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Petrol Price May Drop To N900 After US, Iran Deal To End War —– Industry Operators

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The price of Premium Motor Spirit (petrol) may drop to as low as N900 per litre in the coming days if the proposed peace deal between the United States and Iran materializes and crude oil prices continue their downward trend, industry operators have stated.

Recent developments in the Middle East have triggered a sustained decline in global oil prices, fuelling expectations that fuel prices could also fall at the pumps.

From over $120 per barrel in April, crude oil prices dropped to about $87 per barrel as of Sunday. The sustained decline, coupled with plans to reopen the Strait of Hormuz, is generating cautious optimism among fuel marketers that prices of petrol, diesel and aviation fuel may ease in the coming days.

Recall that crude oil, the major feedstock for fuel production, rose from below $70 per barrel after the US-Iran conflict began on February 28. During the more than three months of hostilities, crude traded above $100 and at some points exceeded $120 per barrel, leading to a sharp increase in fuel prices globally.

In Nigeria, petrol prices rose from about N830 per litre to N1,300 per litre. Diesel and aviation fuel prices also increased significantly, with airline operators at some point warning that rising costs could affect operations.

With crude prices continuing to fall in recent days, speculation has intensified that the Dangote Petroleum Refinery may consider another reduction in petrol prices to reflect current market realities.

Recall that the refinery reduced the gantry price of petrol to N1,250 per litre from N1,275 per litre, while diesel was cut to N1,700 per litre from N1,800 per litre. The adjustment was made on May 30 when crude prices dropped below $100 per barrel.

At the current crude price of $87 per barrel, a source within the Dangote refinery told our correspondent that a reduction in the gantry price would ordinarily be expected, but the refinery still holds a substantial volume of crude purchased at much higher prices.

The source, who spoke on condition of anonymity because he was not authorized to speak to the media, said petrol could sell for as low as N900 per litre if crude prices continue to decline. “Yes, N900/litre petrol is possible if oil prices settle down, but we still have the expensive crude stock in our tanks,” the source confirmed to The PUNCH.

Earlier, the Petroleum Retail Outlet Owners Association of Nigeria projected that petrol prices could fall below N1,000 per litre if the Strait of Hormuz is reopened. Speaking in an interview with our correspondent, PETROAN’s Publicity Secretary, Joseph Obele, said fuel prices would decline further as crude oil prices ease.

Obele recalled that petrol sold for around N800 per litre before February 28, when the conflict started, expressing optimism that a sharp reduction could occur if current developments are sustained.

“If the Strait of Hormuz is reopened, Nigerians should expect a very significant reduction in petrol prices. Petrol will fall below N1,000, probably to N900/litre. Don’t forget that the product was N800+ before the Middle East crisis. Now that the war is getting over, we should be expecting a return to that price regime,” he said.

In a social media post on Saturday, US President Donald Trump said a peace deal with Iran would be signed on Sunday and that the Strait of Hormuz would be opened to all.

He said the agreement differs significantly from that negotiated by former US President Barack Obama, which he described as a pathway to Iran acquiring nuclear weapons.

“My agreement with Iran is the exact opposite: A WALL TO NO NUCLEAR WEAPON! In fact, they no longer want a nuclear weapon, nor will they have one, either through purchase, development, or any other form of procurement. The deal is scheduled to get signed tomorrow (Sunday), and immediately after it is signed, the Hormuz Strait is OPEN TO ALL,” Trump said on social media.

He added, “Our relationship with Iran is a much different and better one than previous administrations have had. Unlike Obama’s hundreds of billions of dollars in payments to them, including $1.7bn in green, cold cash, no money will exchange hands.

“At the appropriate time, when all is calm, we will go in and get the nuclear dust buried deep under the powerful sunken granite mountains… and downblend and destroy it, whether in Iran or the United States. We look forward to working with Iran and the entire Middle East, long into the future.”

Trump expressed confidence that the process would be completed quickly and smoothly, while warning, “If it doesn’t, we have the ultimate alternative, hopefully never to be used again!”

