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Petrol Should Sell For N750 Or Less, Not N900 – PENGASSAN

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NNPC Records Petroleum Product Sale of ₦234.63bn in March

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.

READ MORE: S’Africa Overtakes Nigeria As Africa’s Top Fuel Importer – Report

“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.

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IPMAN Kicks as Importers Hike Prices

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Critical stakeholders are lamenting that fuel importers, licensed by the Nigerian government, are selling imported premium motor spirit (PMS) also known as petrol around N200 per litre, above what local refiner, the Dangote Petroleum Refinery and Petrochemicals (DPRP) is selling.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that the importers including Matrix, AA Rano, Hayden among others have started pricing imported petrol significantly above the rates offered by the DPRP, raising concerns over the effectiveness of the government’s import licensing policy.

IPMAN’s National Publicity Secretary, Chinedu Ukadike, said independent marketers had expected the import licences to serve as a check on domestic fuel pricing but are now shocked to find out that the policy had failed to deliver the desired outcome.

“The independent marketers of Nigeria have looked at the price volatility, the issue of the import license, the issue of sales of petroleum products and dollar, and holistically I will want to use the opportunity to urge the federal government to look into this thing transparently through NMDPRA, who is the authority of the industry,” he said.

ALSO READ: Dangote Granite Mines Boosts Access to Education with Bursary Awards for Ogun Host Community Students

According to him, the recent import licences issued to marketers have not helped reduce fuel prices as anticipated.

“The recent import licenses, which are termed to be used as a guiding principle or a check to domestic petroleum products being refined here in Nigeria, is not yielding the results as was expected by the independent marketers,” he stated.

Ukadike expressed surprise that some importers were reportedly selling imported petrol at about N1,350 per litre, despite lower prices from the DPRP.

“We were shocked, even as I am talking to you now, that the licenses that have been given to AA Rano, Matrix and all the rest of them to be able to import petroleum products are trying to peg the price of petroleum products at N1,350, which is far, far distant from what Dangote has been selling to us,” he said.

He further questioned the quality and pricing of imported products, insisting that the policy was undermining the purpose for which the licences were granted.

“The essence of NNPC or NMDPRA or the federal government opening up this import license is also to checkmate the domestic price of petroleum products, whereas where we find out that these products are being brought into this country, one, their qualities are questionable, two, their prices are higher,” Ukadike added.

The IPMAN spokesman also warned that continued fuel importation at higher prices was increasing pressure on Nigeria’s foreign exchange market, with the naira approaching N1,400 to the US dollar.

He argued that imported petroleum products priced using the international PLATTS benchmark were about 20 percent more expensive than products supplied by the DPRP, making imports less competitive.

Ukadike urged the Federal Government to sustain the sale of crude oil to the Dangote refinery in naira, saying the arrangement would help stabilise domestic fuel prices, reduce demand for foreign exchange and ease pressure on the local currency.

He also cautioned against what he described as the indiscriminate issuance of import licences, warning that such a policy could ultimately lead to higher pump prices for consumers instead of promoting competition.

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Sahara Opens Kaduna, Jigawa Recycling Hubs

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AOW 2021: Sahara Group advocates measured transition in Africa’s upstream sector

The Sahara Group Foundation (SGF) has expanded its waste management network and recycling infrastructure in Northern Nigeria with the commissioning of two Sahara Go Recycling hubs in Jigawa and Kaduna States.

This was detailed in a statement from the Foundation on Sunday, which had it that the hubs, located at Gidan Hakimi in Shuwarin Local Government Area of Jigawa State and Asharami Retail Station, Badiko, Kaduna South Local Government Area of Kaduna State, are the Foundation’s 21st and 22nd recycling hubs nationwide and its second and third in Northern Nigeria.

According to a statement, the Jigawa hub was delivered with the support of the King’s Council, Shuwarin, while the Kaduna hub was established in collaboration with Asharami Synergy.

The Foundation said the initiative is designed to convert waste into income-generating opportunities for households. The Director of Sahara Group Foundation, Chidilim Menakaya, said the hubs demonstrate the organisation’s approach to expanding practical sustainability initiatives through partnerships.

