News
Marketers blame depots as petrol nears N1,000/litre
Marketers said supply constraints and production glitches at the Dangote Petroleum Refinery sparked fresh pressure in the downstream oil market.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the development in a telephone interview on Tuesday.
According to him, members of the Depot and Petroleum Products Marketers Association of Nigeria are concluding arrangements to begin petrol importation as part of efforts to stabilise retail prices.
He stated that petrol prices would soon drop as competition returns to the market, if additional competition is brought into the sector.
“Yes, petrol price is still going to come down because I also know that some marketers, especially DAPPMAN members, have applied and they are going to import petrol products.
“Peradventure, their prices are cheaper than Dangote’s, we would have no choice but to patronise them. The essence of this market is that where it is cheaper, we will buy. But prices will come down once there is a struggle for the market,” Ukadike said.
Petrol prices rose from about N865 to around N950 per litre on Monday.
Checks on Tuesday showed that the pump price of Premium Motor Spirit, popularly called petrol, now sells between N920 and N955 per litre in many retail outlets, while some stations in Abuja, Sokoto and Lagos charge as high as N1,000 per litre, depending on location and brand.
This comes at a time when Nigerians were expecting petrol prices to drop to N841/litre as recommended by the Dangote refinery.
Our correspondent recalls that when the Dangote refinery launched its logistics-free fuel distribution scheme on September 15, it stated that its partners and filling stations benefitting from the scheme would drop petrol prices to N841 in the South West and N851 in Abuja, Edo, Kwara, Rivers and Delta.
But when this had yet to take effect in filling stations, prices surged above N900 in Lagos, Ogun Abuja and others.
In the Federal Capital Territory, a market survey by one of our correspondents revealed that petrol sold for N955 per litre at NNPC outlets in Gwarinpa and Lugbe, while prices climbed to N928 per litre at NNPC stations in Lagos.
In parts of Edo, Rivers, Oyo and Gombe states, motorists purchased the product at prices ranging from N900 to N1,000 per litre, amid reports of long queues and panic buying.
The latest spike has raised concerns among motorists and consumers already grappling with high transportation and food costs, threatening to further fuel inflationary pressures across the country.
Reacting, the Independent Petroleum Marketers Association of Nigeria has blamed depot owners for the sudden surge in petrol prices.
IPMAN President, Abubakar Shettima, said that depot owners increased their prices when they discovered that the Dangote refinery had stopped fuel loading for some days.
Our correspondent reports that depots hiked their prices on Monday from an average of N830 to about N890.
According to Petroleumprice.com, depots like Matrix, Fynefield and Liquid Bulk sold petrol at N900 as of Tuesday. Northwest offered N895; Pinnacle, N885; RainOil, N890; NIPCO, N850; Aiteo, N878; and Sigmund, N890.
Following this, filling stations adjusted their pump prices to reflect the new pricing regime.
The Nigerian National Petroleum Company Limited retail outlets sold premium motor spirit at N928 in Ogun and Lagos, an increase of about N50 from the previous N870.
The adjustment also marks a reversal of the price reduction introduced in August, when NNPC lowered petrol prices to N865 per litre in Lagos and N890 per litre in Abuja.
Speaking with our correspondent, the NNPC spokesperson, Andy Odeh, said the NNPC adjusted its pump prices like every other retail outlet because the depots increased their gantry rates.
“The ex-depot prices have gone up. You know all the filling stations are retailers. So, when the price goes up ex-depot, there will be an adjustment by the retailers. That’s what has happened and it’s across all the retailers,” the NNPC spokesperson said.
In Ogun and Lagos, filling stations sold petrol at prices ranging from N900 and N950 on Tuesday. Dangote’s partner, MRS, also sold the product at N925 in Ogun.
Our correspondent gathered that the Dangote refinery stopped selling petrol to marketers recently, causing a tightness in supply.
The Dangote refinery has yet to respond to questions seeking further clarification about the development.
