Business

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

Published

4 years ago

July 18, 2022

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.

READ ALSO:

“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.”

Related Topics:Featured marketers Petrol Price

Up Next

$9.3bn loss: NIMASA DG faces arrest over $5m legal fee

Don't Miss

Woman with drugs in fetish bowls intercepted at Lagos airport

Business

Petrol Prices Fall Nationwide as Dangote Refinery Cuts Ex-Depot Rate

Published

20 hours ago

June 3, 2026

Trends Admin

Petrol Prices Fall Nationwide as Dangote Refinery Cuts Ex-Depot Rate

Nigeria’s petrol prices have begun to decline across several parts of the country after Dangote Refinery announced a fresh reduction in its ex-depot price of Premium Motor Spirit (PMS), raising hopes of further relief for motorists and businesses grappling with high fuel costs.

The 650,000 barrels-per-day refinery reduced its ex-depot petrol price from N1,275 per litre to N1,250 per litre, while also lowering the ex-depot price of diesel from N1,800 per litre to N1,700 per litre. The company attributed the latest adjustment to a decline in global crude oil prices and its commitment to making refined petroleum products more affordable for Nigerians.

The development has already triggered price reductions at several filling stations, particularly in Lagos and Ogun states, where some marketers are now selling petrol below N1,300 per litre.

Checks along the Mowe-Ibafo axis of the Lagos-Ibadan Expressway showed that marketers moved swiftly to adjust pump prices following the refinery’s announcement. MRS stations reduced petrol prices to N1,286 per litre, while NIPCO and Heyden sold at N1,290 per litre. SGR outlets adjusted their pump price to N1,297 per litre.

The downward trend was also noticeable in the diesel market, where several stations reduced prices to around N1,800 per litre from previous levels of about N1,900 per litre.

However, not all retailers have fully reflected the latest reduction. Some outlets operated by the Nigerian National Petroleum Company Limited (NNPC) were still selling petrol above the N1,300 mark. In Ibafo, NNPC stations dispensed fuel at N1,305 per litre, while Mobil and Asharami stations sold at N1,310 and N1,320 per litre respectively.

READ ALSO:

Industry observers believe the latest move by Dangote Refinery could lead to additional price adjustments nationwide as marketers exhaust existing inventories and take delivery of products purchased at the new rate.

The reduction comes after months of sustained pressure on consumers following a sharp rise in fuel prices. Petrol prices had surged from around N830 per litre to over N1,300 per litre in many parts of the country as global crude oil prices climbed above $115 per barrel amid tensions involving the United States and Iran.

Energy analysts say increasing local refining capacity is beginning to reshape Nigeria’s downstream petroleum market. Since commencing large-scale operations, Dangote Refinery has emerged as the country’s dominant fuel supplier, significantly reducing dependence on imported petroleum products and introducing stronger competition among marketers.

The latest price cut is expected to provide some relief to households and businesses struggling with rising transportation, logistics and production costs. Many Nigerians are also hoping that continued declines in global crude prices and improved local supply will force further reductions in pump prices in the coming weeks.

Stakeholders, however, caution that future petrol price movements will continue to depend on global oil market trends, foreign exchange stability, transportation costs and overall supply conditions within the domestic market.

For now, motorists are beginning to enjoy modest savings at the pump, with the prospect of more competitive pricing as marketers respond to changing market realities.

Petrol Prices Fall Nationwide as Dangote Refinery Cuts Ex-Depot Rate

Business

40 Million Nigerians Await MTN as Airtel, Glo Bring Back Airtime Loans

Published

1 day ago

June 2, 2026

Trends Admin

40 Million Nigerians Await MTN as Airtel, Glo Bring Back Airtime Loans

Airtime lending services in Nigeria are making a strong comeback after weeks of uncertainty. The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has confirmed that 40 million subscribers will soon regain full access to emergency credit facilities. This development follows Airtel Nigeria’s decision to restore its airtime credit service and the Federal Competition and Consumer Protection Commission’s (FCCPC) suspension of the controversial DEON Regulations 2025. For millions of prepaid and low-income users, these small airtime advances are a daily lifeline for communication and economic survival.

