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FG Approves New Petrol Prices: NNPC to Sell at Marketers N86.50k
Federal government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), on Tuesday approved new pump prices of petrol starting from January 1 to March 31, 2016 under a revised pricing template.
Under the new pricing template, the government approved two pump prices – one for the retail outlets of the Nigerian National Petroleum Corporation (NNPC), which will sell at N86 a litre, and another for retail outlets operated by private business concerns in the downstream petroleum sector, which will dispense at N86.50 a litre.
Farouk Ahmed, executive secretary of the PPPRA, disclosed this to journalists in Abuja. He said NNPC was expected to sell petrol at N86 per litre to customers at its retail outlets, while other operators would sell at N86.50k per litre.
He said both open market prices reflect a drop of N1 and 50k respectively from the current official price of N87 per litre, which will no longer obtain after December 31.
Ahmed added that the announcement followed the approval granted by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for the implementation of the revised template.
Similarly, he disclosed that PPPRA had approved for importation three million metric tonnes of petrol in the first quarter (Q1) of 2016, of which NNPC was granted 78 per cent of the total allocated volume for the period, while 22 per cent would be supplied by other oil marketing companies.
According to Ahmed, the cost elements that were affected by the review of its pricing template for petrol included the traders’ margin which was revised downwards from N1.47 per litre to zero; lightering expenses, from N4.07/litre to N2.00/litre; charges by the Nigerian Ports Authority (NPA), from N0.77/litre to N0.36/litre; jetty throughput charges, from N0.80/litre to N0.40/litre; storage charge, from N3.00/litre to N1.50/litre; bridging fund, from N5.85/litre to N4.00/litre; and ex-depot price, from N77.66/litre to N77.00/litre.
He stated that other elements such as the retailers’ margin were however revised upwards from N4.60/litre to N5.00/litre; transporters’ margin, from N2.99/litre to N3.05/litre; and dealers’ margin, from N1.75/litre to N1.95/litre.
“Accordingly, the ex-depot price of petrol shall be N77.00k per litre, while the pump price shall be N86.50k per litre in line with the prevailing market trend.
“The key thing here is that with the revision, the open market price has come down slightly. The new pump price for private marketers is N86.50k, down from N87 per litre, effective January 1, 2016.
“However, for NNPC imports, because an element of the template which is the financing cost is not captured in the NNPC template, its imports are slightly lower, so NNPC’s price will be N86 per litre, meaning that if you go to NNPC retail stations, you should buy at N86 per litre and N86.50k in other stations,” Ahmed explained.
He noted that the new price regime was being introduced to engender competition and stability in the downstream petroleum sector.
“Another important point is that this is not static, as there will be a quarterly review of the pricing template. However if there is a major shift, the minister may call for a review either upwards or downwards depending on the market.
“But for now, at least for the first quarter, this price remains for three months, from January to March,” he said.
Ahmed further disclosed that there is supposed to be a pricing advisory committee made up of industry technocrats, which would meet from time to time and advise the PPPRA on price movements.
“But the PPPRA will still sit down and do its work while the committee will advise it on any drastic movement in price,” he said.
He also confirmed Kachikwu’s recent statement that there was no subsidy on petrol under prevailing market trends (the prevailing price of crude oil in the international market).
“The open market price is N86.29k, if you do the calculation, that means there is an element of over-recovery and what we will do now is that we will go back to the marketers and bill them for the recovery.
“With regards to NNPC, their arrival is N85.93k but they are selling at N86, so there will also be an element of over-recovery. However, we are comfortable with the numbers,” he said.
Speaking more on the review, Ahmed said: “In order to encourage investments in retail outlets, we slightly increased the provisions in the retailers, transporters, and dealers’ margins.
“In terms of the distribution margins, we have also revised down the bridging fund and increased the retailers, dealers and transporters’ margins.”
On the first quarter import permits, Ahmed did not disclose the identity of marketers selected for the period but stated that the agency had taken into consideration three key factors in selecting them.
