News
Marketers fear high Dangote petrol price as landing cost rises to N1,120/litre
Oil marketers are concerned about the delay in announcing the price of Premium Motor Spirit, popularly called petrol, being produced by the Dangote Petroleum Refinery, as they noted that the landing cost of imported PMS is now about N1,120/litre.
Dealers stated that a high PMS price from the Dangote refinery would lead to the importation of the commodity by marketers since the government has opened up the market for competition.
In July this year, the Major Energies Marketers Association of Nigeria revealed that the landing cost of PMS was N1,117/litre. The landing cost is simply the price at which the commodity lands on Nigeria’s shores.
While the pump prices of petrol ranged between N600 and N700/litre in July, the cost was raised last week to between N855 and N897/litre by the Nigerian National Petroleum Company Limited, while some independent dealers hiked their prices to above N1,000/litre.
It was also gathered on Monday that the delay in the release of the price of Dangote petrol had further made oil marketers deepen discussions with their foreign partners in a bid to start petrol imports.
The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, stated that IPMAN was speaking with its partners abroad while awaiting Dangote petrol price, but noted that a high cost from Dangote would lead to massive PMS importation.
“On the landing cost of petrol, we are waiting for our foreign partners to calculate how much it will cost to bring the product to Nigeria. This is so that independent marketers will also see how to import the commodity. So we are waiting to get the data from them.
“I’ll tell you the actual landing cost once we get the data from our foreign partners. So if the landing cost is cheaper than what the Dangote refinery will sell, then we will see how to bring in the product.
“You know, it is now an open market, so anywhere we see a cheaper rate with good quality, we will buy from there. We don’t know the price of Dangote PMS. We are waiting for the refinery to release the price. However, we are discussing it with our foreign partners,” he said.
Maigandi explained that allowing multiple importers of the PMS would ensure availability and competition.
“One advantage of allowing everyone to bring in the product is that there will be guaranteed availability of products.
“There is also going to be competition. Once this happens, everybody will try to see how they can sell their products and buy another one. It is only when you sell what you have that you can generate profit,” he stated.
Dangote petrol price
An official of the Dangote Group said the President of the group, Alhaji Aliko Dangote, will do everything possible to beat down the price of petrol.
The official who preferred not to be mentioned because he was not authorised to speak on the matter, said Dangote would sell PMS in Nigeria whether or not the Nigerian National Petroleum Company Limited agrees to be its off-taker or not.
According to the source, Aliko Dangote is a nationalistic man who loves the country, and he is ready to make sacrifices for the sake of the masses.
He recalled how the refinery brought down the price of diesel from about N1,600 to N950 before it started hovering around N1,100 and N1,200 due to foreign exchange fluctuations.
“When we started diesel, the product was around N1,700. We crashed the price to N1,200 and later, N950, before it now hovers around N1,100 and N1,200. Those who were milking the nation with dirty diesel saw it and they reduced their cost too. We will do it again,” the source stated.
Asked if Dangote can sell his PMS locally in the face of the seeming refusal of the NNPC to work with the refinery, the source replied, “Why not? We are going to sell locally; Alhaji Aliko Dangote is a nationalistic Nigerian; he loves this nation, and he is ready to make sacrifices.
‘We will bend for the country. We have high-quality PMS for the country. Some people who are importing fuel and some owners of refineries and blending plants in foreign countries don’t want this to happen. Their $117bn shipping business to West Africa is at stake.”
When the official was asked to disclose when the PMS will be out, he said, “Don’t worry, we are on course. We are ‘talk and do’. When we talk, we make it happen.”
The official, however, mentioned that the Dangote Group is still waiting to hear from the NNPC, but will take its decision if the state-owned company refuses to work with it.
The PUNCH reports that the NNPC and the Dangote refinery have yet to agree on the modalities for the sale of the latter’s PMS.
The NNPC, in a statement by its spokesman, Olufemi Soneye, said on Saturday that it would not buy Dangote PMS unless it is cheaper than that of the international market.
This is contrary to claims by Aliko Dangote that the refinery was waiting for the NNPC to roll out its product.
The NNPC also declared that Dangote and any other domestic refineries are free to sell directly to any marketer on a willing buyer, willing seller basis, saying it has no desire or intention to become the distributor for any entity in a free market environment.
“The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.
Soneye stated that the Dangote refinery could lower its price if it felt the new prices were too high.
“We emphasise that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd will only fully off-take PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria,” the NNPC said.
Innoson Vehicle Manufacturing Company (IVM) has dismissed as false and misleading reports claiming that its Founder and Chairman, Chief Dr. Innocent Chukwuma, CON, is dead, insisting that the renowned industrialist is alive and actively leading the company.
