Business
Marketers Reject Fuel Price Controls, Threaten Nationwide Shutdown
Fuel marketers have declared they will shut down their filling stations if the Federal Government attempts to enforce price controls, according to The PUNCH. IPMAN National Publicity Secretary Chinedu Ukadike issued the warning after Minister of State for Petroleum Resources Heineken Lokpobiri directed NMDPRA to prevent profiteering and exploitation of consumers.
Ukadike argued that “you can’t be regulating a deregulated market,” insisting that market forces should determine prices. Marketers say they are already losing money due to recent price reductions by Dangote Refinery and are struggling with bank loans.
PETROAN President Billy Gillis-Harry suggested the minister convene a stakeholder meeting to resolve the impasse. Petrol currently sells between N1,140 and N1,210 per litre.
Key Points:
Consumers face potential fuel shortages if marketers carry out their threat
Marketers argue deregulation means prices must be market-driven, not controlled
Government faces a delicate balance between protecting consumers and avoiding chaos
Marketers say they are losing money and cannot absorb further price cuts
The standoff could escalate fuel prices or trigger supply disruptions
The government and marketers are heading for a showdown. Stakeholder meetings may determine whether price controls are enforced or a compromise is reached.
Sources: PUNCH, PETROAN
Key points:
Official CBN (NAFEX) Rate: ₦1,379.68 / USD
Black-Market Rate: ₦1,395 / USD
Drivers: Naira appreciated 0.29% (₦3.95) at the official market, supported by improved market sentiment and renewed CBN focus on liquidity management; Interbank activity remains stable; External reserves continue to provide a strong buffer.
Top Tools: FMDQ for NAFEX Data, CBN Forex Portal, Aboki FX
The Naira appreciated against the US Dollar on Tuesday, gaining ₦3.95 to close at ₦1,379.68/ at the official market. The positive movement reflects renewed confidence and improved liquidity conditions, supported by ongoing FX reforms and strong external reserves.
FAQ
What’s the gap between CBN & black-market rates? The premium stands at about ₦15.32, slightly wider than the previous session as the official rate appreciated while the parallel market held steady.
Will the naira strengthen further? The appreciation suggests improved sentiment following recent pressure. The CBN’s renewed focus on liquidity management and ongoing reforms should help maintain stability within the current range, though external factors like oil prices and global dollar strength remain key variables.
How do oil prices affect rates? While the article does not directly cite oil prices, Nigeria’s external reserves, which underpin the CBN’s capacity to manage the currency, remain strong. Continued reserve accumulation provides the CBN with firepower to support the naira if needed.
Electricity distribution companies collected N801.16bn from consumers between January and April 2026 despite persistent blackouts and supply constraints, according to NERC data obtained by The PUNCH. The 11 DisCos billed customers N1.01tn but recovered N801.16bn, leaving N207.77bn uncollected.
Eko DisCo led performance with 102% recovery efficiency, while Kaduna, Kano, and Jos lagged below 53%. The revenue came amid crippling gas shortages that forced generation to drop from 4,000MW to below 2,000MW in February and March.
Supply began recovering towards April, but consumers continue to complain about high tariffs and estimated billing.
Key Points:
Consumers pay billions for poor electricity service and supply
DisCos collect huge revenue despite failing to deliver power
Kaduna, Kano, Jos consumers suffer while paying inefficient DisCos
Gas shortages drive blackouts, not distribution company failures
NERC data exposes a system that rewards poor performance
DisCos are collecting massive revenue. Consumers are demanding better service, metering, and accountability amid persistent outages.
Sources: PUNCH, Business Post
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