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Major Petrol, Diesel Price Cuts Expected As Crude Prices Slump Again

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Marketers of refined petroleum products say petrol and diesel prices may drop as crude oil prices slump again.

However, the marketers who spoke with our correspondent, said the drop may not be immediate, saying it has to do with the stability of the new low prices.

It was gathered that crude prices tumbled below $60 per barrel over the weekend. The prices hovered around $65 as of Friday.

However, on Monday, the benchmark Brent was trading at $59.80 per barrel, while the West Texas Intermediate traded around $56.71 a barrel, according to oilprice.com

Nigeria’s Brass River and Qua Iboe stood at $64.60 per barrel. The prices were over $10 below the proposed $75 in the 2025 budget revenue projection. This has also triggered fears about the feasibility of the 2025 budget.

As the fall in crude prices impacts the Federal Government’s revenue negatively, Nigerians are hopeful that this may translate to cheaper fuel at the pumps. Crude oil prices and the foreign exchange rate are the major determinants of refined product prices.

Speaking (in an interview with The Punch), marketers said the prices of petroleum products may come down, but not immediately.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said oil speculators will look at the cause of the price crash and how stable it will be.

“The price of petrol may come down, but it might not be soon. Oil speculators will look at the stability first and the factors that brought the price down. So, if the factors are natural, they will not look at bringing down the price. If it is an artificial factor that can definitely be ratified, they will also leave it and watch.

“So, I think for now, to enjoy stability, they will look at it and leave it this way. Maybe by the next two weeks, if it continues like this, there will be a reduction in refined petroleum products,” Ukadike stated.

Similarly, the President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, explained that some refineries had bought crude before the prices went down.

“Some of these things are the input values that should be able to create a low and high, but it doesn’t take just that same speed to impact the system because there’s always crude feed that has been there before, either it’s a higher price or a lower price.

“But if it’s a lower price, sometimes it’s easy to think it’s better to increase the price now so that you can have money to buy more crude. But the projection will always be that once there is a price fluctuation, it will naturally affect the input cost, and therefore also affect the output prices that will be sold from the retail outlets. So, we should expect such a response.

“But it will not be as fast as Nigeria expects it to be. There are still processes that it will go through,” Gillis-Harry stated.

According to Reuters, oil prices fell by more than $1 a barrel on Monday after OPEC+ decided to accelerate its output hikes, causing concerns about more supply coming into a market clouded by an uncertain demand outlook.

The contracts opened on Monday at their lowest levels since April 9.

Reuters said those moves compounded losses after Brent shed 8.3 per cent and WTI lost 7.5 per cent last week on rising supply concerns after Saudi Arabia signaled it could cope with a prolonged lower price environment.

That offset optimism on the demand side that US-China tariff talks could occur, Saxo Bank analyst Ole Hansen said.

OPEC+ agreed on Saturday to further speed up oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day.

The June increase by eight participants in the OPEC+ group, which includes non-OPEC member allies like Russia, will take the total combined hikes for April, May, and June to 960,000 bpd, representing a 44 per cent unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations.

BIG STORY

Tokunbo Wahab at 54: A Quiet Force in Public Service —– By Ayobami Ladipo

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As Tokunbo Wahab turns 54 today, the occasion feels more than another birthday on the calendar. It is a moment to recognize a public servant who has come to symbolize steadiness, discipline, and a certain uncommon seriousness about service.

Known publicly as the Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab has spent recent years carrying out his responsibilities with a mix of firmness and restraint that is becoming increasingly rare in public life.

What stands out most about him is not noise, but consistency. In a world that often rewards the loudest voice in the room, Tokunbo Wahab has built a reputation around substance. He appears to understand something simple yet powerful: leadership is not only about holding public office but also about leaving people better than you found them. That is the kind of leadership people remember. It is the kind that builds confidence, sharpens others, and creates room for growth.

Those who admire him often speak of his human side just as much as his professional side. They describe a man who values people, takes mentorship seriously, and does not seem interested in protecting his own status at the expense of others’ rise. In many spaces, especially public service, it is easy for influence to become self-preservation. Wahab, at least by reputation, seems to lean in the opposite direction. He is the sort of leader who wants his protégés to succeed, not merely survive.

There is also something admirable in the way he carries responsibility without overplaying it. A good administrator does not always need applause to prove impact. Sometimes, impact is seen in the structure of the work, the clarity of the process, and the people who quietly grow under that leadership. That is where Tokunbo Wahab’s value seems to sit: in the patient work of building systems and building people at the same time.

At 54, he stands at a point where experience and maturity should naturally deepen purpose, and by every indication, that is exactly what has happened. He has become one of those figures whose presence suggests order. Not the kind of order that stifles, but the kind that gives direction. Not control for its own sake, but discipline with intent. In that sense, his birthday is not just a personal milestone; it is also a reminder of the kind of leadership people still respect when they see it up close.

