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Fuel Price:Experts hail FG for cost-reflective petrol price
Modupe ASUDO
ABUJA-A groundswell of support among Petroleum Industry players and stakeholders is building around the bold decision by the Federal Government to abolish the subsidy regime and enthrone a downstream deregulation era leading to the prevailing cost-reflective price of N160 per litre of petrol.
Nigeria’s President Buhari
Stakeholders who spoke on the issue across the country were unanimous in their views that the decision to allow market forces determine the price of petrol was not only healthy for the Downstream Sector but was good for the Nigerian economy which has sacrificed so much to shoulder the now defunct burdensome subsidy system. Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr. Adetunji Oyebanji, said the association welcomed government’s action in allowing the market to determine prices, noting that this would prevent the return of subsidies while allowing operators the opportunity to recover their costs.
He said this will, in the long run, encourage investment and create jobs. He explained that though prices at the pump would need to be adjusted to reflect realities of the increase of ex-depot prices by the Petroleum Product Marketing Company (PPMC), the magnitude of the increase, timing and location would be determined by each individual company. “Consistent with global best practices, MOMAN does not dictate prices to its members as this would be anti-competition in a fully deregulated market,” Oyebanji explained.
The MOMAN chairman, however, called on the Ministry of Petroleum Resources to intensify its public awareness drive to educate the populace on the current realities. “The Ministry of Petroleum Resources should also be telling Nigerians that we can no longer afford subsidy. If we keep it, the investment in infrastructure, health, education, etc., will not be possible. We are borrowing so much to finance our budget. We spent over a trillion naira on subsidy last year. It is unsustainable’’, he said.
MOMAN’s position was re-echoed by another stakeholder in the Downstream Sector, Alhaji Sani Yau, a Director at NIPCO Plc and Chairman of SY Petroleum Limited, who emphasized that the price increase was reflective of trending realities in the sector, noting that deregulation will foster an eventual price reduction in the nearest future when other market fundamentals would converge to create the desired competitive market space.
A stakeholder in the sector and an independent marketer, Mr. John Agidigan, explained that before this increase, market forces had forced the price per litre down to N121, then up to N131 and later N148. He explained that under a deregulated environment, prices are expected to rise and fall in response to the volatility of demand and supply.
According to him, the new deregulated regime would always ensure the availability of the product in the market at affordable price based on the supply, adding that this regime was better than what obtained in the past when Nigerians had to contend with extreme scarcity and its attendant challenges such as long queues at fuel stations.
Another stakeholder in the Downstream Sector, Aggrey Koleijo, said Nigerians must consider the benefits of the new pricing regime rather than just reacting to the price increase which could be reversed the moment market forces dictate otherwise. He stated that the same market forces that brought about price reduction not long ago were still responsible for the hike and can still ensure a reduction, depending on the demand and supply activities within the Industry.
Also, an oil analyst, Dr Mac Udiewe, said the price of fuel would surely go down in a few months’ time when supply of the product would increase geometrically with the entrance of products from private refineries such as the Dangote Refinery and other modular refineries. Other stakeholders, who responded, were unanimous in their conclusion that deregulation would ultimately favour consumers as soon as the industry stabilizes and prices begin a downward trend.
Human rights activist Omoyele Sowore and several legal practitioners on Monday escorted a Lagos-based National Youth Service Corps (NYSC) member, Ushie Uguamaye, popularly known as Raye, to the office of her Local Government Inspector (LGI) after she was summoned for a viral video criticizing President Bola Tinubu’s administration.
Raye had gained widespread attention after posting a video on her TikTok account, #talktoraye, in which she lamented the country’s worsening economic crisis and blamed President Tinubu for the hardship faced by Nigerians.
She further described the president as a “terrible leader.”
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In a subsequent video, Raye claimed that NYSC officials had begun to threaten her following her public outbursts.
She was then summoned to appear at the NYSC office in Eti-Osa, Lagos, for questioning on Monday.
However, Sowore, alongside legal practitioners including Festus Ogun, Yinka Oyesomi, and Justice Ojienoh, accompanied Raye to the NYSC office in a show of solidarity.
According to an update shared by Sowore on his official X handle, the NYSC officials failed to show up for the meeting.
“We arrived at the Eti-Osa LGI offices of the @officialnyscng with youth corper, Ushie Rita Uguamaye, in Lagos. She was scheduled to appear before the LGI today, and we escorted her to their offices with attorneys.
@mrfestusogun, @yinka_oyesomi, and @justiceojienoh, but the LGI official had absconded, failing to show up throughout our stay,” Sowore posted.
The Ogun State Police Command has confirmed the tragic death of Inspector Ajele Oloyede, who was on special duty at Goodwill Ceramic Company in Igbesa, Ado Odo-Ota Local Government Area.
In a statement on Sunday, the Police Public Relations Officer, Omolola Odutola, disclosed that the incident occurred on March 14, 2025, around 1:20 p.m.
Oloyede, who was attached to the 78 PMF, Zamfara State, was found dead from a gunshot wound under unclear circumstances.
READ ALSO: No More Sacking Of Unmarried Pregnant Policewomen – NPF
According to preliminary reports, another officer, Tolorunloju Stephen, attached to the Force Headquarters Annex in Lagos, recounted that he had just returned from Ikeja when he saw Inspector Oloyede resting his head on a table in the security office.
After exchanging pleasantries, Oloyede reportedly assured Stephen that he was fine.
Moments later, Stephen went to the restroom but was startled by the sound of a gunshot. He rushed back to find Oloyede lying in a pool of blood.
With the help of private security personnel, the injured officer was immediately transported to Ota General Hospital, where he was pronounced dead by doctors.
The police confirmed that the firearm used in the incident has been recovered, and the body has been deposited for an autopsy.
Reacting to the incident, Ogun State Commissioner of Police, Lanre Ogunlowo, ordered a full-scale investigation to determine whether foul play was involved or if mental health issues contributed to the tragedy.
The case has been transferred to the State Criminal Investigation Department (SCID), Eleweran, for further inquiry.
“The Nigeria Police Force expresses its deepest condolences to the family, colleagues, and loved ones of Inspector Ajele Oloyede. The command remains committed to the well-being of its officers and will ensure that all necessary support is provided during this difficult time,” Odutola stated.
Authorities assured the public that the findings of the investigation would be made known once concluded.
Nine surveyors abducted in the Akure North Local Government Area of Ondo State have been released after their families paid a ransom of N20 million.
Recall that the victims were kidnapped a week ago while working at a site in Ilu-Abo.
Their captors initially demanded N100 million for their release.
However, following negotiations, market women intervened, pleading for a reduction to N50 million.
READ MORE: Ondo Market Women Block Governor’s Office Over Nine Abducted Surveyors
The kidnappers initially rejected the appeal before eventually settling for N20 million.
Confirming their release, Pastor Ajibade Owolanke, brother to the Ejemikin of Akure, High Chief Oluwole Omotayo, said: “The victims have joined their individual family members.”
It was gathered that after regaining their freedom, the surveyors were taken to different hospitals for medical examinations.
The abduction sparked widespread outrage in the state, prompting market women and youths in Akure to stage a protest.
The demonstrators urged Governor Lucky Aiyedatiwa and security agencies to take decisive action against the rising wave of kidnappings in the state.
Security authorities have yet to comment on any arrests related to the incident.
More to follow………..
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