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Rising Oil Prices: PENGASSAN Calls Out Marketers Over Fuel Hike

President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has criticised oil marketers for exploiting Nigerians through inflated fuel prices, insisting that petrol should sell between ₦700 and ₦750 per litre.

This comes after depots across Nigeria have increased the pump prices of Premium Motor Spirit (PMS) following a surge in global crude oil prices triggered by rising tensions in the Middle East. A parallel strike by tanker drivers along Lagos’ Lekki-Epe corridor has further compounded the situation.
Data from Petroleumprice.ng revealed that Dangote Petroleum Refinery raised its petrol price from ₦825 to ₦840 on Monday, while Rainoil increased its price from ₦850 to ₦900. Fynefield and Mainland adjusted their ex-depot prices to ₦930 and ₦920, respectively, marking increases of ₦51 and ₦63. Other reported prices included Sigmund at ₦920, Matrix Warri at ₦910, NIPCO at ₦895 (up from ₦827), and Aiteo at ₦840.
The rise in ex-depot prices suggests that petrol could approach ₦1,000 per litre in the coming days.
Clement Isong, Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), attributed the spike to rising crude prices. However, a depot operator who spoke anonymously said Monday’s halt in petrol loading—caused by tanker drivers’ protest over a ₦12,500 E-Call-Up fee—was a more immediate concern.
“If unresolved, this E-Call-Up issue could plunge the country into another fuel scarcity,” the operator warned.
Meanwhile, Nigeria’s crude grades—Bonny Light, Brass River, and Qua Iboe—climbed to $77 per barrel on Friday, continuing the upward trend into Monday due to Israel’s military actions against Iran. As of Monday, Bonny Light stood at $78.62 per barrel, according to Oilprice.com. These prices now exceed the Federal Government’s 2025 budget benchmark of $75, offering temporary fiscal relief but threatening domestic fuel stability.Music concert tickets
Energy experts caution that higher crude prices will raise the cost of refined products like petrol and diesel, due to the rising cost of feedstock.
On the E-Call-Up crisis, MEMAN’s Isong urged the Lagos State Government to engage stakeholders and resolve the issue quickly to prevent further disruptions. He echoed tanker drivers’ concerns that the ₦12,500 levy could spark additional fuel price hikes, noting that Nigerians are already under financial pressure.
At a press conference in Abuja, PENGASSAN President Festus Osifo claimed that the persistent shutdowns of Nigeria’s state-owned refineries are politically motivated rather than due to technical faults.
Despite over $2.5 billion invested in refinery rehabilitation, he lamented that facilities like the Port Harcourt Refinery remain largely unproductive. The facility is currently undergoing a 30-day maintenance shutdown and is expected back online next week.
“We are aware the Port Harcourt Refinery was recently shut for maintenance, but the deeper issue is that these refineries operate far below efficiency. Political interference, not just technical issues, has stalled their performance,” Osifo said.
He urged the Nigerian National Petroleum Company Limited (NNPCL) to revisit its refinery operations model and adopt long-standing recommendations from PENGASSAN, which has been advocating reforms for over 15 years.
On the disparity in fuel pricing, Osifo criticised the continued high cost of PMS despite falling global crude oil prices. “Crude has dropped from about $80 to between $62 and $65 per barrel, yet petrol still sells at ₦875 to ₦905 per litre nationwide,” he said.
He blamed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for failing to enforce fair pricing under the deregulated market system.
“NMDPRA must not allow marketers to exploit Nigerians under the guise of deregulation,” Osifo stated. “Crude price and exchange rate account for nearly 80% of the final retail price. With current international benchmarks, petrol should retail between ₦700 and ₦750 per litre.”
He urged the agency to start publishing transparent pricing templates to prevent arbitrary pricing practices.
Osifo also expressed concern over worsening insecurity in Nigeria’s oil-producing regions, particularly along the waterways. He warned that this is prompting multinational oil companies to divest, despite cost-saving incentives recently introduced by the Federal Government.
News
Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.
Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.
Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.
To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.
Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.
“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”
The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.
“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
News
Beware of Fake Cerelac Products – NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.
It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.
NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).
Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.
NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.
It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.
According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.
“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.
“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.
The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.
It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.
NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.
It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.
The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.
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