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Marketers Threaten Shutdown over Fuel Pricing Intervention by FG

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Fuel marketers in Nigeria have expressed a strong determination to resist any form of meddlesomeness in pricing by the Nigerian government, threatening to shutdown filling stations to drive home their point.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, made the cartel’s position public on Tuesday.

Ukadike was reacting to statements credited to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on Monday asserting that the government would intervene to stem profiteering and other practices that exploit fuel consumers.

Lokpobiri had asserted that though the era of government-fixed petrol prices was over, deregulation did not mean regulators should abdicate their responsibility to protect consumers.

ALSO READ: Navy Intensifies War Against Crimes in Nigeria’s Oil Sector

The minister bared his mind in Abuja at the opening ceremony of the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

His remarks came amid renewed public concerns over the failure of refiners and importers to lower the gantry prices of petroleum products even as crude prices fell from a high of $120 during the US-Iran war to as low as $72 a barrel.

During the Monday engagement, the oil minister told the NMDPRA to ensure Nigerians are not exploited by fuel marketers. “As part of the requirements of deregulation, prices have to be determined by market forces. The NMDPRA has a unique responsibility, compounded by the PIA, to ensure not only that products are available but also that unnecessary profiteering is stopped.

“Yes, the market is definitely deregulated, but that doesn’t limit deregulation… What is important is the reality of the situation in the industry. Primarily, market forces have to determine prices. But we also have a responsibility as a government to ensure that there is no profiteering. The PIA specifically vested (that power in) government institutions, including the NMDPRA,” Lokpobiri said.

However, the IPMAN spokesman denied allegations of profiteering, saying many marketers are running into losses with the series of reductions carried out lately by local refining giants, the Dangote Petroleum Refinery & Petrochemicals (DPRP).

Ukadike said the Federal Government should first investigate the root cause of the current high petrol prices and boost competition by making sure its refineries work, stressing that marketers will set selling prices according to purchase prices and running costs.

He warned, “Marketers will shut down if they try somehow to enforce price control. We are going to shut down our stations nationwide. You can’t be regulating a deregulated market. You can’t tell me how much to sell my product without trying to know how much I bought it.”

Recounting the ordeals of marketers, he said, “We, the independent marketers, are losing money. We bought petrol at a particular rate a few days ago; on our way to our filling stations, there was a reduction. We have been struggling with the price. We have been struggling against financial losses. We are also struggling against stagnation due to low patronage of our products. Because those marketers who are purchasing now are purchasing at a lower price, and they are selling cheaper.

“If you don’t bring down your price, you cannot see buyers. This is the beauty of deregulation. If you cannot compete, you will not survive in the market. And because most of us are trading on bank loans, the bank does not know when the price goes up or goes down. Their interest rate is fixed; their return on investment is fixed. So, you must pay them. This is the situation we find ourselves in.”

Ukadike maintained that the factors of demand and supply should determine price.

“By the time more products come in, you will see that the prices will go down. What we, independent marketers, are asking for is not about regulation or trying to bring price control or trying to force marketers to sell below or trying to force Dangote to sell below its production cost. What we are asking is to open up the various channels, boost importation, and let local refineries start refining. This will push the competition to the peak. With this, prices will drastically go down,” he stated.

He maintained that the Federal Government has to find out the remote cause of the high fuel prices before calling for price control.

“The primary cause of this is that there is no competition. If there should be competition, the refineries will be working. That is where the minister should put his energy to ensure that our local refineries or whatever partnership we have with the Chinese will work. It is not about going to filling stations to check who is selling at higher prices. Do you know how much I bought the fuel for? Can you have a regulated market in a deregulated economy? You can’t be blowing hot and cold at the same time. The PIA must be followed to the letter. If they try to enforce price control, we will shut down,” Ukadike said.

NEWS

How Nigerian Twins Defied Recruitment Rumours to Secure NNPC Jobs

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Identical Nigerian twins, Hussaini and Hassan Malami, have secured employment with the Nigerian National Petroleum Company Limited as members of the NNPC Tigers Class of 2026, after overcoming a misconception about the company’s recruitment process.

Their inspiring story was contained in a profile by Adaobi Oniwinde, Senior Communications Advisor at NNPC Limited, on Monday.

Hussaini, who had always aspired to work with NNPC, applied when the company opened its recruitment exercise and encouraged his twin brother, Hassan, to do the same.

SEE ALSO: NNPC Ltd Considers Commissioning, as AKK Gas Pipeline Lands Abuja

Hassan initially hesitated because he believed NNPC recruited only one person from a family. Concerned that applying could jeopardise his brother’s chances, he decided against it at first.

He was also more interested in joining the Nigerian Air Force and already had a job in the banking sector.

However, with the application deadline approaching and following persistent encouragement from Hussaini, Hassan eventually applied.

The brothers later took the computer-based recruitment test on the same day but at different locations, with Hussaini sitting for his test in Sokoto and Hassan taking his in Kaduna.

After going through interviews and other stages of the recruitment process, both brothers received employment letters on the same day.