Meanwhile, checks by our correspondent showed that some marketers have already reduced their PMS ex-depot prices to below N1,250 per litre, which remains the current Dangote benchmark as of Sunday.

As petrol imports continue into the country, operators expect a fresh round of price wars if the US-Iran deal succeeds, the Strait of Hormuz reopens, and crude oil prices return to pre-conflict levels.

 

BIG STORY

JUST IN: Police Confirm Arrest of ‘Fake’ Agency DG Adeniyi Adeyemi in Osun

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Operatives of the Nigeria Police Force (NPF) have arrested Adeniyi Adeyemi, director-general of the “controversial” Presidential Foreign Intervention Promotion Council (PFIPC).

Abiodun Ojelabi, police spokesperson in Osun, confirmed the arrest to the media, saying Adeyemi was apprehended in the state on Tuesday.

Earlier, a federal high court in Abuja ordered Adeyemi’s arrest after he failed to honour the court’s summons in the alleged forgery case.

The spokesperson of the Osun Police Command, Abiodun Ojelabi, told newsmen that Adeniyi was arrested in his hideout in Osun by the Intelligence Response Team from Abuja. He is likely to be transferred to Abuja later today.

“Yes, it is confirmed. The Intelligence Response Team from Abuja arrested him here in Osun,” Ojelabi said.

A video of the arrest showed Adeyemi dressed in a light blue traditional outfit while surrounded by security operatives.

In the footage, he appeared serious and visibly concerned as he responded to questions from officers.

When asked to identify himself, Adeyemi initially declined to give a direct response.

“I’ve mentioned it, sir,” he said.

The officers insisted that he state his name again.

“Mention it for us, please. What is your name? What is your name?” one of the officers asked.

Adeyemi replied, “I’ve said it several times.”

His arrest came hours after Justice Mohammed Umar of the Federal High Court in Abuja ordered his arrest following his failure to appear for arraignment over alleged conspiracy, forgery and impersonation.

According to the court, the defendant would be compelled to appear and face trial.

The judge subsequently adjourned the matter until September 30, 2026, for arraignment.

Adeyemi’s arrest comes barely a day after he publicly denied reports that he was evading security agencies.

Speaking during an interview on Channels Television on Monday, he had insisted he was not hiding.

“I’m ready to show my face. I’m not hiding. I’m only fearing for my life because I have it on good authority that my life is in danger.

“There have been several attempts on my life.”

He also repeated his allegation that he paid ₦400 million through an intermediary to secure his appointment as Director-General of the disputed council and called for an independent investigation into the controversy.

The police had accused Adeyemi of forging several official documents, including a purported presidential appointment letter allegedly signed by the Chief of Staff to the President, Femi Gbajabiamila, as well as other government documents used to present the council as a legitimate federal agency.

Investigators also alleged that Adeyemi falsely presented himself as the Director-General of the council and operated from an office within the Federal Secretariat Complex in Abuja.

If convicted on the forgery-related charges, he faces up to 21 years’ imprisonment without the option of a fine, while the impersonation charge carries a maximum sentence of three years’ imprisonment or a fine.

 

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Final South Africa Repatriation Flight to Arrive Lagos Wednesday

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The federal government’s final evacuation flight from South Africa will land in Lagos on Wednesday.

In a statement on Tuesday, Kimiebi Ebienfa, spokesperson of the Ministry of Foreign Affairs, said the flight, operated by Air Peace, is expected to depart Johannesburg with 315 returnees at 1:30 am.

Ebienfa pegged the estimated time of arrival at the Murtala Mohammed International Airport at 6.30 am.

It would be the government’s fifth evacuation flight and the seventh batch of Nigerians to be repatriated from South Africa following the xenophobic violence.

Over 1,000 Nigerians were said to have indicated interest in returning.

The fourth evacuation flight arrived on July 9 with 282 returnees, bringing the total number of Nigerians repatriated from South Africa since the evacuation flights began on June 11 to 1,141.

Bianca Odumegwu-Ojukwu, minister of foreign affairs, asked Nigerians to take advantage of the ongoing exercise to return home.

