NEWS
Petrol Should Sell For N750 Or Less, Not N900 – PENGASSAN
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised the alarm over Nigeria’s troubled oil and gas sector, accusing petroleum marketers of profiteering and the government of allowing political interests to stall refinery operations.
At a press briefing in Abuja on Monday, PENGASSAN President, Festus Osifo, questioned the persistent closure of Nigeria’s refineries, alleging that such shutdowns were politically motivated rather than caused by genuine technical challenges.
“We are aware, as of today, that our refinery, most especially Port-Harcourt refinery, was shut down. And the reasons they gave were that they wanted to carry out periodic maintenance,” Osifo explained.
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“But also the fact that in those refineries today, as you have known and as has been reported widely, the level of efficiency of those refineries is not optimal.”
Despite billions of naira reportedly spent on revamping the refineries, Osifo said the facilities have remained largely dormant.
He criticized successive administrations for ignoring long-standing advice from the union to overhaul the refinery management system.
“For over 15 years now, our successive administrations in PENGASSAN have called on government at all levels… to come together and ensure that our refineries are managed optimally,” he said, noting that the failure to adopt a functional model has led to chronic underperformance.
Osifo recommended the adoption of the Nigerian Liquefied Natural Gas (NLNG) ownership and management structure, which allows government to hold a minority stake, while private investors with technical expertise take the lead.
“That is why… we have called for the government to bring about the Nigerian Liquefied Natural Gas model in the management of the refineries,” he said.
“So why can’t we bring about that same model… By bringing in investors, internationally certified investors… the government will now reduce their shareholding to a maximum of 49 per cent.”
He added, “When this is done, it will reduce government interference at all levels… Because at times… when refineries are shut down, they are political decisions. They may not be operational decisions… but politics.”
On the issue of petrol pricing, Osifo called out petroleum marketers for selling fuel at rates that do not reflect global crude oil trends, urging regulatory agencies to act decisively.
“When the price per litre of petrol was around N900, crude oil was selling at about $80 per barrel,” he said. “Today, with crude hovering between $62 and $65, there has been no commensurate reduction in the pump price.”
According to him, a more accurate price range—based on market fundamentals—should be between N700 and N750 per litre. He blamed this inconsistency on weak regulatory oversight.
“NMDPRA should not watch the suppliers of products exploit the citizenry on the pretence of deregulation,” he warned.
He explained that crude oil prices and exchange rates typically account for up to 80 per cent of petrol pricing, and said any drop in international oil prices should naturally lead to lower retail prices.
“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre,” he stated.
To improve pricing transparency, he urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to regularly publish pricing templates.
PENGASSAN also raised concerns over rising insecurity in oil-producing areas, which Osifo said was prompting multinational oil firms to exit Nigeria despite newly introduced tax incentives.
He acknowledged the 2025 Executive Order on cost efficiency in the upstream sector signed by President Bola Tinubu, which offers up to 20% tax credit to operators meeting performance benchmarks.
However, he noted that without addressing insecurity, the incentives would fall short.
“The chief reason the majority of the oil and gas operators… started leaving Nigeria is principally because of insecurity,” Osifo stated. “The cost of securing facilities… became prohibitive. That is why they found places like Mozambique, Guyana, Angola, and Congo much more attractive.”
In conclusion, the union called on the Federal Government to address the underlying issues affecting Nigeria’s oil and gas sector—particularly insecurity and political interference—while also taking concrete steps to ensure fairness in petrol pricing for Nigerians.
NEWS
‘Over N20m Lost’ — Inferno Razes Abuja Building Materials Market After Midnight Restocking
An early-morning fire has ravaged Eda Plaza, a building materials market opposite Chida Hotel in Jabi, Abuja, destroying shops and goods reportedly worth millions of naira.
The inferno broke out around 3am on Sunday, leaving traders counting their losses after the fire spread through parts of the plaza.
An eyewitness told the Nigerian Television Authority (NTA) that the alarm was raised after his brother-in-law, who owns two shops and a packing store at the plaza, received a distress call from a colleague informing him that the market was on fire.
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“We were at home this morning, as early as 3 am, and my brother-in-law received a call from one of his colleagues here in the plaza that the plaza was on fire. So we had to rush down there. On getting here, we discovered that the situation was so bad,” the eyewitness said.
According to him, only one of his brother-in-law’s two shops survived the inferno, while the other shop and the packing store were completely destroyed.
“In this plaza, my brother-in-law had two shops and a packing store. Unfortunately, only one of the shops was saved. The other shop and the packing store were totally damaged by the fire,” he added.
The eyewitness estimated the value of roofing materials lost in the blaze at more than N20 million, revealing that some of the affected materials had been restocked just hours before the fire.
“Over here, you see some of the roofs that we still have here. We are talking about a roof that is worth over N20 million lost in this fire,” he said.
He further lamented that some of the roofing materials had only been restocked the previous night.
“Because the other shop, we had roofs that were just restocked last night. And then the packing store also, we had roofs that were just restocked last night,” he said.
