Marketers of Petroleum Motor Spirit (PMS) also known as petrol in Nigeria are not happy with Dangote refinery and the Nigerian National Petroleum Company Limited, NNPCL, over their decision to reduce price of the essential product, aimed at ameliorating economic challenges facing the people.

It would be recalled that Dangote refinery has reduced price of petrol three times, first before Christmas and New Year celebrations and two times since January.

But the Petroleum Products Retail Outlet Owners Association has said that petrol marketers lost billions due to the downward review of fuel prices by Dangote Refinery and the Nigerian National Petroleum Company Limited, NNPCL.

The association’s spokesman Joseph Obele disclosed this on Monday, saying there was a need for healthy competition and price stability within Nigeria’s petroleum downstream sector.

Last week Monday, NNPCL dropped its retail petrol price to N860 and N880 per litre from N945 and N965 in Lagos and Abuja, respectively.

NNPC’s petrol price drop followed Dangote Refinery’s retail fuel price reduction to N860 and N880 per litre across its retail partners.

The development sparked a fresh price war between NNPCL and Dangote Refinery.

Reacting to fluctuations and price instability, PETROAN recommended a six-month price stability mechanism.

“PETROAN is firmly committed to the Petroleum Industry Stakeholders Forum and stands firm in advocating for healthy competition, full liberalisation, and price stability in the downstream sector. We urgently urge NMDPRA to quickly swing into action to ensure fair pricing. We believe that by working together, industry stakeholders, government, and consumers can create a vibrant, competitive market that benefits everyone.

“For the average citizen, sudden spikes in fuel prices can lead to financial strain and uncertainty.”

The association stressed that the sudden downward review of prices has resulted in massive losses, with those affected counting their losses in billions of naira.

“This situation poses a significant fear for further investment in the sector, as investors are wary of unpredictable market conditions. Moreover, the threat of price fluctuations is affecting the business boom in the sector, which will definitely lead to retrenchment. This will have far-reaching consequences, including job losses and economic instability.

“To address these challenges, PETROAN proposed that regulatory authorities establish mechanisms to encourage price stability for at least six months. This approach will help reduce the uncertainty and risk associated with investments in the sector, ultimately promoting economic development and protecting the interests of consumers and Nigerians.”

According to PETROAN, they advocated for a multiplicity of supply sources, including Dangote Refinery, NNPC refineries, modular refineries, and imports, to foster competition in the downstream sector.

“After due consultation with key stakeholders and players in the petroleum sector, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has taken a firm stance on promoting healthy competition and controlling price fluctuations in the downstream sector.

“To this effect, PETROAN advocates the importance of preventing monopolies and ensuring local refineries thrive, given their significant economic benefits to the country.

“The importance of healthy competition: Healthy competition is essential for fostering innovation, improving service delivery, and ensuring that consumers have access to affordable products. When competition thrives, it leads to better choices for consumers and ultimately contributes to economic growth.

“PETROAN firmly believes that a competitive downstream sector is not just beneficial but necessary.

“To achieve this, PETROAN advocates for a multiplicity of supply sources, including Dangote Refinery, NNPC refineries, modular refineries, and imports. This diverse range of sources will foster competition, especially with imports, allowing for comparisons with international market prices and protecting the local market from exploitation.

“We advocate for policies that dismantle barriers to entry for new players, promote fair practices among existing companies, and ensure that no single entity can dominate the market to the detriment of consumers,” the statement reads.

By Elijah Ntongai with Agency reports

Elon Musk, American tech billionaire, sill leads globally as the richest person on earth, followed by Mark Zuckerberg and Jeff Bezos.

Others are French luxury mogul Bernard Arnault who ranks fourth and Oracle co-founder Larry Ellison follows at number five while Bill Gates, Larry Page, Warren Buffett and Sergey Brin are sill forces to reckon with.

According to Bloomberg Billionaires Index, the first two months of 2025 have been a turbulent period for the world’s richest as there has been significant volatility in the net worth of the richest individuals in the world which has been driven by the ups and downs witnessed in the global tech industry, for example the recent market dip caused market grow of Chinese-owned Deep Seek.

Here is the list the richest individuals in the word

1. Elon Musk – $330B (US) (KSh 42.41 trillion)

Elon Musk leads with a $330 billion net worth (about KSh 42.41 trillion) from a wealth portfolio of stocks in Tesla, SpaceX and X Corp alongside stakes in xAI, Neuralink, and The Boring Company.

2. Mark Zuckerberg – $221B (US) (KSh 28.39 trillion)

Mark Zuckerberg, with $221 billion (KSh 28.39 trillion), trails Musk by $109 billion. His wealth stems from Meta, the social media giant behind Facebook, Instagram, and WhatsApp, which has recently reported significant growth driven by AI innovations.