However, sources said this might be due to ongoing maintenance or the challenges posed by the mass sacking of engineers at the facility.
In an interview with our correspondent, the President of IPMAN, Shettima said members of the Depot and Petroleum Products Marketers Association of Nigeria hiked fuel prices following the no-loading situation at the 650,000-capacity refinery.
“You may see their trucks on the road, but the trucks are not enough; marketers still have to support by going there to load. And immediately these DAPPMAN people saw that Dangote was not loading, they increased their ex-depot prices. That’s just what is happening. But I know these things are temporary, very soon they will wipe away,” Shettima said.
Speaking on the development, the IPMAN National Publicity Secretary, Chinedu Ukadike, attributed the price increase to temporary supply glitches at the Dangote Refinery and sharp practices by some private depot owners.
Ukadike explained that the refinery had recently slowed loading operations due to internal reorganisation and labour-related disruptions, causing limited distribution to private marketers.
“There is a reorganisation going on, and the issue of the NUPENG strike caused a little glitch in terms of supply and refining of petroleum products, because of the workers’ strike.
“And what we are trying to do now is to manage the situation. Now Dangote has also increased its pump price, while NNPCL has increased its price. This just shows that it is a reflective market whereby when the suppliers increase prices, the retailers have no choice but to increase them, just to make a little profit. So that is the current situation. It is only when we tie our importation of crude products or refined products to the price of the dollar that we can have issues, but that is no longer the case. The issue of exchange doesn’t arise. The factors of production are the issues now,” Ukadike said.
He added that depot owners were taking advantage of the limited supply situation to hike ex-depot prices, further worsening the pump price burden on consumers.
Major Energies Marketers Association of Nigeria further confirmed in its daily bulletin, posted on its official X handle, that the refinery had suspended gantry loading for most private marketers since last Thursday, restricting sales to its own and MRS trucks, thereby creating a shortage at independent outlets.
The Chief Executive Officer of PetroleumPrice.ng, Jeremiah Olatide, has blamed the fresh wave of petrol scarcity and price hikes on operational disruptions at the Dangote Refinery, which he said has suspended gantry sales to private depot owners since last week.
Olatide said the refinery is currently prioritising loading for its own last-mile delivery trucks and those of its affiliate, MRS, while marketers who obtained Product Finance Instruments have been unable to lift fuel for several days.
“No, things haven’t improved. The current situation, as I speak to you, is that the refinery is only loading their own trucks, last-mile delivery trucks, and they have suspended gantry sales since last Thursday,” he said. Those who have PFI are yet to load. I think they have low stock, so they are trying to manage it.”
According to him, the production hiccup was compounded by crude supply shortages and the recent layoff of about 800 refinery workers, which has further strained the facility’s operations.
“Basically, they are having issues with crude, and the 800 staff that were laid off is also a challenge to them. All these have contributed to the supply glitch we’ve experienced in the last week,” Olatide explained.
He likened the unfolding situation to the earlier gas supply crisis, warning that the refinery’s reduced output was already distorting the downstream market. “Clearly, there is a supply problem with PMS distribution, just like the gas problem started,” he added.
Olatide revealed that petrol prices at private depots had surged in response to the supply shortfall, as marketers scramble for limited volumes. “Depot marketers were not allowed to load products today at the refinery. It was only for MRS trucks and their personal trucks. Anyone applying through its trucks will get products now, but not private marketers’ trucks,” he said.
He further disclosed that private depots, previously buying at N820 per litre from the refinery, have halted sales and are considering fresh price increases.
“No doubt, there is a supply glitch. It’s not affecting MRS, but private depot operators have stopped sales and want to raise prices again,” Olatide said.
OSOGBO — The All Progressives Congress (APC) has rejected the outcome of the August 15, 2026, Osun State governorship election as declared by the Independent National Electoral Commission (INEC), insisting that it is not convinced that Governor Ademola Adeleke secured the highest number of valid votes.
