Six petroleum depot operators have lowered the prices of Premium Motor Spirit (PMS), commonly known as petrol, as rivalry intensifies within Nigeria’s downstream petroleum market.

The depots that implemented the price cuts on Wednesday include Emadeb, First Royal, MENJ, Aiteo, Pinnacle, and Hyde.

Emadeb brought its depot price down to N827 per litre from N903 per litre, while First Royal adjusted its price to N826 per litre from N828 per litre.

Similarly, MENJ, Aiteo, Pinnacle, and Hyde revised their prices to N826 per litre from N827; N825 per litre from N826; N850 from N856 per litre; and N868 from N869 per litre, respectively.

Petroleumprice.ng reports that petrol depot prices are projected to keep decreasing in the near future, as crude oil prices, which are a key input, stay relatively low at $65 per barrel globally.

An expert in the industry, who chose not to be named, mentioned that stakeholders are anticipating another reduction in the gantry price at Dangote Petroleum Refinery.

He said: With the downward review of depot prices, currently standing at par with the Dangote Refinery N825 per litre gantry price, there are indications that the refinery would soon reduce its price further.

Meanwhile, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, explained that: The depot owners imported commercial quantities of petrol from the global market. Without the downward price adjustment, it would be difficult for them to sell in the domestic market. It is their response to the competition in the domestic market.

He added: We expect further reduction as competition continues. But too much competition could become harmful to the sector. We need healthy competition to impact on consumers and the sector.

US President Donald Trump has issued an executive order that enforces a complete travel restriction on citizens from 12 countries.

In addition, nationals from seven more countries will face limited travel restrictions to the United States.

The affected 12 countries are Afghanistan, Chad, Congo, Yemen, Eritrea, Haiti, Iran, Sudan, Myanmar, Somalia, Sudan, Libya and Equatorial Guinea.

Stricter limitations will also apply to individuals from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan, and Venezuela.

The executive order was finalized on Wednesday night.

Trump justified the decision by pointing to national security concerns and referenced an incident that occurred in Colorado on Sunday.

The order further indicates that the secretary of state holds the authority to provide exceptions on a “case-by-case” basis.

Trump said, “I must act to protect the national security and national interest of the United States and its people.”

He added, “We will not let what happened in Europe happen to America.”

He explained, “Very simply, we cannot have open migration from any country where we cannot safely and reliably vet and screen those who seek to enter the United States.”

He stated, “We will not allow people to enter our country who wish to do us harm.”

Several of the countries listed are currently experiencing armed conflicts.

Others made the list because, according to Trump, their governments fail to provide access to criminal background information.

The executive order also cites challenges faced by US authorities in repatriating citizens of these countries as another reason for their inclusion.

Scheduled to take effect on June 9, the new travel restrictions resemble a similar directive issued by Trump in 2017 during his first term, which barred individuals from seven Muslim-majority nations from entering the United States.

Trump also signed another executive order that halts the entry of foreign nationals who intend to study or join programs at Harvard.

This declaration temporarily prevents non-immigrants aiming to attend the Ivy League institution from entering the US.

The Trump administration has consistently criticized Harvard, accusing the university of “radicalism,” “antisemitism” and a “persistence with” diversity, equity and inclusion (DEI) programmes.

Bill Gates, who chairs the Gates Foundation, has said that Nigeria’s government expenditure on healthcare is “too small” to effectively tackle the country’s deep-rooted health issues.

During a media roundtable held on Wednesday, Gates emphasized that unless there is a significant increase in healthcare funding, the country will continue to face high rates of maternal and child mortality.

The tech billionaire noted that he had spoken directly with President Bola Tinubu regarding the importance of allocating more resources to Nigeria’s healthcare system.

He acknowledged the government’s financial constraints and competing priorities but insisted that increasing health-related spending is vital.

“Well, the amount of money Nigeria spends on health care is very, very small,” he said.

“I don’t know why you would have expected that number (referring to maternal mortality) to go down.

“If a mother delivers at home, there are certain complications that you can’t solve. So what countries like India do is they drive delivery into centres where they can give C-sections. But that takes money.”

Earlier in February, Nigeria’s National Assembly boosted the health budget by N300 billion as part of the 2025 fiscal plan.

A total of N2.48 trillion was earmarked for the health sector, making up 5.18 percent of the entire national budget.

US FUNDING CUTS

When asked if his foundation would step in to fill the funding gap left by the United States, Gates responded that no organization is capable of equaling the US government’s global health contributions.

He said he is “upset” about the US government’s decision to scale back its support for global health initiatives.

“The problem with the Gates Foundation is we don’t have some special bucket of money,” he said.

“We spend more every year, and all my money will be spent. And so no matter what the other people do, it’s the same amount of money.

“If they increase, I’ll still spend my money. If they disappear, I’ll still spend my money. So my money is not extra money.

“There’s a few things where they left medicines in the warehouse or they cut off a medical trial in the middle where we take our money and we shift it to help out.

“There’s nobody who can match that US government money. And the European money is all coming down. We have like a 40% decrease from Germany and the UK.

“In their case, it’s less ideological and more to do with just getting money for Ukraine or an aging society.

“I’m very upset about it. We’ll have more HIV deaths, malaria deaths, and maternal deaths. There’s just no denying that that money was being well spent. And there’s no alternate source that matches up to what was available.”

In May, Gates stated that he plans to donate almost all his fortune within the next 20 years.

He recently announced that the majority of the $200 billion he intends to give way over the next two decades will go to Africa.