Business
TUC Demands Immediate Reversal Of Petrol Price Increase From FG And NNPC
TUC Demands Immediate Reversal Of Petrol Price Increase From FG And NNPC. The Trade Union Congress (TUC) has called for a reduction in petrol prices, urging the government to lower them below the levels seen in June 2023.....KINDLY READ THE FULL STORY HERE▶
Nevo News reports that TUC President Festus Osifo made the call during a press briefing in Abuja on Thursday.
He said: “We demand that the price be brought down, not just to what it was before, but even lower.”
Osifo called for government intervention in the sector by providing foreign exchange to the Dangote Refinery at a rate of $1 to ₦1,000, instead of the current rate of over ₦1,600, to help reduce petrol costs.
“The solution we are proposing, if implemented, will return prices to what they were in June last year,” Osifo stated, emphasizing that “no government in the world leaves its critical sectors to market forces” and that the Nigerian government should not allow the oil sector to be influenced solely by the fluctuations of the naira.
Osifo stressed the importance of making petrol affordable, available, and accessible for all Nigerians, noting that the commodity is vital for households across the country, regardless of whether they own vehicles.
He urged the Federal Government to grant all marketers licenses to lift petrol from the Dangote Refinery through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Osifo also suggested that the NNPCL should import refined petrol from other sources if the Dangote Refinery cannot meet Nigeria’s daily consumption needs.
“If the product is not available, it’s a problem. For example, if Dangote Refinery produces less than 15 million litres per day, it won’t be enough,” Osifo explained.
He added that while efforts are being made to increase production at the Dangote Refinery, the NNPCL should look for alternative sources to meet demand until the refinery can fully satisfy the country’s needs.
On Wednesday, Nigerians were hit with another price hike when NNPCL retail outlets in Lagos and the Federal Capital Territory (FCT), Abuja, raised petrol prices again.
In Lagos, NNPCL stations increased the price to ₦998 per litre, about ₦150 more than the previous price of ₦855. The sudden increase triggered panic-buying, leading to long queues at filling stations.
Non-NNPCL filling stations quickly followed suit, with some raising prices to as high as ₦1,050 per litre in parts of Lagos. In Abuja, NNPCL outlets hiked prices from ₦897 to ₦1,030 per litre.
This latest increase comes after a similar price hike by NNPCL on September 2, 2024, when prices were raised from ₦568 to ₦855, sparking public outrage.
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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