Business

Marketers formally adjust petrol pump price to N170-N190/litre

Published

4 years ago

July 18, 2022

Petrol price heads towards N1,500 per litre despite falling crude oil prices

Premium Motor Spirit popularly known as petrol will now be sold between N170/litre and N190/litre in filling stations across the country, following what is believed to be a subtle agreement between Federal Government officials and oil marketers.

Findings by The PUNCH on Sunday revealed that the development was the outcome of a meeting between the Nigerian Midstream and Downstream Petroleum Regulatory Authority and oil marketers on Thursday.

Sources privy to the meeting said it was agreed that the pump price of petrol should be increased by N10 per litre.

A market survey on Sunday revealed that price display boards at some petrol stations in Lagos reflected new prices starting between N170 per litre and N175 per litre.

However, some other filling stations sold above these prices, with some selling as high as N185/litre.

Oil marketers denied holding a meeting with the NMDPRA on the subject matter but sources close to the matter confirmed to our correspondent that the meeting actually held.

The officials said the NMDPRA agreed marketers could increase their pump price to N165-N175/litre for filling stations inside towns, and a maximum of N190/litre for those on the outskirts.

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“The meeting was held and everybody was told to keep mum. A band of N165-N175/litre was approved for the filling stations inside towns, while N189 was approved for those outside towns,” our source said.

The NMDPRA could not verify this claim as of press time on Sunday.

The spokesman for the NMDPRA, Kimchi Apollo, did not respond to several calls made to his telephone line.

However, marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria confirmed the fuel pump price hike to our correspondent.

The National Operations Controller, IPMAN, Mike Osatuyi, explained the reasons behind the fuel pump price hike.

Osatuyi, who also denied that a meeting held between oil marketers and the Federal Government on Thursday, however, disclosed that there was a fresh increase, describing it as a “market fundamentally determined price.”

“Petrol now sells between N175-N180 per litre depending on the area, ‘’ he said.

“Petrol is now available and as you can see, the queues in Lagos and Abuja have disappeared. We are businessmen and it’s impossible for us to run at a loss. Marketers are allowed to sell at a minimum price of N170 and a maximum of N180. There’s something we call market fundamentals; this is what came into play here. This is because it is impossible to bring the product into your station at N170 and sell at N165,” he added.

When asked if there was a circular from the NMDPRA to the effect, he responded “no”, adding, “there was no meeting but what you saw was simply an increase due to market forces.”

Explaining further, he said the Pipelines and Product Marketing Company’s price template, which has the current official price of N165/litre, was arrived at about 12 ago.

“The template is 12 years old when the dollar was still N175 and diesel was sold at N200/litre. Now, diesel is around N850. Even major oil marketers have changed their price boards to reflect the new band. It’s no more hidden. It is better for fuel to be available at N180 or N185 than buying at N250 from black marketeers. Now, no more boys going around with jerry cans, you can drive in and buy with ease”, he said.

Meanwhile, findings showed on Sunday that fuel queues at petrol stations in Lagos and Abuja, which had lingered since February, suddenly disappeared over the weekend following the latest development.

Meanwhile, economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, told The PUNCH that the current price is not sustainable.

According to him, the government is in the best position to control the prices of petrol if it cannot control diesel prices.

He said, “Already, National Bureau of Statistics reports make us understand that except for Lagos, Abuja and other big cities, petrol prices are already above N165/litre. That is the market reality, except the government doesn’t want private entities to get involved in the market because these guys are there to do business and not to run at a loss. These marketers share their figures with everybody. Most of these guys are based in Lagos and they transport their products in trucks that run on diesel. Can the government control the prices of diesel? If they can’t then, they should hand off regulating prices. They should first resolve the surging diesel prices and challenges at the depots before pouncing on marketers. Otherwise, their businesses will close down, and black marketers will take over the business – that’s when we will see more adulterated products capable of burning down houses and cars,” he said.

Also, a former Chairman of the Major Oil Marketers of Nigeria, Tunji Oyebanji, declined to comment on the new price but told The PUNCH that the Federal Government’s price template was old and needed to be updated.

He said, “Nobody had any meeting with the NMDPRA. The only thing we have continued to say is that N165/litre is not sustainable because the template with which that price was arrived at made all the elements therein fixed and unchanged. Elements such as coastal, NPA, NIMASA jetty throughput, storage and financing, which were used to arrive at the ex-depot price were all based on the old dollar and old diesel prices.

