By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Buhari Can’t Reduce Petrol Price To N40 Per Litre – Ogun IPMAN
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Buhari Can’t Reduce Petrol Price To N40 Per Litre – Ogun IPMAN

Farouk Mohammed
By Farouk Mohammed
Published: April 20, 2015
Share
4 Min Read
SHARE

Buhari-2015-BN-4-200x300

It would be very difficult for the President-elect, Muhammadu Buhari to reduce the petroleum pump price to N40 per litre, said Ogun state chapter of the Independent Petroleum Marketers Association of Nigerian (IPMAN),

The chairman of the association in the state, Adeleke Bada disclosed this after the association’s annual general meeting held in Abeokuta.

Bada was reacting to the assurance given to Nigerians by former Minister of Petroleum Resources, Tam David West that the President-elect will reduce the pump price to N40.

- Advertisement -

According to him, such reversion is impossible and not realistic due to the situation in the industry.

He explained that the federal government could however reduce it to N87 per litre, if they build refineries in some parts of the country.

Bada said: “That is not possible, if you look at the nature of the market, that isn’t realistic. Do we have the refineries?

“The only reason that can be possible is when we have our own refineries and we do not export our crude oil for processing. If the processing is done in Nigeria, then it can be sold at the rate of N40 but not until all the refineries are fixed.”

Nigeria’s President-elect, Muhammadu Buhari

He explained that marketers are not complying with the stipulated N87 per litre of Premium Motor Spirit because of the expenses incurred while trying to get the fuel available for the use of the masses, Nigerian Eye reports.

- Advertisement -

“But by the time you get to the depot, after paying around N2.6m for your ticket, a lot of levies are to be paid, levies from PTD, IPMAN and all others, adding them all together with the cost of transporting your trucks to the station, no one is ready to run at a loss.

“I even give them (marketers) kudos for selling the fuel because they do not want the masses to suffer despite all these anomalies. That is why if you can afford to buy it at the prices they sell, then go on because we make use of it everyday,” Bada said.

Nigeria, since 1973, has had so many fuel price increases, with few marginal reductions. Almost every President that has ruled the country has made it a point of duty to hike fuel price at one time or the other.

In January 2012, President Goodluck Jonathan increased the pump price of petrol from N65 to N141 but he was forced to reduce it to N97 per litre, due to Labour strike. In January 2015, due to the fall in crude oil price in the international market, the federal government slashed the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, from N97 to N87 per litre.

Since the official reduction of petrol price, not all marketers have complied with the directive.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:buhariPetrol
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article South African Govt. Arrest Over 300 Suspected For Xenophobic Attacks On Foreigners
Next Article Oritsefemi’s Instagram Account Hacked, Secret Messages Exposed! (See Photo)

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 5 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Anambra, Osun Polls: APC Faces Internal Strife as Soludo and Adeleke Engage President Tinubu Amid Election Tensions
Politics Top stories
Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?