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Tag: Fuel Price

  • Rufai Oseni Questions Fuel Price Hike After Sudden Jump in 24 Hours

    Arise TV journalist Rufai Oseni has raised concerns over the sudden increase in petrol prices, questioning the government’s response to the impact of subsidy removal on Nigerians.

    Concerns over sudden price jump

    Oseni, in a viral video, recounted his experience at a filling station where he noticed a sharp price increase within a day.

    “So this morning I just went to the filling station… from 1,225 it’s now about 1,335. The price went up in the space of one day,” he said.

    He described the development as alarming, especially given the current economic pressures on citizens.

    Questions for the government

    The journalist questioned what measures have been put in place to cushion the effects of subsidy removal.

    “With all the subsidy being pulled out, what have you done to cushion the effect on the people?” he asked.

    He noted that while there appears to be some relief in aviation fuel pricing, petrol continues to place a heavy burden on consumers.

    Mixed reactions trail remarks

    His comments sparked debate online, with Nigerians divided over both the fuel price hike and his criticism.

    Some users blamed the government for failing to provide relief, while others dismissed his remarks as politically motivated.

    “A whole country held hostage by unpredictable fuel prices,” one user wrote, while another said, “They removed the subsidy… and the palliative is still a PowerPoint somewhere in Abuja.”

    Rising pressure over fuel costs

    The development adds to growing concerns over the cost of living, as fluctuating petrol prices continue to affect transportation, goods, and daily expenses across the country.

  • Dangote Refinery Raises Petrol Price by ₦75, Signals Fresh Pressure on Pump Rates

    Dangote Refinery has increased the ex-depot price of petrol by ₦75, pushing its loading cost to ₦1,275 per litre. The adjustment, confirmed on Wednesday, is already stirring concerns of a possible rise in pump prices across Nigeria.

    The price hike comes amid operational changes and rising global crude oil costs.

    New Depot Price Takes Effect as Supply System Adjusts

    Data from industry sources shows the refinery raised its petrol loading price from ₦1,200 to ₦1,275 per litre, while coastal supply prices climbed to ₦1,215. A refinery official confirmed the adjustment, describing it as part of ongoing operational realities.

    The increase has quickly filtered through the downstream market, with marketers recalibrating their pricing expectations.

    Supply Disruption Adds to Market Tension

    Sources familiar with operations said the refinery halted its Proforma Invoice entry process around 4:00 pm on Tuesday. The move disrupted normal supply scheduling and temporarily stalled transactions within its loading system.

    The disruption reportedly led to a brief halt in the sale of petrol and Automotive Gas Oil, tightening supply conditions and adding pressure to an already sensitive market.

    Marketers Brace for Ripple Effect Nationwide

    Industry operators say such adjustments typically cascade through the value chain, affecting transportation, distribution, and retail pricing. Many marketers are now anticipating higher depot costs, which could translate into increased pump prices in the coming days.

    The development has heightened uncertainty, particularly as fuel pricing remains a major concern for consumers and businesses.

    Global Oil Price Surge Drives Cost Increase

    The price adjustment comes as international crude oil prices climb sharply. Brent crude was trading around $114.80 per barrel, while West Texas Intermediate rose to about $103.40, reflecting sustained upward momentum.

    Analysts link the surge to geopolitical tensions around the Strait of Hormuz, a key global oil supply route, which has pushed up feedstock costs for refiners.

    Rising Costs Set Stage for Possible Fuel Price Hike

    With higher crude prices feeding into refinery costs and supply disruptions tightening the market, attention is now on how quickly the increase will reflect at filling stations. The latest adjustment underscores the sensitivity of Nigeria’s fuel market to global shifts and operational changes.

  • Adeyanju Blasts Tinubu Over Fuel Price Surge, Demands Subsidy Return

    Activist lawyer Deji Adeyanju has criticised the administration of President Bola Ahmed Tinubu over rising fuel prices, questioning the impact of recent economic policies on Nigerians.

    He spoke during a podcast where he challenged the narrative describing the president as a “master strategist.”

    Criticism Over Fuel Price Spike

    Adeyanju said the current cost of petrol reflects worsening conditions for citizens. “Fuel is almost ₦2,000 and people are still calling Tinubu the master strategist. Master of strategy in what exactly?” he said.

    He argued that the removal of fuel subsidy has deepened economic hardship, stressing that petrol remains central to daily life and economic activity in Nigeria.

    Calls for Subsidy Reinstatement

    The activist urged the Federal Government to reconsider its position and restore fuel subsidy to reduce pressure on Nigerians.

    “The President should bring back fuel subsidy because the economy is suffering. If he brings back fuel subsidy today, fuel will come down,” he said.

    He added that transportation and other sectors heavily depend on petrol, making the price increase more impactful.

    Comments on Governance and Revenue

    Adeyanju also criticised what he described as rising earnings among political office holders, questioning how resources are being managed.

    “Can’t you see how fresh and big Akpabio’s stomach has become? The governors in today’s Nigeria are earning 10 times what they used to earn,” he added.

    His remarks have sparked conversations online as Nigerians continue to react to the rising cost of living and economic reforms.

  • Fuel Price War Begins as Filling Stations Cut Petrol to N1,295

    Some filling stations across Nigeria have begun reducing petrol prices, signaling fresh competition among marketers as operators adjust rates to attract customers.

    Petrol price drops in Abuja

    Findings show that in Abuja and surrounding areas, petrol is now sold for about ₦1,295 per litre, down from ₦1,330, reflecting a ₦35 reduction.

    The new pricing has already been observed at outlets operated by AA Rano, Ranoil, and Mobil in different parts of the city.

