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Petrol Imports Surge 989% to N952bn Amid Dangote, Importers Feud

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Nigeria spent N952.15bn on imported Premium Motor Spirit, popularly known as petrol, in the second quarter of 2026, representing a staggering 989.4 per cent increase from the N87.40bn recorded in the first quarter.

The latest figures contained in the National Bureau of Statistics’ foreign trade report showed that petrol accounted for 6.60 per cent of Nigeria’s total imports of N14.42tn during the quarter, making it the country’s largest imported commodity.

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Despite the sharp quarterly increase, the value of petrol imports declined significantly year-on-year, falling from N2.83tn in the second quarter of 2025 to N952.15bn in Q2 2026, representing a 66.4 per cent reduction.

The surge in petrol imports came amid an ongoing dispute between the Dangote Petroleum Refinery and fuel importers and marketers over the continued importation of petrol despite rising domestic production.

The Dangote refinery had reportedly considered stopping petrol sales to major marketers that continue to import the product, citing concerns over the quality of imported petrol and the possibility of imported fuel being blended with its products.

Dangote also raised concerns over the lack of sufficient independent laboratory and quality-control infrastructure to verify the quality of imported petrol.

The refinery said imported petrol accounted for about 43 per cent of fuel supplied into the Nigerian market in July, adding that the issuance of import licences made it difficult to accurately plan production and inventory.

It said excess stock could eventually be exported if the situation continued.

However, fuel importers and marketers rejected the position, describing the move as an attempt to restrict imports. They challenged Dangote to provide evidence that imported petrol failed to meet Nigeria’s required quality standards.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that average daily petrol imports fell from 11.23 million litres in Q1 to 9.23 million litres in Q2, representing a 17.8 per cent decline.

However, imports increased sharply in June, reaching 18.1 million litres per day compared with 3.7 million litres per day in April.

At the same time, domestic petrol supply increased, with domestic refineries supplying 38.23 million litres per day in Q2, up from 34.57 million litres per day in Q1, representing a 10.6 per cent increase.

Consequently, the share of domestic refineries in Nigeria’s petrol supply rose from 75.5 per cent in Q1 to 80.5 per cent in Q2, while the import share dropped from 24.5 per cent to 19.5 per cent.

Industry data also indicated that imported petrol was more expensive than Dangote’s locally refined product.

According to the Major Energy Marketers Association of Nigeria, Dangote’s gantry price stood at N1,265 per litre, compared with an import-parity price of N1,310.64 per litre under the approved pricing benchmark.

This meant imported petrol was about N45.64 per litre more expensive.

The Independent Petroleum Marketers Association of Nigeria subsequently called on the Federal Government to halt petrol imports, arguing that import licences were resulting in higher prices and undermining domestic refineries.

Meanwhile, Nigeria exported N546.02bn worth of petrol in Q2 2026, up 20.67 per cent from N452.48bn in Q1.

Of the Q2 petrol exports, N416.78bn went to African markets, while N376.46bn was exported to West African countries.

Despite the increase in exports, Nigeria remained a net importer of petrol by value during the quarter, importing N952.15bn worth of the product against exports valued at N546.02bn—a difference of N406.12bn.

The higher import bill was also linked partly to international market conditions, as the period coincided with disruptions to global oil supplies and rising international fuel prices.

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Fire Breaks Out In Kubwa As Vehicle Crashes Into Gas Station

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Panic broke out in Kubwa, Abuja, on Sunday after a vehicle crashed into a gas dispensary outlet at Liberty Junction on Arab Road, triggering a fire.

According to eyewitness accounts, the vehicle was travelling from Arab Road towards Liberty Junction when it reportedly lost control following a brake failure.

The vehicle subsequently skidded off its lane, crossed the road and plunged into the gas station, resulting in a fire outbreak.

ALSO READ: Panic at Oko Polytechnic as Three-Storey Students’ Hostel Collapses

The fire was quickly brought under control following a coordinated response by operatives of the Federal Fire Service, FCT Fire Service and the National Emergency Management Agency (NEMA).

The occupants of the vehicle were rescued unhurt by passers-by and witnesses who responded to the incident.

However, several makeshift shops adjoining the gas outlet were destroyed in the fire.

The prompt intervention of the emergency responders helped to curtail the spread of the fire and prevent further damage.

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‘Obi Did Not Loot A Kobo’ — Obiaraeri Compares Peter Obi, Akpabio’s Records

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Financial expert Nnaemeka Onyeka Obiaraeri has defended former Anambra State Governor Peter Obi against comparisons with former Akwa Ibom State Governor Godswill Akpabio, citing what he described as differences in the financial records of the two states during their respective tenures.

Obiaraeri made the remarks in a post on X on Sunday while responding to comparisons involving the two former governors.

According to him, Akwa Ibom State, under Akpabio between 2007 and 2015, received an estimated ₦2.06 trillion, which he said was equivalent to about $15.5 billion at the time.

