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Marketers Import 156.9m Litres As Petrol Landing Cost Drops To N853

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Amidst an ongoing price war between players in the nation’s downstream oil sector, fresh investigations have revealed that the landing cost of imported Premium Motor Spirit (petrol) dropped to N853 per litre on Tuesday.

This comes as marketers secured regulatory approval to import 117,000 metric tonnes—equivalent to 156.897 million litres—of petrol within eight days, from April 8 to 16, 2025, to boost fuel supply nationwide.

These figures were revealed in separate documents obtained by our correspondent from the Nigerian Port Authority and the Major Energies Marketers Association of Nigeria.

Last week, Nigerians heaved a sigh of relief after the Dangote refinery resumed sales of its refined petroleum products in naira and slashed its loading cost to N865 per litre. The relief was evident after its initial suspension of the sales of petroleum products increased the pump price to almost N1,000.

But a new drop looks imminent as the latest Competency Centre daily energy data showed that the landing cost has reduced to N853 per litre, N12 lower than the price offered by the 650,000-capacity refinery in Lagos.

Dealers said the N853 per litre on-spot estimated import parity into tanks, which factors in various expenses including shipping, import duties, and exchange rates, is a considerable reduction of N3 from the N856.75 per litre landing cost last week Monday and N852.02 on Tuesday.

The document showed that on-the-spot sales at the NPSC-NOJ terminal dropped to N853.12 per litre, while the average cost for 30 days also dropped to N844.84 per litre.

The document also noted that the price of Brent crude was benchmarked at $64.76 per barrel, from $62.82 per barrel quoted on Tuesday, with an exchange rate of N1,603.78 per dollar. This price was calculated based on 38,000 metric tonnes by the marketers.

It further noted that the refinery priced its PMS coastal price at $682.75 per metric tonne, its gantry price at N926.58 per litre and its coastal price at $603.50 per MT for AGO.

It read, “International petroleum product prices declined after President Trump announced new tariffs on Chinese goods, triggering concerns about the global economy and weaker fuel demand. Despite initial fears of supply disruption, the market reacted harshly due to oversupply and slowing industrial activity.

“However, prices began to recover slightly when President Trump later paused some of the tariffs, easing trade tensions and boosting market sentiment. Overall, this highlights how demand-side concerns are increasingly outweighing supply risks in shaping oil market dynamics.

“Dangote Refinery reduced its petrol ex-depot price to N865 per litre during the week, intensifying competition in Nigeria’s downstream oil sector. The foreign exchange rate continues to exhibit significant volatility, with the Naira experiencing renewed depreciation, thereby further delaying imports.

“Nevertheless, as landing costs are directly tied to these variables, they are expected to fluctuate several times intra-day. Cost savings can be achieved through optimising supply chain management by securing long-term contracts at favourable rates and leveraging economies of scale to streamline inland distribution networks.”

Meanwhile, an analysis of the NPA document revealing details of each import showed that the commodities landed at the Tincan port in Lagos and the Calabar port in Cross River State.

The first shipment carrying 21,000 metric tonnes of PMS allocated to the Peak Shipping Agency berthed at the KLT Phase 3A terminal on Tuesday, April 8, 2025, at midnight.

This was followed by the arrival of a 20,000 metric-tonne SL Aremu vessel on Wednesday, April 10, at midnight. It berthed at the KLT Phase 3A terminal and was handled by the Tiger shipping maritime agent.

Similarly, a Fatima Sarah ship handled by Dozzy Oil and Gas berthed at the Calabar port in Cross Rivers carrying 15,000 metric tonnes of imported petrol on Saturday, April 12, at 09:25pm.

On Monday, April 14, at 3:20 pm, another vessel carrying 20,000 metric tonnes of fuel berthed at the Tincan port. It was assigned to Peejay Shipping as its agent.

Also, two vessels carrying a combined sum of 41,000 metric tonnes of fuel are scheduled to berth at midnight on Tuesday and Wednesday, April 15 and 16, respectively. This shipment will arrive at the KLT Phase 2.

