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Petrol Price Should Be More Than N280/Litre —– NNPC GMD Mele Kyari

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The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said the price of petrol should be more than N280/litre at which Automotive Gas Oil, also known as diesel, is being sold.

Kyari said smuggling of petrol from Nigeria had impacted negatively on the Nigerian oil sector but added that this would not lead to another closure of the borders.

He said on Tuesday during a programme on Channels Television that efforts were rather being made to curb smuggling.

The NNPC boss said although petrol evacuation by NNPC in Nigeria was currently about 60 million litres daily, the corporation was sure that consumption was not up to that volume.

He said organised smuggling was the reason for the huge consumption volume, stressing that the low petrol price of N162/litre was also an incentive for this.

Kyari said, “Today we are paying N162/litre (for petrol). I am sure many people buy AGO (diesel) in the market and it is selling at N280/litre in the market today.

“So (there is) nowhere in the world diesel sells more expensive than PMS. That means that the price of petrol anywhere in the world, assuming you are going to sell it at the market, you are going to sell it above that price you have seen.”

On what the landing cost of petrol could be as of Tuesday, Kyari said the cost of the commodity at filling stations would be around N256 per litre, with a lower price as its landing price.

“Today, from what I can remember, I checked the number two days ago; what would we sell if we are at the filling station today and recover our cost fully is around N256/litre,” he stated.

Kyari said the ongoing meetings between the government and the organised labour on petrol price had not been concluded and could drag beyond next July.

He explained that negotiations on the cost of petrol would have to be concluded to enable the government to effect a change in the cost of the commodity.

On the proposed acquisition of a 20 per cent stake in the Dangote refinery, Kyari said the corporation was borrowing to buy the stake in the refinery because the refinery business is viable and sustainable.

The NNPC had announced in May that it was in advanced talks with Dangote Industries to acquire a 20 per cent stake in the 650,000 BPD refinery.

Kyari said government money would not be used for the stake acquisition.

He said, “We are borrowing on the back of the cash flow of this business. We know that this business is viable, it will work and it will return dividends.

“It has a cash flow that is sustainable because refinery business, in the short term, will continue to be sustainable. That’s why banks have come forward to lend to us, so we can take equity in this.

“There is no resource-dependent country that will watch a business of this scale, which is bordering on energy security and has implications for fiscal security of the country, and you don’t have a say. And for us, as a strategy, we started this process long before Dangote started his refinery project.”

According to Kyari, the NNPC takes equity in very significant businesses that are anchored on the oil and gas operations: fertiliser, methanol plants, modular refineries and others.

He said the Dangote refinery would start production by 2022, adding that it would deliver over 50 million litres of petrol into the Nigerian markets.

He said, “We are also working on our refineries, to ensure that we fix them. We have awarded the contract for Port Harcourt refinery rehabilitation. And ultimately we are going to close that of Warri and Kaduna very soon in July so that all of them will work contemporaneously.

“The net effect is that you are going to have an environment where Nigeria becomes the hub of petroleum products and supply. It’s going to change the dynamics of petroleum supply globally in the sense that the flow is coming from Europe today and it is going to be reversed to some other direction.”

Kyari said Nigeria would be the supplier for West Africa and many other parts of the world.

He added, “So the meaning of this is, there is an opportunity that has been thrown at us. And I’m not sure Mr Dangote wants to sell his equity in the refinery.

“I can confirm that it was at our instance that we started this engagement. He did not want to sell his shares in this refinery.”

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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