INEC on Sunday declared Adeleke the winner after the Returning Officer, Prof. Joshua Olalekan Ogunwale, announced the final results at the commission’s headquarters in Osogbo.
Adeleke, who contested on the platform of the Accord Party, polled 511,067 votes to defeat the APC candidate, Asiwaju Bola Oyebamiji, who scored 444,815 votes. The African Democratic Congress (ADC) candidate, Dr Najeem Salaam, came third with 17,180 votes.
However, the APC said it would not accept the declaration without conducting a comprehensive review of the electoral process.
Speaking on Arise TV’s Prime Time programme on Monday, the Director-General of the APC campaign for the Osun governorship election, Hon. Oluwole Oke, said the party had commenced an audit of the results and electoral materials from the poll.
Oke said the party had directed its agents across the state to submit relevant result sheets for scrutiny as it investigates alleged infractions.
“We need to do the needful which is to evaluate the process, review the process and then form an opinion. We’ve embarked on an audit process; we’ve asked all our party agents to submit copies of Form EC8A, B, C to our secretariat for review. We need to inspect all the materials because we do not agree with the declaration of INEC, and that’s our position for now,” he said.
The APC campaign chief also dismissed suggestions that the party was under pressure to immediately accept the outcome following President Bola Ahmed Tinubu’s congratulatory message to Adeleke.
Tinubu had congratulated Adeleke after the declaration, describing the outcome as a reflection of the will of the people.
Reacting to the President’s position, Oke said Tinubu spoke in his capacity as President and a democrat following INEC’s declaration.
“Mr. President spoke as the Father of the nation and a democrat following the declaration by INEC,” he said.
Oke, however, maintained that the APC would rely on its own assessment of the election after completing its review.
“We’re on ground and politics is local and, like I’ve told you, what we’re doing is to conduct a thorough review of the entire process and form an opinion,” he said.
He added that the party would not be rushed into congratulating Adeleke, insisting that its preliminary position was that the governor did not secure the highest number of valid votes.
“We won’t be under any subtle pressure to easily reach out to congratulate Senator Ademola Adeleke because we believe he didn’t score the highest valid votes,” Oke said.
The APC is expected to determine its next course of action after completing its audit and reviewing the electoral materials and results submitted by its agents.
ABAKALIKI — The 2027 governorship race in Ebonyi State is gathering momentum, with the Peoples Democratic Party (PDP) candidate, Chief Ifeanyi Odii, unveiling a package of reforms aimed at improving the welfare of workers, teachers and retirees.
Odii made the commitments during a meeting with representatives of Ebonyi civil servants and members of the Nigeria Union of Teachers (NUT) at his Lagos residence, where he outlined his plans for a comprehensive reform of the state’s public service.
A major component of his agenda is a workers’ housing scheme designed to provide 1,000 housing units within his first year in office and up to 5,000 units over four years if elected governor.
Odii said the housing programme would be structured to minimise dependence on direct government funding, with workers’ contributions and existing pension assets forming part of the financing framework.
He said the initiative would address the housing difficulties faced by workers and retirees, particularly retirees who often struggle to sustain rented accommodation after leaving government service.
The PDP candidate also proposed a paperless digital loan platform that would allow workers to access loans against their contributory pension savings without the bureaucratic delays associated with the existing system.
On retirement benefits, Odii pledged that workers would have access to their entitlements immediately upon retirement, arguing that retirees should not endure prolonged delays in receiving benefits accrued during their years of service.
He further promised to reform the promotion process through computer-based promotion examinations capable of producing results instantly.
According to him, the digital system would reduce delays, curb opportunities for manipulation and promote greater transparency and fairness in the career progression of civil servants.
Odii said the proposed reforms were aimed at creating a public service where workers would have improved access to housing, credit facilities and timely retirement benefits, while ensuring a more transparent promotion system.
