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Subsidy: Petrol Price Will Fall — Kyari Assures Nigerians
The Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, reassured Nigerians that the current high cost of petrol would soon decrease.
In an interview on Arise TV’s Morning Show, Kyari stated that the competition among major players in the oil sector would lead to a reduction in the price of petrol.
He emphasized that the removal of subsidies would allow new players to enter the market, promoting healthy competition. As the market stabilizes, oil marketing companies will be able to import or produce petrol and sell it at market prices.
Kyari anticipated that this competition and increased efficiency would naturally drive down pump prices across the country.
Kyari’s words: “The beauty of this (subsidy removal) is that there will be new entrants (into the market) because oil marketing companies’ reluctance to come into the market all along is the very fact of the subsidy regime that is in place.
“That subsidy regime doesn’t have a guarantee of repayment back to those who
provide the product at a subsidised price and now that the market is being deregulated, oil marketing companies can actually import product or even if it is produced locally, they can buy and take it into the market and sell at its retail price.
‘’Therefore, you will see competition, even with NNPC. And by the way, by law, NNPC cannot do more than 30 per cent of the market going forward. As soon as the market stabilises, oil marketing companies are able to come in.
“Competition will definitely come in and the market will regulate the prices itself. Therefore, this is just an instantaneous price and within a week or two, you will continue to see different prices because of different approaches from major players, companies have different approaches to it and competition will guide that.
“Ultimately, you’d see changes downwards and it is very likely because efficiency will come in.”
Meanwhile, Kyari revealed plans by President Bola Tinubu to introduce palliative measures to cushion the impact of the abrupt removal of fuel subsidies.
He also mentioned the ongoing rehabilitation of the country’s refineries, with one refinery expected to be operational this year, another next year, and the third by 2025.
Kyari explained that the subsidy bills had accumulated, and the country could no longer afford them. By pricing petroleum products in the market, the government aimed to benefit the country in the long run. Kyari acknowledged that while there was a provision for subsidies in 2022, no funding was allocated for them in 2023.
He stressed the urgency of discontinuing the subsidy conversation, as it had negative implications for the country’s financial stability and borrowing capabilities.
In response to the removal of fuel subsidies, Amnesty International expressed concerns about the potential increase in poverty in Nigeria.
The organization emphasized that the decision should not exacerbate the challenges faced by millions of Nigerians in meeting the costs of education, food, and healthcare. Amnesty International called for social protection measures to accompany the removal of subsidies, ensuring that people on low incomes could maintain an adequate standard of living.
They urged the Nigerian authorities to address widespread hunger, rising unemployment, and the declining standard of living by investigating the fuel market chain and holding accountable those involved in smuggling, hoarding, and subsidy-related scams.
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.
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.
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.
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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.
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.
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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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