NEWS
Petrol Marketers Face Crisis As Prices Exceed ₦1,000 Per Litre
As petrol prices surge past ₦1,000 per litre at most filling stations, petrol marketers across Nigeria are sounding the alarm over a dramatic decline in sales.
This alarming situation has forced many retailers to downsize their workforce and reduce work shifts in a bid to cope with the financial strain.
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Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), spoke on Monday’s edition of Channels Television’s The Morning Brief.
He expressed deep concerns regarding the sustainability of the industry, noting that the cost of purchasing fuel has skyrocketed.
“We used to buy 45,000 litres of fuel a couple of months ago for less than ₦8.5 million, but today, we have to cough out about ₦49 million to buy the product,” he lamented.
The challenges facing petrol marketers are exacerbated by high interest rates, making it increasingly difficult to secure financing.
Gillis-Harry emphasized that “financial institutions are not coming to our rescue,” and the purchasing power of Nigerians has significantly diminished.
Ukadike Chinedu, a spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), echoed these sentiments, revealing that filling stations have turned into “ghost places” as middle-class Nigerians opt for public transportation over driving their vehicles.
“The volume of trade in the filling stations is very low because buyers have dropped some of their luxury vehicles and are now using alternative transportation,” he said.
Chinedu pointed out that many petrol retailers rely on borrowed money, further complicating their financial situation amid soaring operational costs.
Both industry leaders have called on President Bola Tinubu to establish a ₦100 billion seed fund to support oil marketers, similar to assistance provided to the aviation and agricultural sectors.
The ongoing crisis is part of a broader economic challenge faced by Nigerians, who are dealing with soaring food inflation and energy prices that have quadrupled in the past year.
Under the Tinubu administration, the price of petrol has jumped from less than ₦200 to over ₦1,000 per litre, with many attributing this surge to the recent removal of petrol subsidies and the unification of foreign exchange rates.
Citizens have expressed their frustration through two major protests, demanding a reversal of the government’s controversial reforms.
However, the current administration remains steadfast, insisting that its policies are essential for the country’s economic recovery.
The National Assembly management team, led by Clerk Sani Magaji Tambawal, has ramped up efforts to ensure a seamless presentation of the 2025 Appropriation Bill by President Bola Ahmed Tinubu.
The event, scheduled for a joint session of the Senate and House of Representatives, is regarded as a significant moment in Nigeria’s legislative calendar.
Preparations include a thorough inspection of the assembly chambers to ensure all facilities are fully functional.
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Deputy Clerk Kamoru Ogunlana, who is overseeing the technical arrangements, confirmed that key systems, including microphones, sound equipment, and other audio-visual tools, have been tested to ensure smooth communication during the session.
“We are working tirelessly to ensure that the National Assembly is fully prepared to receive Mr. President and provide a conducive environment for this significant moment in our democratic process,” Ogunlana stated.
Seating arrangements are also being finalized to accommodate lawmakers, government officials, and other dignitaries expected at the session.
Security measures are being reviewed in collaboration with relevant agencies to ensure the safety of all attendees. Meanwhile, press accreditation is being managed to facilitate effective media coverage.
The 2025 budget presentation is expected to highlight the government’s economic priorities while reinforcing the partnership between the executive and legislative arms of government.
As the session approaches, the National Assembly has expressed its commitment to upholding Nigeria’s democratic values and providing a platform for transparent governance.
Edo State Governor, Monday Okpebholo, has announced the establishment of a 14-member Assets Verification Committee to examine the financial records and asset management of the previous administration led by Godwin Obaseki.
In a statement released on Sunday by his Chief Press Secretary, Fred Itua, the governor revealed that the committee would be inaugurated on Tuesday, November 26, in Benin City.
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The panel is tasked with creating a detailed account of the state’s assets and liabilities to ensure transparency and accountability.
The committee will be chaired by Ernest Umakhihe, with Anslem Ojezua as Deputy Chairman and Frank Edebor as Secretary. Other members include Kassim Afegbua, Patrick Ikhariale, Taiwo Akerele, Patrick Idiake, Rasaq Bello-Osagie, Fredrick Unopah, Abdallah Eugenia, Patrick Obahiagbon, Kenny Okojie, Lyndsey Tes-Sorae, and Abass Braimoh.
Explaining the rationale behind the committee, Mr. Itua stated, “Despite repeated calls for a more holistic database of the assets and liabilities of the previous administration, the Godwin Obaseki-led government presented a scanty and limited report.”
He added that the initiative reflects the governor’s commitment to his campaign promises.
“In line with the governor’s campaign promise to ensure probity, accountability, and transparency in government, and to deepen the governance process, a committee made up of respected sons and daughters from Edo State has to be constituted,” the statement noted.
The committee’s work is expected to pave the way for a more accountable and developmental governance structure in Edo State.
In a bid to increase its global presence, the National Examination Council (NECO) has accredited more foreign schools.
This was contained in a statement issued under the signature of its Acting Director of Public Relations, Azeez Sanni, on Saturday.
He revealed that the accredited schools are in Niger Republic and Equatorial Guinea.
Recall that last year, the examination body accredited some centres in Niger Republic to enable Nigerian students in the Francophone country to sit for the examinations.
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The statement read, “Determined to broaden its horizon and expand its global presence, the National Examinations Council has accredited more foreign schools to write the Senior School Certificate Examination and the Basic Education Certificate Examination.
“The newly accredited schools, in addition to the existing ones, are in Niger Republic and Equatorial Guinea.
“NECO accreditation team visited the Schools to assess their readiness to write the SSCE and BECE.
“The accreditation 5eam inspected classrooms, laboratories, libraries, computer laboratories, workshops, examination halls and sports facilities to determine their adequacy and suitability for NECO examinations.
“After a thorough evaluation and comprehensive assessment, the schools were granted full SSCE and full BECE accreditation status.”
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