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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

Criminals On INTERPOL Red List Arrested In Nigeria — Interior Minister Tunji-Ojo

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The Minister of Interior, Olubunmi Tunji-Ojo, announced that criminals on the red list of the International Police (INTERPOL) were arrested at Nigerian airports.

Tunji-Ojo also disclosed that individuals declared wanted by various European countries were apprehended within two days of attempting to enter Nigeria.

He attributed these arrests to substantial investments in surveillance and intelligence-gathering equipment at the nation’s border points. This highlights a strategic improvement in national security.

He made these statements on Tuesday at a regional workshop on Maritime Border Security. The workshop, titled “Regional Maritime Border Security in the Context of Counter Terrorism in the Gulf of Guinea,” took place in Lagos State.

The minister specified that the arrested criminals originated from Italy, the Republic of Ireland, and several other countries.

“I can tell you that to a large extent, we have built a robust database, and we are reaping the fruits of that. Now, it will interest you that a couple of weeks ago, within two days, a lot of people on the Interpol and red list were arrested at our airports. It means that these people would have come in.” This quote emphasizes the effectiveness of the new database.

“One came from Italy, one came from Ireland, the other one, I think, from a couple of countries. These people would have come into Nigeria 18 years ago, but now we know that in terms of our air terminals, they are in sync because it’s integrated into the central system,” he stated. This illustrates the long-standing vulnerability that has now been addressed by the integrated system.

The minister also revealed that for the first time, Nigeria possesses Advanced Passenger Information (API), which is used to profile passengers entering the country. This signifies a major leap in border control capabilities.

Tunji-Ojo asserted that the API is utilized to cross-reference passengers’ records, background, and travel history.

“Now, we can tell you that Nigeria now has an API solution. We never had that before now. Before now, we were one of the few countries without an API solution, without the opportunity for our immigration officers to pre-profile people coming into Nigeria, not being able to query their background, query their record system, query their antecedents and their travel history.” This emphasizes the transformative impact of the new API system.

“We never had that capacity before President Bola Tinubu came on board, but today, I tell you, NIS has that, so if you’re coming into Nigeria today, before you come, we know everything about you.” This credits the current administration for implementing this crucial technology.

“We’ve queried you, we know where you’re coming from, and we can tell from their aspect, we’re now fulfilling our international obligations to our international colleagues by being able to uphold the tenets of UN resolution of the API solution that we have at the moment,” he stated. This highlights Nigeria’s adherence to international standards and its improved collaboration with other nations.

Earlier in the event, Kemi Nandap, the Comptroller General of the Nigeria Immigration Service, delivered remarks. She stated that the Service plays a crucial role in maritime border security by ensuring that “foreign terrorist fighters and other criminal elements do not exploit the nation’s territorial integrity.”

According to the Immigration boss, maritime insecurity stemming from illegal oil bunkering, fishing, piracy, armed robbery, and oil-related crimes poses a threat to “vessel and crew safety.” This outlines the various maritime security challenges Nigeria faces.

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NIHOTOUR Reforms Gain Momentum As NOA Pledges Full Support [PHOTOS]

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The National Orientation Agency (NOA) has thrown its weight behind the ongoing repositioning of the National Institute for Hospitality and Tourism (NIHOTOUR), lauding the agency’s strategic move to regulate and standardise Nigeria’s hospitality, tourism, and travel industry.

During a courtesy visit by Aare (Dr.) Abisoye Fagade, Director General and CEO of NIHOTOUR, the NOA Director General, Mallam Lanre Issa-Onilu, described tourism as a vital tool for shaping Nigeria’s global image. He commended NIHOTOUR’s reform efforts and proposed a joint inter-agency project team to drive value-based education and sector professionalism.

“Tourism should reflect our national identity and values. NIHOTOUR’s efforts to introduce structure, certification, and professionalism are a welcome development,” Issa-Onilu said.

In a key policy proposal, the NOA DG called for the inclusion of Citizenship Studies in hospitality training programmes to promote patriotism and service ethics among sector personnel.

Aare Fagade, in his remarks, reaffirmed NIHOTOUR’s transformation from a training-focused institution to a regulatory body responsible for professional standards and certification. He emphasised that the Institute remains committed to quality assurance, stakeholder collaboration, and building a globally competitive workforce.

“We are building an ecosystem where integrity, competence, and national pride define hospitality and tourism practice in Nigeria,” Aare Fagade stated.

The collaboration between NIHOTOUR and NOA signals a new era of institutional synergy aimed at aligning tourism development with national values and international best practices.

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UPDATE: Two Oyo Lawmakers Protest As Assembly Backtracks On Traditional Council Bill

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Two lawmakers walked out on Tuesday during a session where the Oyo State House of Assembly received the amended report of its committee. The report was related to a review of the Council of Obas and Chiefs.

Due to significant public criticism regarding the proposed amendment, the Assembly decided to revert to a rotational chairmanship among the Alaafin of Oyo, the Olubadan of Ibadanland, and the Soun of Ogbomoso.

The bill was officially passed during the plenary session. This followed the presentation of the report by the House Committee on Local Government and Chieftaincy Matters and State Honours, delivered by its Vice Chairman, Bamidele Adeola.

The Assembly formally resolved that “the chairmanship position should be rotated among the Alaafin of Oyo, the Olubadan of Ibadanland and the Soun of Ogbomosoland.” This decision clarifies the new structure of the council’s leadership.

