Business
Petrol Sells N120 Per Litre In PH
In spite of the renewed effort of the Department of Petroleum Resources (DPR) and the Rivers State petroleum Products Monitoring Task Force, against sharp practices by the petroleum marketers, Price of the Premium Motor Spirit, otherwise known as petrol, is still above the regulated price of N86.50 per litre.
Our Correspondent who monitored some filling stations in the state capital said, petrol sells between N110.00 and N120 per litre.
A motorist, Andy Wakama, told the Tide that he was surprised that DPR and the state task force on Petroleum claimed to be working effectively yet virtually all stations in the state, especially Port Harcourt, the State capital, still sell far above N86.50.
Christiana Udoh, a lady taxi driver said, “I suspect that both DPR and the state task force are deceiving the people because, just go to any filling station now and you will find out that it is an open secret that Petrol sells above N86.50.
“I think the regulators are compromising with the marketer and, funny enough, they tell us different things”.
Apart from selling above pump price, the problem of diversion is common as marketers load products meant for some stations and change destinations to areas where they sell the product at higher prices.
The Controller of operations of DPR in Port Harcourt, Mrs Chioma Njoku, confirmed this, saying a marketer was intercepted diverting products meant for a filling station in Etche Local Government Area of Rivers State to Uyo, the Akwa Ibom State capital.
The DPR boss said so far, the zonal office has sealed about 33 filling stations for their involvement in unwholesome practices.
However, some marketers had complained that they bought the product above depot prices and would run at loss if they sell at the government approved price of N86.50 per litre.
Chris Oluoh
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.