These factors, he said included retail outlets ownership; marketers’ performance in previous quarterly allocations; as well as the challenges in sourcing foreign exchange.
He noted that in allowing NNPC to import 78 per cent of the total allocated volume, the agency envisaged that the corporation would have fewer challenges sourcing for foreign exchange while the Central Bank of Nigeria (CBN) would be able to comfortably take care of the foreign exchange demands of other marketers who would import the remaining 22 per cent.
“This measure is to guarantee uninterrupted fuel supply nationwide. Marketers are required to note that there shall be a mid-quarter review of performance where volumes of non-performing marketers including the NNPC shall be withdrawn and reallocated to performing marketers,” Ahmed explained.
He also stated that the NNPC had in previous allocations done up to 111 per cent in product importation to stabilise supply, adding that future allocations shall be based on 100 per cent performance in the first quarter allocation.
Ahmed equally stated that the revised template was built a little bit above the domestic consumption of 40 million litres per day.
He disclosed that the agency was currently verifying for the months of October, November and December marketers’ subsidy claims, after which the Debt Management Office (DMO) would be advised on further action.
PPPRA’s briefing on the new prices of petrol and its revised pricing template came just as the Nigeria Labour Congress (NLC) said it would resist all attempts to remove the subsidy on petrol through the back door.
The body observed that there had been frantic efforts by the All Progressives Congress (APC)-led federal government to hoodwink Nigerians through deception in the planned removal of fuel subsidy.
In a statement released yesterday by the NLC and signed by its General Secretary, Dr. Peter Ozo-Eson, the body maintained that the move by the Muhammadu Buhari-led government to remove fuel subsidy was a replica of the 2012 fuel subsidy crisis, of which many chieftains of APC were the kingpins who led the protest against its removal.
Ozo-Eson said: “In the past few weeks, we have heard discordant tunes from government officials and chieftains of the ruling APC on what the future portends for the price of petroleum products and the management of the subsidy scheme.
“Party chieftains who supported and encouraged the massive protests against subsidy removal in 2012 are now preaching the inevitability of subsidy removal!
“The Minister of State for Petroleum first announced that come next year the price of petrol will revert to N97 per litre and that subsidy will be phased out.
“Two days thereafter, he denied this and stated that what he said was that the price will operate within a band of N87 to N97 and that this did not mean removing the subsidy.
“The same minister now says that the price of petrol will be N86 in January, signifying the deregulation of the sector.
“These vacillations and flip flops are, in our view, designed to confuse Nigerians and pave the way for deregulation of petrol prices through the back door.
“The fact of the matter is that as long as we continue to depend on imported refined products, deregulation and the abandonment of the subsidy scheme will unleash hardship on Nigerians.”
The NLC general-secretary also stressed that the determination of recommended prices of petroleum products was the responsibility of PPPRA.
“By law, the board of PPPRA is made up of stakeholders. None of the contradictory prices the minister is throwing up is a product of the agency.
“Indeed, the board of the PPPRA has not operated for over two years, although we have made repeated demands for the convening of the board.
“We call on the government to be guided by the rule of law, and constitute and convene the board of PPPRA in accordance with the law without further delay.
“This will enable the agency to examine and agree a new pricing template based on the realities of today. Any price unilaterally determined and announced by the minister is in violation of the law.
“In the meantime, we wish to restate our opposition, adopted at our Central Working Committee (CWC) emergency meeting of 22nd December, to any attempt by the government to increase the price of or remove the subsidy on petrol.
“We reiterate our directive to our state councils and industrial unions to commence the process of mobilisation prior to a meeting of the National Executive Committee (NEC) to be convened in the New Year,” he said.
Also speaking to THISDAY on the issue, NLC President, Mr. Ayuba Wabba, expressed great concern over comments credited to an APC chieftain and former governor of Lagos State, Bola Tinubu.
Tinubu had called for the removal of fuel subsidy, a policy he vehemently opposed in 2012 under President Goodluck Jonathan’s administration, ostensibly for political reasons.
