Business
Nigerian Fuel Prices on Track to Crash to N500 Per Litre in 2025

Published
2 months agoon
By
Ekwutos Blog
Oil marketers and other petroleum industry experts have forecast a reduction in petrol prices in 2025 to as much as N500/litre The resumption of operations of the Port Harcourt and Warri refineries will drive this anticipated crash in price They highlighted that a steady supply of petroleum products would encourage competition, leading to further price reductions
Petroleum product marketers and other stakeholders in Nigeria have projected a significant reduction in petrol prices by 2025. They highlighted that petrol, currently priced between N900 and N950 per litre at many filling stations, could drop to as low as N500 per litre during the year.
According to industry experts, this anticipated decline is attributed to the strengthening of the downstream sector, driven by the federal government’s deregulation policy.
Other factors contributing to the expected price reduction include a stable foreign exchange rate, increased price competition, the Naira-for-crude initiative, and the expected operations of the Port Harcourt, Warri, and Dangote refineries.
Stakeholders also noted that if these refineries supply the domestic market and accept payments in naira, it would further drive down petrol prices. Marketers share why fuel prices may reduce further The national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ukadike Chinedu, described the upcoming operations of the Port Harcourt and Warri refineries as transformative for the downstream sector.
In an interview with Saturday Sun, he emphasised that these refineries would foster healthy price competition, a trend already becoming evident. He noted that both the Nigerian National Petroleum Company Ltd (NNPC) and Dangote have reduced petrol prices in recent weeks, highlighting the benefits of having multiple production sources rather than a monopoly. Ukadike expressed optimism that this development could drive petrol prices below N500 per litre by 2025 as more players enhance refining capacity. He also identified the federal government’s naira-for-crude policy as a critical factor in shaping petrol prices, predicting that it would curb inflation and ease pressure on foreign exchange.
The president of the Petroleum Products Retail Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, expressed agreement with Ukadike’s views. He assured that the operational launch of the Port Harcourt and Warri refineries would result in more affordable fuel options for Nigerians.
Gillis-Harry emphasised that achieving lower petrol prices for consumers is a realistic prospect in 2025. Gillis-Harry said: ‘’As you can see, NNPC has reduced its ex-depot price from N1,045 per litre to N899 per litre for marketers, translating to N925 per litre at the pumps for the end users. This, I must say, is very commendable. These are not small drops, but massive drops from N1,045 to N899 ex- depot is a lot of drop.” He highlighted that a steady supply of petroleum products would encourage competition, leading to further price reductions in the coming year.
On his part, the publicity secretary of the Crude Oil Refiners Association of Nigeria (CORAN), Iche Idoko, stated that Nigerians would soon start experiencing the benefits of a deregulated market.
Idoko said: “Price drop is one of the characteristics of deregulation we had highlighted. As the industry settles in to the regime of full deregulation, we are bound to see competitions amongst players, which ultimately will benefit the consumers.”
He explained that competition would emerge in pricing, product quality, and credit facilities offered to bulk purchasers.
Marketers import 2.3bn litres of petrol In related news, Legit.ng reported that oil marketers have continued to import petrol into the country despite earlier agreements to patronise local refineries. Documents obtained from the Nigerian Ports Authority revealed that marketers have persisted in petrol importation. The data collected showed that imported petrol was docked at the Apapa Port, Tin Can Port and the Calabar Port.
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Business
Why retailers, marketers dump Dangote Refinery petrol for import – Stakeholders

