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IPMAN identifies reasons for new hike in fuel price to N617 per litre

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The National President of the Independent Petroleum Marketers Association of Nigeria, Chinedu Okoronkwo on Tuesday explained the sudden hike in the pump price of petroleum products in Nigeria.

Okoronkwo blamed the sudden hike in the pump price of petrol on the cost of dollars.

He explained that petroleum products are imported to Nigeria using dollars, hence the increase.

Speaking on Arise Television, the IPMAN National President advocated the use of Compressed Natural Gas, CNG, as an alternative to petrol.

According to Okoronkwo: “This business is done with dollars, remember the rate of dollars now is in one window and not like we had several others, where CBN will give around N400 while the black market will be around the region of N700 but now there is no more second window.

“Today the dollar is around N800 and in a deregulated regime, what determines the price of anything is the cost. The product is not refined here, everything is imported.

“If we want to achieve something, there are other alternatives we have proffered. The CNG is something this nation needs to seriously look into; so it would be a matter of choice if you want to use gas or petrol.

“The price has really gone up because of the fundamentals in the market which has to do with the dollars.”

The NNPC, on Tuesday, increased the pump price of petrol to about N617 per litre.

This is coming shortly after the petrol price was increased to over N500 per litre following the removal of fuel subsidy.

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Business

FedEx founder and former boss Fred Smith dies aged 80

Born in 1944, Mr Smith started FedEx with 389 staff and 14 small planes that carried 186 packages from Memphis to 25 cities within the US.

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Image credit: Getty Images

Fred Smith, founder of the US parcel delivery giant Federal Express, has died at the age of 80, the company has announced.

Mr Smith founded the firm in 1973 having previously served in the US Marine Corps.

He ran the company as CEO until 2022.”Fred was more than just the pioneer of an industry and the founder of our great company.

He was the heart and soul of FedEx,” current boss Raj Subramaniam wrote in a memo to staff.

Born in 1944, Mr Smith started FedEx with 389 staff and 14 small planes that carried 186 packages from Memphis to 25 cities within the US.

(BBC)

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BREAKING: NNPC Spokesman, Soneye resigns

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The Nigerian National Petroleum Company Limited (NNPCL) is expected to name a new spokesperson soon, following the resignation of the company’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye.

In a statement made available to the press in Abuja on Saturday, Soneye thanked his former employer and colleagues for their support during his tenure as CCCO.

He stated that his decision to step down was to enable him to devote more time to his family and attend to personal responsibilities that require his closer presence.

The statement read: “Dear Esteemed Colleagues, I extend my heartfelt gratitude to you all for the unwavering support, professionalism, and genuine commitment you’ve shown in helping to shape and amplify the NNPC Ltd story over the past 20 months.

“Your role in building a vibrant and effective communications presence for our national energy company has been nothing short of invaluable.

“I wish to inform you that I have stepped aside from my role as Chief Corporate Communications Officer of NNPC Ltd. This decision will allow me to devote more time to my family and attend to personal responsibilities that now require my closer presence.

“It has been a profound honour to serve both the Company and our country and to contribute in my own way to the ongoing transformation of NNPC Ltd.

I am deeply grateful for the trust reposed in me, the opportunities granted, and the incredible professionals—both within and outside the organization—with whom I have worked.

“I remain a steadfast supporter and ambassador of NNPC Ltd wherever I go. I enjoin you, dear colleagues, to continue your robust, balanced, and constructive reportage in support of the Company’s noble mission and strategic role in Nigeria’s energy future.”

Soneye was appointed as NNPCL’s spokesman in October 2023, following a company-wide reorganisation that saw him replace Garba Muhammad.When contacted by Tribune Online, Soneye confirmed the news, saying, “Yes, my bro! E ku weekend.”

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DR Congo: Heineken Forced to Withdraw Staff as Rebels Seize Facilities

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Heineken has lost operational control and withdrawn its staff from facilities in eastern Democratic Republic of Congo (DRC), CNN on Saturday quoted that the Dutch brewer announced on Friday.

In March, the company had suspended operations in three eastern cities, citing safety concerns after breweries were damaged and depots raided during clashes between government forces and rebels.

On Friday, Heineken said the situation had worsened. Armed groups have taken control of its sites in Bukavu and Goma—eastern Congo’s largest cities—as well as surrounding areas.

“The conditions required to operate responsibly and safely are no longer present and as of 12th June 2025, we have lost operational control,” it said in a statement.

Heineken’s local unit, Bralima, continues to operate in parts of the country not affected by the fighting. The company said it is monitoring developments closely.

Heineken owns four breweries in the DRC, producing its namesake beer along with local brands such as Primus. It previously said its Bukavu facilities employed about 1,000 people directly and indirectly.

“Our top priority is the safety and wellbeing of our employees,” Friday’s statement read.

Reuters also reported, “We have withdrawn all remaining staff from these sites and we have continued to support them financially.”

Nearly 14 per cent of Heineken’s total revenue comes from its Middle East and Africa operations, with Congo—home to over 100 million people—a significant market.

Before the suspension, operations in Goma, Bukavu, and Uvira represented roughly one-third of Heineken’s business in the country.

Conflict in eastern Congo has intensified in 2025, with the M23 rebel group making major territorial gains, sparking fears of broader regional instability.

Congo accuses Rwanda of backing M23 with troops and weapons—allegations Rwanda has consistently denied.

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