In a statement issued on Tuesday, the company’s management described the report as baseless and urged the public to disregard it and rely only on information released through IVM’s official communication channels.
“We wish to unequivocally state that this claim is false, misleading and entirely without factual basis. Chief Dr. Innocent Chukwuma, CON, is alive, well and continues to provide leadership as the Chairman of Innoson Vehicle Manufacturing Company Ltd.,” the statement said.
The company explained that the false report appeared to have mistaken its chairman for another individual with the same name, noting that the distinction had previously been clarified by independent fact-checking organisations.
“The publication appears to have confused our Chairman with another individual who bore the same name but was an entirely different person,” it stated.
IVM urged customers, business partners, dealers, financial institutions, government agencies and the general public to ignore the publication.
The company also disclosed that it had commenced legal action against the publisher, demanding an immediate retraction, a public apology and an end to the circulation of the false report.
“Our legal representatives have formally written to the publisher demanding an immediate retraction, a public apology and the cessation of the dissemination of the false information. We remain committed to pursuing all lawful measures necessary to protect the reputation of our Chairman and safeguard the integrity of our Company,” it added.
Reaffirming its commitment to Nigeria’s industrial development, IVM said it remains focused on producing world-class vehicles and delivering quality products and services despite the misinformation.
The company also thanked Nigerians, customers and business partners for their continued support and confidence, describing their trust as the foundation of its growth and success.
Governors elected under The All Progressives Congress (APC) have reviewed outcome of the party’s primaries and resolved to meet with Prof Netanwe Yilwatda, Chairman of the party, and other leaders.
Governor Hope Uzodimma of Imo and Chairman of the Progressives Governors’ Forum (PGF), said the resolution was reached at the forum’s meeting which ended at the early hours of Tuesday in Abuja.
The News Agency of Nigeria (NAN) reports that the PGF is an umbrella body of all serving APC governors.
Uzodimma while addressing newsmen at the end of the meeting said that the governors also resolved to work to ensure that Nigerians were better off.
He said that the meeting reviewed the outcome of the party’s primaries across the federation, the recent Ekiti governorship election and various by elections in which the APC came out in ”flying colours”.
“We have resolved to work towards solving the problems and challenges facing our democratic space and ensuring that our people are better off.
“We also resolved to meet with the leadership of the party to plan the coming 2027 presidential and National Assembly elections. We are ready and good to go,” he said.
The PGF chairman added that the forum further resolved to continue to work with the APC leadership to support and strengthen it and prepare it for future elections.
The meeting was attended by governors of Ekiti, Zamfara, Taraba, Lagos, Sokoto, Kano, Kaduna, Gombe, Kebbi, Akwa Ibom and Borno States among others.(NAN)
One of the sureties must be a traditional ruler from his community, while the second must own landed property within the Federal Capital Territory.
The judge also ordered the defendant to deposit his international passport with the court registrar pending the determination of the case.
After granting the application, Justice Umar handed Sowore over to his lawyers and adjourned further proceedings until Monday, July 6, when the defendant is expected to open his defence.
Sowore is being prosecuted by the Department of State Services on allegations bordering on cybercrime, following social media posts in which he allegedly referred to President Bola Tinubu as “a criminal.”
He has denied the allegations and pleaded not guilty.
The court revoked Sowore’s bail on June 16 and issued a bench warrant for his arrest after he failed to attend proceedings.
Following the revocation of his bail, Sowore challenged the bench warrant and sought the trial judge’s recusal.
The application was dismissed, after which he was remanded in the Kuje Correctional Centre pending the hearing of his fresh bail application.
Delivering Tuesday’s ruling, Justice Umar restored the defendant’s bail on fresh terms, requiring him to meet the N200 million bail bond and fulfil the conditions attached before regaining his freedom.
Reacting shortly after the ruling, Sowore described the bail conditions as part of the authorities’ continued efforts against him but insisted they would not deter his movement.
He said, “There is no bus on earth that can stop this revolution. We warned them, but they would not listen. But now, it appears a little bit of common sense is returning to them, and as a result, I was granted bail, requiring a traditional ruler, somebody with property in Abuja, and N200m and my international passport.
“They have always been after the passport. So nobody can come after our movement. Nobody can stop the movement. Nobody can stop the idea whose time has come.
“What I want to tell Nigerians is that it is not about my freedom; it is about the liberation of the Nigerian people.”
