Business
Petrol price may crash to N500/litre, say marketers
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
SUN
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FRSC Boss: Tinubu’s CNG, EV Drive Creating Jobs, Attracting Investment
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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Lanre Shittu Motors Leads Drive to Steer Lagos Students Away from Crime, Donates books to public Schools
Lanre Shittu Motors Leads Drive to Steer Lagos Students Away from Crime, Donates books to public Schools
Lanre Shittu Motors is expanding its investment in youth development beyond skills acquisition, launching a major education campaign aimed at steering thousands of Lagos secondary school students away from financial crime through value-based learning and character development.
In partnership with the author of Clean Hands, Bright Future: A Youth Guide to Avoiding Financial Crime in Africa, the foremost automotive company has begun distributing the book to 200 public secondary schools across Lagos State, with more than 150 schools already reached in the first phase of the initiative.
The campaign, which began at Kuramo Senior College and Victoria Island Senior Secondary School, seeks to equip students with a clear understanding of the dangers of fraud, cybercrime, identity theft, examination malpractice and other financial crimes, while promoting integrity, hard work, ethical leadership and responsible citizenship.
Author of the book, Mr. Adedayo Aluko, said the project was inspired by the alarming rise in financial crime among young people and the need to intervene early through education.
“The rate of financial crime among youths is becoming increasingly alarming. We believe education is one of the most effective tools to prevent crime. The message of the book is simple: crime does not pay, and with clean hands, every young person can build a brighter future,” Aluko said.
He explained that the initiative goes beyond book distribution, with plans to return to beneficiary schools for interactive enlightenment sessions and career talks to reinforce the message of integrity.
According to him, the book simplifies over 100 forms of financial crimes, helping students understand offences that many young people unknowingly become involved in. Rich illustrations and practical examples were deliberately included to engage students and make the lessons memorable.
Aluko commended Lanre Shittu Motors for supporting the project, describing the Managing Director of the company, Mr Taiwo Shittu, as a long-standing advocate of youth empowerment and education.
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“Mr. Taiwo Shittu believes there is no shortcut to success. During the flag-off, he personally handed copies of the book to students and encouraged them to embrace hard work, education and skill acquisition as the true pathways to success.
Speaking on the initiative, the LSM MD, Mr. Taiwo Shittu, said the company’s decision to sponsor the distribution reflects its belief that preventing crime begins with shaping values at an early age.
“Young people are the future of our nation. By investing in character development and educating students about the consequences of financial crime, we are helping to build responsible citizens who will contribute positively to society.
“At Lanre Shittu Motors, we believe integrity, education and hard work remain the surest foundations for lasting success,” he said.
Shittu noted that the company’s strong culture of corporate social responsibility was inherited from its founder and his father, the late Alhaji Rasak Olanrewaju Shittu.
He said the late automotive icon instilled in his children and employees the enduring values of compassion, community service and giving back to society, a legacy that continues to shape Lanre Shittu Motors’ investment in education, youth development and other impactful social initiatives.
Published in May 2026 and endorsed by the Chartered Institute of Bankers of Nigeria (CIBN), Clean Hands, Bright Future, has been described as a practical guide for young people navigating increasing social and economic pressures.
The ongoing distribution programme underscores Lanre Shittu Motors’ commitment to corporate social responsibility and its determination to inspire a generation that chooses integrity over shortcuts and honest enterprise over criminality.
Lanre Shittu Motors has over the years maintained a strong record of investing in youth development through skills acquisition and capacity building initiatives.
The company has consistently provided opportunities for young Nigerians to acquire technical and vocational skills in automotive engineering, vehicle maintenance and related fields through internship, apprenticeship and industry training programmes.
It has also supported educational and youth empowerment initiatives aimed at preparing young people for productive careers, reinforcing its belief that equipping youths with employable skills remains one of the most effective ways to reduce unemployment, discourage crime and promote sustainable national development.
