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Iran-Israel: Petrol May Hit N1,000 Per Litre As Oil Price Soars

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Global crude oil prices are expected to surpass $80 per barrel this week due to rising tensions between the United States and Iran. The oil market has reacted strongly to news of coordinated US-Israeli airstrikes on major Iranian nuclear facilities.

Petroleum product marketers have warned that petrol could soon cost N1,000 per litre, driven by the rising price of crude oil and fluctuations in the foreign exchange market.

This follows a “preemptive defensive strike,” in which the US launched overnight attacks on three major Iranian nuclear sites. According to President Donald Trump, the strike “obliterated” Tehran’s critical nuclear infrastructure, and coincided with an Israeli assault, further intensifying the conflict. Iran is the third-largest crude producer in OPEC.

In response, the Iranian parliament is reportedly taking steps to close the Strait of Hormuz, a key oil transit route responsible for nearly 20 per cent of global supply. The move caused immediate disruptions in the energy market, with Brent crude prices climbing and analysts forecasting further increases.

Energy analysts warned on Sunday that if Brent crude exceeds $80 per barrel, petrol in Nigeria could soon be sold at N1,000 per litre. The Chief Executive Officer of PetroleumPrice.ng, Olatide Jeremiah, noted that private depots are already preparing to raise loading costs.

Jeremiah explained that if crude prices rise above $80 by Monday morning, petrol could be sold for N1,000 at the depots. He pointed out that “Dangote remains a major determinant of petrol price” and that the temporary halt in sales last week by the refinery triggered a spike in prices. The refinery has resumed sales at N880 per two million litres.

The Independent Petroleum Marketers Association of Nigeria stated that the ongoing crisis between Israel and Iran continues to drive up crude prices, which is pushing global petrol prices higher.

On Friday, Dangote refinery increased its petrol prices from N825 to N880. In response, MRS Oil Nigeria and other retail outlets raised their pump prices to an average of N955 in the South East and North West.

A correspondent observed that filling stations were selling petrol at prices ranging from N930 to N960, depending on the location, with Lagos having the lowest price at N925 per litre.

Speaking to The PUNCH, IPMAN’s National Publicity Secretary, Chinedu Ukadike, attributed the increase to the instability in both global crude oil prices and the foreign exchange market. He stated that Brent crude rose from around $66 to $77 per barrel.

Ukadike said the changes in crude oil prices and foreign exchange rates directly impact domestic petrol prices. He noted that both Dangote refinery and fuel importers had adjusted prices on Friday in response to these changes.

According to him, the rising cost of lifting 50,000 litres of petrol is putting financial strain on independent marketers, leading them to reconsider their pricing strategies. Petrol prices in some parts of the North have already reached N980 to N1,000 due to higher transportation and logistics costs.

Ukadike said petrol refined by Dangote might not be significantly cheaper than imported products because the refinery sources crude at international rates. He added that “it depends on what the presidential committee on the naira-for-crude deal approves.”

Retail prices are expected to vary by region, with South-South states seeing prices up to N950 per litre due to easier access to marine terminals.

Earlier reports had it that importers recently increased prices following the rise in crude oil. Nigerian crude grades like Bonny Light, Brass River, and Qua Iboe climbed to $79 per barrel after Israel’s military actions against Iran heightened regional conflict fears.

According to Oilprice.com, Bonny Light sold at $78.62 per barrel, while Brent and WTI closed at $77 and $73.84 respectively, exceeding the Nigerian government’s 2025 budget benchmark of $75 per barrel.

Analysts have warned that these higher prices could lead to increased local fuel prices due to more expensive crude input. Since Monday, depots raised petrol prices in response to the escalating Middle East crisis.

Petrol prices rose from N825 to N840 at the start of the week. Rainoil increased its rate by N50 to N900 per litre, while Fynefield and Mainland set depot prices at N930 and N920 respectively.

Other sellers like Sigmund, Matrix Warri, NIPCO, and Aiteo also raised prices to between N840 and N920. SGR adjusted its pump price to N930.

The Nigerian National Petroleum Company Limited is expected to update its prices soon. Jorge Leon, Rystad’s head of geopolitical analysis and a former OPEC official, said “An oil price jump is expected.” SEB analyst Ole Hvalbye added that Brent crude could rise by $3 to $5 when markets open.

Ole Hansen of Saxo Bank predicted a possible $4 to $5 increase due to investor repositioning. Brent and WTI had fallen on Friday after the US imposed new Iran-related sanctions, including measures targeting Hong Kong-based entities.