Confirming the incident, the National Public Relations Officer and Head of Corporate Services of the Federal Fire Service, Deputy Controller of Fire Paul Abraham, said a distress call about the Eda Plaza fire was received at 2:46am.
Abraham said the Federal Fire Service, in collaboration with the Federal Capital Territory Fire Service, deployed firefighting appliances from its Wuse, Interior Ministry and Garki stations to battle the inferno.
He disclosed that a stop message was issued at 10:14am, indicating that the fire had been brought under control.
The Federal Fire Service spokesman added that investigations were ongoing to determine the remote and immediate causes of the fire.
Despite the extent of the destruction and the financial losses recorded, no casualty was reported.
The eyewitness expressed gratitude that the incident did not claim any life.
“In our situation, we give thanks to God that no life was lost in this situation,” he said.
NEWS
Nestoil Boosts Oil Production with $28m Drilling Fleet
The quest for increased oil production from the Oil Mining Lease (OML) 42 has seen the Nestoil Group deploy its Pathfinder 500 rig to carry out workover operations on two producing wells.
The deployment, carried out through the Group’s strategic business unit, Scorpio Drilling International, marks the first productive assignment of the Pathfinder 500 since its acquisition about eight years ago.
The Pathfinder 500 is one of two rigs acquired by the Nestoil Group as part of a combined investment of approximately $28 million. The second rig is the Scorpio 300.
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According to a statement issued by the Group over the weekend, the Pathfinder 500 was successfully mobilised to the OML 42 site, where it completed workover operations on the two wells without any Health, Safety and Environment (HSE) incidents before being safely demobilised to base.
The statement added that the successful operation also contributed to incremental oil production from OML 42 and is expected to support the Group’s planned in-field drilling programme.
Chairman of Nestoil/Neconde Group, Dr. Ernest Obiejesi, described the development as a defining moment for the Group and Nigeria’s indigenous drilling capacity.
Obiejesi said the rig had remained idle for eight years amid doubts that it would ever be deployed for productive operations, making its successful mobilisation, incident-free workover campaign and safe demobilisation a significant achievement.
He explained that the decision to invest in the Pathfinder 500 and Scorpio 300 was driven by the need to reduce dependence on hired rigs, which could be difficult and costly to secure within Nigeria’s operating environment.
According to him, as an asset owner in OML 42, the Group requires reliable in-house drilling capacity to undertake workovers, revive mature wells and ultimately drill new wells as the field develops.
He said the successful deployment of the Pathfinder 500 now positions the Group to proceed with its planned in-field drilling programme.
Obiejesi further disclosed that the project, from rig refurbishment to crewing, was executed entirely by Nigerian personnel without foreign partnership or support.
He noted that the rig is currently operated by a 100 percent Nigerian crew, attributing the development to decades of capacity building by international oil companies operating in Nigeria.
The Nestoil chairman said the experience had helped position Nigeria as a net exporter of skilled drilling personnel to other oil-producing countries.
He commended the teams at Scorpio Drilling International and others involved in the rehabilitation and operation of the rig.
Obiejesi also said the achievement extends beyond Nestoil Group, noting that Scorpio Drilling International now has two operating rigs and is among companies with rig assets in Nigeria.
“Nestoil Group, through Neconde Energy, holds interests in OML 42 and continues to invest in indigenous drilling, workover and well-services infrastructure to sustain and increase oil production from the asset.
“Scorpio Drilling International operates the Pathfinder 500 and Scorpio 300 rigs and provides drilling services to the Group and third parties across Nigeria’s oil and gas industry,” the statement added.
NEWS
Tinubu Mourns Eagle Online Publisher, Dotun Oladipo
President Bola Ahmed Tinubu expresses deep sadness over the sudden death of Mr Dotun Oladipo, former Political Editor of The Punch newspaper and Publisher of The Eagle Online, describing his death as a painful loss to Nigeria’s media industry and the nation at large.
President Tinubu acknowledges the deceased’s contributions to journalism, particularly his years of dedicated service in political reporting and his commitment to providing Nigerians with credible information through both traditional and digital media platforms.
The President says Oladipo’s professional career reflected the important role journalists play in strengthening democracy by informing citizens, holding public officials accountable and providing platforms for robust public discourse.
READ ALSO: Akpabio Mourns Dotun Oladipo
He recalls the deceased’s passion for his profession and his contributions to the growth of digital journalism through The Eagle Online, which he founded after his remarkable career at Punch Newspaper.
“Dotun Oladipo’s death at the age of 56 is a painful loss to the Nigerian media community and to our nation. He was a committed journalist who devoted significant years of his life to informing the public and contributing to the development of our democracy.
“His contributions to political journalism and the digital media space will not be forgotten. I extend my heartfelt condolences to his family, colleagues in GOCOP and friends. I pray that Almighty God will grant him eternal rest and give his loved ones the strength to bear this irreparable loss,” President Tinubu notes.