    Marketers align with major operators

    The adjustment brings their rates closer to prices offered by major downstream players such as NNPC Limited, MRS, AP Ardova, and NIPCO, which have maintained pump prices between ₦1,290 and ₦1,295.

    Industry watchers say the alignment suggests a growing price competition within the sector.

    Marketers explain price cut

    President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, said the reduction is aimed at attracting more customers.

    He noted that operators are adjusting strategies to remain competitive in the current market environment.

    Global oil market still volatile

    Despite the local adjustment, fuel prices have remained relatively stable since April 9, 2026, even as global crude oil prices continue to react to geopolitical tensions.

    As of Friday, crude traded around $94 per barrel for West Texas Intermediate and $105 for Brent crude, influenced by concerns around the Strait of Hormuz.

     

  • Fayose Warns Fuel May Hit ₦5,000 Per Litre If Tinubu Wins 2027 Election

    Nigerian businessman and social commentator Isaac Fayose has warned that petrol prices could rise to ₦5,000 per litre if President Bola Tinubu wins re-election in 2027, accusing the federal government of failing to restore Nigeria’s refining capacity despite billions of dollars in public investment.

    Fayose made the remarks in a video posted to his Instagram page on Wednesday, amid a fresh wave of public anger over rising fuel prices across Nigeria, with petrol now selling at between ₦1,300 and ₦1,400 per litre in many parts of the country.

    What Fayose said

    Fayose dismissed claims by some Nigerians that the US-Iran war was responsible for the fuel price hike, insisting that the federal government bears full responsibility. “Many fools are saying we cannot blame President Tinubu for our fuel going up, that we should blame America, Israel and Iran. That is a fat lie,” he said.

    He accused successive APC administrations of spending massive sums on refinery projects that have yielded no results, alleging that ₦210 trillion in oil revenue remains unaccounted for. “They’ve spent our money on refineries. 210 trillion is still missing from our oil money,” he said, contrasting the government-owned refineries with the privately funded Dangote refinery, which he acknowledged as fully operational.

    Fayose warned that the economic trajectory is unsustainable, predicting that food prices will continue to rise alongside fuel costs due to rising transport expenses. “The way we are going, be ready for 5,000 a litre. And the ripple effect, the price of yams has gone up. Food prices are going up in the market because they need vehicles to bring them from the farm to the market,” he said.

    Fayose on 2027

    The fuel crisis commentary forms part of Fayose’s broader campaign against Tinubu’s re-election bid. The businessman has separately predicted that President Tinubu will fail to secure even 20 per cent of votes in the South-East region in 2027, backing that claim with a ₦10 million wager directed at the City Boys Movement — a pro-Tinubu campaign group widely associated with the president’s son, Seyi Tinubu.

    Fayose has openly declared support for Labour Party’s Peter Obi, predicting that the former Anambra State governor will dominate the South-East and South-South zones in the next presidential election.

    Opposing views

    Not all Nigerians agree with Fayose’s framing. One social media user, identified as @prinxe_B, argued that blaming the fuel crisis solely on Tinubu was intellectually dishonest, describing the refinery problem as a legacy of collective failure spanning the administrations of Obasanjo, Yar’Adua, Jonathan, and Buhari.

    Nigeria’s four government-owned refineries in Port Harcourt, Warri, and Kaduna have remained largely non-operational for decades despite repeated rounds of rehabilitation spending. The Dangote refinery began distributing fuel locally in late 2024, but prices have remained high, with the refinery citing the naira’s weakness against the dollar as a key factor. Petrol prices have risen from under ₦200 per litre at the time of the subsidy removal in May 2023 to current levels above ₦1,300 in many states.

  • Kunle Remi Slams ₦1,300 Fuel Price, Challenges Pro-Tinubu Colleagues

    Nollywood actor Kunle Remi has broken his usual silence on political matters, taking to social media on Tuesday to express frustration over Nigeria’s worsening fuel prices, erratic power supply, and what he described as a lack of accountability in government.

    The actor, known for roles in several popular Nigerian productions, said the current economic reality had become impossible to ignore or stay quiet about.

    “Sitting on the fence is stupid”

    In a video shared on his Instagram page, Remi said he has always avoided discussing politics publicly but now considers that position untenable. “That’s the most stupid statement of anybody in Nigeria right now. We should be discussing, trying to fix things, and inquiring about what is happening in the nation. There’s nothing like sitting on the fence,” he said.

    The fuel and power crisis

    Remi said petrol now sells for ₦1,300 per litre on Lagos Island, where he lives, and that residents have been running generators continuously due to a lack of stable electricity supply. He noted the financial and psychological toll this has taken, including on his own staff, who struggle to afford the higher transport costs just to get to work.

    “All the things I’m working for… for what? It’s messing with my brain, and my spirit is very angry,” he said.

    He also pointed to the country’s dependence on a single functioning refinery — the Dangote refinery — while other refineries across the country remain non-operational, describing government support in the sector as inadequate.

    Challenge to colleagues

    Remi directly challenged fellow entertainers who he said are part of a group promoting the message that Nigerians should “relax” because President Tinubu is fixing the country, questioning whether they are truly standing for the right reasons.

    He did not name any individual colleagues in the video.

    Nigeria has seen significant increases in fuel prices since the removal of the fuel subsidy in May 2023, shortly after President Bola Tinubu took office. Petrol prices have risen from under ₦200 per litre at the time of the removal to well above ₦1,000 in several parts of the country by early 2026. The Dangote refinery began local fuel sales in late 2024, but prices have remained high, with the naira’s continued weakness against the dollar cited as a key factor.

    Remi’s video had generated significant engagement on social media by Tuesday evening. RNN.NG will follow any responses from the colleagues he referenced. Nigerians can watch the full video on his official Instagram page, @kunleremiofficial.