This means the six vessels brought in 117,000 metric tonnes.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 156.897 million litres of petrol at an average of 19m.

BIG STORY

Heavily Pregnant Woman Cooking For Bandits Arrested in Abuja

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The Federal Capital Territory Police Command has arrested five suspects linked to a kidnapping and banditry network operating on the outskirts of Abuja, including a heavily pregnant woman who served as a cook and logistics supplier for the criminal gang and their hostages.

The FCT Commissioner of Police, Ahmed Sanusi, while parading the suspects before journalists in Abuja on Monday, said the arrests followed a clearance operation at the Byazin area of the FCT on June 11, 2026, during which some bandits were arrested, others were neutralised, and victims were rescued.

According to him, the woman, identified as Hauwa Shafiu, was heavily pregnant at the time of her arrest but had continued to supply food and logistics to the gang and their captives.

“As a follow-up to that operation, upon further engagements, we stormed a suspected bandits’ and kidnappers’ hideout within the same area and arrested some suspects.

“One of the suspects, Shafiu, operates as a logistics supplier and cook for the criminal gang and their hostages. She was heavily pregnant at the time of her arrest, even though her pregnancy did not deter her from continuously committing this heinous crime,” the commissioner said.

He added that upon her arrest, he ordered that she be taken to a hospital, where she subsequently gave birth.

“The baby is sound and safe. She too is sound. We have provided every medical need while we watch her recuperate,” he said, noting that she remained in the police clinic.

Other suspects arrested are Yahaya Abdullahi, Muhammed Yunusa, and Shamsudeen Mustapha.

Speaking on them, Sanusi said preliminary investigations revealed that the suspects were part of a criminal network involved in kidnapping and banditry within and around the FCT and had strategically embedded themselves inside a local community located approximately one kilometre from the territory’s boundary.

“The group had infiltrated and integrated into a local community just about one kilometre away from the FCT itself, enabling them to gather intelligence and coordinate repeated attacks on targeted persons and locations,” the commissioner said.

He said exhibits recovered from the suspects included four motorcycles, 31 pieces of 500mg tramadol tablets, 10 pieces of 50mg tramadol tablets, five phones, one POS machine, cooking utensils, and N320,000 cash.

The commissioner said the cash was part of the proceeds from a recent kidnapping ransom.

“According to the confession of one of the suspects, the N320,000 was his share of a N7 million ransom paid to the kidnappers,” he revealed.

He also disclosed that a suspect confessed to having dispatched a motorcycle to help two fleeing bandits escape during the June 11 operation — confirming that two persons who evaded arrest that day had been assisted from within the network.

He said Mustapha was an active drug supplier to the bandit network.

The commissioner announced that the command, in collaboration with the FCT Administration, would demolish the identified hideouts of the suspects.

“We have an arrangement. Since we have identified their houses, we are moving from here to go and demolish those houses in collaboration with the FCT administration. Any such houses that we continue to identify, we will continue to bring down,” he said.

He also declared several bandits wanted whose photographs had been obtained, warning that the command was prepared for confrontation.

“As they are looking for us, we are equally looking for them,” he said.

 

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BIG STORY

Three Senators Didn’t Sign Natasha Akpoti’s Suspension Report But Found Their Names on It —- Oshiomhole

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Adams Oshiomhole, senator representing Edo North, has claimed that the signatures of at least three lawmakers were forged or improperly included on the report that recommended the six-month suspension of Natasha Akpoti-Uduaghan, senator representing Kogi central.

Oshiomhole spoke while responding to comments by Opeyemi Bamidele, the Senate leader, who described Akpoti-Uduaghan’s suspension as one of the lowest points of the 10th Senate.

Speaking in an interview on AIT, the former governor of Edo state said some senators whose names appeared on the report had privately told him they did not sign the document or endorse its recommendations.

He cited Ireti Kingibe, senator representing the Federal Capital Territory (FCT), who, according to him, expressed surprise at seeing her name listed.