Brent has increased by 11 per cent and WTI by 10 per cent since the conflict began on June 13, with Israel targeting Iranian nuclear sites and Iran responding with missile attacks on Tel Aviv.

Despite stable oil supply conditions and available OPEC spare capacity, analysts say supply disruptions could drive prices even higher, while a de-escalation would reduce risk premiums.

Meanwhile, reports suggest Iran’s parliament has voted to close the Strait of Hormuz. Although not officially confirmed, Esmail Kosari from the national security commission said, “For now, [parliament has] concluded we should close the Strait of Hormuz, but the final decision in this regard is the responsibility of the Supreme National Security Council.”

The Strait of Hormuz, 21 miles wide at its narrowest point, is a crucial maritime passage that connects the Persian Gulf to the Gulf of Oman and the Arabian Sea. Approximately 20 per cent of the world’s oil—17 to 18 million barrels per day—passes through it.

 

BIG STORY

VP Shettima, Gbajabiamila Depart Abuja To Accompany Buhari’s Body Back To Nigeria [PHOTOS]

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Vice President Kashim Shettima, alongside the Chief of Staff to the President, Femi Gbajabiamila, has left Abuja for London to accompany the late former President Muhammadu Buhari’s remains back to Nigeria.

It was earlier reported that Buhari, a two-term President who also once served as a military head of state passed away on Sunday evening.

Reports indicate that the former President died in London, where he had traveled a few weeks ago to receive medical treatment.

Throughout his time in office, Buhari dealt with various health issues, often traveling abroad for extended medical care.

Following his death, President Bola Tinubu instructed Shettima to head to London and bring Buhari’s body back to Nigeria.

Gbajabiamila is also joining Shettima on the trip. Both men were seen boarding the presidential jet on Sunday night in a post shared on X.

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BIG STORY

UPDATE: President Tinubu, Former Leaders Gather For Buhari’s Burial In Daura Today

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President Bola Tinubu and several former Nigerian heads of state are expected to assemble in Daura today for the burial of former President Muhammadu Buhari, in accordance with Islamic customs.

Vice-President Kashim Shettima, acting on the President’s directive, accompanied Buhari’s body from London where he passed away around 4:30 pm on Sunday.

Report has it that Buhari’s remains are expected to arrive in Nigeria early Monday for immediate transport to his hometown in Daura, Katsina State, for burial.

“The burial is today (Monday). They’re bringing his corpse over the night. They’ll go straight to Daura. So, they’ll bury him today (Monday).

You know, the Islamic rites don’t take time,” one official, who asked not to be named, explained.

Another insider said, “When the corpse arrives, we are sure the President would go there. After they go to Daura, the President can join them there.”

When asked if any African presidents would be present in Nigeria to pay their respects, a third official replied, “Yes, there would be mainly West African Leaders. But we don’t know who and who until they start to communicate on Monday.”

The official added, “The body will arrive early tomorrow and be buried. We’ll start having heads of state from West Africa. It is likely that some will come.

If they come they will stay in their hotels until they get a time to see the President today (Monday).

You know, the President just came back early hours of today. And he’s still resting.”

Tinubu had announced the former leader’s death, which followed a lengthy undisclosed illness.

“President Tinubu has spoken with Mrs Aishat Buhari, the former President’s widow and offered his deep condolences,” read a statement issued Sunday by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga.

The statement was titled ‘President Tinubu Announces President Buhari’s Passing, Orders VP Shettima To The Uk To Accompany Body Back Home.’

“President Tinubu has also ordered Vice President Kashim Shettima to proceed to the United Kingdom to accompany President Muhammadu Buhari’s body back to Nigeria,” Onanuga said.

Tinubu instructed that national flags be flown at half-mast as a tribute to the late leader.

He also called for an emergency Federal Executive Council meeting on Tuesday, July 15, 2025, to honour the former President.

In a personal tribute signed Sunday evening, Tinubu affirmed that Buhari would receive full state honours.

“As a mark of respect to our former leader, I have directed that all national flags fly at half-staff across the country for seven days from today,” Tinubu wrote.

He added, “I have also summoned an emergency Federal Executive Council session on Tuesday, dedicated to his honour.”

The President said the news of Buhari’s death brought him “profound sorrow and a heavy heart,” and noted that Nigeria had lost “a patriot, a soldier, a statesman.”

“President Buhari was to the very core, a patriot, a soldier, a statesman. His legacy of service and sacrifice endures.