SEE ALSO: ‘Peter Obi’s Govt Left 101 Road Projects With ₦127bn Liabilities’, Says Anambra Govt

He further claimed that the amount would be worth more than ₦21.7 trillion in today’s naira value.

Obiaraeri wrote: “AKWA IBOM STATE, UNDER GODSWILL AKPABIO, 2007 TO 2015…..

“Between 2007 and 2015, during the administration of Governor Godswill Akpabio, the Akwa Ibom State Government received an estimated total revenue of approximately ₦2.06 trillion/$15.5billion…..

“In today’s naira value, Akwa Ibom under Akpabio received over N21.7trillion.”
He also claimed that Akpabio left loan obligations of $334 million, which he put at about ₦467 billion.

Obiaraeri further alleged that there were multiple EFCC files concerning Akpabio, claiming that they documented financial misconduct during his tenure.

Turning to Anambra, Obiaraeri said the state received approximately $4.06 billion, or ₦525 billion, during Peter Obi’s tenure as governor from March 14, 2006, to March 14, 2014.

He wrote: “ANAMBRA STATE UNDER PETER OBI MARCH 14, 2006 TO MARCH 14, 2014
“Total funds and revenues received by Anambra state under Peter Obi was $4.06billion/N525billion.

“In today’s naira term is N5.4trillion.”
According to Obiaraeri, Peter Obi left behind $156 million in savings invested in an investment that generated more than $43 million, bringing the total to $199.8 million.

He added that the figure amounted to approximately ₦279 billion in today’s naira value.

Obiaraeri also claimed that more than ₦36 billion, which he equated to about $240 million, was held in Treasury Bills and other short-term naira investments.

He wrote: “However, Peter Obi left behind a total savings of $156million in an investment that yielded over $43m totaling $199.8m/N279billion in today’s naira money and over N36bn/$240m in treasury bills and other short term naira investments.”

Defending the former Anambra governor against allegations of corruption, Obiaraeri stated: “Peter Obi did not loot a kobo of Anambra monies. HE HAS NO EFCC OR FBI FILES OF CRIMINALITY ON HIM….”

He also compared Obi with other governors who served around the same period, “The Only Governor in the league of PO during his time was Raji Fashola …… Anyway, I am not surprised at some of you, who do this baseless comparison…The difference between LIGHT and Darkness is so clear to DECENT men, who love LIGHT….

“THOSE WHO ARE ROGUES, AND ASPIRING ROGUES, USUALLY LOVE DARKNESS….THEIR HEART IS DARKENED AND MIGRATE TOWARDS DARKNESS ALWAYS.”

He said ‘This is the verdict: Light has come into the world, but people loved darkness instead of light because their deeds were evil’.”

He then directly addressed those comparing the two former governors, stating: “I PUT IT TO YOU, who is mischievously comparing Apostle Peter to YOUR BARABASSES, that you are EVIL…QED.”

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‘Where Is Nigeria’s President?’ — Obi Questions Tinubu’s Third Straight UNGA Absence

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Former Anambra State Governor and presidential candidate, Peter Obi, has questioned President Bola Tinubu’s continued absence from the United Nations General Assembly, contrasting it with Ghanaian President John Dramani Mahama’s participation in the 81st UNGA.

Obi raised the question in a post on X on Sunday, while reacting to Mahama’s address at the global gathering.

SEE MORE: Atiku Vows Probe of ₦33.75bn Cash Transfer to 3.29m Nigerians

The former presidential candidate wrote: “The dynamic President of Ghana, John Dramani Mahama, delivered a remarkable address at the 81st United Nations General Assembly. The international community has commended his leadership and the substance of his address.

“It is a reminder of what leadership can produce when competence, capacity, compassion, commitment and character come together in the service of a nation.”

Obi then drew attention to Nigeria’s absence at the presidential level, asking why Tinubu had not attended the global gathering.
He wrote:

“Against this background, many are asking: Where is the President of Africa’s most populous nation, a country of more than 200 million people – more than Ghana – whose leader has been absent from the global stage for three consecutive UNGAs?

“Nigeria’s President, who ought to be representing the country and providing leadership for Africa at the international level, has not attended any of these three global gatherings. Where is he, particularly at a time when the country faces significant challenges, both domestically and internationally?”

Obi acknowledged that Vice President Kashim Shettima was present at the UNGA but maintained that questions remained over the President’s absence.
He stated: “Although our Vice President, Kashim Shettima, was present, the question remains: Where is the President?

“Let us continue to pray for his return and for his leadership in addressing the many challenges confronting the nation.”
Obi ended the post with his familiar political message:

Tinubu did not attend the 81st UNGA, with Shettima representing Nigeria at the gathering.

The President’s absence marks his third consecutive non-attendance at the UN General Assembly after he also did not personally attend the 79th and 80th sessions.

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