Business
Marketers count losses as NNPC slashes petrol price
Marketers count losses as NNPC slashes petrol price
Petroleum product marketers have expressed frustration over financial losses following the Nigerian National Petroleum Company Limited’s (NNPC) recent reduction in the pump price of Premium Motor Spirit (petrol).
On Easter Monday, NNPC retail outlets across major cities adjusted their pump prices, with Lagos stations dropping from N925 to N880 per litre, while Abuja saw a similar drop to N880. In Kano, the price was revised from N950 to N935 per litre.
The unexpected price cut comes just days after the Dangote Refinery reduced its ex-depot price from N865 to N835 per litre—further intensifying pricing pressure on independent marketers who had stocked up at previous, higher rates.
The $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
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This newspaper observes that the new NNPC prices in Kano, Abuja, Port Harcourt and Lagos are N10-N15 lower than that of the Dangote refinery, signalling another price war between the two companies.
Our correspondent reports that some NNPC filling stations are still selling at the old rate. But marketers said these stations were given the liberty to exhaust old stock before adjusting to the new prices.
In an interview with our correspondent, the National Vice President of the Independent Marketers Association of Nigeria, Hammed Fashola, confirmed the price reduction, stressing that filling station operators were losing money.
He told our correspondent that NNPC Retail sent a memo to its outlets to effect the new prices.
“It is confirmed that NNPC has reduced PMS prices. It is now N880 per litre in Lagos. They sent messages to their retail outlets. Some of them have already put the price at N880. However, they allow those having old stock to continue selling at the old rate. Some are still selling at N910.
“Those are the ones that still have their old stock. So, the same thing applies to independent marketers. Those that have their old stock are still trying to see how they can dispense it,” he stated.
While acknowledging that the fluctuation in fuel prices is one part of deregulation, Fashola declared that marketers are losing money.
“The price reduction is a welcome development, but at the same time, it has a negative impact on the side of the marketers. We are losing money. That’s just the truth. We are losing money. That’s the bitter truth,” he said.
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According to him, the price cuts are good for the masses, but marketers pay the price.
“On the side of the masses, Nigerians are better for it. People are getting cheaper fuel now, which is good. That’s the beauty of deregulation that we are talking about. There’s nothing anybody can do about it. But marketers are the ones bearing the losses, seriously.
Asked if there is any way to reduce the losses, he replied, “On the part of marketers, what we can do is just to try as much as possible to try and sell. We will reduce prices to a level that, at least, our losses will not be too much. So, you will be able to get rid of your old stock before you go to the market to buy at the new rate and start selling at the new rate.
On whether the petrol price could drop to N800 or N700 soon, Fashola refused to make projections.
“I don’t want to predict that. You know, two major factors determine this – the crude oil price and our exchange rate. So, I don’t want to predict the price. All these things have their implications. If the crude oil comes down to something like $50 per barrel, it has its own implications for our economy. It will affect the government revenue. At the same time, inflation and all that are also there. So, I don’t want to predict that,” he stated.
Recall that the Dangote refinery resumed price cuts after the Federal Government directed that the naira-for-crude deal should continue indefinitely.
Marketers count losses as NNPC slashes petrol price
(Punch)
Aviation
FAAN Introduces Hybrid Toll Payment System Following Tinubu’s Directive
FAAN Introduces Hybrid Toll Payment System Following Tinubu’s Directive
The Federal Airports Authority of Nigeria (FAAN) has introduced a temporary hybrid toll payment system at airports nationwide following heavy traffic congestion caused by the rollout of its cashless toll payment policy. The move comes after President Bola Tinubu directed the authority to ease implementation challenges to prevent travel disruptions.
FAAN Managing Director, Mrs. Olubunmi Kuku, told journalists in Lagos on Thursday that the decision followed severe gridlock at major airport toll gates, particularly Murtala Muhammed International Airport (MMIA), Lagos, as motorists struggled to adapt to fully digital payment methods. “He [the President] saw the traffic congestion and directed us to temporarily revert to a hybrid approach,” Kuku said. “This ensures smoother access while we refine the cashless system — it is a win for the industry.”
The hybrid model allows commuters and travellers to pay tolls using a combination of cash, prepaid FAAN cards, e-tags, debit cards, and other electronic options. Kuku emphasized that the arrangement will let FAAN continue its digital payment initiative while still accommodating users who have yet to register or activate electronic payment channels.
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She highlighted that the authority had registered over 100,000 users on its cashless platform between October 2025 and March 3, 2026, with around 60,000 sign-ups occurring in the final three days before the March 1 rollout deadline. The technology reportedly achieved a 99% success rate during initial operations, demonstrating strong potential for adoption once operational challenges are addressed.
Kuku explained that the initial rollout lacked a comprehensive pilot phase due to the pressure to meet the government’s deadline. The additional time granted by the Presidency now serves as an extended pilot period, enabling FAAN to raise public awareness, onboard private technology partners, and enhance monitoring mechanisms to prevent revenue leakages while cash payments are still allowed.
The MD noted that no new deadline has been set for the complete elimination of cash payments. The focus now is on refining the system, ensuring user convenience, and achieving a smooth transition to a fully digital tolling platform in line with global best practices in airport infrastructure management.
FAAN said the hybrid arrangement aims to prevent delays that could cause passengers to miss flights, while also maintaining transparency in revenue collection and improving overall airport operational efficiency.
