Business
Filling stations to sell petrol at N170/ltr as NNPC increases ex-depot price
Fuel marketers across Nigeria may increase the pump price of petrol to N170 per litre from today following an increase in the ex-depot price of the product to N155.17 per litre from N147.67 per litre.
The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, gave the indication in its latest memo dated November 11, 2020, confirming that it had jacked up the ex-depot price of petrol with effect from Friday.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.
It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a telephone interview with a Punch correspondent, said the over N7 increase in ex-depot price would translate into an increase in pump prices.
He said, “The implication of the increase in the ex-depot price is that there is going to be an increase in the pump price. We are expecting the pump price to range from N168 to N170 per litre.
“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.
Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.
Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.
The new pump price is coming against a threat of fuel scarcity in the country precipitated by the industrial action declared by the Petroleum and Natural Gas Senior Staff Association of Nigeria on Monday over the inability of the union and the Federal Government to reach an agreement on the government’s Integrated Personnel Payroll Information System.
Although the NNPC had assured the people that it had enough fuel to dispense and that the strike might not affect fuel distribution per se, PENGASSAN threatened to shut down oil and gas facilities nationwide.
The union also accused the FG of failure to pay arrears owed its members in the Nigerian Nuclear Regulatory Authority.
Auto
Jetour to showcase full SUV line-up, hybrid vehicles at 2025 Abuja motor fair
Jetour to showcase full SUV line-up, hybrid vehicles at 2025 Abuja motor fair
Jetour Mobility Services is set to make a strong presence at the 2025 Abuja International Motor Fair, showcasing its full range of Sports Utility Vehicles (SUVs), cutting-edge hybrid models, and customer-focused services.
The brand will display its impressive line-up, such as the Jetour T2, Jetour X70 Plus, Jetour X90 Plus, Jetour X70 Dashing, and Jetour X50, as well as its newly introduced hybrid variants, the X70 Hybrid and T2 Hybrid.
These models combine performance with improved fuel efficiency and reduced emissions, designed with today’s families and adventure-minded drivers in mind, blending advanced technology, comfort, and affordability.
Jetour’s participation underscores its commitment to innovation and customer satisfaction, strengthening its footprint in the SUV and crossover segments.
The company’s steady rise in the Nigerian market has been remarkable, validated by its “Fastest Growing Auto Brand of the Year” award at the 2024 Nigeria Auto Journalists Association (NAJA) Awards.
Jetour Nigeria is also highlighting its robust after-sales service, including genuine spare parts, technical support, and a comprehensive five-year or 150,000-kilometre warranty.
The firm says it looks forward to engaging with customers, showcasing its latest innovations, and reinforcing its position as one of Nigeria’s fastest-rising automotive brands at the fair, scheduled for November 18-21 at the Eagle Square, Abuja.
Business
Tinubu bows to pressure, stops 15% fuel import duty plan
Tinubu bows to pressure, stops 15% fuel import duty plan
The Federal Government has shelved its plan to introduce a 15 per cent import duty on petrol and diesel, barely three weeks after President Bola Tinubu approved the tariff proposal.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed the suspension on Thursday in a statement by its Director of Public Affairs, George Ene-Ita, urging Nigerians to avoid panic buying or hoarding of petroleum products.
“It should be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) is no longer in view,” the statement said.
President Tinubu had on October 29 approved the tariff to raise the landing cost of imported fuel, following a proposal by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji.
The duty — calculated on the cost, insurance, and freight (CIF) value of imports — was expected to take effect from November 21, 2025, and was aimed at protecting local refineries such as the Dangote Refinery and modular plants by making imported fuel less competitive.
However, the policy quickly drew public criticism, with energy analysts warning that it could push petrol pump prices up by as much as ₦150 per litre and worsen inflation and transport costs.
NMDPRA said the government decided to suspend implementation after reviewing market realities and the need to stabilise domestic supply and prices.
The Authority also assured that there is no cause for concern over fuel availability, noting that product supply remains “robust and within the acceptable national sufficiency threshold.”
“There is a steady inflow of petroleum products — including PMS, AGO, and LPG — from both local refineries and imports to guarantee adequate stock at depots and retail stations nationwide,” Ene-Ita stated.
He cautioned marketers against hoarding or arbitrary price increases, warning that the regulator would not hesitate to take firm action against any operator involved in anti-market practices.
“The Authority will continue to monitor supply and distribution to prevent disruptions, especially during this peak demand period,” the statement added.
The NMDPRA commended stakeholders in the downstream sector for their cooperation and reaffirmed its commitment to ensuring energy security and stable product supply across the country.
Auto
BYD unveils ‘Atelier BYD’, creative hub blending innovation, sustainability, lifestyle in Lagos
BYD unveils ‘Atelier BYD’, creative hub blending innovation, sustainability, lifestyle in Lagos
BYD has introduced an exciting initiative at its brand-new showroom in the heart of Victoria Island, a monthly showcase dedicated to projects that reflect its core values of innovation, sustainability, and lifestyle.
The first edition in October featured PITH Africa, an Afrocentric streetwear brand redefining creative expression for a new generation.
Currently on display until the end of November is Mint Organic Care, a brand that champions eco-conscious living and personal well-being.
For December, a Christmas Pop-Up will spotlight projects such as Clay of Lagos, Kelly Praise, Stitches by Lope, Mostudeo, PITH Africa, and Mint Organic Care.
Upcoming editions will continue to feature innovative projects, each bringing fresh ideas and unique perspectives to enrich this collaborative platform.
BYD Nigeria is the sole and official distributor of BYD electric and hybrid vehicles in Nigeria. The brand is distributed by CFAO Mobility, a leading automotive distributor and subsidiary of the CFAO Group, which has been present in Nigeria for over 120 years.
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