Petrol price may crash to N500/litre, say marketers - Newstrends
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Petrol price may crash to N500/litre, say marketers

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Petrol price may crash to N500/litre, say marketers

Prices of Premium Motor Spirit (PMS), popularly called petrol, may crash further in 2025.

Marketers reckon that the return of operations by Port Harcourt and Warri refineries in addition to Dangote refinery will bring down petrol price to about N500 per litre.

Industry experts, who spoke to Saturday Sun, noted that petrol, which currently sells for between N900 and N950 in many fuel stations, may have its price further crashing to as low as N500 a litre in the course of the year.

According to oil stakeholders, the likely drop in prices of petrol in 2025 is premised on a strong downstream sector propelled by the deregulation policy of the federal government.

According to industry players, other reasons for the price drop include stable foreign exchange policy, price competition, Naira-for-crude policy and the coming on stream of the Port Harcourt, Warri, and Dangote refineries. They also affirmed that for the refineries to sell their products in the domestic market and accept payment in naira will contribute to price fall.

The Federal Executive Council (FEC) had last July approved the sale of crude to local refineries for payment in naira.

In addition to this is the rebound of activities by modular refineries, which are now upbeat about the downstream sector and have concluded plans to add petrol refining to their stable of products in addition to diesel which hitherto was their sole product line.

This comes as Nigeria’s current daily petrol consumption has hit approximately 40 million litres with local production. According to truck out data from the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), Dangote Refinery contributes an average of seven million litres while NNPCL controls 1.2 million litres, bringing the total to 8.2 million litres.

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Modular refineries are out of the picture as they only produce diesel for now. The country currently has about 25 licensed modular refineries but only five are in operation.

This means that only 20.5 per cent of the country’s petrol need is met through local refining, while the remaining 79.5 per cent or 31.8 million litres are imported.

At the moment, the Dangote Refinery is producing about 30 million litres of petrol but only injects about seven million litres into the domestic market, a figure which increased by five million litres in October, up from its initial 25 million litres.

On the contrary, the 125,000 barrels per day Warri Refining and Petrochemical Company (WRPC), which commenced operations a few days ago, is operating at 60 per cent capacity with the production of Kerosene, Diesel and Naphtha.

Prior to the commencement of operations of Warri refinery, the 60,000 barrels per day old Port Harcourt Refinery, which commenced operations over a month ago, is injecting about 1.4 million litres of petrol via blending with straight-run gasoline, 1.5 million litres of diesel and 2.1 million litres of LPFO.

According to the Group Chief Executive Officer (GCEO), NNPC Ltd, Mr Mele Kyari, the 150,000 Port Harcourt Refinery 2 is currently undergoing rehabilitation and is at 90 per cent completion stage, ditto for the Kaduna Refinery which is also undergoing rehabilitation. But a presidency source told Saturday Sun that the Kaduna Refinery may not come on stream anytime soon due to the huge cost implication and other technical reasons.

Though Kyari had recently said NNPC was no longer importing petrol, major marketers and some private depot owners were still importing about 30 million litres daily to bridge supply shortfall.

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But the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Ukadike Chinedu, in a telephone interview with Saturday Sun, said the coming on stream of Port Harcourt and Warri refineries is a game changer for the downstream sector as it will promote a healthy price competition as already being witnessed.

He said both the Nigerian National Petroleum Company Ltd and Dangote have reduced prices in the last three weeks, a signal to the gains of multiple sources of production.

Besides, he said the coming on stream of the NNPC Ltd refineries in addition to Dangote’s gives petroleum marketers and consumers the option of multiple sources of products as against a monopoly market.

Ukadike was upbeat that this development will see prices of petrol drop further below N500 per litre in 2025 as more players add capacity to refining petroleum products.

Again, he said the foreign exchange policy of the Federal Government is already yielding some positive results with a dollar exchanging for less than N1,800.

He added that if the trend was sustained, petroleum prices would crash further because more foreign exchange would be conserved when products are no longer imported.

He further disclosed that more modular refineries are now beginning to take steps to add petrol refining to their line of product because they are now certain of the market through improved product demand.

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According to him, all these improvements being witnessed in the sector is as a result of the deregulation of the downstream sector, which promotes efficiency, healthy rivalry and price competition among players to the benefit of the consumers.

The IPMAN Publicity Secretary further pointed out that the naira-for crude policy of the Federal Government is a major factor that will shape petrol prices in 2025 as it would tame inflation and reduce foreign exchange pressure

Also speaking, the President of the Petroleum Products Retail Owners Association of Nigeria (PETROAN), Mr Billy Harry, aligned with Ukadike.

Harry assured that the coming on stream of the Port Harcourt and Warri refineries would lead to cheaper fuel options for Nigerians.

The PETROAN President maintained that the possibility of affordable petrol for Nigerians is very feasible in 2025.

