Business
NNPC, major marketers deny increase in fuel price
- Independent marketers justify pump price hike
The Nigerian National Petroleum Corporation has dismissed reports of an upward review in ex-depot prices of petrol.
Major Oil Marketers of Nigeria (MOMAN) also said its members had not increased the pump price of petrol.
But the independent marketers said they could only get the product between N160 and N162 per litre at the depot instead of N148 per litre.
Group General Manager, Group Public Affairs Division of the NNPC, Dr Kennie Obateru, said there was no immediate plan to increase the pump price of fuel.
But some marketers in Lagos and Ogun states are said to have adjusted their pump price of petrol from N162 to N170 per litre as shortage of the product is being experienced by private depots in Apapa, Lagos.
Obateru, in an interview, said, “The NNPC has not increased its ex-depot price. I am certain that the NNPC is not likely to increase its ex-depot price in February.”
According to him, NNPC has a stock of petrol that can last for over 40 days. He allayed fears about scarcity of the product.
Obateru urged the Department of Petroleum Resources (DPR) to clamp down on the marketers hoarding petrol.
“We have sufficiency for almost 40 days. If people are hoarding or increasing their prices, it is for the DPR to look into it,” he said.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) urged the Federal Government to return subsidy to petrol as landing cost soared to N180 per litre.
IPMAN’s National Vice President, Alhaji Abubakar Maiganidi, told The Nation the government should either deregulate the product fully or subsidise it.
Maigandi was reacting to the latest fuel scarcity in Lagos.
Asked whether there was an upward review of the pump price, he said, “Most of the private depots are selling petrol for between N160 and N164 per litre instead of N148 per litre.”
The Major Oil Marketers of Nigeria (MOMAN) also denied that there was a hike in the pump price of petrol.
It wondered whether any fuel marketer was getting supply from any source other than the NNPC
MOMAN Chairman, Tunji Oyebanji, said none of his members had hiked fuel price, adding that all marketers currently source products from the NNPC.
He said since the Federal Government claimed it had deregulated the downstream oil sector, marketers were at liberty to sell at any price reflecting their operational cost.
He said if the unilateral fuel price hike had come from some of his members, the government would have wielded the big stick.
Oyebanji said the Federal Government desired to deregulate the downstream oil sector, adding that if that had taken place, the price would have gone up astronomically.
He said the government was in consultation with labour to avoid a sharp rise in petroleum products prices.
Consumers resorted to panic buying of petrol products across some states, resulting in fuel queues along some routes in the Lagos metropolis.
Some filling stations have shut their outlets altogether.
In Ado Ekiti, the Ekiti State capital, the queues that returned to petrol stations at the weekend subsided on Tuesday.
At the First Blessing filling station along Satellite Campus Road, Federal Polytechnic, Ado Ekiti, petrol was sold at N175 per litre, while at NNPC retail outlet along the popular Bank Road in the city, it was sold at N65 per litre.
In the Federal Capital Territory (FCT), the product was still being sold at between N162 to N162.50 per litre, which is still within the N160 and N165 band set by the government when crude traded just above $43 per barrel four months ago.
West Texas Intermediate (WTI) for March traded above $60 yesterday, while the Brent April contract on the Intercontinental Exchange settled at $63. Both crude benchmarks added over 12 per cent in value since the beginning of February.
Maigandi said the existence of different prices was an indication of a shortfall, which the marketers are asking the government to subsidise.
Asked why the marketers are not patronising the NNPC depots where the price is still official, he said, “You cannot get the product from NNPC depots. NNPC depots will ask you to queue up at the depot.”
Business
Naira opens 2025 on weak note against US dollar
Naira opens 2025 on weak note against US dollar
The Nigerian naira fell to N1,541.36/$ on the first trading day of 2025, marking a 0.36% decline from the closing rate of N1,535.82/$ recorded at the end of 2024, according to NFEM data on the Central Bank of Nigeria’s website.
Some authorised dealers quoted the dollar at N1,545/$, a slight improvement from the N1,550/$ quoted earlier in the week. Others quoted the naira at N1,520/$ at the close of trading on Thursday.
In the parallel market, the naira ended the day at N1,655/$, improving from N1,670/$ quoted on Tuesday.
The naira’s performance in 2024 saw a significant depreciation of 40.9% compared to its official rate of N907.11/$ at the close of 2023.
READ ALSO:
- 2025 sends off 2024 and its baggage of rubbish
- Jealous husband stabs Bishop to death over allege affair with wife
- Police arrest couple over alleged rape, assault of minor
The decline comes despite various foreign exchange policies introduced by the Central Bank of Nigeria (CBN) to improve market transparency and attract foreign investors.
One of the notable reforms was the December launch of the Electronic Foreign Exchange Matching System, which introduced new guidelines for authorised forex dealers. This initiative brought some stability to the naira towards the end of 2024.
