Iledare disclosed this in an interview with the News Agency of Nigeria (NAN), in Abuja, on Thursday.
NAN reports that the Petroleum Products Marketing Company (PPMC) had on Sept. 2 announced a new Ex- depot price of N151.56 for petrol.
Ex- depot price is the price marketers buy products from depot owners.
An increase or reduction in ex-depot price determine the pump price of petrol.
He said that going by the prevailing market fundamentals, the cost of petrol could be as high as N200 per litre in the country.
“The reality on the ground is not pretty at all with respect to what the price ought to be.
“ At the current official exchange rate of one dollar to 385, 200 is about right price because of the level of demand driven by population and quality of life.
“Keep in mind that any attempt to invoke subsidising petroleum has unintended consequences,” he said.
Iledare, a professor of Petroleum Economics said that it was unfortunate that the country missed the opportunities when there was lower crude oil price.
“We suggested not to set the price then, but fear of unrest predominate government action then.
“The economy is highly dependent on oil revenue. Salaries are low and not paid.
“It is a double whammy for petrol to go up. But no budget to subsidise, ” he said.
He advised that Nigerians must adjust and government on its part should pump more money to the economy and invoke patriotism
“Nigeria’s exchange rates call for at least N200 per litre in Nigeria.
“In Ghana, a litre is about N325 -N350 per litre of petrol. Like Nigeria PMS consumed are imported, lessons can be learnt from Ghana.
“If Ghana is surviving, we need to learn from them, ” he added.
Meanwhile, a check by NAN in some petrol stations in the Federal Capital Territory (FCT) revealed that the pump price was between N158 and N162 per litre.
Apart from Total filling station in Tipper Garage, along Kubwa Expressway selling at the old price of N148.8, others had already adjusted their pumps to the new price.
Oando filling station, Gergu oil and Eterna station along the expressway were selling at N160, N159, and N158.1 per litre respectively.
Also, the Nigerian National Petroleum Corporation (NNPC) retail outlet along the same axis was selling at N160 per litre.
News
New petrol pump price fits global realities – Expert
Abuja, Sept.3, 2020 (Nigeria news 24) Prof. Wumi Iledare, former president, Nigerian Association for Energy Economics (NAEE) says the new price of Premium Motor Spirit (PMS) also known as petrol is in line with development in the global oil market.
The Pan Niger Delta Forum (PANDEF) has called on President Bola Tinubu to prevail on the minister of the Federal Capital Territory, Nyesom Wike to retract his publicly disparaging remarks made recently against the socio-political body.
PANDEF described as regrerrable and embarrassing comments by Wike in the aftermath of the group’s visit to Tinubu at the State House, Abuja, on Tuesday, March 11, 2025, even to the extent of insulting the late former Federal Commissioner for Information and South-South Leader, Chief Edwin.
Recall that the FCT minister had, on Thursday, during a media chat, described PANDEF as “the worst organisation anybody can rely on”, while also calling the board of trustee members of the body “political merchants”.
In a statement signed by PANDEF Chairman on Saturday in Abuja, Ambassador Godknows Boladei Igali, urged President Tinubu as the father of the nation, to prevail upon the Honourable Minister to retract his inflammatory statements and extend due respect to these eminent.
Igali clarified that the meeting with the president provided a valuable platform to discuss pressing issues of national and regional importance. Adding that “PANDEF remains unwavering in its commitment to peace, stability, and equitable development in the Niger Delta. We will continue to engage with great vigour, all relevant stakeholders in pursuit of lasting harmony in Rivers State and the broader South-South region.”
His words: ^To set the record straight, PANDEF the foremost socio-political body representing the South-South regions, composed of some of Nigeria’s most distinguished personalities. The delegation to Mr. President included chairpersons of at least four of the six SouthSouth states’ traditional councils, senior traditional rulers of major ethnic groups, former governors, past presiding officers of the Senate, prominent entrepreneurs, academics, and high-ranking retired military officers.
“It is, therefore, highly regrettable and totally unacceptable that a serving minister in the Federal Government would exhibit such brazen disrespect towards individuals of this standing. This attitude perhaps explains his continued refusal of the Minister to engage with the Peace and Reconciliation Committee, which PANDEF constituted as far back as October 2024, despite repeated attempts to reach.
