News
10,000 oil dealers may close shop as drop in fuel consumption, high cost hit

Published

A recent report revealed that there’s been a 92% drop in petrol consumption in Nigeria since President Tinubu assumed office on May 29, 2023.
No fewer than 10,000 oil marketers are at risk of shutting down as fuel consumption plummets nationwide due to skyrocketing prices and product scarcity.
The markers expressed their fears in an interview with Sunday Punch.
Pulse reported that the latest data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMPDRA) put nationwide fuel consumption at 4.5 million litres per day in August 2024.
The figure represents a significant drop from 60 million litres per day in May 2023, a staggering 92% decline.
According to the data, only 16 out of the 36 states received fuel from the Nigerian National Petroleum Company (NNPC) Limited in August, leading to widespread shortage.
Fuel prices have been rising at an exponential rate since President Bola Tinubu came to office in 2023.
The President announced the end of the petrol subsidy regime on his first day in office, triggering a price surge from ₦185 to over ₦1,000 by October 2024.
The continuous price increases have further stifled the already battered economy, driving up the cost of food and transportation, and fuelling inflation to a three-decade high.
The situation has plunged many Nigerians into chronic hardship as lamentation becomes the order of the day.
A report by a French news agency also detailed how Nigerians have been forced to abandon their vehicles, opting instead for public transportation as the hardship permeates every strata of the nation.
Fuel scarcity worsens as NNPCL increased petrol price amid scarcity. [Punch]
Oil marketers raise the alarm
The national leadership of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) lamented that the drop in petrol consumption had caused its members huge losses, adding that 10,000 of them were on the verge of closing shop.
The PETROAN National Public Relations Officer, Dr Joseph Obele, said the cost of loading a truck of fuel had risen from ₦7m to ₦47m in the last 16 months.
“Three days ago, there was a meeting at the national headquarters of PETROAN. At the meeting, there was, an indication that about 10,000 of our members would quit the business in the next 45 days because their trading capital had been severely affected,” Obele told Sunday Punch.
He also warned of the potential job losses as the affected marketers had a combined total staff strength of about one million.
“That was why we wrote a letter to Mr President, dated October 21, requesting a grant of N100bn to save the affected marketers’ businesses from shutting down in the next few weeks,” the PETROAN spokesman added.
For his part, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, also confirmed the massive reduction in fuel consumption, adding that members of the union were equally affected.
“There is a drop in consumption and the price of a truckload is higher now. So, we have reduced the quantity of fuel we buy. For instance, someone who bought 10 trucks before can only buy eight now. So, we haven’t been getting the right quantity that we are supposed to get. We sell only the little quantities we get,” he said.
Meanwhile, the leadership of the Nigeria Union of Petroleum and Natural Gas Workers (PENGASSAN) stated that the inability of the oil marketers to buy products had resulted in job losses for truck drivers and petrol station workers in the country.
“The economy is not smiling at all. Many petrol station owners cannot even buy a single truckload, and this has affected our members. Those of them that are truck drivers hardly get loads to carry anymore. Many petrol stations have closed down and our members who are petrol station workers have lost their jobs,” NUPENG Secretary-General, Afolabi Olawale told the platform.
Asked to state the actual number of NUPENG members affected, Olawale said, “This is an unfolding situation. It’s evolving, so I may not be able to give you the actual number of people affected now because we have those in the informal and formal sectors. We have people in the upstream, downstream, and midstream. But I don’t have the statistics right here with me to give you.
“Though everybody is affected, those in the downstream are the most affected. It affects those in the downstream sector directly because they are truck drivers, station workers, and the representatives of the marketers at different depots.”
#oil #dealers #close #shop #drop #fuel #consumption #high #cost #hit
Related
Turo247News is on WhatsApp!
CLICK HERE TO JOINShare News with us via Email: turo247newz.com@gmail.com
Join Our Social Media Channels- WhatsApp: Turo247 News Room
- Facebook: Turo247newz
- Twitter: @turo247newz
- Instagram: @turo247newz
- Tiktok: Turo247newz
You may like
Ogun filling stations sealed for under-dispensing fuel
China’s Energy Across Mountains and Oceans: Extra High Voltage Transmission Technology Lights Up Brazil’s Future
5 things you can use coconut oil for, from head to toe
BREAKING: Port Harcourt refinery officially commences crude oil processing operation
Green Light Music Publishing & The Sarz Academy hit all right notes at exclusive 6-day discovery Music Camp
EFCC Chairman dismiss 2 staff over alleged corruption
Latest Trending News
Kwara-based Islamic cleric arrested for k!lling final year student he lured from Facebook