3. Jeff Bezos – $220B (US) (KSh 28.26 trillion)

Jeff Bezos holds $220 billion (KSh 28.26 trillion), anchored by Amazon, the e-commerce and cloud computing behemoth, as well as his stakes in Blue Origin and The Washington Post.

4. Bernard Arnault – $148B (KSh 18.998 trillion) (France)

Bernard Arnault’s $148 billion fortune, down $9.2 billion, is tied to LVMH, the luxury goods conglomerate behind Louis Vuitton, Dior, and Hennessy. His consumer-focused empire thrives on global demand for high-end products.

5. Larry Ellison – $176B (KSh 22.616 trillion) (US)

Larry Ellison’s $176 billion is backed by his role as Oracle’s co-founder and CTO, a database and cloud computing firm.

6. Bill Gates – $164B (KSh 21.074 trillion) (US)

Bill Gates has built his $164 billion fortune through Microsoft. Now he is a philanthropist, and his wealth is managed through Cascade Investment, which has stakes in diverse sectors across the globe.

7. Larry Page – $157B (KSh 20.148 trillion) (US)

Larry Page is a Google co-founder, and his $157 billion net worth is anchored on his stake in Alphabet Inc., the parent company behind Google and other investments in AI, cloud computing, and self-driving tech via Waymo.

8. Warren Buffett – $155B (KSh 19.918 trillion) (US)

Warren Buffett’s $155 billion is rooted in Berkshire Hathaway, a conglomerate with holdings in insurance, energy, and consumer goods, showcasing his value-investing prowess.

9. Sergey Brin – $147B (KSh 18.889 trillion) (US)

Sergey Brin, with $147 billion, co-founded Google with Larry Page, and his net worth is also based on his Alphabet stake.

10. Steve Ballmer – $136B (KSh 17.496 trillion) (US)

Steve Ballmer’s $136 billion stems from his Microsoft tenure as CEO and a significant stake, plus ownership of the Los Angeles Clippers and other investments.

11. Jim Walton – $114B (KSh 14.634 trillion) (US)

Jim Walton’s $114 billion comes from Walmart, the retail giant founded by his father, Sam Walton, where he holds a substantial family stake.

12. Rob Walton – $111B (KSh 14.264 trillion) (US)

Rob Walton, with $111 billion, also inherited the Walmart wealth.

13. Alice Walton – $111B (KSh 14.264 trillion) (US)

Alice Walton matches her brother Rob at $111 billion, with her fortune tied to Walmart and her art philanthropy via the Crystal Bridges Museum.

14. Amancio Ortega – $108B (KSh 13.894 trillion) (US)

Amancio Ortega’s $108 billion is driven by Inditex, the parent company behind Zara, which has recorded significant growth in the global fashion market.

15. Michael Dell – $106B (KSh 13.664 trillion) (US)

Michael Dell’s $106 billion is rooted in his role as CEO of Dell Technologies and past investments in tech and the banking industry.

16. Jensen Huang – $99.9B (KSh 12.829 trillion) (US)

Jensen Huang’s $99.9 billion comes from NVIDIA, the AI and graphics chip maker riding on the AI boom.

17. Mukesh Ambani – $88.1B (KSh 11.322 trillion) (India)

Mukesh Ambani’s $88.1 billion net worth is fueled by Reliance Industries, spanning energy, petrochemicals, and telecom via Jio.

18. Carlos Slim – $82.8B (KSh 10.636 trillion) (Mexico)

Carlos Slim’s $82.8 billion net worth is built on América Móvil, a telecom giant, and other diverse investments.

19. Francoise Bettencourt Meyers – $81.5B (KSh 10.481 trillion) (France)

Francoise Bettencourt Meyers, with $81.5 billion, inherited L’Oréal, the cosmetics empire,from her family.

20. Julia Flesher Koch & Family – $74.4B (KSh 9.559 trillion) (US)

Although Elon Musk remains the richest person on earth according o the latest update by Bloomberg, leading with a net worth of $330 billion, TUKO.co.ke reported that Musk’s net worth plunged by $132 billion (KSh 16.962 trillion) between January 1 and March 7, 2025.

This was primarily due to a sharp decline in Tesla’s stock, which dropped 13.4% since the start of the year and 27% from its December 2024 peak amid weakening global EV sales.

His wealth comes from multiple multi-billion Dollars businesses including stocks in Tesla, SpaceX and X Corp alongside stakes in xAI, Neuralink, and The Boring Company.