WAFFI TV | Business

‘Fluctuating Petrol Prices Threatening Our Businesses’, Oil Marketers Lament

Oil marketers have raised concerns over the adverse effects of fluctuating Premium Motor Spirit (petrol) prices on their businesses. Billy Gilly-Harris, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), voiced his worries during Channels Television’s Business Morning on Tuesday. According to him, the persistent volatility in petrol prices over the past few weeks threatens the survival of PETROAN members. His concerns come amid an ongoing price war between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Following Dangote Refinery’s N65 reduction in ex-depot prices, its retail pump price dropped from N925-N930 to N860. Shortly after, NNPCL also slashed its prices at its retail stations, intensifying competition between the two major industry players. Billy-Harris said “In our consistently weekly reviews, we discovered that the size of loss, and the possibility of most of us getting out of business is glaring at us in the face. Because in today’s Nigeria, we have collaborative efforts being made between all the stakeholders, and we reach out to one another to know how the businesses are doing. “As much as we are making efforts to make sure that Nigerians have product affordability from our end as the last mile in the industry, we also want to stay afloat and liquid. “The challenge we have is that we buy products at a price today, and before the close of business, the price has reduced. We thought there should be a mechanism by which prices are analysed and ensure it doesn’t impact negatively on the industry. “I have always said that every business can only survive by making some minimal profits that are commensurate to the price of paying the cost of doing business. “We are fully aware that the international prices of crude oil and other related expenses are also being reduced. But when we invest to buy products at say N880, we are not going to sell at that price. And if such products become reduced to N840, N850, N860 or even N870 per litre, it becomes challenging how we will be able to recover our costs.”

3/11/2025, 2:10:03 PM

NNPCL Ends Supply Of Oil To Dangote, Other Refineries Under Naira For Crude Programme

The Nigerian National Petroleum Company Limited (NNPCL) has announced the termination of crude oil supply to Dangote and other refineries under the federal government's Naira for Crude program. However, NNPCL reaffirmed its commitment to supplying crude to the 650,000 barrels per day (bpd) refinery. The company clarified that the Naira-based crude oil sale contract was set to expire in March 2025 and noted that discussions were ongoing to ensure a continuous supply to refiners. Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, who disclosed this in a statement – Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery – yesterday, stated: “NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery. “To clarify, the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract. “Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. “In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023. NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.”

3/11/2025, 7:16:59 AM

Naira Depreciates To N1,570/$ In Parallel Market

The Naira weakened to N1,570 per dollar in the parallel market yesterday, down from N1,545 per dollar last weekend. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated to N1,528 per dollar. Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate improved from N1,542 per dollar last weekend, reflecting a N14 gain. As a result, the gap between the parallel market and NFEM rates widened to N42 per dollar, compared to N3 per dollar last Friday.

3/11/2025, 7:13:27 AM

Fuel Subsidy Removal Policy Yielding Results~ Tinubu

President Bola Tinubu has stated that his fuel subsidy removal policy is delivering the expected benefits, with prices gradually declining. He also noted a growing interest from investors in Nigeria’s economy, attributing this trend to the subsidy removal policy introduced on May 29, 2023. Speaking on Monday at the inauguration of the National Youth Council at the Presidential Villa, Abuja, Tinubu highlighted the importance of leadership that drives long-term development. Addressing the youths, he acknowledged the nature of politics but stressed that true leadership prioritizes future generations. He encouraged young Nigerians to seize emerging opportunities, particularly in the ICT sector, to contribute to national growth. Tinubu said: “I have listened to you. Today is not for long speeches. I just want to reassure you that you are the hope of this country. Everything rests on your shoulders. Every decision I have taken is about you and the future. “When we removed the fuel subsidy, we were securing a future for generations yet unborn. Where is the investment? Where is the infrastructure? When you hear many professionals say they want to ‘JAPA’, it is because prosperity is not widespread at home. If we create opportunities and empower our people, they will have no reason to leave. “This is your country to develop, build, and prosper in. The government is fully committed to you. Take this seriously. You can criticise politicians all you want, but ultimately, politics is about development and securing a future for the next generation. “At the beginning, it seemed uncertain, difficult, and even hopeless. It felt like drawing water from a dry well. But today, the economy is turning a corner. Prices are falling, confidence in our economy is improving, and investors are showing interest. Technology is advancing, and you have opportunities before you.”

3/10/2025, 8:18:56 PM

JAMB Begins Sales Of Direct Entry Forms Wednesday

The Joint Admissions and Matriculation Board (JAMB) has announced that the sale of Direct Entry forms for candidates seeking admission into higher institutions will commence on Wednesday, March 12, 2025. In a statement on Monday, JAMB spokesman Fabian Benjamin emphasized that the registration process is essential for individuals with degrees, diplomas, or A-level certificates who aspire to further their education at their chosen universities. ” The initiation of the DE sales follows the successful conclusion of the Unified Tertiary Matriculation Examination, UTME application sales, which ended on Saturday, March 8, 2025. During this period, JAMB recorded a total of 2,030,627 registrations for the 2025 UTME, along with 200,115 for the Mock-UTME and 630 applications for the trial mock, “the statement read. “JAMB has emphasized the importance of adhering to all entry requirements, warning that serious penalties will be imposed on applications containing false declarations. A special committee will verify all submitted Advanced A Level Qualifications, and any fraudulent results will lead to prosecution. “Additionally, institutions are encouraged to directly verify certificates before considering admissions. Registration can only be done at JAMB Professional Registration Centre ,PRC, ” it further read.