Airtel Nigeria and Globacom (Glo) have fully restored their airtime lending services after a six-week suspension. Ayo Stuffman, chairman of the Wireless Application Service Providers Association of Nigeria (WASPAN), confirmed on Monday, May 25, 2026, that the services in question are already active on Airtel and Glo. In contrast, MTN Nigeria has yet to resume the service. The return follows a decision by the FCCPC to suspend enforcement of its controversial DEON Regulations 2025 after a court order halted implementation. The suspension had disrupted services such as ‘Borrow Me Credit’ and other airtime advance platforms used by millions of Nigerians, especially low-income subscribers who rely on small airtime loans during emergencies or temporary cash shortages.

ALTON Chairman Gbenga Adebayo has stated that the regulatory landscape is now sufficiently clear for operators to resume operations. He commended Airtel for taking the lead in restoring access to subscribers, noting that the regulatory environment is now clear and that full restoration is imminent. Adebayo emphasized that the courts have spoken, the FCCPC has acted responsibly, and two of the four major operators have already restored services. He added that there is no ambiguity left, and the association expects every operator to act with the urgency their subscribers deserve.

The disruption began in April 2026 after the FCCPC classified airtime credit as a consumer lending product under its DEON Regulations 2025. The move prompted MTN Nigeria, Airtel, Globacom and T2mobile to suspend services. Nigeria’s airtime credit market is estimated at N300 billion to N400 billion annually. Adebayo argued the suspension showed airtime credit is a critical economic infrastructure, not a typical financial product. He explained that what this episode demonstrated is that airtime credit is not a financial product in the way regulators initially characterised it. He described it as economic infrastructure that approximately 40 million people use regularly, with the vast majority of them at the base of the economy. He warned that removing that infrastructure, even temporarily, had consequences that went far beyond the telecom sector.

READ ALSO:

The turning point came when the Wireless Application Service Providers Association of Nigeria (WASPAN) filed a lawsuit challenging the FCCPC’s authority. Justice A.L. Allagoa of the Federal High Court, Lagos, issued an ex parte order restraining the FCCPC from enforcing the framework, while Form 49 contempt proceedings were reportedly initiated against the Commission’s Executive Vice Chairman, Tunji Bello. In a statement on Friday, May 22, 2026, FCCPC Director of Corporate Affairs, Ondaje Ijagwu, confirmed the Commission’s compliance with the court order. Ijagwu stated that as a law-abiding institution, the Commission, in deference and in obedience to the rule of law, hereby suspends the implementation and the enforcement of the DEON Regulations 2025. Despite the temporary suspension, the FCCPC signalled plans to challenge the ruling, stating that its legal team had been instructed to contest both the court order and the competence of the suit filed against it. The Commission had earlier claimed it received more than 11,000 consumer complaints linked to digital lending operations, which partly motivated its regulatory push.

With Airtel and Globacom already back online, attention has shifted to MTN Nigeria, which serves over 95 million subscribers. MTN’s Chief Corporate Services and Sustainability Officer, Tobechukwu Okigbo, explained that the operator needs further legal clarity before restoring services. Okigbo stated that in terms of what needs to happen for them to resume the airtime advance service, there are essentially two conditions. First, they would require either a court ruling that sets aside the regulations empowering the FCCPC to license, which has not happened. Second, they would need a clear directive instructing them to reinstate the service.

For subscribers on Airtel and Glo, accessing emergency credit is now straightforward. Users can simply dial the harmonized USSD code *303# and select the “Borrow Credit” or “Airtime Advance” option. They can then choose their desired loan amount, which is repaid automatically on their next recharge. MTN subscribers, however, will continue to see an error message until the company decides to restore the service.

