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Diesel Price May Hit N1,500 Per Litre in The Next Two Weeks – Marketers

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Diesel price may hit N1,500 per litre in the next two weeks - Marketers

The Natural Oil and Gas Suppliers Association has said that the price of diesel would keep increasing and might hit N1,500 per liter in the next two weeks if nothing drastic is done to curtail the current challenge faced by importers of the product.

 

Speaking to newsmen in Abuja, the National President of the Association, Bennett Korie, said that about 75 per cent of filling stations across the country are currently out of business due to their inability to purchase diesel required to power their tankers and transport Premium Motor Spirit, popularly called petrol, to their various outlets. He stated that the only solution to the current challenge is for the Federal Government to raise the pump price of petrol a little in order to reduce the huge foreign exchange used in PMS imports.

 

“If you go round now you will see that about 75 per cent of filling stations in Nigeria have gone out of business. There is no diesel to take fuel to their stations. All of them are going down.

And it is not that the fuel is not there, but the cost of bringing it to the stations is too high. We know that the crisis between Ukraine and Russia has contributed badly, but the government has to do something fast, otherwise we are going to buy diesel in the next two weeks at N1000 to N1500/litre.”

 

On what can be done to the address the situation, Korie said

“The only way out, if you want to know, is that they (the government) should increase the price of fuel a little to reduce the money spent on PMS subsidy.

I know Nigerians will not be happy to hear this, but this is the only solution. They should increase the price of fuel a little so that the savings will enable the Central Bank of Nigeria to have enough foreign exchange.

You and I know that we import everything now in Nigeria. Diesel is an imported product and it is fully deregulated. So the importers are not getting dollars at the official CBN rate to import diesel. Everybody is going to the black market to get dollars to import their products and so you expect the price of diesel to be high.”

 

Korie suggested that the Federal government needs to reduce the rate at which it spends foreign exchange on PMS imports as it will help other businessmen who import diesel to bring in products at low prices.

 

“So you need to increase fuel price a little in order to ensure that the dollars spent in importing petrol is reduced and there will be enough forex for importers of diesel and this will cut down the price of diesel.”he said

 

Speaking further, he said

“The reason why you are having scarcity of petroleum products particularly in Abuja is as a result of the high cost of diesel. The price of diesel today in the market is N850/litre. You will also agree with me that the money being paid as bridging claims to transporters is not enough.

The price is N850/litre and you are giving your driver 1,200 litres from Lagos to Abuja, if you do the calculation you will find out that the landing cost (for transporting the fuel) is about N40/litre.

So if you add that to PMS, buying at the depot price and selling here, it is too high. So if your cost of bringing it in is at N40/litre and you bought it at N155/litre, when you add this you will get N195/litre. But you are to sell at N165/litre. So who will do that kind of business? It is already a loss-makinginess.”

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From Studio to Spotlight: Meet Espago, the 2025 Breakout Artist Shaping Afro‑Fusion

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At 31, Lagos-born Espago is redefining what it means to be a late bloomer in the Nigerian music
space. After spending years as a chef, designer, and farmer, Espago turned to music just a year
ago on a journey sparked by deep loss, life experience, and self-discovery.
What makes him different? It’s not just his sound, it’s his story. Espago brings a calm but
confident energy that mirrors his Lagos upbringing: a blend of vibrant Fuji rhythms and soulful
Afrobeat traditions like King Sunny Ade, shaped by global legends like Michael Jackson and
Celine Dion. His voice? Professionally trained. His brand? Stylish, grounded, and intentional.
Espago didn’t wait for the industry to find him; he found his own way in, teaching himself,
searching out producers, and building his identity from scratch. With no major label backing and
no big-name features, he has still built a brand marked by boldness, emotion, and Lagos street
authenticity.
He’s not just making music; he’s building a lifestyle brand. His creative roots are in food,
fashion, and music fused into something richer than just a “sound.” It’s a full experience. While
he hasn’t performed live yet, he’s putting in the work behind the scenes, mentoring new artists,
recording regularly to sharpen his voice and brand for bigger stages ahead.
In a scene dominated by speed, Espago’s journey is about intentional growth, honest
expression, and emotional connection.
As the new class of Afro‑HipHop begins to take shape, Espago stands out not just for what he’s
making, but for who he is becoming.

