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Nigerian Fuel Prices on Track to Crash to N500 Per Litre in 2025

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Oil marketers believe a steady supply of petroleum products would encourage competition, leading to further price reductions in the coming year. Photo credit - Oil Matters, MEMAN Source: UGC

Oil marketers and other petroleum industry experts have forecast a reduction in petrol prices in 2025 to as much as N500/litre The resumption of operations of the Port Harcourt and Warri refineries will drive this anticipated crash in price They highlighted that a steady supply of petroleum products would encourage competition, leading to further price reductions

Petroleum product marketers and other stakeholders in Nigeria have projected a significant reduction in petrol prices by 2025. They highlighted that petrol, currently priced between N900 and N950 per litre at many filling stations, could drop to as low as N500 per litre during the year.

According to industry experts, this anticipated decline is attributed to the strengthening of the downstream sector, driven by the federal government’s deregulation policy.

Other factors contributing to the expected price reduction include a stable foreign exchange rate, increased price competition, the Naira-for-crude initiative, and the expected operations of the Port Harcourt, Warri, and Dangote refineries.

Stakeholders also noted that if these refineries supply the domestic market and accept payments in naira, it would further drive down petrol prices. Marketers share why fuel prices may reduce further The national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ukadike Chinedu, described the upcoming operations of the Port Harcourt and Warri refineries as transformative for the downstream sector.
In an interview with Saturday Sun, he emphasised that these refineries would foster healthy price competition, a trend already becoming evident. He noted that both the Nigerian National Petroleum Company Ltd (NNPC) and Dangote have reduced petrol prices in recent weeks, highlighting the benefits of having multiple production sources rather than a monopoly. Ukadike expressed optimism that this development could drive petrol prices below N500 per litre by 2025 as more players enhance refining capacity. He also identified the federal government’s naira-for-crude policy as a critical factor in shaping petrol prices, predicting that it would curb inflation and ease pressure on foreign exchange.

The president of the Petroleum Products Retail Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, expressed agreement with Ukadike’s views. He assured that the operational launch of the Port Harcourt and Warri refineries would result in more affordable fuel options for Nigerians.

Gillis-Harry emphasised that achieving lower petrol prices for consumers is a realistic prospect in 2025. Gillis-Harry said: ‘’As you can see, NNPC has reduced its ex-depot price from N1,045 per litre to N899 per litre for marketers, translating to N925 per litre at the pumps for the end users. This, I must say, is very commendable. These are not small drops, but massive drops from N1,045 to N899 ex- depot is a lot of drop.” He highlighted that a steady supply of petroleum products would encourage competition, leading to further price reductions in the coming year.

On his part, the publicity secretary of the Crude Oil Refiners Association of Nigeria (CORAN), Iche Idoko, stated that Nigerians would soon start experiencing the benefits of a deregulated market.

Idoko said: “Price drop is one of the characteristics of deregulation we had highlighted. As the industry settles in to the regime of full deregulation, we are bound to see competitions amongst players, which ultimately will benefit the consumers.”

He explained that competition would emerge in pricing, product quality, and credit facilities offered to bulk purchasers.

Marketers import 2.3bn litres of petrol In related news, Legit.ng reported that oil marketers have continued to import petrol into the country despite earlier agreements to patronise local refineries. Documents obtained from the Nigerian Ports Authority revealed that marketers have persisted in petrol importation. The data collected showed that imported petrol was docked at the Apapa Port, Tin Can Port and the Calabar Port.

 

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Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress

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Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.

Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.

He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.

During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.

While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.

Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.

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Dangote to Uzodimma: Just show me where to invest

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Dangote

By Emmanuel Iheaka, OWERRI

The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.

Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.

The renowned Africa’s industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.

Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.

“We will be one of your biggest investors in Imo. So, please tell me the area to invest and we will invest”, Dangote declared.

He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.

“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he submitted.

Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.

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Fabergé egg given as Easter gift to mother of Russia’s last emperor sells for record £22.9m

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A diamond-encrusted Fabergé egg that Russia‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million.

Tsar Nicholas II gifted the Winter Egg to Dowager Empress Maria Feodorovna in 1913, five years before he was murdered along with his wife and children after the Russian Revolution.

 

Tsar Nicholas II

Dowager Empress Maria Feodorovna

 

 

The egg went under the hammer at Londonauction house Christie’s yesterday.

An unnamed buyer stumped up £22,895,000, smashing the previous global record of £8.9million that was set in 2007 when the famous Rothschild Egg was sold.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall.

Carl Fabergé, the master jeweller whose creations bedazzled Russia, created 50 Imperial Easter Eggs for the then-ruling Romanov family over a 31-year period, making them incredibly rare and valuable.

They were commissioned as Easter gifts in a tradition started by Tsar Alexander III in the 1880s.

Nicholas II, Alexander’s son, had an annual standing order for two Easter eggs to be made for his mother and his wife, until the fall of the Romanovs in the 1917 Russian Revolution.

A diamond-encrusted Fabergé egg that Russia ‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million

 

Today, only 43 of the Imperial Easter Eggs remain, with seven missing.

The ‘exquisite’ Winter Egg had a pre-sale estimate of more than £20million.

Christie’s Margo Oganesian said: ‘Today’s result sets a new world auction record for a work by Faberge, reaffirming the enduring significance of this masterpiece.’

She added the sale celebrated ‘the rarity and brilliance of what is widely regarded as one of Faberge’s finest creations, both technically and artistically’.

The imperial eggs have enjoyed renewed interest on the art market in recent decades, mainly among wealthy Russians keen to acquire a piece of their country’s history.

Beyond its opulence, it is the ‘technique and craftsmanship’ that makes the Winter Egg exceptional, according to Ms Oganesian.

‘The Winter Egg is truly one of the rarest items that you can find,’ she explained. ‘It’s really hard to comprehend how Faberge created it.’

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall. Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes

 

Tsar Nicholas and his wife, Empress Alexandra, with their five children. They were all murdered in 1918

 

Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket.

Like many other Romanov possessions, the egg bears witness to Russian history. It was transferred from Saint Petersburg to Moscow in 1920 after the revolution.

As with many other Imperial Eggs, it was sold by the Soviet government to generate foreign currency and was acquired by London jeweller Wartski between 1929 and 1933, according to Christie’s.

The Winter Egg was subsequently part of several British collections but was considered lost from 1975, the auction house said in an essay attached to the sale lot online.

‘For 20 years, experts and specialists lost sight of it until 1994, when it was rediscovered and brought to Christie’s for sale in Geneva,’ said Ms Oganesian.

Eight years later, in 2002, it was sold again for a record $9.6 million in New York.

 

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