‘’As you can see, NNPC has reduced its ex- depot price from N1, 045 per litre to N899 per litre for marketers, translating to N925 per litre at the pumps for the end users. This, I must say, is very commendable. These are not small drops, but massive drops from N1, 045 to N899 ex- depot is a lot of drop.”

On the other hand, he said the Dangote refinery equally implemented a similar ex- depot price slash from N970 to N899.50 per litre. He pointed out that with the consistent availability of petroleum products, competition will set in and prices of petroleum products will drop further in the New Year.

In his submission, the Publicity Secretary of Crude Oil Refiners Association of Nigeria (CORAN), Mr Iche Idoko, said Nigerians would gradually begin to witness the gains, which is typical of a deregulated market.

“Price drop is one of the characteristics of deregulation we had highlighted. As the industry settles in to the regime of full deregulation, we are bound to see competitions amongst players, which ultimately will benefit the consumers.”

According to him, these competitions will be around prices, product quality, and credit lines available to bulk buyers.

This, he said, are the advantages that local refining brings. As more local refineries come on stream in the coming months, the industry shall see these positive trends of refiners and suppliers wooing consumers with price reduction and all manner of incentives. 

Petrol price may crash to N500/litre, say marketers

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High Power Bills Force BUK to Halt Electric Vehicle Charging on Campus

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High Power Bills Force BUK to Halt Electric Vehicle Charging on Campus

 

Rising electricity costs have forced Bayero University, Kano, to ban the charging of privately owned electric motorcycles and other electric vehicles across its campuses.

The university said the growing practice of using its electricity supply to charge private electric vehicles had contributed significantly to a sharp increase in its power bills, creating an additional financial burden for the institution.

The directive, which takes immediate effect, was contained in a statement issued on Tuesday by the university’s Director of Public Affairs, Lamara Garba.

According to the statement, the management has observed the “indiscriminate charging” of privately owned electric motorcycles and other electric vehicles using the university’s electricity supply.

It said the development was no longer sustainable at a time when the institution was seeking to manage its resources prudently.

“The Management of Bayero University, Kano has observed with concern the indiscriminate charging of privately owned electric motorcycles and other electric vehicles using the University’s electricity supply across its campuses.

“This practice has contributed significantly to the sharp increase in the University’s electricity bills, thereby placing an enormous financial burden on the institution,” the statement said.

The university consequently directed all staff, students, commercial motorcycle operators and other users of electric motorcycles to stop charging their vehicles with the institution’s electricity.

It warned that anyone who violated the directive would face disciplinary action in accordance with the university’s rules and regulations.

“Management expects full compliance with this directive. Any person found violating this ban will be liable to appropriate disciplinary action,” the statement added.

To enforce the ban, the university directed provosts, deans, directors, heads of departments and heads of units to monitor compliance in their respective areas and report any violations to the appropriate authorities.

It also announced that a monitoring team would conduct regular patrols across the campuses to ensure strict adherence to the directive.

The institution urged all affected persons to cooperate with the measure, saying it was part of broader efforts to reduce energy costs and promote the prudent use of university resources.

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Zenith Bank confirms cyberattack, says customers’ contact information was accessed

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Zenith Bank confirms cyberattack, says customers’ contact information was accessed

Zenith Bank confirms cyberattack, says customers’ contact information was accessed

Zenith Bank has confirmed that hackers gained unauthorised access to limited customer information, including email addresses and phone numbers, following a cyberattack linked to a broader global attack affecting organisations across different sectors.

The bank disclosed the incident in an email sent to customers on Tuesday, assuring them that its banking services and digital channels remain secure and fully operational.

According to the lender, the breach involved only limited customer information, while its core banking infrastructure and digital platforms were not affected.

Zenith Bank said it activated its incident response procedures and other cybersecurity measures immediately after the unauthorised access was discovered.

The bank added that investigations were ongoing to establish the circumstances surrounding the incident, determine its full impact and strengthen measures designed to prevent further security breaches.

“Hackers accessed limited customer information, including email addresses and phone numbers, during a cyberattack that forms part of a broader global attack on organisations across different sectors,” the bank said.

Although Zenith Bank did not disclose the number of customers affected or identify the individuals or group responsible for the attack, it maintained that its banking services remained secure.

The bank also did not indicate whether sensitive financial information, such as account balances, transaction records, passwords, PINs or banking credentials, was accessed.

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The development has raised concerns about possible phishing attacks, fraudulent text messages and deceptive phone calls, as cybercriminals may attempt to use customers’ contact information to impersonate the bank or obtain confidential banking details.

Zenith Bank urged customers to remain alert and exercise caution when receiving unexpected emails, text messages or phone calls claiming to originate from the bank.

The lender warned customers not to disclose their passwords, Personal Identification Numbers, One-Time Passwords or other security credentials to anyone.