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Edo Phenom Derriq Wants to Put Benin City on the Global Map

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Rising artist Derriq isn’t just making music for entertainment; he’s building a legacy rooted in culture, resilience, and pride. The Lagos-based Afro-soul and Afrobeats singer has his eyes set on something bigger than streaming numbers: putting his hometown of Benin City on the global creative map is his dream.
A native of Edo State, Derriq’s musical journey began as a child organizing school parties just for the chance to perform. Since then, he’s gone from studio assistant to full-fledged artist, releasing impactful tracks like “Position,” “Vibration,” and “Confidence.” His sound, described as smooth, calm, and party-ready, reflects the duality of his personality: laid-back yet determined, quiet but powerful.
Derriq is more than just a promising name on Nigeria’s growing music roster; he’s a symbol of the next generation of artists who blend regional identity with global appeal using his distinctive voice, a strong sense of direction, and his signature slang “Yehboo! Yezaiii!” making waves among fans, Derriq is proving that cultural authenticity still cuts through the noise.
His next single, “Omo n’ Ogie,” is a tribute to his heritage and a signal that he’s just getting started. Keep your eyes on Derriq, he’s not just singing for the moment, he’s singing for a movement.
Follow @DerriqMusic on all social platforms
For interviews and press: derriqmusic@gmail.com

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The Newspapers – Things You Need To Know This Sunday

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Good morning! Here is today’s summary from Nigerian Newspapers:

1. President Bola Tinubu will address the nation in a broadcast today, Sunday, August 4, 2024. Mr Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced this in a statement, on Saturday, saying the broadcast would hold at 7am.

2. The Commissioner of Police in Borno State, Yusuf Lawal, on Saturday confirmed the killing of four persons along Baga Road in Maiduguri, Borno State during the nationwide #EndBadGoverment protest. He said Boko Haram elements infiltrated the protesters and killed four persons on Thursday with explosives at a filling station.

3. Many persons have been feared killed while others sustained injuries as hoodlums clashed with security operatives in Kano. It was gathered that Rijiyar Lemo, Kurna to Bachirawa areas in Fagge Local Government, Kofar Nassarawa in Kano municipal and Unguwa Uku area of Tarauni Local Government are the worst hit areas.

4. The leadership of the organised labour, on Saturday, warned the Nigeria Police Force and other security forces to stop what it described as a “massacre” of protesters carrying out nationwide demonstrations against hunger in the land.

5. Leading Human Rights group, Amnesty International Nigeria, has said over 50 protesters were arrested in Abuja on the third day of the demonstration against hardship in the land.

6. Former Vice-President Atiku Abubakar has urged the police and other security agencies to stop shooting and killing protesters demanding good governance in Nigeria. Atiku in a statement on Saturday, questioned the professionalism of the security agencies in the handling of the ongoing demonstrations.

7. Some of the organisers and supporters of the ongoing protest have set up pages to raise over N4bn through GoFundMe, a popular online crowdfunding platform. A check on Saturday showed that a total of N4.1bn had been benchmarked to be donated through accounts created by three GoFundMe users.

8. Tragedy struck again in Imo State on Saturday evening when some gunmen reportedly shot dead the President-General of Umucheke Okwe autonomous community in Onuimo Local Government Area of Imo State, Hyginus Ohazurike. Six village heads from the autonomous community were also allegedly killed by the gunmen.

9. The Federal Capital Territory Commissioner of Police, Bennett Igweh has said his men were not responsible for the death of a teenager in the Kubwa area of the FCT. In a viral video, a man claimed that police, while dispersing protesters, shot dead a teenager in the Kubwa area.

10. The Minister of Budget and Economic Planning, Atiku Bagudu has said President Bola Tinubu is keeping an eye on the ongoing #EndBadGovernance demonstrations across the country.

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