News
FG Still Practicing Quasi-Subsidy – Petroleum Marketers Warn of Further Fuel Price Hike As Crude Oil Hits $94
Petroleum marketers have told Nigerians to expect further hike in the pump price of petrol.
The oil marketers explained that this is due to the rise in the cost of crude oil, coupled with the depreciation of the naira against the US dollar, both of which account for over 80 per cent of the cost of PMS.
Brent crude, the global benchmark for oil, rose to $94/barrel on Sunday, September 17, the highest figure in 2023.
Oil had started the year at about $82/barrel, dipped to $70/barrel in June, but traded above $92/barrel in the past week.
Although the Federal Government and the NNPC had insisted that subsidy on petrol had ended, oil marketers said on Sunday that the government was implementing quasi-subsidy.
They explained that with the latest rise in crude oil price, the cost of petrol was meant to increase, stressing that if the government insists on leaving the commodity at N617/litre, then subsidy on PMS had been returned quietly.
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, in a statement on Sunday, said, “The Group Chief Executive Officer of NNPC, in one of his statements, had pointed out that as long as the dollar continues to rise, Nigerians should not expect petroleum products prices to be pegged.
“The cost of crude oil is also on the rise and it impacts on petrol price, because PMS is derived from crude.
“So in this price deregulation regime, once the dollar increases, automatically it means that the cost of importing petroleum products will also increase. And the cost of every other related service will rise.
“So the fuel we are buying today at N617 or N596 depending on where you buy it and based on the nearness to depots, is actually below what the price should really be, going by the rise in dollar and crude oil price.
“I said earlier that what we are experiencing now is quasi-deregulation. The rise in crude oil price has both positive and negative effects on Nigeria. It is positive because it increases our generation of dollars when we sell the crude.
“But it is negative in the sense that we still use that dollar that we have got to import the finished products of crude. That is the problem. For if Nigeria is refining products, then there will be a windfall, but since we import with the dollar that we make, then it makes no sense.
“The gap is becoming too much. Also, the exchange rate gap between the official and parallel markets is widening. And these gaps have to be filled by the government through quasi-subsidy on petrol.
“You also know that most of the investors who tried to import products when it was announced that the subsidy on petrol had been removed, are now finding it very difficult to do so.
“This is because after buying the dollar in the parallel market, they cannot recoup what they have invested. So the government must be transparent with this subsidy removal thing. It should apply it to the fullest, so that competition can set it.”
East Ham, East London — 8 August 2026: The vibrant Igbo community in the UK came together for an unforgettable evening of entertainment, culture and social connection at Igbotic Game Night, one of the biggest social gatherings celebrating the Igbo community in the United Kingdom.
Among the night’s standout moments was an electrifying performance by Afrobeats artist Obeena, who took the stage and immediately captured the attention of the crowd.
Obeena delivered performances of two of his hit songs, “Wara Wara” and “Banging,” bringing his energetic sound and distinctive stage presence to the event. From the opening moments of his set, fans responded with excitement, singing along, dancing and enthusiastically supporting the artist.
His performance of “Wara Wara” created an instant connection with the audience, while “Banging” took the energy to another level. Obeena’s ability to engage the crowd transformed his set into one of the most memorable entertainment moments of the evening.
Held in East Ham, East London, on 8 August 2026, Igbotic Game Night provided a unique platform for members of the Igbo community to celebrate their heritage while enjoying music, games and social interaction. Events such as this continue to play an important role in bringing together Nigerians and the wider African diaspora in the UK.
For Obeena, the performance was another opportunity to showcase his growing artistry and connect directly with fans. His energetic delivery, stage confidence and ability to command the audience demonstrated why his live performances continue to attract attention.
By the end of his set, Obeena had left the crowd amazed and added another memorable chapter to his journey as an Afrobeats artist. His appearance at Igbotic Game Night was not simply a performance—it was a celebration of Nigerian music, culture and community.
With performances like this, Obeena continues to demonstrate his ambition to take his sound beyond the studio and onto major stages, connecting with audiences through music, energy and an unmistakable African identity.
Igbotic Game Night brought the Igbo community together. Obeena gave them a performance to remember.
Audio
KenryWhite Releases “Kilometers” & “The King” A Powerful Double Release Celebrating Faith, Purpose, and the Journey to Greatness
Nigerian Afrofusion artist KenryWhite unveils his compelling two-track release, “Kilometers & The King,” a project that explores the realities of life’s journey while affirming identity, faith, and purpose.
Leading the release is “Kilometers,” an uplifting anthem that reflects on the distance between dreams and fulfillment. Through heartfelt lyrics, captivating melodies, and vibrant Afrobeats production, KenryWhite encourages listeners to embrace the process, remain resilient, and keep moving forward despite life’s challenges.
Complementing the project is “The King,” featuring Wonder J. The record is a bold declaration of confidence, royalty, and divine purpose, blending infectious Afrobeats rhythms with inspiring lyricism. Together, the duo delivers a record that celebrates self-belief, leadership, and the mindset required to overcome every obstacle.
With rich storytelling, memorable melodies, and contemporary African sounds, “Kilometers & The King” showcases KenryWhite’s artistic growth while delivering music that inspires, motivates, and connects with audiences across the globe.
Now available on all major streaming platforms, “Kilometers & The King” invites listeners to embrace the journey, recognize their worth, and walk confidently into their purpose.
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