News
About 5,000 fuel stations closed as petrol price war rages
They attributed this to rising financial losses from unpredictable and volatile costs in the price of Premium Motor Spirit (petrol) sold by the Dangote Petroleum Refinery and PMS importers.
This comes against the backdrop of frequent changes in the price of petrol by the refinery. The $20bn refinery has changed the price of petrol about six times this year. It reviewed petrol prices six times between January and April 2025, with an initial cost of N950 per litre, followed by gradual reductions to N835.
Findings on Wednesday showed that marketers are lamenting the development. The situation has compelled marketers to scale down the volume of petroleum products they purchase, with as many as three or more marketers now pooling resources to afford a single truckload of fuel.
However, players without the required financial war chest have been forced to close their businesses.
Recall that the current administration, after the removal of subsidies on petrol, fully deregulated the downstream segment of the oil industry in October 2024, effectively placing pricing at the mercy of market forces.
This triggered a fierce battle for market share between the 650,000-barrel-per-day Lekki-based refinery and fuel-importing marketers, as both sides strive to prevent the emergence of a monopoly and assert dominance in the newly liberalised market.
But this crisis, industry players say, is being driven by unregulated pricing, logistics bottlenecks, and the absence of clear market signals from dominant refiners, forcing independent petroleum marketers and retailers to either shut shop or adopt cost-sharing survival strategies.
They urgently called for robust economic buffers and more effective regulatory oversight to stabilise the market and protect their businesses from further shocks.
Confirming the dire situation, the Petroleum Products Retail Outlets Owners Association of Nigeria said over 70 per cent of its 7,000 retail outlets have closed shop due to unsustainable operating conditions. This implies that 4,900 retail stations owned by members have been closed.
PETROAN President, Billy Gillis-Harry, told our correspondent that the issue had worsened due to the lack of loans from commercial banks.
He said, “PETROAN has over 7,000 retail outlets, and over 70 per cent of those outlets are closed and are out of business today. And the reason is that we struggle to take loans from the bank. You buy products from a supplier and then before you can get to your filling station, prices have either increased or it has been dropped for no justifiable reason.
“And then they have a few filling stations that would be selling at lower prices, and of course, all traffic goes there, even if motorists have to stay in the queue for hours. So what happens, people are thrown out of business. So what choice do we have?”
He explained that to remain afloat, many dealers have had to source fuel from alternative suppliers offering “soft landing” deals to cushion the market shocks and allow recovery.
“That situation has forced us to source products from those who can give us a soft landing, and then we can be able to recover and compete, because if someone knows that there are products and he is going to buy and do his business, there is no need to stay on a queue for fuel.
The closure is not peculiar to retail outlet owners. The PUNCH had earlier reported that over 70 tank farm operators had ceased operations in the last two years, leaving their facilities abandoned and idle as retailers and station owners increasingly avoid utilising their services.
These dormant tank farms, representing 65 per cent of the total 120 approved facilities, now stand idle, with operators increasingly bypassing the storage facilities in favour of alternative trucking options.
The business closure was primarily driven by the removal of the fuel subsidy by President Bola Tinubu’s administration, which led to a significant increase in petrol prices and affected the purchasing power of fuel marketers.
Similarly, the Independent Petroleum Marketers Association of Nigeria also confirmed that its members were grappling with heavy losses due to fluctuating prices and worsening logistics.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, noted that the association’s members have recorded poor performance across key indicators, citing persistent downward reviews.
He attributed much of the setback to price instability, severe logistics and transportation challenges, stating that many trucks now spend up to three days in transit before reaching their destinations.
He said a recent review by the association revealed that its members lost between N300,000 and N1m, depending on the quantity of products per truck.
Ukadike said, “The uncertainty and disparity in price are always present in any liberalised market. Once the price is not being regulated, you would experience inherent fluctuations, and this makes buyers careful of how many litres they would be buying because of speculations and a price drop. All of these things modulate buyers’ and marketers’ behaviour. I also know that in the last few days under review, it has not been easy for independent marketers.
“We have experienced downward reviews in our key performance indicators, and because of our logistics and transportation problems, most of our trucks spend three days on the road before they get to our destination, and when they get there, prices have dropped resulting in losses ranging from N300,000 to over N1m depending on the quantity.