Wabba said: “It is a great surprise to hear that Tinubu is calling for the removal of fuel subsidy,” adding that NLC would seriously resist the plan to remove the subsidy.
He held the view that Tinubu’s comments fall flat on the face of the APC campaign, given that the party in different forums had supported the retention of fuel subsidy.
The APC and Tinubu have come under intense criticism over their support for the removal of fuel subsidy, with many describing their new stance as hypocritical, given that Tinubu was believed to be the brain behind the sponsorship of the protests, particularly in Lagos in 2012, against the removal of subsidy.
REVISED PPPRA PRICING TEMPLATE FOR PETROL
COST ELEMENTS OLD (Per Litre) NEW (Per Litre)
Traders’ Margin N1.47 N0.00
Lightering Expenses N4.07 N2.00
NPA Charge N0.77 N0.36
Jetty Throughput N0.80 N0.40
Storage Charge N3.00 N1.50
Bridging Fund N5.85 N4.00
Ex-depot Price N77.66 N77.00
Retailers’ Margin N4.60 N5.00
Transporters’ Margin N2.99 N3.05
Dealers’ Margin N1.75 N1.95
• This template excludes cost and freight charges for importing petrol into Nigeria
Federal High Court in Abuja, on Tuesday adjourned the $150 million dollars suit filed by Chianugo Peter, a Nigerian, against Google LLC and GoDaddy.com LLC over shutdown of his YouTubeAudio.com domain name until April 22 for hearing.
The case, which was before Justice Obiora Egwuatu, could not proceed due to the absence of the judge in today’s proceedings.
Although Emmanuel Ekpenyong, Peter’s lawyer, and Mark Mordi, who is counsel to Google LLC, were in court, Justice Egwuatu was said to be in another official assignment.
The matter was consequently fixed for April 22 for hearing.
Peter had filed the suit over allegations bordering on the shutdown of his YouTubeAudio.com domain name after eight years of promotional and marketing efforts in breach of the contract.
Peter, through his lawyer, named GoDaddy.Com LLC and Google LLC as the 1st and 2nd defendants in the suit filed on April 14, 2023 and marked: FHC/ABJ/CS/238/2023.
In his earlier originating summons filed by Ekpenyong of the law firm of Fred-Young & Evans LP, the Nigerian sought a $150 million in compensation from Google LLC and GoDaddy.com LLC for the alleged cyberspace contract breach.
The plaintiff alleged that the defendants shut down his domain and business name: YouTubeAudio.com and transferred the rights over the name to Google LLC, an American multinational technology company.
Google LLC, in its initial statement of defence dated Nov. 9, 2023, and filed Nov. 10, 2023, by its lawyer, Mr Mordi, SAN, of the law firm of Aluko & Oyebode, urged the court to dismiss Peter’s suit as being unmeritorious and lacking in merits.
Justice Egwuatu had, in April 2024, gave Chianugo Peter the go-ahead to amend his originating processes after his lawyer moved the application for same and it was not opposed by the defence counsel.
In his amended statement of claim dated April 29, 2024, Peter sought ten reliefs.
He sought a declaration that GoDaddy.com was wrong to shut down the YouTubeAudio.com domain name on Dec. 7, 2022 and that Google was wrong to remove “YTAudio” with its website youtubeaudio.com from its Google PlayStore on Dec. 25, 2023 without adequate compensation to him.
He said this is notwithstanding that YouTubeAudio.com domain and business name is different and distinct from YouTube trademarks.
Chianugo Peter wants the court to declare that he is entitled to compensation from the defendants for the loss of the YouTubeAudio.com brand and goodwill which has accrued on the brand and domain name for eight years of promotional and marketing works from July 2, 2015 to Dec. 7, 2022.
He sought an order directing the defendants to pay the sum of $50 million to him for promotional and marketing works on the YouTube Audio business name and YouTube Audio.com domain name for eight years from July 2, 2015 to Dec. 7, 2022.
He sought a $100 million in damages for loss of anticipated profits associated with the brand equity and goodwill of YouTube Audio and YouTube Audio.com domain name.