Published
8 hours agoon
February 15, 2025By
John
The Kwara State Police Command has arrested a self-proclaimed Islamic cleric, AbdulRahman Bello, for allegedly k!lling a final-year student, Lawal Hafsoh Yetunde, for ritual purposes. The tragic incident occurred on February 10, 2025, after Hafsoh mysteriously disappeared. Hafsoh, a student at the Kwara State College of Education, Ilorin, was last seen attending a naming ceremony on the day she went missing. Witnesses say she was eating when she received a phone call and left the event, never to be seen again. Her family reported her disappearance to the Oja Oba Police Station the following day, prompting an intense search. Investigators traced Hafsohs last call to Bello, who lived in Offa Garage, Ilorin, though his family home is in Isalekoto. Initially, Bello denied any knowledge of her whereabouts, but during a search of his residence, officers discovered a gruesome scene. Hafsohs dismembered body was found in a bowl, along with tools suspected to have been used in the crime. Bello claimed Hafsoh died from an asthma attack after visiting his home. However, forensic evidence, including a table stocked with dismembering tools, suggests otherwise. Police sources revealed that Bello is the son of a well-known Islamic cleric from Isalekoto, who recently passed away. Kwara State Police PRO, SP Adetoun Ejire-Adeyemi, confirmed the case, describing it as “gruesome” and assuring that a full investigation is underway. “On 11/02/2025 at about 18:00 hours, a case of a missing person was reported at C Division Oja-Oba by her father, Mr. Ibrahim A. Lawal. Immediately, police detectives swung into action, tracked her number, and arrested a suspect. The case was transferred yesterday (Friday) to the SCID for further investigations. More updates will follow.” The suspect remains in police custody as authorities investigate possible previous victims.The post Kwara-based Islamic cleric arrested for k!lling final year student he lured from Facebook appeared first on Linda Ikeji Blog.
Related
Turo247News is on WhatsApp!
CLICK HERE TO JOINShare News with us via Email: turo247newz.com@gmail.com
Join Our Social Media Channels- WhatsApp: Turo247 News Room
- Facebook: Turo247newz
- Twitter: @turo247newz
- Instagram: @turo247newz
- Tiktok: Turo247newz
Latest Trending News
Where to Sell Gift Cards for Naira in Nigeria – GCBUYING

Published
11 hours agoon
February 15, 2025By
John
Selling gift cards for Naira has become one of the fastest ways to get instant cash in Nigeria. Whether you have an Amazon, iTunes, Google Play, Steam, Walmart, or Visa gift card, finding a secure and high-paying platform is essential. Many platforms claim to offer the best rates, but few provide instant payments, transparency, and reliability.
If you’re looking for where to sell gift cards in Nigeria for instant cash, this guide will show you how to get the best rates and secure transactions. We will also touch on how to sell crypto for Naira easily, giving you multiple ways to liquidate your digital assets fast.
Best Place to Sell Gift Cards for Naira in Nigeria
When selling gift cards, the most important factors to consider are exchange rates, payment speed, and platform security. The best platform that checks all these boxes is GCBUYING, which offers:
Best Exchange Rates – Get the highest value for your gift cards.
Instant Payment – Receive your money within minutes after transaction approval.
Secure Transactions – 100% fraud-proof with verified trading.
24/7 Customer Support – Reliable support for smooth transactions.
With GCBUYING, you can sell your gift cards for cash at top market rates with zero hidden fees.
How to Sell Gift Cards for Naira Instantly
Trading your gift cards for cash in Naira is simple with GCBUYING. Follow these steps:
Visit GCBUYING and create an account.
Select the type of gift card you want to trade.
Enter the denomination and details of your card.
Get an instant rate offer and confirm your trade.
Receive instant payment via bank transfer, crypto or mobile money.
This process ensures that you get paid instantly without delays.
Latest Exchange Rates for Gift Cards in Nigeria
Gift card rates fluctuate based on market demand, so checking live rates before selling is crucial.
Below are some of the latest rates on GCBUYING:
$100 Amazon Gift Card – ₦94,000
$100 iTunes Gift Card – ₦110,500
$100 Google Play Gift Card – ₦113,200
$100 Steam Gift Card – ₦81,500
$100 Visa Prepaid Gift Card – ₦109,000
$100 Walmart Gift Card – ₦79,000
$100 eBay Gift Card – ₦110,000
These rates may change, so always check GCBUYING’s live rates page before making a trade.
Can I Sell Crypto for Naira Instantly?
Yes. If you are looking for a fast and secure way to convert crypto to cash, platforms like GCBUYING & QuickChain allow you to sell Bitcoin and other crypto for instant Naira payments. Just like gift cards, crypto trading requires a safe and transparent platform, and QuickChain provides real-time transactions and competitive rates.
With GCBUYING & QuickChain, you can sell Bitcoin for naira, Ethereum, and stablecoins for Naira, receive instant payments directly to your bank account, and enjoy a smooth, secure, and transparent trading process.
Whether it’s gift cards or crypto, the key is choosing a trusted exchange that guarantees the best rates and instant payments.
Why Nigerians Trust GCBUYING for Gift Card Exchange
FAQs About Selling Gift Cards for Naira
For those looking to sell Bitcoin or crypto for instant cash, GCBUYING & QuickChain provides a seamless and secure way to convert digital assets to Naira.
Related
Turo247News is on WhatsApp!
CLICK HERE TO JOINShare News with us via Email: turo247newz.com@gmail.com
Join Our Social Media Channels- WhatsApp: Turo247 News Room
- Facebook: Turo247newz
- Twitter: @turo247newz
- Instagram: @turo247newz
- Tiktok: Turo247newz
Latest Trending News
Missing final year Kwara student found dismembered in home of Islamic cleric she met on Facebook