ALTON has used this episode to call for stronger coordination between the FCCPC and the Nigerian Communications Commission (NCC) to avoid future regulatory clashes. Adebayo noted that the recent disruption highlighted the importance of airtime credit services to millions of Nigerians, particularly those in lower-income communities who rely on the facility to stay connected. He argued that the FCCPC’s consumer protection mandate and the NCC’s telecom regulatory mandate can coexist without either displacing the other. The lesson, according to him, is that Nigeria’s regulatory agencies need formal coordination protocols for services at the intersection of telecommunications and financial products. He stated that ALTON is ready to participate in that conversation and urged both agencies to begin it without delay.

Looking ahead, the final outcome of the court battle will determine the future regulatory control of Nigeria’s fast-growing digital credit ecosystem. If the court rules in favor of the telecom operators, MTN will likely restore services quickly, and the NCC will retain oversight of airtime lending. If the FCCPC wins, stricter digital lending rules may apply, including licensing requirements, interest rate caps, and consumer complaint mechanisms. For now, Airtel and Glo subscribers can breathe easier knowing their emergency credit line is back. Millions of MTN users, however, must wait for either a court ruling or a clear directive before they can once again borrow airtime to stay connected.

40 Million Nigerians Await MTN as Airtel, Glo Bring Back Airtime Loans

Auto

Toyota Motor Show Roars into Lagos Tomorrow with Test Drives, Debates, Free Diagnostics, Others

Published

2 days ago

June 1, 2026

Trends Admin

Toyota Motor Show Roars into Lagos Tomorrow with Test Drives, Debates, Free Diagnostics, Others

4-Day Festival Kicks Off June 2, No Admission Fees

If you have ever wanted to get behind the wheel of a Land Cruiser, grill a Toyota engineer, or win prizes while learning how your engine actually works, tomorrow is your day.

Toyota Nigeria Limited will throw open the gates for its annual Toyota Motor Show on Tuesday, June 2, 2026. And for four days, Lekki becomes the city’s biggest car park, debate stage, and hangout spot rolled into one. The show runs through Saturday, June 6, with a break on Friday, 5th June, according to the organisers, TNL.

Forget the usual “stand-and-stare” motor shows. TNL says it is going full experience:

Day 1: Tuesday, June 2 – See It, Drive It, Hear It
Doors open for open vehicle viewing. But the headline is _PodCARst_ going live – Toyota’s new podcast recorded on-site. First guest? Celebrity guest Soma, in conversation with execs. Think cars, culture, and no script.

Day 2: Wednesday, June 3 – Youth Takeover
This is for students and young professionals. Expect debate competitions, quiz battles, and hands-on workshops. Kate Henshaw, screen legend, will be on ground to meet fans and judge the action.

READ ALSO:

Day 3: Thursday, June 4 – Influencer Tours
Social media star Mama Deola leads guided vehicle tours. She will walk the arena, break down why the Hilux still owns Nigerian roads, and why the Corolla and other Toyota models make sense for fuel prices today. Public access continues all day.

Grand Finale: Saturday, June 6 – The Bump Off
The event will close with another _PodCARst_ recording popular social media influencer, Ride With Mee, then turn up the energy for the “Toyota Bump Off” – a mini-rave hosted by media personality Dotun. DJ, outdoor games, prizes, and one last round of test drives.

All Week Long, All Visitors Get:
1. Free vehicle diagnostics – TNL technicians will scan your car, no charges.
2. Test drives – From Camry to RAV4 to Hilux. Book a slot, feel the ride.
3. Open exhibitions – Touch, sit, and compare Toyota’s latest models and mobility solutions.

Why it matters: This isn’t just a car show. It’s Toyota Nigeria doubling down on connection. No sales pitch banners. Just real conversations, real cars, and real value for owners and future owners. After two years of record crowds, this 3rd edition is bigger, louder, and more interactive.

Admission is free. Bring your questions, bring your car keys, and bring your appetite for prizes.

Venue: The Podium. I24 Tunde Kuboye Road. Lekki. Lagos
Dates: Tuesday June 2 – Saturday June 6, 2026. No Show on Friday June 5.