Odumegwu-Ojukwu’s call came as two more Nigerians were reported dead in South Africa, bringing the official death toll of Nigerian citizens in the country since the latest xenophobic violence to four.

Some repatriated Nigerians have alleged that the figures are higher.

The minister assured that the federal government would ensure that no citizen who expressed interest in returning home would be left behind.

 

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‘No Immigrant Should Stay in the UK Forever’ — Kemi Badenoch Sparks Fresh Row

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Leader of the UK Conservative Party, Kemi Badenoch, has said immigrants who arrive in Britain on temporary work visas should not automatically be allowed to remain in the country permanently, urging the Labour government to retain its proposed 10-year qualifying period for indefinite leave to remain.

Badenoch made the remarks in a post shared on her X handle on Monday while releasing a letter addressed to the UK’s Home Secretary.

In the post, she criticised calls by some Labour lawmakers for the government to soften its planned immigration reforms.

“People who come to Britain on temporary work visas should not automatically be able to stay forever.

“This Labour government was right to make that harder. Now their MPs want them to u-turn.

“Conservatives will back Labour’s original plan to help get it through Parliament,” she wrote.

The letter, jointly signed by Badenoch and the Shadow Home Secretary, Chris Philp, expressed concern over reports that the Labour government was considering exempting around two million migrants who entered the United Kingdom on work visas between 2021 and the present from the proposed extension of the qualifying period for indefinite leave to remain.

The Conservative leader described such a move as “a grave mistake,” insisting that Britain had previously experienced the consequences of allowing migrants to obtain permanent settlement too quickly.

“As Conservatives learned to our cost, five years is too short a time to obtain the indefinite right to remain in the UK,” the letter read.

She argued that many migrants currently working in low-paid and low-skilled jobs could be replaced by economically inactive British citizens if appropriate opportunities were created.

“Many of these immigrants are working in low-wage, low-skilled jobs which could be done by some of the 9 million economically inactive British citizens,” she stated.

According to Badenoch, migrants who fail to make what she described as a significant economic contribution over a decade should return to their home countries once their temporary work visas expire.

“Individuals who are not making a significant economic contribution over a ten-year period should not be allowed to stay indefinitely. Those not working, or working in low-paid jobs, should be required to go home at the end of their temporary work visa,” she added.

The Conservative leader also argued that granting indefinite leave to remain after only five years would place additional pressure on the UK’s welfare system because successful applicants become entitled to social benefits and can subsequently apply for British citizenship.

“Receiving ILR currently carries full entitlement to receive benefits. Even if this were restricted for an additional qualification period as some have called for, as things stand, the migrants concerned would become eligible for British citizenship a year after receiving ILR, and it would be very difficult to restrict benefits for citizens,” the letter said.

She further noted that there was currently no provision in the Immigration and Asylum Bill or existing legislation that would allow the government to alter welfare entitlements for people granted indefinite leave to remain.

Badenoch maintained that extending the qualifying period from five years to 10 years would not amount to a retrospective change because temporary work visas do not guarantee permanent settlement.

“The government is perfectly entitled to decide at any time the rules on indefinite rights of settlement, including in relation to those here already.

“No one who has come here on a temporary work visa should have the automatic right to stay forever, and changing the rules to extend the qualification period and add conditions for new applications does not constitute a retrospective change,” she wrote.

In the letter, Badenoch also offered the Conservative Party’s support if Labour decides to proceed with its original proposal without amendments.

“If you table the proposals set out last autumn in undiluted form, either in the Immigration Rules or as part of the Immigration and Asylum Bill, we will support them.

“In government we would of course go further, but on this time-sensitive matter we make this offer to cooperate in the national interest,” she stated.

She said the government’s decision on the matter would ultimately show whether Labour was genuinely committed to reducing immigration and strengthening border controls.

“Whether or not you stand by your own proposals is a test of whether the Labour Party is serious about controlling our borders — or not,” the letter added.

The letter was also copied to Andy Burnham, whom Badenoch referred to as the anticipated incoming Prime Minister, as political debate over the future direction of the UK’s immigration policy continues.

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