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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.
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Obi Calls for Tinubu’s Resignation Over ‘Failure in Governance’ After UK PM Exit
Former presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has called on President Bola Ahmed Tinubu to resign over what he described as “failure in governance,” drawing comparisons with political accountability in other democracies following the resignation announcement of UK Prime Minister Keir Starmer.
In a statement posted on his official X account on Monday, Obi said he had followed Starmer’s resignation speech and reflected on what he described as the importance of leadership responsibility in democratic governance.
ALSO READ: UK PM Keir Starmer Resigns
“As a keen observer of global politics, my primary interest lies in examining what successful nations do right and the structural factors that cause others to lag or struggle with governance and development,” Obi said.
He noted that Starmer’s decision followed growing public dissatisfaction over economic challenges, rising cost of living, and unmet campaign promises in the United Kingdom.
Obi then drew parallels with Nigeria, recalling that before the 2015 general elections, President Bola Ahmed Tinubu had repeatedly called on then-President Goodluck Jonathan to resign over insecurity.
“During the Chibok school kidnapping incident, he demanded the immediate resignation of President Jonathan, arguing that the government had failed in its most fundamental duty of protecting lives,” Obi stated.
He also referenced campaign promises made by Tinubu during the 2023 elections, including commitments to improve electricity supply, tackle corruption, and enhance the welfare of Nigerians.
“President Bola Ahmed Tinubu made several promises, including improved electricity supply. He also challenged the electorate not to vote for him for a second term if he failed to deliver on those commitments,” Obi said.
According to him, conditions in the country have since deteriorated, with persistent power shortages, worsening insecurity, and deepening economic hardship.
“At present, however, these conditions have worsened. Electricity supply remains unreliable, insecurity has intensified in many areas, including kidnappings, and economic hardship has deepened rather than eased,” he added.
Obi further argued that other sectors, including infrastructure, transportation, and anti-corruption efforts, had also suffered setbacks, insisting that Nigeria is currently in “the worst possible condition.”
The opposition figure therefore called on President Tinubu to step down, saying such a move would promote accountability in public office.
“I, therefore, join Nigerians of goodwill in calling for the resignation of the President over monumental failure in governance,” Obi said.
He added that resignation would help foster “a political culture rooted in accountability and responsibility” and reinforce the idea that “public office is a sacred trust, not an entitlement,” stressing the need for what he called “a New Nigeria that is possible.”
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Ex-IGP Usman Alkali Baba Joins Yobe Governorship Race, Vows to End Insurgency
Former Inspector General of Police, Usman Alkali Baba, has formally declared his intention to contest the 2027 governorship election in Yobe State, promising to tackle insecurity and rebuild the state’s economy.
In a statement released Tuesday following a consultation meeting in the state, the retired police chief said his ambition is driven by a desire to restore peace, strengthen institutions, and accelerate development across all sectors.
Alkali pledged to “wipe out insurgency” and revive economic activities disrupted by years of insecurity, noting that his administration would prioritise intelligence-driven security and community partnerships.
“My vision for Yobe State is clear. I want a state where security is strengthened through intelligence and community partnership. I want a state where farmers can return to their farms with confidence, traders can move freely, and children can go to school without fear,” he said.
The former police boss emphasised his experience in national security management, stating that his years in public service have equipped him with the discipline and strategic thinking needed to govern effectively.
According to him, Yobe State requires leadership that understands security, institutional coordination, and human development, adding that insecurity has significantly hindered growth and deepened poverty in the region.
He also outlined plans to boost agriculture, expand infrastructure, and invest in education and youth empowerment. Alkali promised to provide microcredit support for women and equip young people with technical skills and startup kits to drive commerce and industry.
On healthcare, he pledged to combat child-killer diseases, including polio, and introduce free maternal healthcare services, as well as free medical care for children aged zero to five.
“Mothers will not die during childbirth, and children will live and thrive. They will go to school and graduate in a safe and secure environment,” he assured.
Alkali further stated that his administration would focus on inclusive governance, ensuring development reaches all local government areas without discrimination.
While expressing readiness to build on the achievements of the current administration, he maintained that governance must go beyond rhetoric and propaganda, stressing that it requires “vision, action, and the courage to make tough decisions.”
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Bayern Won’t Sell Olise Even for €200m — Rummenigge Drops Bombshell
Bayern Munich have made a strong statement over the future of winger Michael Olise, with Vice-President Karl-Heinz Rummenigge insisting the club would reject even a €200 million offer for the player.
The comments, reported by transfer expert Fabrizio Romano on Monday, highlight Bayern’s long-standing policy of prioritising sporting stability over financial gain.
SEE ALSO: BREAKING: Chelsea Hit With £10.75m Fine, Transfer Ban
Rummenigge explained that the club’s position is rooted in a historic decision made in 2009, when Bayern received a massive bid from Chelsea for Franck Ribéry.
After internal discussions involving then CFO Karl Hopfner and former president Uli Hoeneß, the club chose to reject the offer — a decision that shaped its modern transfer philosophy.
According to him, that principle remains unchanged today.
He stressed that Bayern do not consider selling players who are essential to the team, adding that even a record-breaking €200 million bid would not change their stance on Olise.
The statement is expected to fuel further transfer speculation across Europe, but Bayern officials maintain that Olise is a key part of their long-term sporting project and not for sale.
Bayern Munich continue to uphold their “untouchable players” policy, while Michael Olise remains central to their squad plans.