Published
14 hours agoon
February 15, 2025By
John
An Islamic cleric in Ilorin, Abdulrahman Mohad Ballo, has been arrested for allegedly k!lling a final-year student of Kwara State College of Education, Lawal Hafsoh Yetunde, for ritual purposes. The suspect reportedly lured Yetunde after connecting with her on Facebook and obtaining her phone number. According to reports, the suspect dismembered her body for alleged ritual purposes after the gruesome k!lling. The Kwara State Police Command, which confirmed the incident, stated that the suspect had been arrested. Yetunde, a final-year student of Kwara State College of Education, Ilorin, was last seen on Monday, February 10, 2025, while attending a naming ceremony. She received a call from a friend, stepped aside to answer, and then left. “Since then, weve been searching for her everywhere, but no one knew her whereabouts,” a source said. By Tuesday, Feb. 11, her family reported her missing at Oja-Oba Police Station, Ilorin. The police used her phone number to trace her last call, which led them to a suspect living in the Offa Garage district area of Ilorin. The suspect was arrested but initially denied knowing her whereabouts. However, during a search of his house, he confessed that she had visited him and allegedly d!ed of an asthma attack. Upon further investigation, police discovered Yetundes dismembered body, hidden in a bowl, along with equipment used for the act. Sources suggest this may not be the suspects first offence, as police found suspicious tools in his room, indicating a possible pattern of ritual killings. The Kwara State Police Command, through its Public Relations Officer (PPRO), Adetoun Ejire-Adeyemi, confirmed the incident, stating: “The Kwara State Police Command is aware of the gruesome killing of one Miss Yetunde H. Lawal. On February 11, 2025, at about 1800 hours, a case of a missing person was reported at C Division Oja-Oba by her father, Mr. Ibrahim A. Lawal. “Immediately, detectives swung into action, tracked her number, and arrested a suspect. Exhibits were recovered, and the case has been transferred to the State Criminal Investigation Department (SCID) for further investigation. “Further updates will be communicated as the investigation progresses.” Meanwhile, Nigerians have gone to the Facebook account of the cleric, where he used to share religious messages, to call him out. The post Missing final year Kwara student found dismembered in home of Islamic cleric she met on Facebook appeared first on Linda Ikeji Blog.
Related
Turo247News is on WhatsApp!
CLICK HERE TO JOINShare News with us via Email: turo247newz.com@gmail.com
Join Our Social Media Channels- WhatsApp: Turo247 News Room
- Facebook: Turo247newz
- Twitter: @turo247newz
- Instagram: @turo247newz
- Tiktok: Turo247newz
- News3 months ago
PH refinery yet to commence bulk sales – NNPCL debunks petrol price reduction
- turo247xpress logistics3 months ago
Affordable Courier Services Near Me: Quick, Reliable & Budget-Friendly Deliveries
- turo247xpress logistics3 months ago
The Importance of Express Delivery Services for Businesses
- turo247xpress logistics3 months ago
Same Day Delivery Services in Lagos: Fast, Reliable Shipping with Turo247xpress Logistics
- turo247xpress logistics3 months ago
Need Urgent Delivery in Lagos? Turo247xpress Logistics Has You Covered!
- Politics3 months ago
Rivers APC Leadership: Okocha Appointed as Substantive Chairman
- Lifestyle3 months ago
How to Keep Your Home Dust-Free During Harmattan
- Movies3 months ago
“Mz Vick Reveals Why ‘A Ghetto Love Story’ Was Created: Affordability Key to Its Production”