Connect with us


BIG STORY

BREAKING: Dangote Reduces Petrol Loading Price To N890 Per Litre

Published

on

Just three weeks after announcing an increase in the price of Premium Motor Spirit (PMS), better known as petrol, the Dangote Petroleum Refinery has unexpectedly reduced its ex-depot (gantry) price. The price has been lowered from N950 to N890 per litre.

In a statement issued on Saturday night and signed by Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery explained that this adjustment is a direct response to the favorable trends in global energy and gas markets, alongside recent declines in international crude oil prices.

The new price will take effect from Saturday, 1st February 2025.

The statement further highlighted that the change reflects ongoing shifts in global crude oil prices. Brent crude, the global benchmark, was priced at $77.48 per barrel on Friday, a decrease of $4 from $81 per barrel at the beginning of January.

The statement concluded, “Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit, also known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.”

“This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.

“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.”

The refinery also expressed its assurance that the reduction will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living.

It further called on marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.

The statement added, “Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.

“In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” the statement concluded.

BIG STORY

Lagos State Begins Strict Enforcement Of Styrofoam, Single-Use Plastics Ban Today

Published

on

In a bold effort to protect the environment and safeguard public health, the Lagos State Government has officially begun enforcing the ban on the sale and use of Styrofoam and single-use plastics throughout the state.

Commissioner for the Ministry of the Environment and Water Resources, Mr. Tokunbo Wahab, confirmed that enforcement takes effect from today, July 1, 2025.

“Many believed that after the last period of grace, the state government would succumb to blackmail and the spread of half-truths to extend the deadline. But this is a total no,” Wahab said.

He stressed that the decision is rooted in the government’s responsibility to preserve lives, protect property, and promote the overall health of residents.

“There is no going back. Anyone found culpable will be prosecuted in accordance with the state’s environmental laws,” he added.

The ban seeks to address the environmental damage caused by non-biodegradable waste, which has been a major contributor to flooding, marine pollution, and public health issues in Lagos.

Residents, businesses, and food vendors are encouraged to switch to environmentally friendly packaging alternatives as part of the state’s ongoing campaign for a cleaner, healthier, and more sustainable Lagos.

Continue Reading

BIG STORY

Law Enforcement Agencies Benefitted From Petrol Subsidy Scam — Former EFCC Chairman Bawa

Published

on

Abdulrasheed Bawa, former chairman of the Economic and Financial Crimes Commission (EFCC), says law enforcement agencies were among the beneficiaries of the petrol subsidy fraud.

In his latest publication, The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, Bawa revealed that Nigeria lost $450 million to the subsidy scam under the Petroleum Support Fund (PSF) between 2006 and 2012.

He noted that several oil marketers involved were prosecuted and jailed, with 80 percent of the embezzled funds recovered.

During an interview on Arise Television’s programme Prime Time, Bawa pointed out that many individuals tied to the fraud were compromised.

“Everybody was benefitting from the scale and the scam, including law enforcement,” Bawa said.

“People can be compromised in such a way that they will look the other way around. It’s a general thing.”

The former anti-corruption chief also urged Nigeria to push back against damaging external narratives, particularly the idea of “relooting” recovered public funds.

He argued that the country must reject the perception that it is involved in “relooting the loot”, a term used to describe alleged misuse of retrieved assets.

“Nigeria should be able to challenge the international community that is always thinking negative about our country,” he said.

“This idea of relooting the loot shouldn’t be discussed against us as a country. Nigerians and non-Nigerians should have the ability to trust in our leaders.”

Bawa further stated that Nigerians have increasingly accepted negative portrayals imposed by foreign voices.

“It has now become like a norm among us Nigerians to take in what the international community perceives us to be,” he added.

When asked about the repeated controversies surrounding EFCC chairs, Bawa dismissed suggestions of political witch-hunting but acknowledged the recurring pattern.

“It’s just a phase that has to come and go. People always talk. Whether you’re telling the truth or not, people will say something,” he said.

Bawa served as EFCC chairman from 2021 to 2023.

Continue Reading

BIG STORY

Reps Kick As Ibas Allocates N24bn For CCTV, N30bn For Gunboats In Rivers’ 2025 Budget

Published

on

The ad hoc committee of the house of representatives overseeing Rivers state has criticised Ibok-Ete Ibas, the state’s sole administrator, over certain allocations in the N1.48 trillion 2025 budget.

The senate had approved the N1.48 trillion appropriation bill for Rivers state on June 25.

A breakdown of the budget shows that N120.8 billion is designated for debt servicing, N287.38 billion for recurrent non-debt spending, and N1.077 trillion for capital projects.

At a budget defence session in Abuja on Monday, Julius Ihonvbere, the house majority leader and chair of the ad hoc committee, highlighted several concerns after reviewing the proposal.

Ihonvbere raised questions about the N24 billion set aside for CCTV, the N30 billion allocated for gunboats, and the N23 billion marked as contingency funds. He called for a full explanation and justification of these figures.

He noted that the budget lacked a medium-term expenditure framework (MTEF), which is a statutory requirement.

Ihonvbere also questioned the state’s decision to finance federal projects without a formal reimbursement agreement from the federal government.

He requested detailed records of local government fund transfers, including how third-tier funds are currently managed.

“We need additional details for those allocations. We request details of the state’s Internally Generated Revenue (IGR) in the last three months,” he said.

“That will enable us to know your financial flows so that we can weigh it against the deficit in the budget in terms of financing it and carrying out some of the projects.

“We also need details of transfers to local governments — essentially, how local government funds that came into the state are being managed at the moment.

“Those documents we have requested must reach us within 48 hours; rest assured that we are all on the same side in terms of getting Rivers working again.

“We want to ensure that we promote a lot of accountability and ensure that the interests of the people themselves, no matter how remote they are from the state capital, are protected.”

Responding for Ibas, Andrew Nweke, senior special assistant on strategy and policy, explained that many of the budget items were inherited by the current administration.

He said the allocations align with the priorities identified by the people of Rivers, following assessments conducted by implementing agencies.

Nweke said the CCTV allocation was intended for installing modern surveillance systems at the government house.

He also said the gunboats were designated for supporting security agencies in patrolling the state’s waterways.

He added that the contingency funds would be used to address emergencies such as flooding and insecurity.

He assured the committee that the requested documents would be submitted.

Continue Reading



 

Join Us On Facebook

Most Popular