“The committee does a hearing; members are expected to sign the report to endorse it. If you don’t agree, you can abstain. But some said they didn’t sign, yet their names were published,” Oshiomhole said.

“People like Senator Ireti Kingibe. She told me, ‘But I didn’t sign that report. But my name was published’”.

He suggested that attendance registers may have been misused in place of actual signatures on the report, describing the development as inappropriate.

“So, where many don’t accept the content, they could abstain from signing it because to sign is to endorse. One, two or three senators said, ‘We didn’t sign, but our names were there,” he said.

“But how? Some say maybe they attached an attendance register, which is not the appropriate thing. But that’s not my problem. If Opeyemi said so, I think you should take it seriously.”

Akpoti-Uduaghan was suspended in March 2025 following allegations of gross misconduct and unruly behaviour, linked to her persistent accusations against Senate President Godswill Akpabio.

The suspension barred her from the national assembly complex, halted her salary and allowances, and led to the sealing of her office.

 

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BIG STORY

Air Force Officers Beat Lagos Bus Driver Dead After Minor Crash

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A 43-year-old commercial bus driver, Joseph Okpe, has died after he was allegedly beaten by a group of officers of the Nigerian Air Force following a dispute over a minor traffic incident involving their vehicle.

It was gathered that the incident occurred on May 9 along the Oshodi-Apapa Expressway, where the officers allegedly assaulted the deceased.

Details of the incident were contained in an Affidavit of Facts filed before the High Court of the Federal Capital Territory in the Maitama Judicial Division and made available to newsmen on Monday.

According to the affidavit, deposed to by the deceased’s brother, Innocent Okpe, Joseph was carrying out his duties as a commercial bus driver when he was accosted by Air Force personnel travelling in a Coaster bus with registration number GO 1–14AF.

The officers allegedly accused him of hitting their vehicle and demanded N100,000 as compensation for the damage.

When Okpe could not provide the money, the officers allegedly descended on him, repeatedly punching and battering his face and head until he nearly lost consciousness.

It was gathered that the assault only stopped after passersby and fellow commercial drivers intervened and pleaded with the officers.

According to the document, the bystanders also offered to raise N50,000 to compensate for the damage to the vehicle.

After the officers left the scene and continued their journey, Okpe was reportedly rushed to several hospitals but was allegedly denied treatment.

A source familiar with the incident, who spoke on condition of anonymity because of the sensitivity of the matter, said Okpe was eventually taken to Charing Cross Clinic in Mushin, Lagos, where he was pronounced dead at about 5pm.

“The incident happened sometime after 3pm. He was taken to several hospitals, but they refused to admit him.

“They got to the last hospital around 5pm, and he was pronounced dead there. He died the same day.

“The incident was immediately reported at the Ilasa Police Division.

“The matter is currently being handled by the State Criminal Investigation Department, Panti, Yaba, after it was transferred from the Ilasa division,” the source said.

A Medical Certificate of Cause of Death signed by Dr Okechukwu Ogboo of Charing Cross Clinic, Mushin, and dated May 13, 2026, which was obtained by PUNCH Metro on Monday, listed the primary cause of death as “severe head injury,” while the secondary cause was stated as “pulmonary failure until his death.”

Okpe leaves behind three children and a wife.

When contacted on Monday, the spokesperson for the Lagos State Police Command, CSP Abimbola Adebisi, said she would find out about the incident and provide an update on the matter.

However, she had yet to do so as of the time this report was filed.

This is not the first time Air Force personnel have been accused of assaulting civilians, including journalists carrying out their lawful duties in Lagos.

In March 2025, armed personnel from the Air Force Base in Ikeja allegedly assaulted PUNCH correspondent Dare Olawin when they stormed the headquarters of Ikeja Electric, located opposite MITV in Ikeja.

Meanwhile, when contacted on Monday over the May 9 incident, the spokesperson for the Nigerian Air Force, Air Commodore Ehimen Ejodame, neither answered calls nor responded to WhatsApp messages sent by our correspondent.

 

Credit: PUNCH

 

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