“You now find out that marketers sell at a loss, and this has remained the only reason why we don’t change prices immediately when they happen. The effect of that decrease is on the marketers to bear. We don’t have buffers or an economic wedge to regain the loss. We have been getting losses and losses within the period under review. But we are businessmen, and we are still on the ground. We would continue to push and see how we can maintain our filling station and ensure service delivery to the nation.”
Despite these challenges, the association maintains that its members, numbering over 20,000, remain resilient.
The Spiritual Director of the Adoration Ministry Enugu, , has offered prayers for , praying for God’s favour, protection, and victory as the state approaches the coming elections.
Speaking during a church gathering, Mbaka declared that Governor Mbah would succeed, expressing confidence that God, whom he said had begun a great work through the governor, would bring it to completion.
“It shall be well with Peter Mbah; may the favour of God be with him. We back him with our prayers. The Adoration family throws our prayers around him, that he will succeed, in the name of Jesus. May God grant him the power of victory at the end of the whole election,” Mbaka said.
The cleric further expressed hope that Mbah’s leadership would bring joy to the Igbo people, the people of Enugu State, and the Church, adding that the Igbo economy could witness greater advancement under his administration.
According to Mbaka, the progress recorded so far gives hope that greater achievements lie ahead, stressing that God would perfect the work already begun.
His remarks come as political activities continue to gather momentum ahead of the forthcoming elections.
ENUGU — Governor Peter Mbah has directed the Enugu State Emergency Management Agency (ESEMA) to provide immediate relief materials and other palliative support to two families displaced by the fire that razed a two-storey building at No. 22 Church Road, Asata, Enugu, on Saturday.
The governor’s directive followed reports by Everydaynewsngr that the inferno destroyed two flats and consumed household property, valuables, and important documents belonging to the affected families, leaving them homeless.
The General Manager of ESEMA is expected to assess the extent of the damage and coordinate the distribution of emergency relief items to ease the hardship faced by the victims while further interventions are considered.
Residents of the area welcomed the governor’s swift response, describing it as a demonstration of compassion and responsible leadership at a difficult time for the affected families.
One of the victims, an employee of a higher institution in Enugu State who is said to be approaching retirement, had lamented that the fire wiped out decades of savings and destroyed all his household belongings, including vital documents and certificates.
No lives were lost in the incident, while the cause of the fire is yet to be determined. Authorities are expected to investigate the circumstances surrounding the outbreak as affected families begin the difficult task of rebuilding their lives.
The state government urged residents to remain safety conscious and report fire emergencies promptly to relevant agencies to minimise damage and loss of property.
By Our Reporter
Stakeholders in Nigeria’s real estate industry, alongside Golden Land Estate Ventures Limited, have called for urgent reforms to strengthen professionalism, transparency, and investor confidence in the sector.
The call was contained in a communiqué issued on Monday in Enugu following the company’s 2026 Mid-Year Seminar/Luncheon, held on Friday, July 3, at Wendy’s Place. The seminar, themed “Next-Level Real Estate Practices,” brought together real estate developers, chief executive officers, realtors, marketers, investors, and other stakeholders from the South-East to examine emerging industry trends, challenges, and practical strategies for sustainable growth.
According to the communiqué, participants unanimously adopted several resolutions after extensive deliberations.
Among the key resolutions was a call for stronger government action against the multiple sale of land. Participants urged the Federal, State, and Local Governments to strengthen land administration policies and impose stringent sanctions on communities and individuals involved in the fraudulent sale of the same parcel of land to multiple buyers.
They noted that such practices continue to erode investor confidence, fuel land-related litigation, and discourage genuine investment in the real estate sector.
The stakeholders also stressed the need to promote professionalism and healthy competition within the industry. They maintained that competition should be driven by integrity, innovation, quality service delivery, and professionalism rather than unhealthy rivalry, misinformation, or actions capable of damaging the reputation of fellow practitioners.
They further encouraged industry leaders to embrace collaboration as a means of promoting collective growth and enhancing public confidence in the sector.
The communiqué also emphasised the importance of honesty and transparency in dealings with clients. Participants urged real estate practitioners to refrain from making false claims, exaggerating property values, misrepresenting estate locations or approvals, or giving unrealistic assurances merely to secure transactions.
They insisted that prospective buyers should be provided with accurate, verifiable, and complete information before making investment decisions.
