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Fuel prices may fall as FEC renews naira-for-crude deal
They also stated that a major player in the sector, Dangote Refinery, is anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the forthcoming price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement, announced on Wednesday.
The official, however, couldn’t project the expected amount as the price at which the government will sell its products remains unclear.
This was as the National Publicity Secretary of Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, emphasised the need for greater involvement of other local refiners in the initiative, stressing that broader participation would enhance the economic benefits and strengthen the impact of the deal.
On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.
It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”
The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.
The meeting was attended by Edun, the Chairman of the Implementation Committee; the Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service, Zacch Adedeji; the Chief Financial Officer of Nigerian National Petroleum Company Limited, Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals.
Also present were representatives of Dangote Petroleum Refinery and Petrochemicals, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Ports Authority, Afreximbank, and the Secretary of the Committee, Hauwa Ibrahim.
As part of moves to reduce the strain on the US dollar and guarantee price stability of petroleum products, the FEC in July 2024 directed the national oil company to sell crude oil to Dangote Refinery in naira and not in United States’ greenback for an initial phase of six months.
The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024 to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.
However, in March, Dangote refinery said it had temporarily halted the sale of petroleum products in naira. The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.
Immediately after the announcement, private depot owners effected an increase in loading cost and effectively raised pump price from around N860 to about N960 per litre, making consumers pay at least N70 more than what it used to cost them to buy a litre of the premium commodity days earlier.
But in a fresh update on Wednesday, the committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilising the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.
The ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure.
While acknowledging that the transition involves complexities, the government admitted that existing challenges are being systematically addressed.
“As with any major policy shift, the committee acknowledges that implementation challenges may arise from time to time.
“However, such issues are being actively addressed through coordinated efforts among all parties. The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement concluded.
Commenting, industry players said the resumption of Naira-denominated crude sales would reduce the strain on the US dollar and guarantee the price stability of petroleum products.
The IPMAN national publicity secretary, in his expert opinion, welcomed the recent development, noting that it reflects the President’s willingness to listen to stakeholders, which is a positive sign for the country’s energy sector. He said the deal was always expected to be implemented.
“With this new decision taken by the government, I also believe earnestly that just with the complaint of marketers crying of huge losses caused by a sudden drop in price. Their plea is also yielding fruit.”
He added that with the positive development and recent fall in the price of crude, the 650,000 is poised to reduce its loading price downward before the end of the current week.
“I believe that from now till the end of the week, the Dangote refinery will come up with a new price. They can’t complain of having old stock because that is not the best practice internationally.”
On his part, CORAN national official Eche Idoko welcomed the news that the policy would be permanent but urged the government to ensure its full implementation, particularly in its inclusion of all local refineries.
Idoko described it as one of the most effective strategies of the current administration to stabilise the local economy amid recent global economic challenges.
He said, “CORAN welcomes the idea of the new information on the continuation of the naira for crude policy as we have always maintained it is one of the most potent policy of this administration in trying to stabilise the local economy and in the event of recent happenings in the global economy. It has become more expedient to pursue this policy as it seems to protect the emerging refining industry in Nigeria.”
However, CORAN pointed out that the pilot phase of the policy, which was initially extended only to Dangote refinery, fell short in certain areas. The group noted that the total allocation earmarked for the naira-for-crude initiative was not fully implemented during the pilot phase, which raised concerns.
“We hope that in this new phase, the remaining five refineries that are refining in Nigeria would be included, and more importantly, this crude would be made readily available for them, so that we can maximise the advantage that comes with refining locally, especially when everyone is moving towards self-dependence and self-sufficiency in production,” Idoko added.
The Petroleum Products Retail Outlet Owners Association of Nigeria shared the same opinion, requesting that all refineries be allowed to benefit from the naira-crude deal instead of restricting it to Dangote Refinery.
The National President of PETROAN, Billy Gillis-Harry, stated this in an interview with one of our correspondents on Wednesday.