Hussaini said he discovered his employment offer after midnight and was eager to share the news with his family.

“I opened the email after midnight and wanted to wake everybody up to tell them,” he said.

Hassan said he learnt about his successful application through the family WhatsApp group when he woke up.

“That’s when the pressure hit me. I was now nervous about the possibility of not being successful once Hussaini shared his news,” he said.

The twins eventually secured positions in different NNPC subsidiaries. Hussaini joined NNPC Exploration & Production Limited, while Hassan joined NNPC Gas Infrastructure Company.

For Hassan, the new job has exposed him to aspects of Nigeria’s gas industry that were previously unfamiliar to him.

“I didn’t know there was a whole business dedicated to transporting gas,” he said, explaining that his experience had given him a clearer understanding of how gas powers plants and supports manufacturing companies.

Although Hassan had initially hoped to pursue a career in the military, he now considers his role in the energy sector another form of national service.

He also said he still hoped to explore military service before reaching the age limit in 2030.

Hussaini, on his part, said working at NNPC had strengthened his desire to contribute to the development of Nigeria’s energy sector.

He also expressed interest in becoming a guest lecturer at his university in the future, saying he wanted to share practical industry experience with students.

“When I was in university, I only had one lecturer with field experience,” he said. “I want to share practical experience with students someday.”

The brothers also identified different NNPC culture transformation pillars that reflected their individual approaches to work.

Hussaini chose “Enterprise First,” saying, “Giving your best to the company is giving your best to the country.”

Hassan, a civil engineer, selected “Execution Excellence,” explaining, “I’m a civil engineer. I like seeing things come to life from concept to completion.”

The twins urged young Nigerians interested in working with NNPC to ignore rumours about the recruitment process and apply whenever opportunities arise.

“You don’t need to know anybody at NNPC. Apply. Take the test and earn your place,” they said.

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NEWS

Iran Rolls Out Terms for Hormuz Reopening

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New concerns have emerged that disruption to one of the world’s most critical oil routes might continue, as Iran has laid terms of reopening the Strait of Hormuz on the table before the United States of America (USA).

Biztellers reports that Iran is demanding six things, touching on military operations, sanctions, compensation and access to her frozen assets, as conditions precedent to the reopening of the route.

According to Mohammad Baqer Zolghadr, Secretary of Iran’s Supreme National Security Council (SNSC), Tehran expected Washington to end what it described as hostile actions before the strategic waterway could be reopened.

Iran’s conditions include an end to US threats and military operations, a permanent cessation of the war, the withdrawal of American naval and air forces from areas around Iran, compensation for damage caused by the conflict, the removal of sanctions and the release of frozen Iranian assets.

READ ALSO: NMDPRA Moots New Policy to Improve Energy Security, Stem Fuel Price-fixing

The demands indicate that Tehran does not consider the draft agreement being discussed with Washington sufficient to restore normal shipping through the strait.

Any eventual agreement would also require approval from Iran’s SNSC, suggesting that the reopening of the waterway could remain tied to wider political and security negotiations.

The development comes as shipping activity through the Strait of Hormuz remains significantly below previous levels, with only 33 vessels crossing the waterway from Monday through Thursday, compared with 50 during the corresponding period a week earlier.

Crude tanker movements have been particularly limited, with only six crude oil tankers reportedly exiting the strait so far this week.

The subdued traffic has persisted despite expectations that Iran and Oman could reach an arrangement to facilitate a shipping corridor through the waterway.

Further uncertainty surrounds the treatment of vessels linked to the USA and Israel, with Tehran considering restrictions on such ships. Earlier proposals for charging transit fees have also heightened concerns among shipping operators.

In a related development, the European Union (EU) has accused Iran’s Islamic Revolutionary Guard Corps Navy of operating a screening and toll system for vessels transiting the strait, adding to concerns over the security and cost of commercial shipping.

Washington, however, has struck a more optimistic tone.

US Vice President, JD Vance, said the administration expected oil and gas flows from the Gulf to eventually return to levels recorded before the conflict.

Vance also said Iran had informed Washington that it did not intend to impose transit tolls, although he acknowledged that the United States remained cautious about relying on Tehran’s assurances.

The conflicting positions have left the outlook for a return to normal shipping through Hormuz uncertain.

While Washington is projecting a restoration of Gulf energy flows to pre-war levels, Iran has now linked the reopening of the strait to broad military, political and financial concessions from the United States.

The Strait of Hormuz is a critical artery for global energy markets, making the duration of the disruption particularly significant for crude oil, refined products and natural gas supplies.

The outcome of the negotiations could therefore determine whether the current disruption remains a short-term shock or develops into a prolonged threat to global energy supplies, with potential implications for oil prices, tanker markets and energy security worldwide.

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EITI Appraises Nigeria’s Oil, Gas Industry Reforms

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The Global Extractive Industries Transparency Initiative (EITI) team is in Nigeria to assess the impact, transparency and accountability in the oil, gas and mining sectors.

The validation mission, effective Monday, is part of the 2026 EITI’s Validation Exercise that commenced on July 1.

