News
Why Nigerians are yet to enjoy significant fuel price drop – Marketers
The Independent Petroleum Marketers Association of Nigeria has explained that the eventual renewal of the naira-for-crude deal between the Nigerian government, the Dangote Refinery and other refiners could not crash the price of Premium Motor Spirit because of the forces of demand and supply and depreciation in the foreign exchange rate.
The spokesperson of IPMAN, Chinedu Ukadike, disclosed this to newsmen in an interview on Tuesday.
Ukadike was commenting on why Nigerians did not see a drastic fuel price crash in the local market despite the downturn in global crude oil prices, which stood at $65 per barrel and $61 for Brent and WTI crude blends, respectively, on Tuesday morning, according to oilprice.com.
Global crude prices had dropped from around $67 before the emergence of United States of America President Donald Trump’s administration’s tariff war.
In the last few days, Trump and China had engaged in tit-for-tat over tariffs impacting global trade, including crude oil.
Similarly, the recent agreement on supply cuts by the Organisation of Petroleum Exporting Countries, OPEC+, had also triggered the downward slide of crude oil prices.
However, since Trump announced a global tariff pause except for China, there has been a noticeable respite in global crude prices.
Meanwhile, Nigerians have lamented that they are yet to feel the impact of the global crude price drop on local prices.
A resident of Abuja, Nurudeen Abdullahi, said that with the continuation of naira-for-crude and the price of crude in the international market, he expects local petrol to be no more than N850 per litre.
“To be fair with you, local petrol prices should be around N850 per litre or less following the current benchmark of crude oil prices, which stood around $65 per barrel, down from $72,” he said.
Another Nigerian, Evelyn Adebayo, expressed a similar view over expectations of the crash of local fuel prices.
“I believe refiners and marketers are not fair to Nigerians. If it were petrol price hike, they would have implemented it without hesitation.
“But I am surprised that local petrol prices did not drop in a commensurate level as crude prices in the international market,” she stated.
Dangote Refinery had announced a N10 reduction in its ex-depot price of petrol.
Its decision to reduce ex-depot petrol prices follows the commitment to continue the Naira-for-crude by the Nigerian government implementation committee.
Reacting, Ukadike exonerated marketers, insisting that the price of local petrol did not drop as expected because of forces of demand and supply.
He added that Nigeria’s foreign exchange rate, which stood at N1,604.48 per dollar at the official market as of Tuesday, may also be the reason local fuel prices did not crash.
“The forces of demand and supply in the downstream sector, and the cost of foreign exchange also determine the price of crude and its by-product, fuel.
“The current price of petrol is competitive and fair enough for Nigerians owing to the two factors of forces of demand and supply and FX rate,” he said.
Nigerians currently buy petrol for between N940 and N975 per litre in Abuja.
News
NAF Jilli Airstrike: Bomb Don’t Know Who’re Terrorists
Multiple sources said that the fighter jet that carried out the operation was tracking a group of suspected insurgents believed to have visited the market to collect levies from traders and obtain supplies. However, the strike reportedly missed its intended target
No fewer than 56 people, mostly traders, are feared dead, while 14 others have been hospitalized following an airstrike on a weekly market along the Borno–Yobe border.
The incident occurred at Jilli Market, located between Gubio and Geidam Local Government Areas of Borno and Yobe states, on Saturday.
The airstrike was carried out during a military operation targeting suspected Boko Haram insurgents.
The weekly market usually attracts traders and buyers from surrounding communities, including Gubio, Chiweram, and Benisheikh in Borno State, as well as Gurokayeya and Geidam in Yobe State.
Multiple sources said that the fighter jet that carried out the operation was tracking a group of suspected insurgents believed to have visited the market to collect levies from traders and obtain supplies. However, the strike reportedly missed its intended target
.An eyewitness said at least 56 people have been confirmed dead, while 14 others are receiving treatment at the Specialist Hospital in Geidam, Yobe State.