He said, “We are delighted and we congratulate the President and the Federal Executive Council for looking into what should make Nigeria better. As far as we are concerned, the naira-for-crude is a critical component of how Nigeria’s economic growth will fare. So, PETROAN is very happy about it. We hope it will be well implemented with all the i’s dotted and the t’s crossed.
Gillis-Harry said Nigeria could run a better economy with the policy and ignore the tariffs of the United States President, Donald Trump.
“Let us give the benefit of the doubt to the Federal Government, the Ministry of Petroleum Resources, the Ministry of Finance, and all the members of the technical committee to come up with what is needed to ensure that we run a better economy and give a bluff to America with all this noise that has been coming from Donald Trump. If we are running our economy by ourselves, we do not need to bother about him. And that is what PETROAN will always advocate for, that we run our internal economy efficiently and grow our economy robustly to ensure that Nigerians live well above the poverty level,” he said.
The PETROAN boss added that crude oil should be sold to other refineries in naira to give Nigerians affordable fuels.
“The policy is for every refinery. To my knowledge, it is not only for one refinery. It is for all refineries in Nigeria – NNPC refineries, Azikel in Bayasa, Edo refinery in Benin, Niger Delta refinery in Ahola, Walter Smith in Owerri, and other refineries that are coming up, including BUA refinery. So, it is not selective. It is for all refineries, to my knowledge. And that is what we advocate, that it should be implemented in every refinery so that all refineries will sell to us at an affordable price and ensure that there is energy security,” he added.
He maintained that price fluctuation would be a continuous exercise until an average is observed.
“We cannot wake up and say our price will be like this, so that price will come down based on the economic environment,” he added.
While commending Tinubu for the initiative, he appealed to him to address the hunger in Nigeria.
“We congratulate the government. Anybody can say what they want to say, but we believe President Tinubu has good intentions for this country. What we are watching is that there is hunger in the land, there is a lot of suffering, and those things need to be addressed very drastically and very quickly, too.
“Those people who are hungry don’t listen. We do not want any errors. So, we still ask Nigerians to be patient and be enduring, and let all of us make collective sacrifices to ensure that this country becomes a greater one,” he submitted.
The Vice President of IPMAN, Hammed Fashola, described the move as a good development.
“It is a good development; it is what we have been telling the government that it should be sustained because it would bring a lot of benefits and make the price stable. Once that happens, the price of fuel will come down, and this is good for Nigeria.
Fashola said the naira has been losing its value since the Dangote refinery cancelled the naira-for-crude deal, saying that was why the price of fuel remained high in Nigeria despite the crude price crash.
He said Nigerians should expect a drop in fuel prices, adding that the suspension of the policy caused the surge in prices after the Dangote refinery halted the sale of petrol in naira.
“Now that the naira policy has been restored, we expect a reverse in the price,” Fashola said.
The Service stated this in a statement posted on its official X handle on Wednesday.
According to the NIS, the only authorised platform for passport payments by Nigerians, both within the country and in the diaspora, is its official passport portal.
It added that foreigners seeking Nigerian visas should use only its official visa portal for embassy applications or the designated e-visa portal for electronic visa applications.
It said, “The Nigeria Immigration Service wishes to reiterate that the only authorised platforms for passport payments for Nigerians (at home and in diaspora) is https://passport.immigration.gov.ng.
“For foreigners wishing to apply for visa, https://visa.immigration.gov.ng (for visa at the Embassy) and https://evisa.immigration.gov.ng (for e-visa) are the official links.
The NIS urged applicants who require clarification or assistance with passport or visa applications to contact its verified communication channels.
It listed its official X accounts as @nigimmigration and @InquireAtNaija, while its verified Facebook and Instagram handles are @nigimmigration.
The Service also provided WhatsApp numbers 09160878000 and 09117717772 for enquiries and support.
The statement reiterated the Service’s commitment to ensuring secure and transparent passport and visa application processes, urging the public to avoid fraudulent intermediaries.
The US Department of State said the move is aimed at centralising routine visa services in regional hubs to enhance national security, reduce government spending, and ensure greater consistency in visa screening, vetting and adjudication.