The exercise is particularly significant for Nigeria, as it provides an opportunity for the country to demonstrate how far it has implemented the corrective actions identified during its previous assessment and strengthened the governance of its natural resources.

The Nigeria EITI, in a statement issued on Sunday under the signature of its Director of Communications and Stakeholders Management, Obia­geli Onuorah, said the arrival of the global assessors marked a major stage in the ongoing validation process.

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The mission is expected to run from August 10 to August 14, during which the assessors will conduct a comprehensive quality assurance assessment and consult a wide range of stakeholders involved in Nigeria’s extractive industries.

The statement read, “The Nigeria Extractive Industries Transparency Initiative announces the arrival of the Global Extractive Industries Transparency Initiative Validation Assessors as part of the ongoing 2026 EITI Validation Exercise which commenced on July 1st 2026. The presence of the EITI Mission in Nigeria marks a significant stage in Nigeria’s 2026 EITI Validation and forms part of the global EITI Validation process.

“During the mission, which commences August 10th 2026, the Validation Assessors will undertake a comprehensive quality assurance assessment and hold consultations with key stakeholders”

The stakeholders include government institutions, the National Assembly, oil, gas and mining companies, civil society organisations, development partners, anti-corruption agencies, host communities and the media.

The assessors will also meet senior government officials and key institutions involved in the management and oversight of Nigeria’s extractive resources.

Among those expected to meet the mission are the Secretary to the Government of the Federation and Chairman of the NEITI Board, Senator George Akume; members of the NEITI National Stakeholders Working Group; the Ministers of Finance and Budget and Economic Planning; the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited; NEITI’s Inter-Ministerial Task Team; members of the Senate Committee on Public Accounts and other relevant committees of the National Assembly, as well as the Ministry of Industry, Trade and Investment.

The consultations are expected to give the assessors an opportunity to hear directly from stakeholders about the country’s implementation of the EITI Standard, ongoing reforms and outstanding challenges in the extractive sector.

Commenting, the Executive Secretary of NEITI, Musa Adar, described the exercise as an important opportunity for Nigeria to demonstrate its commitment to responsible management of its oil, gas and mining resources.

“Nigeria remains firmly committed to the principles of the Extractive Industries Transparency Initiative. We regard the Validation process as an opportunity not only to assess the progress we have made, but also to highlight areas where further reforms can enhance extractive sector governance,” Sarkin Adar said.

The NEITI boss said the agency had worked with the National Stakeholders Working Group and other stakeholders to prepare for the assessment.

According to him, the preparations included the submission of Nigeria’s validation documentation and targeted engagements with stakeholders in line with the requirements of the 2023 EITI Standard.

He expressed confidence that the mission would strengthen Nigeria’s relationship with the global EITI and reinforce its commitment to transparency, accountability and prudent management of its natural resources.

Validation is the EITI’s independent quality assurance mechanism for determining how well implementing countries comply with the EITI Standard.

The process examines the extent to which countries have improved transparency and accountability in the management of extractive resources while also identifying areas requiring further reforms.

For Nigeria, the latest exercise comes against the backdrop of its previous validation, which produced a moderate score but also identified areas requiring corrective action.

Nigeria underwent its fourth EITI validation in January 2023 under the 2019 EITI Standard and obtained an overall score of 72 points.

The assessment identified a number of corrective actions that Nigeria was expected to address before its next validation.

The 2026 exercise will therefore provide an independent assessment of whether the country has made measurable progress since the last validation and whether reforms have been institutionalised across the extractive sector.

The assessment covers issues central to the management of Nigeria’s vast oil, gas and mining resources, including transparency, public oversight and accountability.

The latest validation is also taking place as Nigeria seeks to deepen reforms in its extractive industries and attract more investment into the upstream oil and gas and mining sectors.

The country has long faced concerns over revenue leakages, opaque ownership structures, crude oil theft, weak public oversight and limited transparency around the management of natural resources.

The EITI process is designed to help address some of these challenges by promoting disclosure and encouraging collaboration among government, extractive companies and civil society.

Nigeria joined the EITI as an implementing country in 2004 and subsequently enacted the NEITI Act in 2007, establishing a statutory framework for promoting transparency in the management of the country’s extractive industries.

Since then, NEITI has conducted industry audits, published reports and made recommendations aimed at improving revenue collection, reducing leakages and strengthening accountability in the oil, gas and mining sectors.

The 2026 validation therefore comes at a critical point for the country as it seeks to demonstrate that previous recommendations have translated into concrete institutional reforms rather than remaining largely on paper.

NEITI said the exercise would also allow stakeholders to present their perspectives on the reforms and challenges affecting the extractive sector.

“The 2026 EITI Validation is an opportunity to demonstrate the progress Nigeria has made in strengthening extractive sector governance, addressing previous corrective actions and institutionalising reforms that promote transparency and accountability,” the agency stated.

The outcome of the exercise will provide an external assessment of Nigeria’s implementation of the EITI Standard and could influence the direction of further reforms in the sector.

The validation mission is expected to conclude on August 14.

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