Peter also sought from the defendants, the sum of 50 million naira to enable him to carry out fresh registrations of its new name and secure an alternative domain name to host its application to attract users.
The Nigerian sought an order directing the defendants to pay the sum of 10 million naira to him for prosecution of the suit.
Alternatively, Peter prayed the court for an order for GoDaddy.com to reinstate and hoist the YouTubeAudio.com domain name which was shut down on Dec. 7, 2022 and for Goggle to also reinstate YouTubeAudio.com on its Google PlayStore platform which was unilaterally removed on Dec. 25, 2023.
Chianugo Peter submitted that he acquired rights over YouTubeAudio.com domain name from Go Daddy.com LLC who conducted a search before confirming that he could make use of the name.
The plaintiff averred that he promoted the domain and business name from 2014 to 2022 and even wrote to Google to introduce YouTubeAudio’s services and to partner with it in 2014 and 2021 but received no response from it on both occasions.
He said in February 2021, he applied for and YouTubeAudio.com was registered on Google Adsense platform for displaying advertisement on the website.
Besides, Peter said in August 2021, the domain and business name was registered on Google Playstore.
According to him, the plaintiff consistently paid GoDaddy.com LLC for registration and use of the domain name from 2015 to 2022.
But Google LLC, in its amended statement of defence and counterclaim dated and filed May 31, 2024, averred that its registration of the YOUTUBE trademarks at the Trademarks Registry gives it the exclusive night to the use of the said trademarks.
It submitted that it has incurred expenses in the sum of 24,040 64 dollars in dealing with Peter’s “deliberate infringement of the counterclaimant’s YOUTUBE trademarks.”
The company, therefore, sought a declaration that Peter’s registration and use of the YouTubeAudio business name with BN 2395035 at the CAC is an infringement of its YOUTUBE registered trademarks.
It prayed the court for an order directing Peter to pay the company the total sum of $24,040.64 being the expenses incurred in dealing with his infringement of the YOUTUBE registered trademarks.
It equally sought an order directing the plaintiff to pay the company the cost of defending the suit.
In his amended reply to Google’s amended statement of defence dated 12th July 2024, Peter responded that it is not in doubt that Google LLC owns YouTube trademarks, however, YouTubeAudio is distinct and different from YouTube trademarks.
Chianugo Peter submitted that Google LLC, being a foremost search engine in the world, knew that he had earlier written to it, that he was making use of the YouTubeAudio domain name for the past eight years without any objection or caveat by either GoDaddy.com or Google.
“Hence, Google LLC is estopped from claiming any right over the YouTubeAudio domain name,” he said.
GoDaddy.com LLC had neither filed any process nor represented in court.
LG Electronics has announced the launch of a nationwide campaign aimed at celebrating decades of customer loyalty and technological heritage by searching for the oldest still-functioning LG television sets across the country.
The initiative, themed “The Oldest LG TV”, seeks to honour long-time customers whose LG screens have stood the test of time, while introducing them to the future of home entertainment through LG’s advanced AI QNED TVs.
For generations, LG televisions have been more than an electronic device in Nigerian homes, they have been silent witnesses to family milestones, cultural moments and shared memories.
This campaign bridges nostalgia with innovation, acknowledging the emotional connection Nigerians have built with the brand while showcasing LG’s leadership in AI-powered display technology.
The campaign features a storytelling -driven narrative that highlights community, heritage and the evolution of viewing experiences. Participants are invited to share the stories behind their long-serving LG TVs, transforming everyday screens into symbols of trust, resilience and innovation.
In creative twist, the campaign also introduces LG’s AI-enabled televisions as responsive companions that understand viewer preferences, recommend content and enhance picture quality in real time. This shift from nostalgia to futuristic interactivity underscores LG’s continued commitment to delivering smarter, more personalized entertainment solutions.
To participate, simply visit https://lgsearchcampaign.vercel.app/ upload a photo or video of your old LG TV and share the story behind it – how long you’ve had it and the memories it holds.