In a statement on the US Department of State website on Wednesday, the department said the reorganisation aligns with the President Donald Trump’s administration’s priority of placing America’s interests and security first.
“The Department of State is constantly evaluating its overseas operations in order to advance America’s priorities as efficiently and effectively as possible. This includes a visa process that maintains rigorous standards of security screening and vetting and aligns resources and operational capacity with America’s national interests.
“The Trump administration has no higher priority than the safety and security of Americans, and the State Department will continue to provide Americans with appropriate consular services and assistance at diplomatic posts around the world,” the statement read.
Besides Abuja, the affected diplomatic posts are located in Asmara, Bamako, Banjul, Brazzaville, Bujumbura, Conakry, Cotonou, Durban, Freetown, Gaborone, Harare, Juba, Libreville, Lilongwe, Lusaka, Maputo, Maseru, Mbabane, N’Djamena, Niamey, Nouakchott, Ouagadougou and Windhoek.
It also emphasised that all diplomatic missions will continue to provide consular services and carry out their regular functions on behalf of the United States.
The department further assured travellers that the policy does not invalidate visas that have already been issued.
The United States periodically reviews its global diplomatic operations to reallocate resources and streamline consular services.
Under the new arrangement, applicants in countries affected by the policy are expected to access routine visa services through designated regional processing hubs, while embassies and consulates continue to provide other diplomatic and consular assistance.
The Women’s Aid Collective (WACOL) has condemned the alleged rape, severe domestic violence, mob torture and attempted murder of a 34-year-old mother of six in Aninri Local Government Area of Enugu State.
WACOL, in a statement signed by its Senior Communication Officer, Ezugwu Bethel, said it received the reports with “profound shock, outrage and deep sorrow,” describing the incident as a gross violation of human dignity, fundamental human rights and the Violence Against Persons Prohibition (VAPP) Law 2019 of Enugu State.
According to the organisation, the survivor had allegedly endured years of domestic violence at the hands of her husband, who reportedly physically assaulted her and her mother.
WACOL said the woman, in an attempt to escape the abuse, rented a separate apartment, but her husband allegedly tracked her down and attacked her on the night of July 17, forcing her to flee to her mother’s residence.
The organisation alleged that the husband followed her there and threatened to kill her if she remained, forcing her to seek refuge with a male palm kernel trader.
According to WACOL, because the trader was married, he took the woman to a friend’s house for temporary shelter. However, the organisation alleged that the friend and another resident connived to restrain the trader and raped the woman.
WACOL further alleged that the attackers subsequently locked the woman and the trader inside the house before informing her husband of their whereabouts.
The organisation claimed that the husband arrived with a mob, broke down the door and allegedly subjected the woman and the trader to severe physical abuse.
It alleged that the husband publicly raped the woman while members of the mob restrained the trader, who had reportedly attempted to help her.
WACOL further alleged that the husband took the woman’s money, used it to buy drinks for youths and other members of the community, and allegedly incited them to attack the woman and the trader.
The organisation said the mob stripped the two victims naked, spat on them and beat them severely. It further alleged that some female members of the mob used broken bottles to shave the woman’s hair, while the victims were also allegedly inflicted with multiple cutlass wounds.
According to WACOL, the severely injured woman was subsequently dragged into an “evil forest” and abandoned.
The organisation said the woman spent three days in the forest before, despite her injuries, crawling to the main road, where she was discovered by Good Samaritans who contacted her sister and facilitated her rescue.
WACOL said the survivor is currently receiving medical treatment at a police clinic while remaining in hiding for fear of further attacks.
The organisation also raised concerns over the whereabouts of the male palm kernel trader, who was allegedly tortured alongside the survivor, saying his current location remains unknown.
WACOL said the police had arrested the woman’s husband and some female accomplices, but alleged that several other suspects remained at large.
The organisation also expressed concern over alleged interference by community leaders, claiming that the traditional ruler and President General of the community had banished the survivor and her family after they reported the incident to the police.