Lanre Shittu Motors Leads Drive to Steer Lagos Students Away from Crime, Donates books to public Schools
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Auto
Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns
Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns
The Chairman of the Auto and Allied Sector Group of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Femi Eguahide, has warned that policy inconsistencies, regulatory bottlenecks and weak coordination between the public and private sectors could derail Nigeria’s clean mobility ambitions, urging the Federal Government to deepen collaboration with industry stakeholders to accelerate the transition to Compressed Natural Gas (CNG) and Electric Vehicles (EVs).
Speaking at the 3rd Nigeria Auto Industry Summit in Lagos on Thursday, Eguahide said the success of the Federal Government’s clean mobility agenda would depend on sustained stakeholder collaboration, policy consistency and the removal of operational challenges slowing investment and implementation.
The summit, organised by the Nigeria Auto Journalists Association (NAJA) under the theme, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” brought together policymakers, regulators, automobile manufacturers, financiers, transport operators, researchers, safety agencies and development partners to chart a roadmap for accelerating Nigeria’s transition to cleaner transportation.
Eguahide acknowledged the Federal Government’s commitment to alternative energy solutions through the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), but stressed that translating policy into tangible results would require stronger coordination between government institutions and private investors.
According to him, the automotive industry remains a critical driver of industrialisation, job creation and economic growth, making it imperative for government agencies to work closely with manufacturers, assemblers, financiers and technology providers to create a more predictable and investment-friendly operating environment.
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He said effective policy implementation must be backed by continuous stakeholder engagement capable of resolving challenges surrounding vehicle conversion, local manufacturing, infrastructure development, financing and technology deployment.
Eguahide maintained that Nigeria possesses enormous potential to build a globally competitive clean mobility ecosystem, but cautioned that fragmented policies and institutional inefficiencies could slow the country’s progress if left unresolved.
He therefore urged government agencies to deepen engagement with the organised private sector to develop practical solutions that would accelerate the rollout of CNG refuelling infrastructure, EV charging networks and local automotive production.
Earlier, the Federal Government reaffirmed its commitment to expanding Nigeria’s clean mobility ecosystem through increased investment in infrastructure, local manufacturing and strategic partnerships.
Speaking on behalf of the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, the Initiative’s Chief Compliance Officer, Engr. Zayyanu Tamberi Yabo, said the programme had evolved into a key pillar of President Bola Tinubu’s transport and energy reform agenda.
According to Ahmed, the Presidential Initiative was established not merely to promote alternative fuels but to build an integrated ecosystem covering infrastructure development, investment, vehicle conversion, local manufacturing, technical capacity building and consumer confidence.
“Our approach from the beginning has been to build the foundations of a sustainable industry rather than pursue isolated interventions,” he said.
He disclosed that certified CNG conversion centres had expanded significantly across the country over the past two years, while new refuelling stations were being developed through public and private sector investments.
Ahmed added that vehicle conversions continue to rise as commercial transport operators and private motorists increasingly embrace CNG because of its lower operating costs.
He also highlighted partnerships with financial institutions, energy companies and automobile manufacturers aimed at improving access to financing and accelerating the adoption of clean mobility technologies.
Despite the progress, he identified infrastructure expansion, consumer financing, local manufacturing capacity, technical training, research, innovation and standardisation as priority areas requiring sustained attention.
In his welcome address, NAJA Chairman Theodore Opara described the summit as a strategic platform for shaping the future of Nigeria’s automotive industry.
He said reforms introduced by the Tinubu administration had created fresh momentum for CNG, electric vehicles and local automotive manufacturing, adding that stronger collaboration among government, industry players and the media would be critical to sustaining the gains.
Also speaking, the Director-General of the Standards Organisation of Nigeria (SON), Dr. Ifeanyi Chukwunonso Okeke, represented by Engr. Olalekan Omoniyi, said strict compliance with internationally recognised standards would determine the success of Nigeria’s transition to EVs and CNG-powered transportation.
He disclosed that SON had developed more than 80 Nigerian Industrial Standards for CNG vehicles and equipment, as well as 87 additional standards and the National Nigeria Guideline (NNG 1214:2024) for CNG vehicle conversions.
The SON boss warned against the proliferation of uncertified conversion centres and substandard equipment, urging mandatory certification for imported and locally assembled EVs, CNG vehicles, conversion kits and charging infrastructure.
Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns
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