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Marketers Propose N720/litre, Suspend Fuel Imports over Forex Crisis

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Oil marketers, on Sunday, indicated that the cost of Premium Motor Spirit, popularly called petrol, would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market.

They also hinted that dealers seeking to import PMS were being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.

The warning came barely one week after the local currency crossed the N900/dollar ceiling, with the naira selling at over 945/dollar at the parallel market on Friday.

Oil dealers said the CBN Importers and Exporters official window for foreign exchange, which boast of a lower exchange rate of about $740/litre, had remained illiquid and unable to provide the $25m to $30m required for the importation of PMS by dealers.

This, they said, had led to the suspension petrol importation by dealers who were initially eager to import the commodity.

Operators told The Punch that the only marketer, Emadeb, who imported the commodity recently, was now finding it tough to recoup its investment due to the depreciation of the naira.

Senior officials of major oil dealers, who spoke to The Punch in separate interviews on Sunday, said PMS price hike was imminent unless the local currency appreciates in the coming weeks.

Leaders of the Major Oil Marketers Association of Nigeria of Nigeria, Independent Petroleum Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria said there was a need for the Federal Government to intervene to address the crisis.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, explained that the price of petrol was now driven by the fluctuations in forex, hence Nigerians should expect a hike soon.

Asked whether oil marketers were considering an increase in petrol price, he replied, “Once there is a slack in the naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex.

“Other manufacturers who import one thing or the other are also searching for dollars. So, the surge for dollars has continued to increase. So now that the dollar is hitting N910 to N940, and approaching N1,000, you should expect to buy PMS at the rate of N750/litre.

“It is simple mathematics, once the dollar is going up, have it in mind that the prices of petroleum products would definitely increase because the products are dollar-driven.”

Ukadike stated that oil marketers were still sourcing dollars from the parallel market, as the CBN’s Importers and Exporters official window was illiquid.

“Nigerians should brace for a price regime of between N680 to N720 if the exchange rate stays around N910 to N950/$, but the price is going to hit N750 once the dollar rises to N1,000.

“This is because marketers still source dollars from the parallel market, and not only marketers but virtually all importers in Nigeria. There is no subsidy any more on petroleum products, so you expect the cost to fluctuate with the dollars,” he stated.

The IPMAN PRO also stated that the Nigerian National Petroleum Company Limited was still the major importer of petrol into Nigeria, though another importer, Emadeb, imported the commodity recently.

“NNPC is still the major importer for now. One other company, Emadeb, imported products recently, but because this product is being sold in naira, getting back their funds is another issue since the naira keeps depreciating, while PMS imports is in dollars.

“This is why it is often difficult to go back and buy again as an independent importer. That is the problem we are facing,” Ukadike stated.

On when Nigerians would start seeing the price increase, he said, “NNPC is like the sole distributor of petroleum products now, so once you see a change in the price of petrol at their outlets, then other marketers will implement it.”

The Punch

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2027: Atiku, Most Nationally Formidable, Experienced – Dele Momodu

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A chieftain of the African Democratic Congress (ADC), and Deputy Director of the Presidential Campaign Council, Chief Dele Momodu, has described former Vice-President Atiku Abubakar as the most nationally formidable and experienced among the leading contenders for the 2027 presidential election.

Momodu said Atiku’s experience at the national level distinguishes him from President Bola Tinubu and former Anambra State Governor, Peter Obi.

He stated this on Wednesday during an interview on Eagle 102.5 FM, Ilese-Ijebu, in Abeokuta.

“If you look at the antecedents of the three major candidates, between Atiku Abubakar and Peter Obi, you will see that Atiku is the most experienced. He has managed our country at the highest level,” he said.

Momodu traced Atiku’s political journey to the 1992 Social Democratic Party (SDP), presidential primary where he contested against late MKO Abiola and stepped down for him.

He said Atiku accepted the outcome without crisis even after he was not picked as Abiola’s running mate, describing it as a mark of true democratic temperament.

“He is the only one who started from around 1992, contested the SDP primary against Abiola and stepped down with uncommon equanimity. He did not make any noise,” Momodu said.

He noted that Atiku was among the founders of the Peoples Democratic Party, PDP, and served as Vice-President from 1999 to 2007.

Comparing Atiku with Obi, Momodu argued that while Obi’s best was demonstrated in Anambra, Atiku’s was at the presidency level managing the national economy.

“Peter Obi has tried his best in Anambra, while Atiku’s best is at the level of vice president controlling the economy of Nigeria. The difference is clear. He has matured in experience and exposure,” he said.

Momodu also said President Tinubu’s experience was largely limited to Lagos.

