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Petrol May Drop To N800 Litre As Crude Prices Decline

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A further drop in crude oil prices and the reintroduction of the “naira-for-crude” initiative for domestic refiners could see the price of Premium Motor Spirit (petrol) fall to approximately N800 per litre in the near future, according to oil marketers and industry experts on Wednesday.

This development follows another reduction in the ex-depot price of petrol by Dangote Petroleum Refinery to N835 per litre—the second reduction in under a week.

Industry stakeholders noted that achieving a price point of N800 per litre would require crude oil to fall further to around $50 per barrel and a reduced reliance on foreign exchange for product procurement. On Wednesday, Brent crude, the global benchmark, was priced at roughly $65 per barrel.

Also on Wednesday, Dangote Refinery again lowered its refined product prices, setting the ex-depot petrol rate at N835 per litre.

This new price is N30 less than the previous N865 per litre rate set six days ago—a 3.5 percent cut—and N45 less than the N880 per litre rate from the prior Wednesday.

This move marks the refinery’s third price reduction in a six-week span. A pro forma invoice reviewed by our correspondent, along with data from petroleumprice.ng, verified the update.

In a statement signed by Anthony Chiejina, Group Chief Branding and Communications Officer, the refinery confirmed the price cut as part of its continued effort to offer high-quality petrol at accessible prices to Nigerian consumers.

The statement emphasized that the updated price includes charges from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The revised pricing document outlines that PMS at the gantry will now be sold for N835 per litre, inclusive of NMDPRA fees, while coastal sales remain suspended. The diesel gantry price stands at $608, with a $70 surcharge, payable in naira at N1,650/$ or in USD.

Coastal sales of diesel and jet fuel remain paused. Jet fuel is priced at $664.75 with additional surcharges of $42 (gantry) and $22 (coastal). Prices for cooking gas at both gantry and coastal levels are also on hold.

According to the statement, partner distributors will retail the products between N890 and N920 per litre. These partners include MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Tecno Oil.

The statement noted, “Dangote Petroleum Refinery is pleased to announce a reduction in the gantry price of Premium Motor Spirit, commonly known as petrol, from N865 to N835, effective from Wednesday, 16th April 2025. This marks the second price reduction within a week.”

“Key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Tecno Oil, will offer petrol at N890 per litre, down from N920 in Lagos. In the South-West, the price will be N900 per litre, reduced from N930.

“In the North-West and North-Central, the price will be N910 per litre, lowered from N940. In the South-East, South-South, and North-East, the price will be N920 per litre, down from N950.”

Chiejina also stated that the price cut is expected to create a positive ripple across the economy, easing consumer costs and stimulating broader growth.

He said, “Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers. For example, in February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas have also experienced significant price reductions due to the refinery’s sustained efforts.

“We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.

“Dangote Petroleum Refinery remains steadfast in its commitment to ensuring a steady supply of premium-quality petroleum products, with sufficient reserves to meet domestic demand, along with a surplus for export. This strategy is designed to support the stability of the domestic market while also contributing to the growth of Nigeria’s foreign exchange reserves.

“Furthermore, Dangote Petroleum Refinery calls on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realised across the country.”

It was earlier reported that there’s a possible price cut following a reduction in the landing cost of imported petrol, which dropped to N853 per litre on Tuesday.

This was as marketers obtained regulatory clearance to import 117,000 metric tonnes (approximately 156.897 million litres) of petrol between April 8 and April 16, 2025, to boost supply across Nigeria.

These figures were confirmed through separate documents reviewed by our correspondent from the Nigerian Ports Authority and the Major Energies Marketers Association of Nigeria.

Dealers disclosed that the N853 per litre spot import parity price—factoring in shipping, import duties, and exchange rates—was N3 lower than N856.75 per litre on the previous Monday and N852.02 on Tuesday.

Documents showed that the spot price at the NPSC-NOJ terminal had dropped to N853.12 per litre, while the 30-day average cost declined to N844.84 per litre.

During the stated period, six vessels delivered 117,000 metric tonnes of petrol through Tin Can Port in Lagos and Calabar Port in Cross River State.

The ongoing decline in prices coincides with the resumption of the “Naira-for-Crude” agreement for local refiners, following an earlier pause.

The Ministry of Finance confirmed this in a statement on its official X page titled: “Update on the Crude and Refined Product Sales in Naira Initiative.”

The update followed a meeting between Finance Minister Wale Edun and representatives from Dangote Refinery, one of the agreement’s main beneficiaries, to assess progress and resolve implementation issues.

The committee emphasized that the policy is a long-term measure aimed at reducing Nigeria’s reliance on foreign currency for petrol purchases.

It also highlighted that the initiative is a core policy goal to promote sustainable refining within Nigeria and enhance national energy security.

