Business
Fuel Supply Concerns: 9,000 Marketers Facing License Revocation, Seek Government Intervention
Fuel Supply Concerns: 9,000 Marketers Facing License Revocation, Seek Government Intervention
Amidst the persistent fuel scarcity, more than 9,000 oil marketers in Nigeria are on the verge of losing their operating licenses unless the Nigerian National Petroleum Company Limited (NNPCL) extends the current deadline for license renewals.....KINDLY READ THE FULL STORY HERE▶
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urgently appealed to both the NNPCL and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to postpone the licensing deadline until July and release the 9,000 licenses that have already been processed.
This appeal was communicated through a press release issued by IPMAN’s National Public Relations Officer, Chief Chinedu Ukadike, in Abuja on Thursday.
IPMAN emphasized the difficulties marketers are facing in renewing their licenses due to the slow processing pace of the NMDPRA, a concern previously voiced in a statement last Sunday.
Initially, the NNPCL set April 15, 2024, as the deadline for marketers to renew their licenses. Failure to comply would mean marketers could not access their customer express portals for purchasing petroleum products from NNPC Retail Limited.
IPMAN’s request for an extension aims to avert further disruptions in fuel supply and alleviate panic buying amidst the ongoing scarcity.
According to IPMAN, “The latest information from the NMDPRA indicates that they have already processed over 9,000 out of the 15,000 licenses expected for our members within this period. We urge the management of the NMDPRA and NNPC Retail Limited to release the processed licenses and extend the deadline for delisting marketers from their express portals.”
Chief Ukadike stressed the urgency of their appeal in a subsequent telephone interview with Punch Newspaper, stating, “The release is to appeal to the NNPCL and NMDPRA to please extend the final deadline to July so that it would enable them to reconcile the licenses so that they will not be unduly shut out of the portal, and that is IPMAN’s appeal.”
In response to IPMAN’s plea, the NMDPRA South-West Regional Coordinator, Ayo Cardoso, stated that the regulatory authority would consider the request.
Meanwhile, the situation remains tense as IPMAN has threatened to shut down 30,000 stations operated by its members nationwide if the Federal Government fails to address the N200 billion debt owed to marketers, exacerbated by delayed payments of bridging claims since September 2022.
The fuel crisis continues to have a severe impact on daily life, with reports of commercial drivers in Abeokuta, the capital of Ogun State, keeping vigil at fuel stations to secure scarce Premium Motor Spirit (petrol).
The future of Nigeria’s Naira-for-Crude policy remains in limbo as negotiations continue between the Nigerian government and Dangote Refinery. The six-month agreement between the Nigerian National Petroleum Corporation (NNPCL) and Dangote Refinery expired on March 31, 2025, without a renewal, leading to the suspension of the refinery’s sale of refined petroleum products in Naira. However, the refinery has continued processing approximately 400,000 barrels of crude oil daily, with 35% of the crude sourced from international markets, particularly Brazil and Equatorial Guinea.....KINDLY READ THE FULL STORY HERE▶
Although the policy’s future is still under review, sources suggest that its economic implications, especially concerning fuel prices and foreign exchange rates, make it crucial to the national economy. Despite challenges in crude supply from NNPC, Dangote Refinery has expanded its global sourcing and is currently sourcing crude from Brazil’s Petrobras and Equatorial Guinea.
No official agreement has been reached yet to extend the Naira-for-Crude deal. The Nigerian government’s committee in charge of the policy is waiting for recommendations from the Nigeria Upstream Petroleum Regulatory Commission before proceeding. Meanwhile, the refinery’s management has expressed uncertainty regarding the renewal of the deal, citing concerns over the financial strain and volatility of exchange rates. The future of the policy remains unclear, with NNPC expected to supply crude oil to Dangote Refinery in April, but payment terms are yet to be finalized.
The price of cement, a vital resource for Nigeria’s construction industry, has witnessed significant changes recently, with rates fluctuating depending on brand, location, and market factors. Here is an overview of the current prices for some leading cement brands:....KINDLY READ THE FULL STORY HERE▶
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Dangote Cement: The cost of a 50kg bag of Dangote Cement ranges between ₦8,000 and ₦10,300. Known for its high quality, Dangote Cement remains a preferred choice in various construction projects. Prices are generally lower in areas near production plants but tend to rise in regions requiring extensive distribution.
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BUA Cement: Priced between ₦8,000 and ₦8,500 per 50kg bag, BUA Cement is popular among builders due to its competitive pricing and stability. Prices may vary slightly depending on proximity to manufacturing sites.
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Lafarge Water Shield Cement: Priced at ₦20,000 per 50kg bag, this cement variant is specifically formulated for durability and resistance to moisture, making it ideal for projects in damp environments.
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Waterproof Cement JK: Available at ₦15,000 per 50kg bag, Waterproof Cement JK is engineered to offer exceptional protection against water ingress, particularly useful for wet construction sites.
Over the past year, cement prices in Nigeria have surged significantly. At the start of 2024, a 50kg bag cost around ₦4,500. By November 2024, the price rose to about ₦8,500, reflecting an increase of approximately 89%. This upward trend is attributed to factors such as rising production costs, increased demand, and logistical challenges.
Marketers predict a potential further increase in cement prices, emphasizing the need for stakeholders in the construction sector to stay informed and plan accordingly.
A recent survey conducted by Naija News has revealed a notable decrease in the price of cooking gas in Nigeria, offering much-needed relief to households and small businesses. According to the survey, the cost of refilling cooking gas per kilogram has reduced significantly from ₦1,350 to ₦1,020.....KINDLY READ THE FULL STORY HERE▶
This positive development is expected to ease the financial burden on Nigerian families and small enterprises, especially those that heavily depend on cooking gas as a primary energy source. The survey, encompassing gas stations and vendors from various parts of the country, shows that the reduced price may help lower the overall cost of living.
The revised price breakdown is as follows:
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1 kg of Cooking Gas: ₦1,020
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3 kg of Cooking Gas: ₦3,060
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5 kg of Cooking Gas: ₦5,100
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10 kg of Cooking Gas: ₦10,200
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12.5 kg of Cooking Gas: ₦12,750
This decline marks a significant shift from the previous upward trend in gas prices and is likely to positively impact the economy, particularly the food and hospitality sectors. Businesses that rely on cooking gas will experience reduced operational costs, ultimately boosting their profit margins.
Experts attribute the drop in cooking gas prices to several factors, including fluctuations in global energy costs and adjustments within local supply chains. Despite recent variations in crude oil and natural gas prices, the reduction is perceived as a welcome development for Nigerian consumers.
By spending less on cooking gas, households and small businesses will now see some financial relief in their monthly budgets, especially during these economically challenging times.
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