The winner walks away with a brand-new LG AI QNED TV, effectively trading legacy for luxury.
At its core, this campaign reminds us that technology is not only about pixels and processors, but about people. It’s about the laughter in the living rooms, the silence during tense match moments and the comfort of family routines.
By celebrating the oldest TVs still standing strong, LG is celebrating the people who kept the on, families who trusted the brand through changing times and evolving technologies. In doing so, LG isn’t just upgrading television, it’s upgrading memories into the future.
According to Mr. Choongbae Seok, General Manager, Media Entertainment Solutions, LG Electronics Nigeria, “The journey from our classic CRT Televisions to today’s AI QNED technology reflects how far both our customers and our innovation have come. Those early sets were built to last, and many are still functioning today, a testament to durability and consumer trust. This initiative allows us to honour that legacy while introducing a new era of intelligent viewing, where the screen does more than show content; it adapts, learns and enhances every moment”.
LG Display 2026 TV Models at InnoFest
LG Electronics (LG), a leader in AI-powered solutions for the home, outlined plans to accelerate growth in emerging markets at LG InnoFest 2026 MEA. The event, held in Abu Dhabi, provided a forum to share LG’s strategic direction and market outlook with regional partners. At the exhibition, LG displayed its premium 2026 AI TV lineup focusing heavily on advanced processing power, smarter picture and sound technologies. The flagship OLED evo G6 and 100-inch Micro RGB evo TVs are powered by the new Alpha 11 AI processor Gen 3 enabling faster and more intelligent performance. The OLED evo W6 Wallpaper TV, an ultra-slim television designed to sit flush against the wall like artwork uses true wireless connectivity, reducing cable clutter and creating a cleaner, minimal setup.
African leaders used the AU Summit in Addis Ababa over the weekend to sharpen the continent’s technology agenda, with Ethiopia positioning artificial intelligence (AI), digital infrastructure and connectivity as pillars of Africa’s economic future.
Opening the 39th African Union Summit, Ethiopian prime minister Abiy Ahmed outlined an ambitious vision to place Africa at the forefront of the global AI race, anchored by Ethiopia’s plan to launch what he described as Africa’s first AI-focused university.
“In 2020, Ethiopia established Africa’s first Artificial Intelligence Institute. Building on this foundation, we are preparing to launch an AI university anchored in the philosophy of Medemer, purposeful collaboration, to unite human values with machine intelligence and position Africa as a global leader in the age of intelligence,” Abiy told delegates. “
He framed AI not as a standalone sector, but as a cross-cutting enabler for governance, industry and social development. “Every river we manage, every city we design, and every digital platform we deploy must generate resilience, opportunity and dignity,” Abiy said. He further linked digital transformation to Agenda 2063’s long-term prosperity goals.
Beyond AI, the high-powered AU summit discussions highlighted digital identity, cross-border connectivity and telecom expansion as critical building blocks for an integrated African market. Ethiopia’s Digital Ethiopia 2030 roadmap, including its Faida digital ID ecosystem, was cited as a model for secure, interconnected public services.
Abiy pointed to aviation and telecom infrastructure as key accelerators for economic development across the continent. “Through Ethiopian Airlines, we connect people and markets. Ethio Telecom is expanding partnerships across Africa to bridge the digital divide,” he said.
The Ethiopian leader added that large-scale infrastructure projects are designed to anchor Africa deeper into global value chains.
The broader summit tech agenda also touched on regulatory harmonisation, digital trade and data governance, with leaders emphasizing that continental cooperation is essential to avoid fragmented digital markets.
UN Secretary-General António Guterres underscored the need for inclusive innovation, telling delegates that Africa’s digital rise must be “people-centered and opportunity-driven,” while African Union Commission Chair Mahmoud Ali Youssouf stressed coordinated policy frameworks to accelerate adoption.
“AI capability, digital infrastructure and unified regulation are no longer optional ambitions, but strategic imperatives shaping the continent’s competitiveness in the intelligence era,” he said.
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