He presented the proposals as part of his broader agenda to improve workers’ welfare and reposition the Ebonyi State civil service for greater efficiency if elected governor in 2027.
The MainPower Electricity Distribution Limited (MEDL) has confirmed the death of one of its operations staff in an electrical accident.
The Head of Communications, MEDL, Mr Emeka Ezeh, who confirmed the incident in Enugu on Monday, said that the incident occured on Aug. 13 at Eke in Udi Local Government Area of Enugu State.
Ezeh said that the incident, which occurred at about 1p.m., involved Mr. Samson Okechi, the Team Lead, Abor, attached to the company’s 9th Mile District.
He said, “Okechi was carrying out maintenance work on a 50kVA/11kV pole-mounted distribution substation at Eke when he sustained an electric shock.
“Okechi was immediately evacuated to Our Saviour Hospital, Ngwo, for medical attention but was pronounced dead by the doctor on duty. His remains were subsequently deposited at a mortuary.”
He said that the incident was formally reported at the Ngwo Police Station for documentation and other necessary statutory actions.
Ezeh also debunked claims circulating on some social media platforms that Okechi was murdered or that the incident was the result of sabotage.
“I wonder why some people take pleasure in conjuring unfounded narratives and circulating them, thereby creating unnecessary tension and bad blood. This is so unfair,” he said.
He urged members of the public to disregard the claims, describing them as baseless.
According to him, Okechi had requested a Station Guarantee (SG) for the Okwe 11kV Feeder, which was granted at about 11:06 a.m. at the 9th Mile Injection Substation. The feeder was subsequently opened and tagged.
“This is a very unfortunate development and a big shock to all of us, his colleagues. Our hearts go out to his immediate family as they grieve,” Ezeh said.
The MEDL spokesman disclosed that MainPower management had commenced a comprehensive investigation to establish the immediate, underlying and root causes of the accident.
He said, “We are committed to ensuring that the investigation is thorough and evidence-based.
“The findings will be used to identify any gaps, determine appropriate corrective measures, and strengthen safety procedures and operational controls where necessary.”
Ezeh MEDL assured its customers and stakeholders that safety remained a paramount priority in its operations, adding that appropriate measures would be taken based on the outcome of the investigation.
Idiaye, a third-term lawmaker, takes over from Blessing Agbebaku, who resigned as Speaker on Monday amid moves by lawmakers to impeach him.
The emergence of Idiaye was said to have been influenced by the gentleman’s zoning arrangement in the Assembly, which provides that when the governor is from the Edo Central Senatorial District, the Speaker should come from Edo North.
Idiaye, being the oldest member from the Edo North Senatorial District, was subsequently elected Speaker.
Without the zoning arrangement, the Deputy Speaker would have automatically succeeded Agbebaku, according to the new Speaker.
Members of the Assembly were at the Government House to inform Governor Monday Okpebholo of the change in leadership.
Agbebaku was said to have resigned early on Monday following alleged moves by lawmakers to impeach him.
Reports gathered that 17 of the 24 lawmakers had signed a notice of impeachment on Sunday night, a development that may have prompted his resignation.
Agbebaku’s resignation was confirmed by Ebojele, who said details of the development would be made public later.
She said, “I can confirm the Speaker’s resignation but details will be made public later.”
The Speaker of the Edo State House of Assembly, Blessing Agbebaku, has resigned from his position.
Agbebaku stepped down on Monday amid moves by some lawmakers to impeach him.
His resignation was confirmed on Facebook by his media aide, Ivy Adodo-Ebojele, who said further details on the circumstances surrounding his exit would be made public later.
“EDO ASSEMBLY SPEAKER RT HON CHIEF BLESSING AGBEBAKU RESIGNS,” she wrote.
The development has thrown the Edo State House of Assembly into a fresh leadership crisis, with lawmakers expected to determine a new Speaker.
Details shortly…
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