“By partnering with institutions and sister companies that understand local needs and realities, we are building a recycling ecosystem that communities can own, sustain, and benefit from over the long term,” she said.

ALSO READ: NCDMB, Renaissance Build Oil, Gas Capacity for 300 Graduates

The commissioning ceremonies were attended by members of the King’s Council, the Jigawa State Commissioner for Environment, Dr Nura Doka, the Chairman of Shuwarin Local Government Area, Abdulhamid Balago, the vice chairman, community leaders and residents in Jigawa, as well as Asharami Synergy’s leadership and the Filling Station Manager in Kaduna.

Speaking at the Jigawa event, Alhaji Bashir Abdullahi, Sarkin Gabas and Hakimin Shuwarin, said the facility addresses a longstanding waste management challenge in the community.

“For years, our people have had no organised way to deal with waste beyond burning or dumping it by the roadside,” he said. “This hub gives our young people and our women a way to earn from something that used to just pollute our surroundings.”

At the Kaduna event, the Filling Station Manager of Asharami Retail Station, Badiko, Aliyu Abdullahi Mabai, said the recycling hub complements the station’s operations.

“We are glad to host this recycling hub on our premises,” he said. “It gives our customers and neighbours a simple way to recycle, and fits with what Asharami Synergy stands for as a responsible business.”

The Foundation also disclosed plans to commission another recycling hub in Kano State in the coming weeks following a recent engagement with the Emir of Kano, Muhammadu Sanusi II, who expressed interest in the initiative.

According to the Foundation, Sahara Go Recycling has supported the recycling of more than 1,000 tonnes of materials since its launch and has directly or indirectly impacted more than 2,000 livelihoods nationwide.

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International News

Andy Burnham Sworn In as UK Prime Minister After King Charles Meeting Writing

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Andy Burnham has officially been sworn in as the Prime Minister of the United Kingdom after meeting King Charles III at Buckingham Palace, marking the beginning of a new chapter in British politics.

Burnham assumed office on Monday after outgoing Prime Minister Keir Starmer formally resigned during an audience with the King. Following Starmer’s departure, King Charles III invited Burnham to form a new government, which he accepted.

SEE MORE: UK PM Keir Starmer Resigns

The 56-year-old becomes Britain’s sixth prime minister in the past 10 years, taking office amid mounting economic pressures, political uncertainty and a lingering cost-of-living crisis.

In his farewell speech outside 10 Downing Street, Starmer reflected on his two years in office, insisting his government had left Britain in a stronger position.

“I am confident that Britain is now stronger and fairer than it was two years ago,” Starmer said.

“I go with good grace, I go with a smile, and I go proud of everything that we have achieved,” he added.

Burnham is expected to use his first address as prime minister to outline his vision for restoring public confidence in government while prioritising economic growth, easing the cost-of-living crisis and devolving more powers to regional communities.

Speaking in an interview with The Times before taking office, Burnham signalled a break from recent policies.

“What we’ve been doing hasn’t been working. That’s the way I see it,” he said.
“I am going to try and do things in a different way.”

The new prime minister inherits a series of pressing challenges, including slow economic growth, rising government borrowing costs, a growing welfare bill and continued irregular migration across the English Channel.

He has also pledged a different approach to public spending, promising greater investment in prevention and long-term economic development.

“A different approach to public spending and to running the economy — more focused on early investment, early intervention, setting people up for success and much less paying for failure,” Burnham said.

As one of his first policy decisions, Burnham scrapped the nationwide digital ID scheme introduced under Starmer’s administration, saying the estimated £1.8 billion earmarked for the project would instead be redirected toward helping families cope with the rising cost of living.

A former Greater Manchester mayor, Burnham previously served as a Member of Parliament from 2001 to 2017 and held ministerial roles under former prime ministers Tony Blair and Gordon Brown.

He returned to Parliament only weeks ago before emerging as Labour’s new leader following Starmer’s resignation.

Burnham now has less than three years to deliver on his promises before the next general election, expected in 2029, as Labour seeks to fend off growing support for Nigel Farage’s Reform UK party.

Addressing supporters after securing the Labour leadership, Burnham described the moment as Labour’s “last chance” to regain the confidence of British voters, insisting that his government has a clear plan to steer the country in a new direction.

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