Customers were also advised to avoid clicking suspicious links, downloading unfamiliar attachments or responding to unsolicited requests for banking information.

The bank said customers should independently verify suspicious communications through its official channels before taking any action.

Zenith Bank has previously warned customers about fraudulent messages and impersonation attempts, stressing that customers should rely only on verified communication channels when seeking banking support. (Zenith Bank Gambia)

The latest Zenith Bank cyberattack has renewed concerns about the growing threat of cybercrime in Nigeria’s financial sector, particularly as more customers depend on mobile banking applications, internet banking and other digital financial services.

In August 2024, Guaranty Trust Bank, now operating under GTCO, reported attempts to compromise its website domain. The bank said at the time that customers’ data had not been affected and that its banking operations remained secure.

The Central Bank of Nigeria (CBN) has also warned Nigerians about fraudulent emails, online messages and other communications falsely presented as official notices from financial institutions and regulatory agencies.

Such messages may contain suspicious links or requests for personal information intended to deceive recipients and gain unauthorised access to their accounts.

Zenith Bank said it remained committed to protecting customers’ information and thanked customers for their continued trust while investigations into the security incident continue.

As of the time of filing this report, the bank had not disclosed the number of customers affected, the source of the cyberattack or whether any financial information was compromised.

Zenith Bank confirms cyberattack, says customers’ contact information was accessed

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FRSC Boss: Tinubu’s CNG, EV Drive Creating Jobs, Attracting Investment

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FRSC Boss: Tinubu’s CNG, EV Drive Creating Jobs, Attracting Investment

President Bola Tinubu’s ambitious transition to Compressed Natural Gas (CNG) and Electric Vehicles (EVs) is already attracting fresh investments, creating new employment opportunities and laying the foundation for a cleaner, safer and more sustainable transport system, the Corps Marshal of the Federal Road Safety Corps (FRSC), Shehu Mohammed, has said.

Speaking at the 2026 Nigeria Auto Industry Summit (NAISU) organised by the Nigeria Auto Journalists Association (NAJA), Mohammed described the Presidential CNG and EV Initiative as a game-changing policy capable of reshaping Nigeria’s automotive and transportation landscape while stimulating industrial growth and youth employment.

The FRSC boss said the initiative aligns with the United Nations Sustainable Development Goals (SDGs), particularly those promoting climate action and sustainable transportation, while commending President Bola Tinubu for the bold reforms and for assigning the corps a strategic role in the programme’s implementation.

“This initiative has brought in so many investments. We have assembly plants producing electric vehicles and CNG vehicles, companies manufacturing CNG cylinders and conversion kits, and new technology that is creating opportunities for our youths,” he said.

According to him, the initiative is expected to generate thousands of jobs while positioning Nigeria as a leading destination for green mobility investments in Africa.

“Really, it is a massive investment coming into Nigeria, and it is producing massive jobs for the unemployment challenge we have,” he added.

Mohammed also linked the administration’s transport agenda to ongoing infrastructure projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway, noting that the projects would improve connectivity and support a safer, more efficient transport network.

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He expressed confidence that the reforms would help Nigeria achieve the United Nations target of providing “a safe, accessible, affordable, reliable and sustainable transport system for all Nigerians by 2030.”

On road safety, the Corps Marshal stressed that reducing road crashes and fatalities requires collective action rather than relying solely on the FRSC.

“Road safety should not be left to the FRSC alone. It is a collective responsibility involving government, communities and every Nigerian,” he said.

While noting that the corps has sustained public enlightenment campaigns for over three decades, Mohammed said greater participation from state governments, local councils, traditional institutions and community leaders is essential to changing road users’ behaviour.

He disclosed that the FRSC has expanded its awareness campaign beyond motor parks to grassroots town hall meetings, enabling the agency to engage drivers, passengers and community stakeholders more directly.

“When you see a bad driving culture, stop the person and caution him. Let him be embarrassed. Road safety is everyone’s responsibility,” he said.

The Corps Marshal expressed concern over persistent traffic violations such as speeding, overloading and the dangerous practice of conveying passengers alongside goods and livestock, warning that such behaviours remain major causes of fatal crashes.

He also urged passengers to challenge reckless drivers, particularly those who exceed speed limits, saying public intervention could save lives.

Mohammed commended NAJA and the media for their sustained support for the FRSC’s road safety campaigns and called for deeper collaboration with journalists to achieve the global target of cutting road traffic crashes, injuries and fatalities by 50 per cent before 2030.

Speaking on the legacy he hopes to leave, the FRSC boss said his priority is to build a technology-driven, people-focused organisation anchored on professionalism, collaboration and excellent service delivery.

“The legacy I want to leave is partnership, collaboration and bringing out the best in FRSC personnel to serve Nigerians and further enhance the image of the corps,” he said.

 

FRSC Boss: Tinubu’s CNG, EV Drive Creating Jobs, Attracting Investment

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