Business
Petrol scarcity: Confusion As NNPCL bars independent marketers amid surging prices
Petrol scarcity: Confusion As NNPCL bars independent marketers amid surging prices
Nigerian National Petroleum Corporation has reportedly suspended the sale of Premium Motor Spirit – popularly called petrol – to independent marketers after it hiked the product’s price on Tuesday.
This is even as three vessels berthed at the Apapa, Lagos jetty on Wednesday to discharge imported petrol.
The price hike sparked a protest in Delta State as commercial tricycle operators, also known as ‘keke’ riders, took to the streets of Warri and Effurun metropolis to resist the price hike.
Checks by our correspondents revealed that commuters across the country were either stranded or trekked long distances on Wednesday as fuel queues worsened amid scarcity of the product.
Few commercial motorists came out for business, with most of them lamenting the agonising hike in fuel, barely a month after the hardship protest rocked the nation.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, told The PUNCH that the NNPC stopped selling fuel to independent marketers on Tuesday when it raised the price of a litre of PMS to N855 and above across its retail outlets nationwide.
Independent marketers sold the product for as much as N1,200 and N1,300/litre in some states following the upward review of prices by the NNPC.
Fashola wondered why the national oil firm would suspend the sale of petrol to the marketers take without any official communication, even when the marketers had paid for the product over two months ago.
Asked if it was true that many of the independent marketers did not go to the depot to lift fuel, Fashola responded, “What are they going there to do? They have stopped our loading. All the tickets we have in the kitties of NNPC, they are not treating them; everything has been suspended.”
When our correspondent inquired to know if the suspension was done despite having paid for the product ordered, he replied, “Yes, our tickets were suspended for loading. They have not been attending to us since yesterday (Tuesday), and there is no official communication yet.
“It is a very bad situation for somebody who has paid for the product, maybe like two to three months ago, and all of a sudden, you stopped loading, maybe because you want to change the price. And it’s not the fault of that customer, because it is supposed to be cash-and-carry. So, I think the NNPC should look at that situation critically.”
It was learnt that NNPC usually prioritised major marketers while IPMAN members resorted to private depot owners, who sold at higher prices, leading to a wide gap between the prices offered by both categories of marketers.
“We’re usually forced to go to private depots, it’s not out of our own volition. We were forced to go there because of inadequate supply,” Fashola stressed.
Speaking on the Dangote refinery fuel, which is expected to hit the pumps soon, Fashola said marketers would monitor the situation till Friday.
“We are watching the development. We are monitoring it; we will wait, maybe by Friday we will know where we are going by the time the Federal Government makes a pronouncement as regards the price. There is no official communication yet.”
The IPMAN official added that each filling station sold at their convenient price because NNPC couldn’t fix prices for other operators in the sector.
He stated that the new price announced by the state-owned company is only binding on the NNPC retail outlets.
“You know, NNPC cannot fix the price for us. They fixed the price for their stations; they are now a limited company. They have their retail outlets. That new price is their internal arrangement. So, we are yet to have an ex-depot price or marketer’s price,” he explained.
While believing that the new arrangement will close the price disparity between major and independent marketers, Fashola reiterated that at N855 per litre, the NNPC was still paying subsidy on petrol.
“I believe the price disparity gap will be closed somehow now. That is our belief. The truth is that, with the N855 in Lagos, and the landing cost of petrol, there are still some elements of subsidy. If the NNPC claimed that they are selling at half the cost of the landing price at N568/litre, it means the landing cost should be around N1, 200/litre. If they are selling a litre of petrol at N855/litre, there are still some elements of subsidy,” he added.
He said the association was expecting the details of the arrangement between Dangote and the government on the supply of PMS, especially as Aliko Dangote announced that the NNPC would fix the price.
“For now, we don’t have the details; it’s only Dangote who made the announcement that NNPC would fix the price. So, it’s in two ways. Maybe NNPC wants to act as an off-taker for the Dangote refinery, and they will now start distributing on behalf of Dangote to the marketers. There are a lot of things involved in this Dangote naira-to-naira transaction. There must be something that’s a factor. Maybe that will bring the price to a reasonable level, I don’t know. It may not be called a subsidy, maybe an in-house arrangement.
“If Dangote is buying naira-to-naira, there must be some little difference in terms of cost. It might be so small, but I believe there must be a difference. They know what they are doing, we are waiting for them to come out and we will react,” Fshola noted.
NNPC spokesperson, Olufemi Soneye, did not reply to calls or messages from our correspondent on the matter.
The PUNCH reports that the fuel crisis that has lingered for two months worsened on Wednesday following the price hike.
Several filling stations seized the opportunity to extort customers who were in dire need of the product for their vehicles, power generators and other machines.
Some of the stations in Lagos and along the Lagos-Ibadan Expressway sold petrol around N900 and N1,200/litre as the queues worsened across Nigeria’s commercial capital city.
Residents of Ogun border communities disclosed that they got PMS at N1,600/litre from black marketers, claiming petrol supply had been banned from the areas.
Though the NNPC denied ordering Tuesday price increase, all its retail stations have adjusted to the new price, leaving Nigerians not knowing who to believe.
Commuters were stranded as there were a few commercial buses on the road to convey passengers. The drivers conveyed only commuters who were ready to pay more for transport fares, blaming the rise in fares on the high cost of fuel
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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