“All the items on the template have currently gone up because of the exchange rate which impacted our operating costs due to the high cost of diesel. As of the time when the template was done, diesel was N130/litre, now it is N800 which allows for an operating cost of N4.00. That is why N165/litre cannot work. Nobody is saying price should be this or that, but that government should come to our aid.”

According to him, if the price is not increased, marketers will soon go out of business.

Also reacting, a former Group Chairman/Chief Executive Officer, International Energy Services Limited, Dr Diran Fawibe, said, “The whole process is not transparent. If we had allowed market forces to determine prices, we wouldn’t be in the dilemma that we are currently in. Everybody is just throwing up figures and at the end of the day; it’s the consumers that will pay for it. But as long as the government keeps giving subsidies, marketers will expect subsidies to keep increasing, and until we start to refine products in-country, the whole business will not just be murky but will soon turn into a monkey business.”

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Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday

Published

1 hour ago

September 19, 2026

Trends Admin

Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday

Jetour is taking its premium pickup game to Abuja as the automaker prepares to showcase the powerful F700 hybrid pickup at the Jetour Experience Abuja, bringing a blend of electrified performance, luxury and rugged off-road capability to the Federal Capital Territory.

The three-day event, scheduled for September 22 to 24 at Maha Event Centre, Area 8, Garki, comes on the heels of strong reception in Lagos and is expected to draw commercial fleet operators, corporate buyers and luxury pickup enthusiasts keen to experience Jetour’s latest hybrid workhorse.

Following high-impact reception in Lagos, the Abuja activation, which holds at Maha Event Centre, Area 8, Garki, answers massive demand from commercial fleet leaders, corporate buyers, and luxury truck enthusiasts eager for an electrified workhorse built without compromise.

Jetour’s rapid ascendancy as Nigeria’s Fastest Growing Auto Brand and Auto Brand of the Year is backed by nationwide after-sales infrastructure, certified technicians, and genuine parts availability through its authorized dealer network including Elizade Nigeria Limited, New Era AutoVehicle Services, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe and
Tab Autos.

The Ultimate Hybrid Powerhouse
Engineered on the heavy-duty platform of Jetour’s G700 luxury SUV, the double-cab F700 redefines utility.

Stretching nearly 5.5 meters, it commands road presence via a high-tensile ladder-frame chassis and independent double-wishbone suspension engineered for punishing industrial demands and refined highway cruising alike.

Under the hood lies the revolutionary Kunpeng Super Hybrid CDM-O powertrain—pairing dual high-output electric drive motors with an onboard turbo petrol generator that seamlessly feeds the battery pack on the fly, eliminating range anxiety entirely.

According to Jetour, an advanced CATL 800V architecture surges the battery from 20% to 80% in just 10 minutes, achieving ultra-fast charging.

The vehicle delivers a monumental combined cruising range of up to 1,300 km on a single charge and tank, and achieves exceptional fuel economy, sipping as low as 1.39 L/100 km.

Conquering Terrain in First-Class Luxury
Engineered for unforgiving terrain, the F700 deploys Jetour’s intelligent XWD all-wheel-drive system governed by front, center, and rear mechanical differential locks.

With 9.5 inches of ground clearance and an imposing 900 mm water-wading capability, the F700 glides through deep water crossings, unpaved construction corridors, and rocky trails effortlessly.

Inside, the cabin abandons utilitarian compromises for bespoke executive refinement, featuring
35.4-inch Panoramic “Sky Screen” dominating the dash architecture.

Also, it features the 15.6-inch Central Command Touchscreen for seamless telematics and vehicle dynamics, Sculpted Luxury Finishes combining aviation-grade acoustic insulation, premium materials, and active driver-assist safety suites.

The three-day Jetour Experience Abuja will feature live technical walkarounds, rugged dynamic tests, and hands-on driving trials at the capital.

Auto

26th Abuja Motor Fair: NADDC, BKG Set November 10 Date for Auto Industry Show

Published

20 hours ago

September 18, 2026

Trends Admin

26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase

The National Automotive Design and Development Council and BKG Exhibitions Ltd have unveiled plans for the 26th Abuja International Motor Fair, scheduled to hold from November 10 to 13, 2026, at Eagle Square, Abuja.

The four-day event is expected to bring together major players across the automotive value chain, such as vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies, development partners, investors and government agencies.

A three-day conference will also feature prominently at the fair, with the theme, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.”

A statement on Friday by BKG Exhibitions said the conference would examine key issues shaping the development of Nigeria’s automotive industry, with speakers drawn from various sectors of the industry and related fields.

Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said the conference would feature a keynote address by the Director-General of NADDC, Otunba Joseph Osanipin, alongside presentations and speeches by leading stakeholders in the automotive and transport sectors.