“What I’m trying to say is that Tinubu’s experience was limited to Lagos, and that is why when he became president, he thought Nigeria was Lagos. And he has found out now that Nigeria is not Lagos,” he said.

He argued that the current economic hardship under the present administration did not show prosperity, insisting Atiku remained better positioned to lead the country.

“Well, we are yet to see that prosperity, and if yesterday would determine today and tomorrow, it is obvious that Tinubu should retire now and let someone else do it,” Momodu added.

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No Going Back on Subsidy Removal, Other Economic Policies – Tinubu

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President Bola Tinubu says he has no regrets over the removal of petrol subsidy and other economic reforms introduced by his administration, insisting that Nigeria could not borrow its way to greatness.

Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned Nigerians against returning to petrol subsidy. He said the backtrack could trigger capital flight, undermining investor confidence and pushing the Naira to N3,000, N3,500 or even N4,000 per dollar.

But the Director of Media and Publicity of the African Democratic Congress (ADC) Presidential Campaign Council (PCC), Kola Ologbondiyan, challenged Oyedele to publish the economic model behind his warning that a return to fuel subsidy could push the naira to N4,000 per dollar.

The President spoke on Monday during the City Boys Movement retreat in Abuja, where he charged members of the group to mobilise support for his administration ahead of the 2027 general elections, insisting that the country’s future mattered more than the ambition of any individual candidate.

“No regrets,” Tinubu said, insisting that his administration would not be pushed back from its reform agenda.

He took a swipe at his political opponents, promising to restore the petrol subsidy, saying Nigeria could no longer afford to pay the fuel subsidy, and warning that reversing the policy would take the country back to an unsustainable economic path.

Defending his decision to remove the subsidy on his first day in office, Tinubu said the country was on the verge of financial collapse and could no longer afford the policy’s cost.

Tinubu also sought to reassure Nigerians about the direction of the economy, arguing that growth was steady and that the sacrifices associated with his reforms would ultimately offer citizens a future worth believing in.

Oyedele disclosed during a press briefing of the International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Thailand, yesterday, that investors had repeatedly questioned whether the government would abandon its reforms ahead of the next election cycle.

Ruling out the reversal of the government’s economic reforms, he maintained that any signal that Tinubu’s administration was contemplating or reinstating the subsidy would immediately affect financial markets, raise borrowing costs and worsen economic pressures on households.

“In all the meetings I have had, I came to a conclusion that the markets, including the domestic market, which you can read from the capital market, and the international market, have largely written off the opposition in Nigeria as unserious.

“If, for any reason, the President were to say we are merely considering the return of fuel subsidy, capital would react immediately, airfares would struggle, the naira would come under severe pressure, potentially moving towards 3,000, 3,500 or even 4,000.

The very fuel people want subsidised would become far more expensive in Naira terms,” Oyedele warned.

However, Ologbondiyan accused the Federal government of using fear to discourage debate on fuel subsidy, insisting that Nigerians deserve evidence, not alarming projections, on the potential economic consequences of restoring the policy.

Speaking to journalists, he described the minister’s warning as scaremongering and demanded that the government explain how it arrived at the projected exchange rate.

“The Minister of Finance is merely scaremongering. He cannot claim that a return to fuel subsidy will cause the naira to depreciate to N4,000 to the dollar without showing Nigerians the model behind that projection,” he said.

He questioned the reliance on investors’ concerns to oppose a subsidy’s return, challenging the government to identify the sources of the projections and disclose their calculations.

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Tinubu Mourns Ex-envoy Patrick Dele Cole

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President Bola Tinubu has expressed sadness over the death of Ambassador Patrick Dele Cole, describing him as a distinguished diplomat, journalist, politician and public servant.

Cole died at 86.

In a statement on Saturday, Tinubu said Cole devoted his life to national service and brought distinction to his work in diplomacy, journalism and politics.

“His career reflected the enduring value of dialogue, tact, mutual respect and the pursuit of shared interests in advancing national development and international cooperation,” the President said.

Tinubu noted Cole’s contributions to Nigeria’s media landscape, particularly as Managing Director of the Daily Times, where he upheld the role of the press in holding public officials accountable, speaking truth to power and strengthening democratic governance.

“His legacy in journalism and public life remains an enduring part of our national story,” he said.

The President said at 86, Cole witnessed defining moments in Nigeria’s history and contributed to national development, adding that his life stands as a testament to experience, principled engagement and commitment to public good.

Tinubu extended condolences to Cole’s family, friends, professional associates and all whose lives he touched, praying that memories of his remarkable life will bring comfort and strength.

“May Almighty God grant Ambassador Cole eternal rest and give his family and all who mourn him the fortitude to bear this profound loss,” he said.

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