Despite the cost reductions, oil marketers have yet to reflect the changes at the pump, as retail prices remain mostly unchanged in many areas.

Commenting on this, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, linked the new pricing to the reactivated “naira-for-crude” program.

In a phone interview, he stated, “Yes, the reduced price is a direct implication of the naira-for-crude deal. Global crude price is also a key factor. And I can tell you that if this continues, and prices continue to dwindle in the international market, the impact shall be felt domestically in the prices of refined products.

“When crude price reaches $50 per barrel, then it is possible to reach between N650 to N700 per litre petrol price.”

However, he pointed out that the adjustment brings losses for marketers.

“It is affecting marketers, but based on the naira-for-crude, the effect must be reflected in the pump price. The issue of exchange has been discounted because the government has started supplying Dangote crude. It won’t be fair for him to remain at the former price.

“Because of the new decision of the New Group Chief Executive Officer of the Nigerian National Petroleum Company, there must be a reflective impact on the price of petroleum products to show that the government has implemented as discussed,” Ukadike stated.

Energy analyst Olatide Jeremiah noted that without the earlier suspension of the local refining deal, pump prices could already be around N700 per litre.

He remarked, “The crude oil decline and renewal of naira-for-crude policy is a double-edged advantage for Nigerians, as pump price may hit N700/litre soon.

“Today’s decline from N865/litre to N830/litre just triggered a price war between Dangote and private Depot owners. As I speak, oil importers are jittering as this price decline will force them to compete, thus pushing them into losses since their landing cost is about 860/litre, and most of them still have stocks in their tank farms.

“For both blocs, it’s all about who has the largest share and dominates the petroleum market, but for Nigerians, they should expect and enjoy a continuous reduction of fuel pump prices.

“If not for the suspension of naira-crude policy that gave private depot owners the autonomy to jack up prices, petrol pump price would have dropped to around N700/litre.”

Meanwhile, Dr. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, offered a different take, warning that sudden price changes were causing serious instability in the industry.

BIG STORY

COALITION: Peter Obi Will Be Expelled From Labour Party — Arabambi

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The Labour Party has announced its intention to expel former presidential candidate Peter Obi over his participation in an opposition coalition seeking to remove President Bola Tinubu.

During a live appearance on Channels Television’s The Morning Brief on Tuesday, a party chieftain, Abayomi Arabambi, said Obi’s involvement with the coalition while remaining a Labour Party member was “unconstitutional” and “unacceptable.”

“Let me make it very clear: we are convening a NEC [National Executive Council] meeting where he [Obi] will be expelled. It is unconstitutional for you to belong to two political parties at a time. They have deceived him to their side, and there he shall remain,” Arabambi said.

He explained that the NEC would recommend Obi’s expulsion, which would then be formally approved at the party’s convention in line with its constitution.

“Obi will be expelled from our party. He is no longer a member. It is not within his right to claim, ‘I am still a member of the Labour Party,’ and at the same time be hobnobbing with what we call the ‘yahoo yahoo’ coalition. We are not going to accept that,” he said.

In a critical statement, Arabambi rejected claims that Obi was responsible for the Labour Party’s rise, saying, “I want to correct a very wrong notion—Obi did not make the Labour Party; the Labour Party made Peter Obi. It was just a chance of circumstance because of the #EndSARS protests and the failings of past administrations. Nigerians were simply tired.”

He insisted that it was the party’s credibility that gave Obi the platform that elevated his political image in 2023.

“It’s because of our own integrity. That was what gave Obi what he is today. He should be banking on our goodwill, not the other way around. He started the crisis in the Labour Party,” he said.

Arabambi also accused Obi of having an authoritarian approach, saying, “If he can fight party members to do his will, then he is not fit to run the party.”

He emphasized that the Labour Party had only one recognized leadership, stating, “Let me also make it clear: we do not have groups in the Labour Party. We have only one leadership under Julius Abure, our national chairman.”

Arabambi’s comments came after the Julius Abure-led faction of the Labour Party gave Obi a 48-hour deadline to formally resign from the party over his alleged “bromance” with the coalition.

In a statement dated 3 July, LP’s Obiora Ifoh said, “Labour Party is not part of the coalition. Therefore, any of our members who are part of the coalition are given within 48 hours to formally resign his membership of the party.

Labour Party is not available for people with dual agendas or deceptive personas. We will not allow individuals to have one leg in our party and the other elsewhere.”

Ifoh accused coalition members of being opportunistic politicians “interested in relaunching themselves into the circle of power.”

This situation arose after the opposition coalition met on Wednesday, 2 July, in Abuja, where the ADC was adopted as its platform for the 2027 elections.

The coalition appointed former Senate President David Mark as interim national chairman and former Osun governor Rauf Aregbesola as secretary.