So, on this special day, the tribute is simple. Tokunbo Wahab deserves to be celebrated not only for what he does, but for how he does it. For the grace in his administration. For the dignity in his conduct. For the way he appears to invest in people, not just positions. And for proving, in his own quiet way, that a good man in public office is still one of the most valuable things a society can have.

Sir …. I celebrate you today and always, my mentor, my leader, and benefactor.

Ayobami Adegboyega Ladipo
(Mr Porsche)

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BIG STORY

Tinubu Confirms Killing of ISIS Leader In Nigeria-US Joint Operation

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President Bola Tinubu has announced the killing of a senior Islamic State leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, during a joint operation carried out by Nigerian and United States forces in the Lake Chad Basin.

In a statement personally signed on Saturday, Tinubu said the operation marked “a significant example of effective collaboration in the fight against terrorism” between both countries.

The President said Nigerian troops, working with the US Armed Forces, carried out “a daring joint operation that dealt a heavy blow to the ranks of the Islamic State.”

He added that “early assessments confirm the elimination of the wanted IS senior leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, along with several of his lieutenants, during a strike on his compound in the Lake Chad Basin.”

Tinubu described the operation as a major step in advancing the security objectives of both countries and commended the forces involved for their conduct.

“Nigeria appreciates this partnership with the United States in advancing our shared security objectives. I extend my sincere gratitude to President Trump for his leadership and unwavering support in this effort,” the statement read.

The President also praised military personnel from both countries, saying, “I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation.”

The development comes amid renewed military offensives against insurgent groups operating in the North-East and the Lake Chad region, where Islamic State-linked factions have sustained attacks on military formations and civilian communities.

United States President Donald Trump had earlier confirmed the operation, describing Al-Minuki as “the most active terrorist in the world.”

“Tonight, at my direction, brave American forces and the Armed Forces of Nigeria flawlessly executed a meticulously planned and very complex mission to eliminate the most active terrorist in the world from the battlefield,” Trump wrote on Truth Social on Friday.

Trump said the slain militant leader, whom he described as the “second in command of ISIS globally,” had believed he could evade capture in Africa.

“Abu-Bilal al-Minuki, second in command of ISIS globally, thought he could hide in Africa, but little did he know we had sources who kept us informed on what he was doing,” he said.

The US leader added that Al-Minuki, who was placed under American sanctions in 2023 over his ties to the Islamic State group, would “no longer terrorize the people of Africa, or help plan operations to target Americans.”

He further stated that “with his removal, ISIS’s global operation is greatly diminished,” while thanking the Nigerian government for its “partnership” in the operation.

The joint operation underscores growing security cooperation between Nigeria and the United States as both countries intensify efforts to weaken extremist networks operating across the Lake Chad Basin and the wider West African region.

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BIG STORY

ISIS Second-in-Command Killed By US, Nigerian Troops —– Trump

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US President Donald Trump says Abu-Bilal al-Minuki, the second-in-command of ISIS, has been killed in Nigeria.

Trump said al-Minuki was killed in a “complex mission” carried out by Nigerian and American troops.

The US president shared updates on the operation in a social media post in the wee hours of Saturday.

“Tonight, at my direction, brave American forces and the Armed Forces of Nigeria flawlessly executed a meticulously planned and very complex mission to eliminate the most active terrorist in the world from the battlefield,” Trump wrote.

“Abu-Bilal al-Minuki, second in command of ISIS globally, thought he could hide in Africa, but little did he know we had sources who kept us informed on what he was doing.

“He will no longer terrorise the people of Africa, or help plan operations to target Americans.

“With his removal, ISIS’s global operation is greatly diminished.”

Trump also acknowledged and thanked the Nigerian government for its “partnership on this operation”.

US-NIGERIA MILITARY COOPERATION

Nigeria had entered into a military partnership with the United States following Trump’s re-designation of the West African nation as a country of particular concern (CPC).

It was reported in February that a drone refuelling station was among the demands made by the US as part of the security partnership.

In March, the US deployed multiple MQ-9 drones alongside 200 troops to Nigeria to provide training and intelligence support to the country’s military in its fight against Islamist militants.

The Defence Headquarters had said the Nigerian troops, alongside the US forces, would commence a series of joint training engagements and intelligence-focused cooperation initiatives.

SECOND HIGH-PROFILE US OPERATION IN NIGERIA

Late last year, the US began conducting intelligence-gathering flights over swathes of Nigerian territory.

On Christmas Day, the US launched missile strikes on two terrorist enclaves in the Bauni forest in Tangaza LGA, Sokoto state.

It was widely reported that the strike involved more than a dozen Tomahawk cruise missiles fired from a Navy ship in the Gulf of Guinea.

But officials familiar with the operation told TheCable that the strikes involved drones.

Communities in Sokoto and Kwara states had reported explosions at the same time the US launched a fusillade of air strikes on ISIS terrorists.

The federal government later confirmed that the explosions in Kwara were caused by debris from the precision-guided munitions (PGMs) fired by the US.

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