Connect with us

General

IPMAN Cautions Nigerians Against Panic Buying of Petrol at Yuletide

Published

on

Daily Petrol Consumption Nigeria

By Adedapo Adesanya

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged Nigerians to avoid panic-buying of premium motor spirit (PMS), otherwise known as petrol, during this festive period, assuring them of enough supply to go around.

The Publicity Secretary of IPMAN, Mr Ukadike Chinedu, while speaking in Abuja, commended the Dangote Petroleum Refinery for reducing the price of its product to N899.50 per litre, noting that the gesture will help to reduce transport costs for Nigerians ahead of yuletide holidays.

”You see, that is the beauty of deregulation; prices are determined by market forces and with the Dangote and federal government refineries by the corner, this will bring competitive prices,” Mr Chinedu said.

He urged all IPMAN members to adjust their pump to the new price to attract more customers.

“We have started ordering the new price, and some of our members have already started adjusting their pumps lower for faster sales. If your price is higher, nobody will buy from you.

“You will even find out now that those queues that you normally see in NNPC filling stations have all reduced, because most marketers are almost selling the same thing with them,” he said.

In a related development, IPMAN, at the weekend announced that beginning from Monday (December 23) its members will begin to sell petrol at at N935 per litre.

Mr Maigandi Garima, IPMAN’s National President, who disclosed this, stated that the reduced price regime is a result of a new arrangement with the Dangote Refinery, which will make it possible for independent marketers to sell at N935 per litre.

Business Post reports that IPMAN stations were, however, still selling the product at above N1,00 per litre as of Tuesday afternoon.

The Nigerian National Petroleum Company (NNPC) Limited also reduced the prices of petrol – by N20 per litre at its fuel stations in the Federal Capital Territory, Abuja.

The product is now selling for N965 per litre at the state oil company’s stations across the city.

As for NNPC, it is not clear whether it will extend its new N965 per litre price to other parts of the country.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

General

Young Professionals for Tinubu Group Attracts Over 3,000 Nigerians

Published

on

Young Professionals for Tinubu

By Aduragbemi Omiyale

No fewer than 3,000 Nigerians have joined a dynamic and fast-growing youth-driven group known as the Young Professionals for Tinubu (YP4T).

The organisation is dedicated to leadership, policy engagement, and economic empowerment. It was established to support President Bola Tinubu’s vision for economic transformation.

Since its inception, YP4T has quickly established itself as a mobilising force for young professionals who see themselves not just as beneficiaries of development but as key drivers of it.

Across multiple states, its members are actively working to strengthen Nigeria’s economic, technological, and entrepreneurial landscape, ensuring that young people are not left behind in the country’s evolving growth story.

With an economy valued at over $440 billion and a youth population that makes up more than 60 per cent of Nigeria’s 200 million citizens, the impact of an organized and engaged professional youth network cannot be overstated.

“We are building a generation that is ready to lead, innovate, and contribute meaningfully to national growth. The rapid expansion of our network is proof that young Nigerians want to be involved in shaping the country’s future.

“The best way to honour the administration’s vision for national development is not just to support it but to become part of the execution—ensuring that policies translate into opportunities for people across the country,” the Regional Director of YP4T, Mr Alex Oware.

Another member of the movement, Mr Raphael Utoku, said, “I joined YP4T because I wanted to be part of something bigger than myself. Beyond the leadership discussions and the networking, I gained practical mentorship that has completely transformed my career path. It’s the kind of community that young professionals in Nigeria have needed for a long time.”

It was learned that through direct interventions in education, career development, and entrepreneurship, YP4T has already begun making a tangible impact.

In the past six months, the movement has facilitated over N50 million in small business support, connected more than 1,200 young Nigerians to industry mentors across finance, technology, and governance, and provided professional development training to over 800 early-career professionals.

Its education-focused initiatives have also led to the launch of the YP4T Scholarship and Skills Fund, which has supported university students and technical training beneficiaries in multiple states, ensuring that economic hardship does not derail potential.

Continue Reading

General

Customs Suspends 4% FOB Levy on Imports for Wider Deliberations

Published

on

Nigeria customs wale adeniyi

By Adedapo Adesanya

The Nigeria Customs Service has suspended the implementation of the 4 per cent Free-on-Board (FOB) value on imports following a series of blowbacks from key stakeholders.

According to a statement signed by the Customs’ spokesman, Mr Abdullahi Maiwada, the suspension will enable comprehensive engagement and consultations between the Minister of Finance, Mr Wale Edun and other stakeholders.

The FOB, which is a 4 per cent charge on imported goods, was meant to replace an older system where companies like Webb Fontaine handled import inspections for a 1 per cent fee. The move sparked heavy criticism from stakeholders like the Nigeria Employers’  Consultative Association (NECA).

According to NECA, the Nigerian business environment already struggles with multiple taxes, unpredictable policies, and economic challenges coupled with unsold inventories and growing unemployment, pleading that policies should “support businesses, not further suffocate them.”

“The timing of this suspension aligns with the exit of the contract agreement with the Service providers, including Webb Fontaine, which were previously funded through the 1% Comprehensive Import Supervision Scheme (CISS). This presents an opportunity to review our revenue framework holistically,” Mr Maiwada said.

“Under the previous funding arrangement repealed by the Nigeria Customs Service Act (NCSA) 2023, separating the 1% CISS and 7% cost of collection created operational inefficiencies and funding gaps in customs modernisation efforts.

“The new Act addresses these challenges by consolidating “not less than 4% of the Free-on-Board value of imports,” designed to ensure sustainable funding for critical customs operations and modernisation initiatives. This transition period will allow the Service to optimise the management of these frameworks to serve our stakeholders and the nation’s interests better,” he added.

“The suspension period will allow the Service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for sustainable funding of these modernisation initiatives.

“We will communicate the revised implementation timeline following the conclusion of stakeholder consultations,” he said.

Continue Reading

General

National Grid Collapse Leaves Abuja, Lagos Residents in Darkness

Published

on

Mini Grids Programme

By Dipo Olowookere

Residents of Abuja and Lagos are currently experiencing blackouts after the national grid collapsed on Wednesday morning.

Electricity in two of the biggest cities in Nigeria went off a few minutes before noon on Wednesday, information gathered by Business Post showed.

This was confirmed by one of the energy distribution companies in the country in a message to customers within its franchise areas.

“Please be informed that we experienced a system outage today, February 12, 2025, at 11:34 am affecting all our feeders.

“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us,” the message from Ikeja Electric said.

As of the time of filing this report, power had yet to be restored by the Disco, as electricity consumers switched to alternative power sources amid the scorching heat.

Continue Reading

Trending