The meeting was attended by many prominent politicians, including Atiku Abubakar, Nasir El-Rufai, Rotimi Amaechi, Dino Melaye, Dele Momodu, Gabriel Suswam, Ireti Kingibe, Emeka Ihedioha, and Sadique Abubakar—along with Obi.

 

Credit: Channels TV

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BIG STORY

JUST IN: JAMB Sets 150 As Cut-Off Mark For Universities

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The Joint Admissions and Matriculation Board has approved 150 as the cut-off score for university admissions in the country.

The decision was reached on Tuesday during the 2025 Policy Meeting on Admissions, held at the Bola Ahmed Tinubu International Conference Centre in Abuja.

It also announced that the cut-off score for colleges of nursing is 140, while both colleges of agriculture and colleges of education have a cut-off score of 100.

“The minimum admissible scores for admissions for the next academic session have been fixed at 150 for universities, 100 for polytechnics, 100 for colleges of education, and 140 for colleges of nursing sciences by the stakeholders (Heads of Tertiary Institutions),” JAMB wrote on its X handle.

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BIG STORY

Over 100 Killed In Texas Flood, Bodies Recovered As Search And Rescue Operations Continue

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The number of deaths from severe flooding in Texas climbed to more than 100 on Monday, as rescue teams continued their difficult search for individuals swept away by the rushing waters.

Among those who died were at least 27 girls and counsellors who were at a youth summer camp located by a river when the disaster struck during the Fourth of July holiday weekend.

Weather experts have cautioned about further flooding risks as rain continues to fall on already saturated ground, making recovery operations harder for the roughly 1,750 personnel involved, using helicopters, boats, and dogs.

“There is still a threat of heavy rain with the potential to cause flooding,” Texas Governor Greg Abbott stated on Monday, warning that the death toll could still increase.

President Donald Trump confirmed plans to visit Texas on Friday, as the White House pushed back against accusations that his administration’s cuts to weather agencies weakened the flood warnings.

“Blaming President Trump for these floods is a depraved lie, and it serves no purpose during this time of national mourning,” said Press Secretary Karoline Leavitt on Monday.

She noted that the National Weather Service, which The New York Times reported had several vacancies in Texas prior to the floods, issued “timely and precise forecasts and warnings.”

Trump described the floods that hit early Friday as a “100-year catastrophe” that “nobody expected.”

Although the president has previously argued that disaster relief should be handled by state governments, he signed a major disaster declaration to release federal funds and provide additional resources.

At least 104 deaths linked to the flooding have been reported throughout central Texas.

Kerr County, where the Guadalupe River flows, suffered the greatest losses, with at least 84 deaths reported, including 28 children, according to the local sheriff’s office.

Among the dead were 27 people who had been staying at Camp Mystic, an all-girls Christian camp hosting around 750 individuals when the floodwaters struck.

Camps are a cherished part of summer in the United States, with children often spending time in rural areas such as parks and woods.

Texas Senator Ted Cruz described the camps as opportunities to make “lifetime friends — and then suddenly it turns to tragedy.”

However, some locals have raised concerns about the lack of stronger flood-warning systems in this region of south and central Texas, often referred to as “Flash Flood Alley” due to its frequent and severe flooding.

Experts have emphasized that the NWS provided timely forecasts, while climate scientist Daniel Swain pointed to failures in “warning dissemination.”

San Antonio resident Nicole Wilson, who almost sent her daughters to Camp Mystic, launched a petition on Change.org urging Governor Greg Abbott to approve a modern warning system.

“Five minutes of that siren going off could have saved every single one of those children,” she told AFP.

During a candlelight vigil in San Antonio on Monday night, people gathered to pray for the victims and express ongoing concerns.

“I was pretty shocked on the gravity of the situation and how big it was, and I wouldn’t necessarily expect that our rivers would rise so quickly,” said Rebeca Gutierrez, 29.

“Hopefully there’s preventative efforts happening in similar areas to make sure nothing to this degree happens.”

In a devastating demonstration of nature’s force, the swollen Guadalupe River rose to the level of treetops and cabin roofs while girls were sleeping inside the camp.

Blankets, teddy bears, and other personal items were left coated in mud.

Cabin windows were smashed, likely from the powerful water currents.

Volunteers assisted in sifting through debris along the river, with some being driven by personal connections to the victims.

“We’re helping the parents of two of the missing children.

The last message they got was ‘We’re being washed away,’ and the phone went dead,” said Louis Deppe, 62, to AFP.

Several months’ worth of rainfall poured down in just a few hours from Thursday night into Friday, with additional rainfall since then.

The Guadalupe River surged by about 26 feet, roughly equivalent to a two-story building, within just 45 minutes.

Flash floods happen when the ground cannot absorb sudden heavy rainfall.

Human-induced climate change has intensified the frequency and severity of extreme weather events such as floods, droughts, and heatwaves in recent years.

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