Published
4 days agoon
March 11, 2025By
Ekwutos Blog
Petroleum Products Retailers and marketers have explained why petrol imports have persisted despite the Dangote Refinery and other local refineries’ production capacity.
The President, Petroleum Products Retail Outlet Owners Association and the Chairman, Major Marketers Association of Nigeria, Billy Gillis-Harry and Tunji Oyebanji in an exclusive interview with Ekwutosblog on Monday cited fear of healthy market competition, competitive pricing and inadequate petrol production capacity as reasons for the product’s continued import.
This comes amid the National Bureau of Statistics’ foreign trade data showing that petrol imports surged by 105 percent to N15.4 trillion at the end of 2024.
Similarly, the report indicated that fuel imports hit N930 billion in February 2025 alone, raising concerns among stakeholders in the country’s downstream sector.
Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority said that Dangote Refinery, Port Harcourt and Warri refineries met only 50 percent of the national petroleum products consumption requirement in February 2025. #
However, in a statement last month, the president of Dangote Refinery countered NMDPRA and insisted that the $20 billion Refinery can meet 100 percent of Nigeria’s 100 percent petroleum production requirements.
Nigerians are now left in limbo amid the controversy as NNPC said it has not imported petrol so far in 2025.
Meanwhile, Gillis-Harry and Oyebanji in their insights to Ekwutosblog put clarity to the debate.
Speaking, Gillis-Harry insisted that petroleum retailers get their products from all sources, including Dangote Refinery, NNPC and import.
According to him, petrol retailers will continue to get fuel from sources with the best pricing to avoid a monopoly of the country’s petroleum downstream.
He frowned at a situation where the refinery would reduce fuel prices overnight without due consultation with its partners and retailers.
Gillis-Harry added that healthy competition and price stability must be guaranteed in Nigeria’s downstream sector for the good of Nigerians.
“Retailers are not running away from Dangote Refinery. We patronize every refinery, but we subscribe to full liberation so that we will not run a monopolized downstream sector.
“A situation where one refinery is shifting prices up and down without consideration of retailers is uncalled for.
“We cannot buy a product at N889, and over the night, the prices are dropped to N825, which is unfair.
“We continue to buy petrol from all sources that are profitable to us, either NNPCL, Dangote Refinery or through import”, he told Ekwutosblog.
On his part, Oyebanji explained that local refineries such as Dangote Refinery were not meeting 100 percent of domestic demand- the reason for fuel import to augment the vacuum.
According to him, if local refineries produced enough to meet the domestic market and with competitive prices, no right-thinking businessman would import.
“The report circulated today was for 2024. I don’t understand why it is being played up in the media as if it is new.
“Seems it is to advance a particular agenda. I don’t think local refineries are meeting 100 percent of local demand.
“So, to prevent shortages, some importation is being allowed, but to give the impression that such importation is growing isn’t correct.
“NNPCL, which has been the largest importer up to last year, has confirmed that they have not imported and yet someone is pushing this narrative.
“If local refineries produce enough to satisfy local demand and sell at a competitive price, then no right-thinking businessman will import”, he told Ekwutosblog.
Recall that earlier this month and last month, NNPC and Dangote refineries reduced petrol prices to between N860 and N880 per liter.
The development sparked a price war among the bigwigs in the country’s downstream sector, as Nigerians now buy petrol between N860 and N970 per liter nationwide.
On October 15, 2024, 650, 000 barrels per day, Dangote Refinery kicked off supply of petrol.
At the same, NNPC restarted petrol production at the Port Harcourt and Warri refineries in November and December 2024.
Business
Why food prices are crashing in Nigeria – Bwala

Published
4 days agoon
March 10, 2025By
Ekwutos Blog
The Special Adviser to the President on Media and Policy, Daniel Bwala, has suggested that food prices are crashing because President Bola Tinubu’s administration is addressing insecurity.
Bwala claimed that farmers now enthusiastically go to farm to cultivate food crops.
In a post on his X handle on Monday, Bwala urged Nigerians to ignore those peddling fake news that importation is the reason for the crash of food prices.
“The reason the food prices are crashing is because we have dealt a heavy blow to insecurity, hence farmers enthusiastically go to farm and do what they do best. Presdient Tinubu @officialABAT means bussiness.
“Ignore the sore losers who are peddling fake news that importation is the reason for crashing of the prices and that President Tinubu is destroying the economy of the north. Such individuals are probably not happy that we are dealing with insecurity.”
Business
Dozens brought ashore after oil tanker and cargo ship collide in North Sea

Published
4 days agoon
March 10, 2025By
Ekwutos Blog
An oil tanker and a cargo ship collided in the North Sea off the UK coast on Monday, triggering a major rescue mission.
UK authorities launched lifeboats and firefighting vessels to the scene some 10 nautical miles out from the city of Hull after an alarm was sounded at around 11 am CET, authorities said.
“A coastguard rescue helicopter from Humberside was called, alongside lifeboats … an HM Coastguard fixed-wing aircraft, and nearby vessels with firefighting capability,” a coastguard spokesperson said on Monday.
At least 32 casualties have been brought ashore, according to Martyn Boyers, chief executive of the Port of Grimsby East. Their condition is not immediately clear.
Initial reports showed fire and thick black smoke pouring from both ships. Boyers said that there had been a “massive fireball” when the vessels collided.
The incident involved a US-registered oil tanker, Stena Immaculate, and a Portuguese container ship called the Solong, registered in Madeira, according to ship tracking website Vessel Tracker.
The tanker was listed as sailing from the Greek port of Agioi Theodoroi, while the cargo vessel was on course from Grangemouth in Scotland to Rotterdam in the Netherlands.
The Stena Immaculate is the larger of two ships, listed as being 183 metres long and 32 metres wide. The Solong is 140.6 metres long and 21.8 metres wide, according to ship tracking site Marine Traffic.
The site data shows Solong was drifting at 0.3 knots according to its last tracked position.
The UK Coastguard says it was assessing a “likely” counter-pollution response, although it isn’t known what the oil tanker was carrying at the time of the incident.
UK Transport Secretary Heidi Alexander said she was “concerned” to hear of the collision between the two vessels. She thanked “all emergency service workers involved in their continued efforts in responding to the incident.”
The Met Office said visibility was poor in its morning forecast for Yorkshire and Humber.
“Areas of fog and low cloud lifting as winds increase through the morning, with some warm, if rather hazy sunny spells expected in places for a time,” the weather agency said.

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