“The Honourable Minister (Wike) characterized PANDEF as the worst organization ever” and accused its members of visiting the Presidential Villa merely to solicit financial favors. These statements are not only false but also unbecoming of a public official of his stature.
“PANDEF hereby calls upon Mr. President, as the father of the nation, to prevail upon the Honourable Minister to retract his inflammatory statements and extend due respect to these eminent Nigerians and traditional rulers who were, after all, esteemed guests of the Commander-in-Chief. It is apt to remind that the Minister does not own the Niger-Delta and his errant conduct should not be condoned.
“Notwithstanding this regrettable development, PANDEF remains unwavering in its commitment to peace, stability, and equitable development in the Niger Delta. We will continue to engage with great vigour, all relevant stakeholders in pursuit of lasting harmony in Rivers State and the broader South-South region,” Igali stated.
On efforts to restore peace in River State, Igali restated PANDEF’s commitment for peace in the oil-rich State.
“For the avoidance of doubt, the Peace and Reconciliation Committee, which remains committed to resolving the Rivers State crisis,” Igali stated.
News
IPOB’s lawyer accuses Anambra govt of violating citizens’ rights, wants all arrested charged to court
The counsel to the Indigenous People of Biafra (IPOB), Barrister Ifeanyi Ejiofor, has called on the Anambra State Government to either charge to court or release individuals allegedly detained for the past five weeks without trial.
In a statement issued on Saturday, Ejiofor criticized what he described as “violations of citizens’ rights,” emphasizing that the detainees have not been presented before any court or formally charged with a crime.
“Today, March 15, 2025, marks five full weeks since several citizens of Anambra State were arbitrarily arrested and detained in a private facility controlled by the state government. Shockingly, they have not been charged with any offense or brought before any court of law. This is a flagrant violation of their fundamental rights,” Ejiofor stated.
He expressed concern that the detainees were not held by the police, the Department of State Services (DSS), or the military, but instead in an undisclosed facility, without any official explanation from the government.
Ejiofor, who has previously supported the government’s security efforts, urged Governor Chukwuma Soludo to ensure the rule of law is upheld.
“I have always championed active citizen participation in combating insecurity and have publicly urged the government to act against criminal elements. However, this must be done legally and transparently,” he said.
While commending the efforts of the state’s Agụnechemba security outfit, Ejiofor insisted that professionalism and adherence to due process are crucial.
He reaffirmed his support for lawful measures to combat crime but warned that arbitrary detentions could erode public trust in the government’s security strategy.
The Osun State Amotekun Corps has denied allegations of nepotism in its ongoing recruitment of 1,000 cadets, following claims by some dismissed recruits that they were removed in favor of Peoples Democratic Party (PDP) members.
Some affected candidates, seen outside the NYSC camp venue in Osogbo, alleged they were removed due to their affiliation with the opposition All Progressives Congress (APC). Speaking on behalf of the group, a dismissed cadet, Usman, claimed that they had been in camp since Sunday before being replaced by PDP members, some of whom, he alleged, were unfit for training.
However, Amotekun’s Board Chairman, retired Assistant Inspector General of Police (AIG) Wale Abass, dismissed the allegations as baseless. He explained that those removed from the training camp either failed to meet the required standards or did not follow the proper recruitment process.
“The 1,000 cadets invited for training went through a rigorous selection process. They submitted applications online, underwent document verification, and passed physical fitness tests before being invited to camp,” Abass stated.
He further revealed that some unqualified individuals managed to gain access to the camp, while some selected candidates failed to meet the reporting deadline. Those with health issues were also disqualified.
Abass reaffirmed that the Amotekun Corps remains committed to fairness and impartiality in its recruitment process. He described the allegations as an attempt to create confusion and undermine the security outfit’s credibility.
PANDEF Clarifies Visit To Tinubu, Knocks Wike Over Inflammatory Comments
IPOB’s lawyer accuses Anambra govt of violating citizens’ rights, wants all arrested charged to court
Osun Amotekun recruits accuse Adeleke’s govt of nepotism
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