FAAN Introduces Hybrid Toll Payment System Following Tinubu’s Directive
Business
NNPC Raises Petrol Price to ₦933 in Lagos, ₦960 in Abuja
NNPC Raises Petrol Price to ₦933 in Lagos, ₦960 in Abuja
The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol at its retail stations to ₦933 per litre in Lagos and ₦960 per litre in Abuja, triggering fresh concerns among motorists and businesses over rising fuel costs in Nigeria.
The national oil company raised the price by ₦103 in Lagos, moving from ₦830 per litre to ₦933, while motorists in the federal capital Abuja now pay ₦960 per litre, representing an ₦85 increase from the previous ₦875 price.
Checks on Wednesday showed that the new petrol price has already been implemented at several NNPC retail outlets, including stations at Apple Junction and Ago Palace Way in Lagos, while stations along Airport Road in Lugbe, Abuja, were dispensing petrol at the new ₦960 rate.
The latest fuel price hike comes shortly after the Dangote Petroleum Refinery increased its ex-gantry petrol price to ₦874 per litre on March 2, up from ₦774 per litre, a development that has influenced retail pricing across the downstream petroleum sector.
Industry analysts say the rise in petrol prices in Nigeria is closely linked to growing geopolitical tensions in the Middle East, which have unsettled global energy markets and pushed up crude oil prices.
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Recent market data shows that Brent crude oil rose to about $85 per barrel on March 3, compared with around $72 per barrel recorded on February 28, intensifying pressure on petrol landing costs for markets that still rely partly on imports.
Experts note that Nigeria’s deregulated fuel market means pump prices now fluctuate in response to international oil prices, exchange rate volatility, and supply chain costs.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the federal government to ensure steady crude oil supply to domestic refineries, particularly as Nigeria seeks to strengthen local refining capacity.
The association warned that continued instability in global oil markets could weaken the naira, raise petrol prices further, and push inflation higher, thereby worsening the cost-of-living challenges faced by Nigerians.
Energy stakeholders have also stressed the importance of expanding local refining operations, including production from the Dangote refinery and rehabilitation of government-owned refineries, to reduce dependence on imported fuel.
The latest price adjustment reflects the ongoing transition in Nigeria’s downstream petroleum sector following the removal of fuel subsidies and the adoption of a market-driven pricing system.
Motorists across Lagos, Abuja and other major cities have expressed concern that rising petrol prices could increase transportation costs, food prices and overall inflation, placing additional pressure on households and businesses.
NNPC Raises Petrol Price to ₦933 in Lagos, ₦960 in Abuja
Business
TCAN Targets Logistics Reforms to Drive Economic Growth at 2026 Transport Summit
TCAN Targets Logistics Reforms to Drive Economic Growth at 2026 Transport Summit
The Transportation Correspondents Association of Nigeria (TCAN) has begun preparations for its 2026 Annual Transport Summit, placing Nigeria’s logistics value chain at the centre of national economic discourse.
Scheduled for September 2026 in Lagos, the summit will be held under the theme, “Unlocking Economic Growth Through Transportation Logistics.”
It is expected to draw major stakeholders across the aviation, maritime, rail and road transport sectors, alongside logistics service providers, policymakers, regulators, development partners and financial institutions.
In a statement, TCAN said the summit would critically examine how efficient transportation logistics can serve as a catalyst for sustainable economic growth, trade facilitation, job creation and regional integration, especially in the context of ongoing reforms and infrastructure investments within the sector.
Chairman of TCAN, Tola Adenubi, described transportation logistics as the backbone of economic development, stressing that the performance of Nigeria’s logistics ecosystem directly impacts the nation’s competitiveness.
“From cargo handling at airports and seaports to inland freight movement and last-mile delivery systems, the efficiency of Nigeria’s logistics architecture plays a decisive role in determining the competitiveness of the nation’s economy,” Adenubi said.
He noted that the 2026 summit would explore innovative strategies to strengthen the sector, including digital transformation, infrastructure financing models, public-private partnerships and regulatory reforms aimed at optimising performance.
Chairman of the 2026 Conference Committee, Suleiman Idris, said the summit would feature high-level panel discussions, keynote addresses and interactive sessions designed to assess the current state of Nigeria’s transportation logistics framework.
According to him, deliberations will focus on identifying bottlenecks hindering seamless cargo and passenger movement, examining the impact of multimodal transport integration on economic expansion, and highlighting investment opportunities within the logistics and supply chain ecosystem.
Idris added that experts at the summit would also provide policy recommendations targeted at enhancing operational efficiency and boosting Nigeria’s global competitiveness in trade and transportation.
As part of the programme, TCAN will confer its Champions of Transport Industry Development (COTID) certificates on selected government agencies and private operators that have made significant contributions to the advancement of Nigeria’s transportation sector.
Over the years, the TCAN Annual Transport Summit has evolved into a credible platform for constructive engagement between regulators, operators and other industry stakeholders.
The association said the 2026 edition aims to deepen policy conversations, promote transparency and accountability, and accelerate reforms capable of unlocking the full economic potential of Nigeria’s transport and logistics industry.
With logistics increasingly recognised as a key enabler of economic growth, industry observers expect the 2026 summit to set the tone for fresh strategies that could reshape Nigeria’s transportation landscape in the years ahead.
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