Business
IPMAN Claims Nigeria’s Monthly Fuel Subsidy Exceeds N700 Billion

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that the country’s monthly expenditure on fuel subsidies may exceed N700 billion.
This projection was made by Mohammed Shuaibu, the Secretary of IPMAN in Abuja-Suleja, in a statement released on Monday.
Shuaibu’s comments followed the disclosure of data by the Major Oil Marketers Association of Nigeria (MEMAN) last Wednesday, which revealed that the landing cost of petrol was N1,117 per liter as of the previous day.
Shuaibu challenged the accuracy of the figures provided by the Nigerian National Petroleum Company Limited (NNPC) and the Nigerian government regarding fuel subsidy expenditures.
He expressed concern that the official figures might not fully reflect the true cost of the subsidy. “Petrol prices are influenced by global supply and demand factors,” Shuaibu stated.
“When international prices rise, it affects Nigeria as well. The NNPC, which is the sole importer of petrol, may not be transparent about the actual costs.”
According to Shuaibu, the substantial discrepancy between the reported landing cost of N1,117 per liter and the lower ex-depot price of N585 per liter, set by the NNPC, underscores the potential scale of the subsidy.
He warned that this discrepancy suggests the monthly subsidy expenditure could be well over N700 billion. This situation implies that Nigerians should brace for possible increases in fuel pump prices.
In contrast, Heineken Lokpobiri, the Minister of State for Petroleum Resources, has consistently maintained that the fuel subsidy program has been removed.
However, further analysis supports Shuaibu’s concerns. With petrol prices ranging between N617 and N750 per liter, depending on the location, the ex-depot price of N585 per liter results in a subsidy of N532 per liter.
Given that the Federal Ministry of Petroleum Resources reported a daily consumption of 44.3 million liters in October 2023, this amounts to an estimated daily subsidy cost of N23.57 billion. Over a month, this totals more than N700 billion.
This issue comes at a time of ongoing tension between the Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority over concerns about substandard petroleum products.
Additionally, recent comments from former Kaduna State Governor Mallam Nasir El-Rufai suggest that the current administration, led by President Bola Tinubu, may be spending more on fuel subsidies compared to previous administrations.
Trade Union Congress President Festus Osifo has also hinted at the possibility of a quasi-subsidy being applied to petrol prices, adding to the complexity of the situation.
Business
IPMAN to Reduce Fuel Prices After Dangote Refinery’s Petrol Price Drop

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will announce a new, lower petrol price on Monday, following the recent price slash by Dangote Refinery. Dangote Refinery had dropped its ex-depot price for petrol from N840 to N820 per litre on Thursday, prompting IPMAN to consider adjusting its rates in response.
Speaking on the development, IPMAN President, Abubakar Maigandi, said the association is aligning with the move and will meet to finalize a fresh price cut for petrol. “Our members will also reduce their prices,” Maigandi said. “We’ll make an official announcement on the new fuel price after our meeting on Monday.”
As of Friday, filling stations across Abuja were selling petrol at varying prices, between N905 and N945 per litre. While NNPC, NIPCO, AA Rano, and Shema outlets were dispensing around N910, Dangote-linked stations like AP and Ardova offered it slightly lower at N905. Others, including Ranoil, Empire Energy, and Total Emadeb, were selling at the higher end, up to N945.
Business
Cooking Gas Price Increases by 2.18% as Nigerians Pay More to Refill

The cost of refilling a 12.5kg cylinder of cooking gas in Nigeria went up slightly in May 2025, rising by 2.18% compared to the previous month. The average price now stands at N20,709.11, up from N20,268.06 recorded in April. This update was captured in the latest Liquefied Petroleum Gas (LPG) Price Watch report for May, released by the National Bureau of Statistics (NBS).
According to the report, Delta State topped the list with the highest refill price at N23,356.56, followed by Abia at N22,953.01, and Ebonyi at N22,943.30. On the other hand, residents in Yobe, Lagos, and Kebbi states paid the least, with refill prices of N18,500, N18,536, and N18,606.60, respectively.
When compared to the same period last year, gas prices have jumped significantly, rising by 32% from N15,627.40 recorded in May 2024 to the current average. The NBS is yet to release figures for June 2025.
Business
GTCO Announces Nationwide Early Closure on June 30 for Half-Year Audit

Customers of Guaranty Trust Holding Company (GTCO) across Nigeria should brace for early branch closures on Monday, June 30, 2025, as the banking group kicks off its routine half-year audit.
In an official announcement shared on their verified X (formerly Twitter) page, GTCO informed customers that all their branches nationwide will stop attending to walk-in customers earlier than usual to allow for internal review processes.
The bank assured the public that this temporary adjustment is strictly for operational reasons tied to their mandatory half-year audit, a common practice among financial institutions to check financial records, processes, and compliance levels.
While in-person services will pause earlier that day, GTCO encouraged customers to make use of their digital banking platforms. Options such as internet banking, mobile apps, ATMs, and USSD codes, which will remain available 24/7 for essential banking transactions.
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