Business
NNPCL Stops Petrol Sales to IPMAN Amid Price Surge and Fuel Shortages
The Nigerian National Petroleum Company Limited (NNPCL) has reportedly halted the sale of Premium Motor Spirit (PMS), commonly known as petrol, to the Independent Petroleum Marketers Association of Nigeria (IPMAN).
This decision follows a recent increase in fuel prices announced by NNPCL on Tuesday.
The price surge has seen the cost of petrol at major filling stations in the Federal Capital Territory (FCT), Abuja, Lagos, Delta, and Enugu states rise to between N855 and N1,000 per litre
In response to the NNPCL’s price adjustment, some independent marketers have escalated their prices further, with reports indicating that fuel is being sold at N1,200 to N1,300 per litre in various states.
Despite the substantial increase in pump prices, many filling stations across the country have suspended fuel dispensing.
This shortage has led to significant disruptions, with a notable absence of fuel availability in major urban centres.
On Wednesday, Hammed Fashola, the National Vice President of IPMAN, confirmed that the NNPCL had suspended the issuance of tickets for petrol loading, effectively barring IPMAN members from acquiring fuel from the depots.
“Yes, our tickets were suspended for loading. They have not been attending to us since yesterday (Tuesday), and there is no official communication yet,” Fashola stated.
At the time of this report, Abubakar Maigandi had not provided a statement on the issue, and NNPCL’s Spokesperson, Olufemi Soneye, had yet to comment on the matter.
The NNPCL has not released any official announcement regarding the recent price adjustments or the halting of fuel sales.
The situation has sparked protests, with tricycle operators in Delta State taking to the streets to express their discontent over the rising cost of petrol.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
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The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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