3/10/2025, 5:21:21 PM

NNPC Halts Naira for Crude Deal, Fuel Price Hike Looms

The Nigerian National Petroleum Company (NNPC) Limited has reportedly halted its naira-for-crude deal with Dangote Petroleum Refinery and other local refineries. This decision may push petrol prices higher, as refineries will now rely on costlier international crude purchases in dollars. Despite increased crude production, NNPC has informed refineries that all its crude has been forward-sold. The naira-for-crude initiative, launched on October 1, 2024, aimed to stabilize supply, cut import costs, and reduce pump prices. However, sources say the policy is suspended until 2030. Nigeria spent over $4.3 billion importing 6.38 billion liters of petrol and diesel in five months, despite efforts to boost local refining. With the recent downstream deregulation, NNPC remains a major fuel importer. The move has raised concerns over forex volatility, with analysts warning it could reverse recent currency gains. Dangote Refinery, which was set to receive 385,000 barrels per day under the scheme, has struggled with supply shortages. In November 2024, Dangote’s VP, Edwin Devakumar, criticized NNPC’s deliveries as “peanuts.” The federal executive council (FEC) had approved selling 450,000 barrels of crude in naira to local refineries, with Dangote as the pilot. However, NNPC’s alleged failure to meet commitments has cast doubt on the program’s future.

3/10/2025, 11:37:44 AM

Federal Civil Service Commission Extends Job Application Deadline To March 17

The Federal Civil Service Commission (FCSC) has extended the application deadline for vacancies in the Federal Civil Service to Monday, March 17. This new deadline replaces the previously advertised March 10 cutoff, as announced in national newspapers and on the FCSC website (www.fedcivilservice.gov.ng). FCSC Chairman, Prof. Tunji Olaopa, disclosed the extension in a statement on Monday, issued by Mr. Taiwo Hassan, Head of Press and Public Relations. Olaopa added that the updated notice was published in The Sun and The Nation on March 10, 2025, and will also appear in Daily Trust on March 11, 2025. “The FCSC urged qualified Nigerians to take advantage of the extended deadline and apply for available positions. “The commission also reaffirmed its commitment to a transparent and merit-based recruitment process,” he said.

3/10/2025, 11:00:07 AM

FG Okays Three Refineries For 140,000bpd Production

The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has approved licences for the construction of three new refineries. In an announcement on its official X handle on Friday, the NMDPRA stated that the new facilities will boost Nigeria’s domestic refining capacity by 140,000 barrels per day. Eghudu Refinery Ltd in Edo State received a licence for a 100,000 bpd refinery, while MB Refinery and Petrochemicals Company Ltd in Delta State was granted a 30,000 bpd refinery licence. Additionally, HIS Refining and Petrochemical Company Ltd secured a licence for a 10,000 bpd refinery in Abia State. “The Authority Chief Executive, Engr. Farouk Ahmed presented a License to Construct a 100,000 bpd refinery to Eghudu Refinery Ltd in Edo state, a License to Establish a 30,000 bpd refinery to MB Refinery and Petrochemicals Company Ltd in Delta state, and a License to Establish a 10,000 bpd refinery to HIS Refining and Petrochemical Company Ltd. in Abia state. “These Licenses, which would add 140,000 barrels per day to Nigeria’s domestic refining capacity, were presented to the MDs of the companies,” the post read.

3/9/2025, 7:52:04 AM

Nigeria Ready For Deployment Of Electric Vehicles~ FG

The Federal Government has reaffirmed its commitment to sustainable transportation and cutting carbon emissions. Minister of State for Industry, Sen. John Enoh, emphasized this while unveiling the NEV T6 electric buses in Abuja, as stated in a release on Saturday. He highlighted that electric vehicles represent the future and assured that Nigeria is prepared for the transition. The newly introduced NEV T6 electric buses aim to reduce reliance on fossil fuels while ensuring cleaner, more affordable, and efficient public transport. The minister noted that the initiative supports the government’s goal of achieving 30% growth in electric mobility under the National Automotive Industrial Development Plan. Enoh described the launch as a major milestone in transforming Nigeria’s automotive industry. He said, “A lot of Nigerians look at electric vehicles as impossible. I mean, people are not able to accommodate that in their heads. And I think that is what is required to make a success in life, to start from a point of impossibility. “Nigeria is such a big and great country. When we talk about China and India, we should also talk about Nigeria and all the advantages that Nigeria brings. And I think that people like you are taking the most advantage of that. “Yes, electric vehicles are the future. But electric vehicles, that future starts today. We must promote that future today and try to make sure that we achieve it because we are ready for it. “This launch goes beyond introducing buses; it is about embracing innovation to ensure Nigeria remains competitive in the global automotive industry.”

3/8/2025, 12:16:32 PM

Naira Depreciates To N1,545/$ In Parallel Market

The Naira weakened to N1,545 per dollar in the parallel market yesterday, down from N1,525 per dollar on Thursday. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to N1,542 per dollar. Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate climbed to N1,542 per dollar from N1,520 per dollar on Thursday, reflecting a N22 drop in value. As a result, the gap between the parallel market and NFEM rates narrowed to N3 per dollar from N5 per dollar on Thursday.

3/8/2025, 7:52:24 AM

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