allegedly attacked by the assailants.
A resident, Precious Tok, told Vanguard that the victims were slaughtered in their home during the coordinated assault, describing the incident as one of the deadliest attacks witnessed in the area in recent times.
He said the gunmen invaded the communities in large numbers, shooting indiscriminately and forcing terrified residents to flee into nearby bushes for safety.
The National Publicity Secretary of the Berom Youth Moulders Association, Rwang Tengwong, who confirmed the attack, said the assailants struck under the cover of darkness and unleashed violence on helpless residents.
According to him, the attack wiped out nine members of one family, including a two-month-old infant, while the village head sustained life-threatening injuries and was rushed to hospital for treatment.
He added that security agencies had been alerted and expressed hope that the perpetrators would be apprehended and brought to justice.
The latest attack has thrown the affected communities into mourning, with residents urging the Federal and Plateau State governments to strengthen security across Riyom and other vulnerable communities to halt the recurring attacks.
As of the time of filing this report, security personnel had reportedly been deployed to the affected communities, while many residents remained displaced and fearful of further attacks.
Efforts to obtain official confirmation from the Plateau State Police Command were unsuccessful. (Sunday Vanguard)
News
Atiku Condemns Proposed N50,000 WAEC, NECO Examination Fees
Former Vice President Atiku Abubakar has criticised the Federal Government’s decision to approve a uniform N50,000 registration fee for the Senior Secondary School Certificate Examinations (SSCE) conducted by the West African Examinations Council (WAEC) and the National Examinations Council (NECO), warning that the policy could further limit access to education for millions of Nigerian students.
The Federal Government, through the Federal Ministry of Education, approved the adoption of a uniform N50,000 registration fee for WAEC and NECO SSCE internal examinations, effective from 2027.
Under the new arrangement, NECO’s registration fee will increase from N30,000 to N50,000 per candidate, while WAEC’s fee will rise from N27,000 to the same amount.
The approval was contained in a memo dated June 18, 2026, signed by the Director of Senior Secondary Education at the Federal Ministry of Education, Adeniji Ibrahim, on behalf of the Minister of Education. The memo, addressed to the Registrar of NECO, stated that the decision followed a meeting between the ministry and examination bodies held on March 31, 2026, where stakeholders agreed to adopt a harmonised fee structure.
Reacting in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the planned increase as “cruel, economically insensitive and fundamentally incompatible” with the government’s obligation to make education accessible to every Nigerian child.
He argued that the policy comes at a time when many households are grappling with rising inflation, escalating food and transportation costs, higher electricity tariffs, unemployment and declining purchasing power.
“It is unconscionable that at a time when Nigerian families are battling record inflation, soaring food prices, rising transportation costs, crippling electricity tariffs, stagnant incomes and widespread unemployment, the Tinubu administration has chosen to make education even more expensive,” Atiku said.
The former vice president maintained that education remains one of the most important pathways to social mobility, warning that higher examination fees could force more children out of school and deny qualified students the opportunity to pursue higher education.
“Every additional financial burden imposed on parents translates into another child being denied the opportunity to learn, dream and contribute meaningfully to society,” he said.
He noted that Nigeria already has one of the world’s largest populations of out-of-school children and argued that government efforts should be focused on reducing educational barriers rather than introducing policies that could worsen the situation.
“Nigeria already bears the painful distinction of having one of the largest populations of out-of-school children in the world. Any government confronted with such a national emergency should be investing aggressively to bring these children back into school,” he added.
Atiku further warned that the increase in WAEC and NECO fees, alongside the recent hike in fees for Federal Unity Colleges, would disproportionately affect low- and middle-income families already struggling to meet basic needs.
According to him, many academically qualified students may be unable to sit for the qualifying examinations required for admission into tertiary institutions due to financial constraints.
“The recent increase in WAEC and NECO examination fees represents far more than another financial burden on parents. It is a systemic filter that will inevitably restrict access to tertiary education for thousands of indigent but academically qualified Nigerian students,” he stated.
He also criticised the Federal Government’s reliance on the Nigerian Education Loan Fund (NELFUND), arguing that student loans cannot solve the challenges facing children who are unable to complete secondary education or afford examination fees.
“A university loan offers little comfort to a child who has already been priced out of secondary education or cannot afford the qualifying examination required to secure admission,” he said.
Atiku called on the Federal Government to prioritise investment in educational infrastructure, recruit more qualified teachers, expand the capacity of public tertiary institutions and implement policies that ensure poverty does not determine a child’s access to education.
He urged President Bola Tinubu’s administration to immediately reverse the increase in Unity School fees and the proposed N50,000 WAEC and NECO examination fees, while convening stakeholders to develop sustainable funding mechanisms for public education.
-
News23 hours agoDANGEROUS DEVT: Bandits abduct corpse of FRSC Cmdr, mourners, demand almost half a billion Naira ransom
-
Sports24 hours agoFIFA Rubbishes Claims of Referee Bias in Argentina’s World Cup Victory Over Egypt
-
News22 hours agoThe Sundiata Post Model (2): Historical and Intellectual Foundations Of A Knowledge-Producing Newsroom
-
News19 hours agoMilitary identifies Army lieutenant who paid supreme sacrifice in rescue of abducted Oyo pupils, teachers
-
News19 hours agoIranian Newspaper lists Trump, European leaders as alleged revenge targets
-
News24 hours agoNotorious bandit kingpin Sani Yellow eliminated in Zamfara
-
News23 hours agoBreaking: Dozens feared killed as suspected herdsmen again launch deadly attack in Benue
-
News20 hours agoAPC Volunteer supports Shettima’s reaffirmation, celebrates successful rescue of abducted school kids

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login