On service delivery, the seminar called on real estate developers and chief executives to establish effective internal controls to eliminate the overselling or double allocation of plots. Developers were also urged to ensure prompt allocation of purchased lands and timely issuance of all necessary documentation.
According to the communiqué, efficient service delivery is critical to sustaining customer trust and improving the credibility of the industry.
The participants also called on government agencies, industry regulators, professional bodies, community leaders, developers, and practitioners to work together in building a transparent, accountable, and investment-friendly real estate environment that protects property buyers and supports sustainable national development.
Golden Land Estate Ventures Limited reaffirmed its commitment to promoting ethical business practices, professional excellence, continuous capacity development, and responsible real estate investment in Nigeria.
The communiqué was signed by Comrade Damian Ogudike and Mr. Ikechukwu Eze, directors of Golden Land Estate Ventures Limited, on behalf of the company’s board. It was also drafted and endorsed by the seminar’s resource persons, Mrs. Amaka Dim of Exotic Landlady Estate and Miss Blessing Anene of BuildWise Solution Centre Estate.
By Our Correspondent
ENUGU — Two families were left homeless on Saturday after a fire destroyed two flats in a two-storey building located at No. 22 Church Road, Asata, in Enugu metropolis.
The fire, which started at about 10 a.m., reportedly broke out after the occupants of the affected upper-floor flats had left for their daily activities.
Although the cause of the fire was yet to be ascertained as of the time of filing this report, eyewitness Tony Iroji said the inferno completely destroyed household items and other valuables in the affected apartments.
One of the victims, who returned home while the building was engulfed in flames, reportedly collapsed after seeing the extent of the damage. He was revived by sympathisers at the scene.
The victim, said to be an employee of one of the higher institutions in Enugu State and nearing retirement, lamented that years of hard work had been wiped out by the incident.
According to him, the fire destroyed all his household property, including important documents and certificates, leaving him with no option but to relocate his family to his ancestral home.
“All I have worked for all these years is gone,” he said in tears.
No life was lost in the incident, but residents appealed to the Enugu State Government, emergency management agencies and public-spirited individuals to come to the aid of the affected families, even as they urged the authorities to investigate the cause of the fire.
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The National Association of Nigerian Students (NANS), the apex students governing body, has issued a four days ultimatum to South African business interests to evacuate Nigeria.
This is contained in a statement issued on Monday in Enugu by Comrade Amb. Bestman Okereafor, NANS National Executive Director, Cooperate and Private Sectors Engagement.
The statement said that after the expiration of the ultimatum, South African business interests would face full wrath of the over 43.1 million Nigerian students scattered in the nooks and crannies of the country.
“The attention of the apex students governing body, NANS, has been drawn to continuous attacks, intimidation and subsequent chase of law abiding, peaceful and hardworking Nigerians and other Africans from South Africa.
“As the biggest students body in Africa, we are giving South African business interests four days to evacuate our beloved country, Nigeria.
“The reason for this action is simple. South Africans cannot continue to oppress and chase our people from their country and expect their businesses to thrive on our soil,” it said.
The statement further noted that immediately after expiration of the ultimatum, NANS will consider picketing South Africa business interests, while further actions will follow.”
It called on the Federal Government of Nigeria and the African Union (AU) to take more decisive actions against South Africa for their inimical acts towards other Africans.
“It is on record that Nigeria played a major role in support of South Africa during the apartheid struggle and should never be paid with disloyalty, disrespect and global embarrassment,” it added.
It would be recalled that xenophobic attack by South Africans on other Africans for some months had led to Nigerians being physically assaulted, embarrassed, intimidated, injured and some gruesomely murdered.
Several Nigeria business interests and business premises, owned by law abiding Nigerians in South Africa, had been completely burnt down or destroyed by rampaging South Africans without any justification.
The alleged perpetrators of these crimes had earlier given Nigerians and other Africans an ultimatum of June 30 to leave South Africa.
The Federal Government through the Ministry of Foreign Affairs had in recent weeks airlifted hundreds of Nigerians, who are willing to leave the unfriendly country and her people, free of charge back to Nigeria.
However, some of those, who returned to Nigeria recently, left South Africa barely with the cloth they put on, losing savings, valuables and businesses they set up or acquired after many years.
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