“The incident happened around 2:46 p.m. while business activities were ongoing. Four fighter jets carried out the attack, though the fourth jet was not clearly visible. We only heard the sound of explosions.
“I counted 56 corpses myself and helped rescue two injured people, taking them to the hospital. I believe the number of casualties may be higher, as more bodies are still being recovered,” the source said.
News
NUPENG Braces Up for Leaderships Change
Former National Chair of PTD-NUPENG and National Trustees of the union, Salimon Oladiti will be elected as president of NUPENG in Lagos.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) will, on April 24, elect a new president.
Incumbent President, Williams Akporeha, announced his exit date at the weekend during the Quarterly National Executive Council meeting of Petroleum Tanker Drivers Branch, PTD-NUPENG in Warri, Delta State.
Former National Chair of PTD-NUPENG and National Trustees of the union, Salimon Oladiti will be elected as president of NUPENG in Lagos.
The election of Oladiti will mark the first time in NUPENG a member of the PTD branch will be president.
During the meeting, Zonal Chair of PTD-NUPENG in Port Harcourt, Joseph Okafor, moved the motion for unanimous ratification of Oladiti for president, seconded by Adekunle Akinlaja of Lagos zone.
News
FG Unmasks 60 Persons and Corporates Behind Terrorism Financing, Order Banks To Freeze Their Accounts
The updated sanctions list is part of a crackdown on financial networks supporting extremist groups, particularly following investigations into Bureau De Change (BDC) operators and other entities.
The Federal Government on Saturday released a list of 48 individuals and 12 corporate entities allegedly linked to terrorism financing in Nigeria, as part of ongoing efforts to curb the funding of extremist activities.
The Federal Government also directed financial institutions to freeze all accounts and assets associated with these individuals and firms.
The list, published on the website of the Nigeria Sanctions Committee (NIGSAC), disclosed the nationalities of those named, their specific roles, and the terrorist groups they were allegedly connected to.
The Nigeria Sanctions Committee (NIGSAC) operates under the authority of the Office of the National Security Adviser (ONSA), which coordinates its activities within the national security framework.
Its core mandates include the implementation of United Nations sanctions—particularly those targeting terrorism financing—ensuring compliance with international obligations, and facilitating coordination among agencies such as financial intelligence, defense, and foreign affairs.
Those named in the latest released include Abdulsamat Ohida, Mohammed Sani, Abdurrahman Abdurrahman, Fatima Ishaq, Tukur Mamu, Yusuf Ghazali, Muhammad Sani, Abubakar Muhammad, Sallamudeen Hassan, Adamu Ishak, Hassana Isah, Abdulkarim Musa, Umar Abdullahi, Abdurrahman Ado, Bashir Yusuf, Ibrahim Alhassan, Muhammad Isah, Salihu Adamu, Surajo
Mohammad, Fannami Bukar, Muhammed Musa, Sahabi Ismail, Mohammed Buba, Jama’atu Wal-Jihad, Ansarul Sudan (ANSARU), Islamic State West Africa Province (ISWAP), Indigenous People of Biafra (IPOB), Yan Group, Yan Group NLBDG, Adamu Hassan, Hassan Mohammed, Usman Abubakar, Kubara Salawu, Rabiu Suleiman, Simon Njoku, Godstime Iyare, Francis Mmadubuchi, John Onwumere, Chikwuka Eze, Edwin Chukwuedo, Chiwendu Owoh, Ginika Orji, Awo Uchechukwu, Mercy Ali, Ohagwu Juliana, Eze Okpoto, Nwaobi Chimezie, and Ogumu Kewe.
The entities listed include West and East Africa General Trading Co. Ltd, Settings Bureau De Change Ltd, G. Side General Enterprises, Desert Exchange Ventures Limited, Eagle Square General Trading Co. Ltd, Alfa Exchange BDC, Alin Yar Yaya General Enterprises, K. Are Nigeria Limited, Suhailah Bashir General Enterprises, Igwe Ka Ala Enterprises, Seficuvi Global Company, and Lakurawa Sect.
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