26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase

Auto

Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG

Published

1 day ago

September 18, 2026

Trends Admin

L-R:Tanko Kyumnom Principal Information Officer, representing the DG, NADDC; Cosmas Maduka Jnr, Executive Director, Special Duties & Aftersales at Coscharis Motors; Otuyemi Olatunde Head, Technical Risk Management at Leadway Assurance; Dr Femi Eghuaikhide, Chairman LCCI Auto Sectoral Group and Deputy Managing Director, R.T. Briscoe Nigeria Plc; Engr. Opeyemi Aminu, Vice President, LCCI; Mmesoma Christabel llekuba, CFO & Head, Accounts & Strategy, CedricMasters Group, Kunle Jaiyesimi, Deputy Managing Director, CFAO Mobility, Victor Oguamalam, MD, Globe Motors and Abiona Babarinde, GM, Corporate Communications & Marketing, Coscharis Motors during the LCCI Auto Sectoral Group Symposium on Thursday, September 17, 2026 in Lagos.

Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG

Nigeria’s automotive stakeholders have called for an urgent shift from fuel subsidy to affordable vehicle financing, saying the new model could make vehicle ownership accessible to more Nigerians while driving local production, creating jobs and reducing dependence on imported automobiles.

The call was made on Thursday at the LCCI/National Automotive Design and Development Council Automobile Symposium, themed, “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”

Chairman of the LCCI Auto and Allied Sector Group, Dr Femi Eguaikhide, said affordable vehicle credit could restore access to mobility, improve productivity and create a stronger market for Nigeria’s automotive industry.

He said fuel subsidy had for decades effectively functioned as Nigeria’s mobility policy by helping to keep transportation relatively affordable for millions of Nigerians, including commercial drivers, teachers and small-business operators.

However, following its removal in May 2023, Eguaikhide said mobility costs had risen sharply, resulting in higher transport fares and increased prices of goods and services, with knock-on effects on productivity.

“Subsidy made fuel cheap, but cars remained expensive. So only the rich owned productive assets,” he said, arguing that vehicle credit could enable more Nigerians to acquire income-generating vehicles and repay loans from the proceeds.

Eguaikhide called for affordable, preferably single-digit interest rates and longer-tenor lease-to-own schemes for commercial operators using buses, tricycles and motorcycles.

“Can we create a ₦50,000/month plan for a keke driver?” he asked, urging financial institutions to develop financing products around borrowers’ earning capacity rather than conventional lending models.

He also advocated the use of vehicle telematics, tracking systems and cash-flow data to develop “mobility credit scores” that could help lenders assess the repayment capacity of commercial transport operators.

But Eguaikhide warned that vehicle financing must not become a fresh channel for importing used vehicles.

“If we use credit to import more Tokunbo, we’ve solved nothing,” he said, advocating financing for CNG conversions, locally assembled electric and hybrid vehicles, as well as mass-transit buses.

He summed up the proposed policy shift: “Subsidy gave us consumption. Credit can give us production.”

In a special address, Chairman and Chief Executive Officer of Cedric Masters Group, Chief (Sir) Anselm Ilekuba, also canvassed a fundamental shift towards vehicle financing, stressing that such a policy must simultaneously promote Nigeria’s automotive industrialisation.

Ilekuba, who was represented at the event by his Chief Finance Officer and Head of Accounts and Strategy, Christabel Mmesoma Ilekuba, decried the impact of high financing costs, short repayment periods and pressure on household incomes on vehicle ownership, despite strong demand for automobiles.

He urged the Federal Government to seriously consider the proposed National Automotive Bank being championed by NADDC, describing it as a specialised financing institution that could support consumers, vehicle assemblers and component manufacturers.

Ilekuba proposed longer-tenor financing for qualifying locally assembled vehicles, alongside industrial credit for manufacturers and funding for machinery, technology, certification and capacity expansion by component producers.

He also called for stronger localisation of automotive components, citing the proposed National Automotive Components Parts Gateway being developed by ALCMAN with Chinese partners.

According to him, the Automotive Bank and Components Gateway could create a cycle in which increased vehicle purchases stimulate local assembly, boost demand for locally produced components, expand factories and generate jobs, while reducing Nigeria’s exposure to foreign-exchange pressures.

Ilekuba said the success of vehicle financing should therefore not be measured merely by the number of loans disbursed, but also by growth in local vehicle assembly, component production, factory expansion, employment and foreign exchange conserved or earned.

“The old subsidy helped Nigerians consume mobility. The new approach should help Nigerians own mobility—and help Nigeria produce it,” he said.