He served Nigeria with unwavering dedication, first as a military leader from January 1984 to August 1985, and later as a democratically elected President from 2015 to 2023.

Duty, honour, and a deep commitment to the unity and progress of our nation defined his life,” Tinubu wrote.

Tinubu also characterized Buhari as a steady leader during difficult times, praised for his integrity and strong belief in Nigeria’s potential.

He commended Buhari’s fight against corruption and his effort to bring discipline to governance.

“He championed discipline in public service, confronted corruption head-on, and placed the country above personal interest at every turn,” Tinubu said.

The President also expressed sympathy to the people and traditional authorities of Daura, the late President’s birthplace.

“In this moment of national mourning, I extend my deepest condolences to his beloved wife, Aisha, with whom I have been in constant touch, his children, the entire Buhari family, and all who knew and loved him.”

“I also extend my condolences to the government and people of Katsina State, most especially the people and traditional leaders of Daura Emirate,” he stated.

Tinubu said the government would arrange a funeral that reflects Buhari’s “towering contributions to our country” and prayed for his peaceful rest.

“We honour his service. We reflect on his legacy. And we pray for the peaceful repose of his soul,” he said, adding, “May Allah forgive his shortcomings and grant him Al-Jannah Firdaus. And may his life continue to inspire generations of Nigerians to serve with courage, conviction, and selflessness.”

The 82-year-old had travelled to London in late June for continued treatment for an unspecified medical condition.

During his presidency, Buhari frequently travelled abroad for health reasons.

He made at least 13 medical trips to the UK while in office.

His first documented trip occurred in June 2016, just over a year into his presidency, lasting ten days.

By 2017, his health-related travels increased in frequency and length.

In May 2017, he spent more than 100 days in London, his longest medical leave, sparking concerns about leadership continuity.

Such visits were often suddenly announced, with official statements describing them as “routine check-ups.”

From 2018 to 2021, Buhari is said to have travelled to London for medical purposes at least once annually, including trips in April 2021 and March 2022.

His last known medical trip while president occurred in October 2022, just months before completing his tenure.

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BIG STORY

Awujale Of Ijebuland, Buhari’s Longtime Friend, Oba Sikiru Adetona Joins His Ancestors At 91

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Oba Sikiru Kayode Adetona, the Awujale of Ijebuland, has passed away at 91.

The traditional ruler died on Sunday, just a few hours after the news broke of the death of Muhammadu Buhari, who was both his old friend and Nigeria’s former president.

In a statement, Ogun State Governor Dapo Abiodun described the monarch’s death as a huge blow to both Ijebuland and the entire nation.

Abiodun referred to the timing of both deaths as “double sadness”, highlighting the strong bond that existed between the two elder statesmen.

“Oba Adetona joined his ancestors today at the age of 91, leaving behind a remarkable legacy that has significantly shaped Ijebuland, Ogun State and Nigeria in general,” the statement reads.

He commended the king’s “transformative reign”, pointing out his progressive style of leadership, the rise in Ijebuland’s recognition, and the global attention given to the Ojude Oba festival.

“Throughout his reign, he was a beacon of unity, cultural preservation, and progressive development. His dedication to the welfare of his people was evident in his efforts to foster educational advancements, healthcare improvements, and economic growth within the state and Nigeria,” Abiodun said.

Adetona became king on April 2, 1960, and remained on the throne for more than 64 years, making him one of the country’s longest-reigning traditional leaders.

His friendship with Buhari began in the 1980s and was solidified under unique and historic events.

Back in 1983, before Buhari’s military government took over, then Ogun State Governor Olabisi Onabanjo had already signed off on a decision to depose Adetona. The removal was due to be enforced by January 2, 1984.

However, the military coup that occurred on December 31, 1983 — which brought Buhari to power — disrupted those plans. The near overlap between the planned deposition and the military takeover marked a turning point in the monarch’s life.

Though Buhari’s actions were not aimed at halting the deposition, the result of the coup effectively allowed Adetona to remain on the throne.

Over time, the Awujale and Buhari built a quiet but deep friendship that was rooted in mutual admiration.

Adetona became a respected moral authority within the traditional leadership structure in Nigeria. He was admired for speaking his mind, resisting subservience to power, and believing that monarchs should always hold leaders accountable.

Through his guidance, Ijebuland grew in cultural strength, economic relevance, and political influence.

Abiodun called him “a beacon of unity and progress”, adding that “his wisdom, kindness, and unwavering commitment to the betterment of his people will forever be etched in our hearts”.

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