The United States has described a recent counterterrorism operation in Nigeria as one of its most significant successes in the fight against jihadist groups, recovering what it calls the largest cache of enemy electronic equipment since the September 11, 2001 attacks.Politics
Sebastian Gorka, Deputy Assistant to the President and Senior Director for Counterterrorism at the U.S. National Security Council, made the disclosure in an interview with PragerU CEO Marissa Streit.
Gorka stated that U.S. operatives, in coordination with Nigerian forces, conducted a raid approximately three weeks ago that neutralised 199 jihadists in a single operation.
“That is the biggest neutralisation of enemy killed in action since September 11. Two hundred and ninety-nine jihadists who will not harm Americans again,” Gorka said.
He added that the operation yielded an intelligence haul so substantial that an additional aircraft was required to transport the recovered electronic materials.
“We needed an extra plane to bring home all the electronic material that we captured in those camps. The haul was three times bigger than any enemy electronics haul since 9/11,” he said.
According to Gorka, the recovered materials are being analysed for intelligence on Islamic State (ISIS) and Islamic State West Africa Province (ISWAP) communication networks, financing, operational planning and international links.
Speaking on how the operation was authorised, Gorka said President Donald Trump approved the mission after being briefed on the threat posed by the targeted militants.
“We told the President, this man has killed Americans and is planning to kill Americans. He ticked the ‘go box’ on the operational orders we had in front of him.”
Gorka also said Africa has increasingly become a focus for ISIS because of vast ungoverned territories where extremist groups can regroup after defeats elsewhere.
He further disclosed that the administration’s current counterterrorism campaign has resulted in the neutralisation of more than 1,000 jihadists globally.
Details of the specific location and exact date of the raid were not publicly specified, although reports have linked it to operations in Borno State targeting ISWAP elements, including the reported elimination of a high-value target.
The announcement underscores ongoing U.S.-Nigeria security cooperation against terrorism in the Lake Chad Basin and the wider Sahel. Nigerian and U.S. forces have collaborated on intelligence sharing, training and equipment support in efforts to combat Boko Haram and ISWAP.Demographics
No independent verification of the casualty figures or the scale of the intelligence recovered had been released by Nigerian authorities as of the time of reporting.
The Federal Executive Council (FEC) has approved a sweeping reform of the National Youth Service Corps (NYSC), marking the first comprehensive restructuring of the scheme since its establishment 53 years ago.
The landmark reforms, approved during Monday’s FEC meeting in Abuja, are aimed at transforming the NYSC into a skills-driven, productivity-focused institution that aligns with the Federal Government’s economic development agenda.
One of the most significant changes is the restructuring of the scheme’s leadership, with the NYSC to be headed by a civilian for the first time, while the military will continue to provide security support for corps members across the country.
To give legal effect to the reforms, the Council directed the Attorney-General of the Federation and the Federal Ministry of Youth Development to amend the NYSC Act and other relevant regulations.
Announcing the development on Monday, the Minister of Youth Development, Ayodele Olawande, described the decision as the first holistic review of the NYSC since its creation in 1973.
“We are transforming the Scheme into a platform that not only unites Nigeria but also equips our young people with the skills, experience and opportunities they need to thrive in a fast-changing world,” the minister said.
According to Olawande, the reforms are designed to reposition the NYSC as “a skills-driven, productivity-focused and youth-empowering institution” in line with President Bola Tinubu’s vision of building a $1 trillion economy.
The approved reforms include a technology-driven call-up process, risk-sensitive deployment to enhance the safety of corps members, a redesigned six-week orientation programme with greater emphasis on leadership, entrepreneurship, digital skills and specialised career tracks, as well as skills-based primary assignments aligned with graduates’ academic backgrounds and career aspirations.
Other changes include modern governance with civilian operational leadership, improved orientation camp standards through a national grading and certification system, a new graduation ceremony to replace the traditional Passing Out Parade, and a redesigned NYSC uniform aimed at promoting professionalism and national pride.
Olawande disclosed that the reform process began in 2025 following extensive consultations involving the Federal Ministry of Youth Development, the Federal Ministry of Education, and the Office of the Special Adviser to the President on Policy and Coordination.
“This is more than a reform of an institution. It is an investment in Nigeria’s greatest asset—our young people. The future of the NYSC begins now, and it is brighter, more relevant and more impactful than ever,” he added.
Established in 1973 after the Nigerian Civil War, the NYSC was created to foster national unity by deploying graduates to states outside their regions of origin for one year of compulsory national service.
The latest reforms represent the most far-reaching changes in the history of the scheme, with the Federal Government saying they will make the NYSC more relevant to Nigeria’s evolving economic and youth development priorities.
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