Meanwhile, in the money market, the Nigerian Interbank Offered Rate saw declines across all maturities, indicating liquidity in the banking sector. The Open Repo Rate dropped by 0.61% to 26.69%, while the Overnight Lending Rate fell by 0.55% to 27.25%.
Trading in the secondary market for Federal Government of Nigeria (FGN) bonds remained subdued, resulting in a marginal increase in the average yield to 19.76%. In the sovereign Eurobonds market, buying pressure across various segments of the yield curve led to a 6-basis-point decline in the average yield to 9.62%.
Naira opens 2025 on weak note against US dollar
Auto
Jetour attributes Nigeria’s award to customers loyalty, innovation
Jetour attributes Nigeria’s award to customers loyalty, innovation
Jetour has been declared the fastest growing auto brand in Nigeria.
The award was announced on Wednesday December 11, 2024 in Lagos at an impressive ceremony organised by the Nigeria Auto Journalists Association (NAJA).
Jetour representative in Nigeria, Jetour Mobility Services, has taken to its Facebook page to celebrate its customers for making this to happen, attributing the success to its commitment to innovation in creating remarkable driving experiences.
Jetour known for its luxury offerings is one of China’s most revered auto brands, a marque of Chery Holding Group established in 2018.
It mainly produces crossovers and Sports Utility Vehicles (SUVs).
The recognition of Jetour as the Fastest Growing Auto Brand in the country is coming about a year after its introduction into the Nigerian market.
Jetour arrived in Nigeria in the last quarter of last year. And the SUVs available for this market are X70 – Liberty, X70 Plus – Elegance, X90 Plus – Cruise and Dashing.
Chairman of the NAJA Awards Organising Committee, Mr Theodore Opara, said despite being new in the Nigerian market, the brand was quickly able to secure a prominent place for itself in the highly competitive industry and received considerable attention from new car enthusiasts.
The committee, he added, had no difficulty in picking the brand as the fastest growing in the Nigerian auto market.
The name “Jetour” is a combination of the word “jet” and “tour”, which according to the automaker signifies a “convenient journey”. And its models try to depict this connotation in designs and performance.
Jetour Mobility Services said it considered the award a great honour, adding that it was a validation of its commitment to innovation and creating remarkable driving experiences.
The firm celebrates the award on its Facebook page with the following comments:
“We’re honoured to be named the Fastest Growing Auto Brand of the Year at the prestigious NAJA Auto Awards, powered by the Nigeria Auto Journalists Association.
“This achievement is a testament to our commitment to innovation, quality, and creating unforgettable driving experiences.
“A huge thank you to our amazing customers and everyone who has been a part of the journey — your trust propels us forward! Cheers to more milestones ahead!”
Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.
Its goal is to provide an excellent vehicle that demonstrates individuality for today’s young people, it adds.
As in the global market, the brand users in Nigeria are said to be an uncompromising group of individuals, unwilling to settle for less.
Jetour is not only winning in Nigeria, it is also a toast of a section of the Saudi market. One of its models, Dashing, recently won the Best Midsize Crossover Award for 2023-2024.
National Automotive Supply Company, the authorised distributor of Jetour vehicles in the Kingdom of Saudi Arabia, announced that the new and advanced Jetour Dashing won the “Best Midsize Crossover” award during the awards ceremony of the 11th edition of the “PR Arabia National Automotive Award” in Saudi.
Jetour Dashing was announced as the winner at the ceremony held in mid-November in Jeddah under the patronage of the Saudi Automobile and Motorcycle Federation and in the presence of several princes and VIPs, as well as representatives of regional offices of automotive brands.
Business
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote.
In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries.
Obasanjo explained that the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.
READ ALSO:
- Why I persuaded Tinubu to reject Yar’adua’s finance minister offer – Senator Ojudu
- Fubara replies Wike: Odili right face, image of Rivers
- Why smoking cigarettes, taking alcohol not sins – Pastor Damina
He said, “Aliko got a team together and they paid $750m to take part in PPP (Public–public-private partnership) in running the refineries.
“My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it.
“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” he added
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
-
metro1 day ago‘Deepen Shariah knowledge to curb misinformation’
-
metro1 day agoIlorin: Retired works controller murdered on New Year’s Day
-
metro1 day agoJealous husband stabs Bishop to death over allege affair with wife
-
metro1 day agoTinubu’s refusal to honour Seyi’s pact with us disappointing – Nnamdi Kanu’s family
-
Politics3 days agoHow Tinubu outsmarted Buhari to become president – Ojudu
-
metro19 hours agoMosques should be research centres – Varsity don
-
metro3 days agoHorror in Ogun as twin brothers kill, dismember sex worker
-
metro9 hours agoYouths beat Osun monarch for appointing Imam on disputed community
You must be logged in to post a comment Login