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Oil Marketers Request N100 Billion to Avoid Business Shutdowns

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The oil markets have sent a letter to the President, dated October 21, seeking a grant of N100 billion to help prevent the imminent closure of businesses for about 10,000 marketers facing significant financial distress.

This appeal is due to the dire situation that many in the oil industry find themselves in during these challenging economic conditions.

Dr Joseph Obele, the National Public Relations Officer for the Petroleum Products Retail Outlets Association of Nigeria (PETROAN), expresses concerns regarding the skyrocketing costs within the sector.

He noted that the price of a truckload of Premium Motor Spirit (PMS) has skyrocketed from N7 million to an astonishing N47 million over the past 16 months.

This drastic increase has severely strained the financial viability of many marketers.

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In a recent meeting held at PETROAN’s national headquarters, Dr. Obele revealed troubling projections that around 10,000 members may be forced to exit the business within the next 45 days due to expensive trading conditions.

He stated, “Our letter to the President reflects the urgent need for assistance.

The continuous rise in operational costs has made it nearly impossible for our members to sustain their businesses.

Without support, we fear many will be unable to keep their doors open much longer.”

Adding to the gravity of the situation, Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), acknowledged the concerning decline in fuel consumption affecting the industry.

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He noted that the increased costs have compelled marketers to reduce their fuel purchases. “Previously, if someone bought 10 truckloads of fuel, they are now only able to afford eight.

This reduction means that we are not receiving the quantities needed to meet demand, and we are left selling only limited amounts,” Maigandi explained.

Also, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has raised alarms about the fallout from oil marketers’ inability to secure fuel supplies.

Mr Afolabi Olawale, the Secretary-General of NUPENG, painted a grim picture of the consequences faced by workers in the industry.

“The economic climate is bleak for many in this sector.

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Numerous petrol station owners find it challenging to purchase even a single truckload of fuel, directly impacting our members,” he stated.

“Truck drivers struggle to find loads to transport, and many petrol stations have closed their doors, resulting in widespread job losses for station workers.”

The situation continues to evolve, and while Mr. Olawale noted that precise figures regarding the number of affected individuals remain elusive, he emphasized that the crisis affects both the formal and informal sectors of the economy.

“Everyone is feeling the impact, but those in the downstream sector, including truck drivers and petrol station workers, are facing the huge impact of these challenges,” he remarked.


 

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Business

Cooking Gas Price Increases by 2.18% as Nigerians Pay More to Refill

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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.


 

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GTCO Announces Nationwide Early Closure on June 30 for Half-Year Audit

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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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MRS Increases Petrol Price to N955 Per Litre as Oil Price Goes Up

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MRS filling stations, a key partner of Dangote Refinery, has announced a new petrol price hike, raising its pump prices across the country. In a price update shared on its official X page on Saturday, the company revealed that the new rates now range from N925 to N955 per litre, up from the previous N825 to N895 range.

This means petrol will now sell for N925 in Lagos, N935 in the South-west, N955 in the North-west and South-east, N945 in the North-central, and N955 in the North-east. For Lagos and Abuja, motorists will now pay N925 and N945 per litre at MRS stations, an increase from N875 and N895 respectively.

Meanwhile, NNPC retail stations have kept their pump prices unchanged at N875 in Lagos and N895 in Abuja as of Saturday evening. The nationwide increase comes amid rising global crude oil prices triggered by tensions in the Middle East, particularly the ongoing Israel-Iran conflict.


 

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