The bill, which had its second reading last Thursday on the floor of the House, sparked “heated arguments” among traditional rulers and stakeholders across the state.

Initially, the bill proposed making the Alaafin the permanent chairman. The Olubadan and Soun were to serve as concurrent chairmen, in that order of ranking, during the Alaafin’s absence.

However, the Olubadan and Soun “insisted on maintaining rotational chairmanship” with the Alaafin. They urged the Assembly to reverse its earlier decision, highlighting their strong preference for shared leadership.

It was gathered that the committee, in its report, proposed that the permanent chairmanship clause in the bill should be replaced with a rotational chairmanship among the Alaafin, the Olubadan and the Soun on a two-year term.

The bill also struck out the permanent presiding officer role initially vested in the Alaafin.

The committee also recommended that the 10 beaded crown-wearing Ibadan obas, ⁠Samu and Agbakin be included as members of the Council of Obas and Chiefs.

Some traditional rulers in the state, however, criticised the Assembly for expanding the council to include the 10 Ibadan obas.

While some stakeholders from Ibadanland and Ogbomosoland vilified the bill, others saw it as a welcome development.

Kicking against the rotational clause, the lawmakers representing Oyo East and Atiba constituencies, Olorunpoto Rahman and Gbenga Oyekola, respectively, walked out while the House was deliberating on the recommendation of the committee.

In a sideline interview with newsmen, Rahman said, “We should be guided by the truth in whatever law we make. Everyone knows the position of the Alaafin. We are not out of touch with history.

“Alaafin is a paramount ruler. We should not make a law for political convenience. We should make a law that can stand the test of time. We should make a law that will align with history.

“We are not satisfied with the process by the committee. There was neither a public hearing nor stakeholder engagement. There is no instance where they invited anyone from Oyo to speak on this bill. I have serious issues with that.”

The Palace of the Olugbon of Orile-Igbon also viewed the Council of Obas and Chiefs (further amendment) Bill 2025 as a faulty political document whose consideration should be halted to give room for consultations.

The palace, in a statement by the Media Consultant to Olugbon of Orile-Igbon, Bisi Oladele, described the bill as faulty, decrying inadequate consultation by the Assembly.

“For such an important bill that seeks to revive and do justice to the council of obas and chiefs, the key stakeholders are the traditional rulers, who should have been adequately consulted before it was packaged. Besides, there should be a public hearing on the proposal.

“The actions on the bill so far clearly ignored the relevance of traditional rulers in Oyo State. It is openly based on political patronage,” the statement stated.

It lamented that the amendment further cemented Ibadans’ dominance over indigenes from other parts of the state.

“Should the bill be passed, indigenes of Oyo, Ogbomoso, Oke-Ogun and Ibarapa zones will again become second-class indigenes in their own state, just as Ibadan indigenes have been dominating other parts of the state politically.

“The city has produced governors since 1999, except for the late Adebayo Alao-Akala.

“While there is a need for the council to be revived and strengthened, it should not be skewed in favour of a particular zone to further dominate other zones.

“It should reflect fairness, justice, equity, and possess the capacity to promote peace among traditional rulers in the state,” it added.

The Olugbon, Oba Francis Alao, urged the lawmakers and other stakeholders to suspend work on the bill and consult widely to avoid passing a bill that would breed crisis among monarchs in the state.

He also debunked the claim of historical significance of Ogbomoso by the mogajis of the town in their opposition to the bill.

Oba Alao noted that should history alone be the factor of decision-making concerning the constitution of the council’s leadership, the Olugbon of Orile-Igbon would be ahead of the Soun of Ogbomoso.

“We should not forget that the current palace of the Soun of Ogbomoso sits on the land that falls within Olugbon’s kingdom.

“Orile-Igbon borders with Ijeru, which is also more ancient than Ogbomoso.

“But demography has kept Ogbomoso in a better standing than other towns and communities in the zone.

“This is the reality all traditional rulers in the Ogbomoso zone accepted, and this accounts for why more ancient towns in the zone do not contend with the status accorded Soun in the Obas Council. We understand it as good for administrative and political convenience,” he added.

Oba Alao said Alaafin ran a huge kingdom with many other kingdoms under it, and believed Alaafin deserved the permanent chairmanship.

“Where is Soun’s kingdom? Where is Olubadan’s kingdom? Alaafin ran a huge kingdom with many other kingdoms under it.

“But we are putting the past behind us because the world is dynamic. Yet the honour must be there for the thrones that deserve it,” he added.

A group, the Ebedi Frontliners, Iseyin, has called on the Oyo State Government to make the Aseyin of Iseyin a co-chairman in the bill.

This was contained in a statement released by its Public Relations Officer, Segun Fasasi, in Ibadan, on Tuesday.

Ebedi Frontliners, in a statement, said, “Alaafin is representing the interests of four local government areas in Oyo town, Soun of Ogbomoso represents the interests of five local government areas while Olubadan represents the interests of 11 local government areas, leaving Oke-Ogun area with 10 local government areas with no co-chairmanship candidate.”

The group, however, lauded Governor Seyi Makinde’s administration for what it called “the democratisation of the state’s chieftaincy laws,” saying the legislative exercise would give more roles to the traditional rulers.

 

Credit: The Punch

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