WACOL described the alleged banishment as victim-blaming and an abuse of power, adding that the community leaders must be held accountable if found to have obstructed justice or aided criminal suspects.
The organisation commended the Enugu State Police Command for its intervention but called on the Commissioner of Police to ensure that all fleeing suspects are arrested and prosecuted.
WACOL also demanded an immediate search and rescue or recovery operation for the missing palm kernel trader.
It further called on the Enugu State Government and the Ministry of Chieftaincy Matters to investigate the alleged roles of the traditional ruler and President General, while demanding adequate security for the survivor, her sister and other family members.
WACOL said its legal and psychosocial teams had been activated to support the survivor in her recovery and pursuit of justice.
The organisation called on Nigerians, human rights groups and the media to join the campaign for justice for the mother of six.
Founder of Living Faith Church Worldwide, Bishop David Oyedepo, has warned Nigerian youths against depending on sports betting as a pathway to wealth, saying lasting success can only be achieved through hard work, patience and integrity.
Speaking during a message to members of his congregation, the cleric described betting as a dangerous distraction capable of destroying the future of young people and preventing them from fulfilling their God-given potential.
Oyedepo urged youths to resist the growing temptation of seeking quick riches through gambling, stressing that genuine prosperity is built on diligence, discipline and purposeful living.
“Young people, 9jabet is not the way to financial fortune. Stop wasting your destiny,” he declared.
He emphasised that although the journey to success may sometimes appear slow, honest labour and consistency ultimately produce more enduring rewards than relying on luck or shortcuts.
“It may be slow, but it’s sure,” he added.
The bishop also reflected on his personal life, recalling how his mother’s unwavering faith influenced his decision to become a Christian at the age of 15.
He recounted how he later expressed his gratitude by buying her a car while she was living in the United States, describing the gift as one that brought her immense joy before her passing at the age of 92.
Using the experience to encourage young people, Oyedepo urged them to embrace faith, perseverance and gratitude instead of pursuing instant wealth through betting.
He concluded his message by urging Nigerian youths to rethink their priorities and make choices that would guarantee a brighter future.
“You better wake up,” he said.
Family members have launched a fundraising campaign to repatriate the remains of a Nigerian woman, Christiana Nwosu, who reportedly died of cardiac arrest while visiting the United Kingdom.
The information came on Monday from a GoFundMe appeal signed by Chijioke Metuka on behalf of the Nwosu family.
According to Metuka, Nwosu died on July 19, 2026, leaving her children and loved ones devastated by the sudden loss.
Metuka described the deceased as “a beacon of light, love and warmth” whose passing had created an irreplaceable void in the lives of those who knew her.
The family said its greatest wish was to honour her memory by returning her body to Nigeria for burial, where she would be laid to rest among her extended family and ancestral roots.
The appeal read, “During this time of immense grief, Izuchukwu and his family’s deepest wish is to honour her memory by laying her to rest in her homeland of Nigeria, surrounded by her extended family and roots.
“Repatriating a loved one from the UK to Nigeria comes with significant and unexpected financial burdens.”
However, the family noted that repatriating her remains from the UK would cost about £10,000, covering funeral director fees, specialist repatriation services and documentation, air freight charges, transportation, and funeral and burial expenses in Nigeria.
“We have set up this fund to support Izuchukwu and his family during this incredibly difficult time. Every single donation, no matter the size, will go directly towards covering these repatriation and funeral expenses to help ease the financial strain on the family,” the appeal read.
The organisers appealed to members of the public to support the family through donations or by sharing the fundraising campaign with others.
“If you are unable to donate, please consider sharing this page with others and keeping Izuchukwu and his family in your thoughts and prayers.
“Thank you from the bottom of our hearts for your kindness, generosity and support,” the statement added.
As of the time of filing this report, a sum of £7,941 had been raised out of the £10,000 target.
In February a Nigerian woman, Oluranti Akinyemi, died in the UK shortly after arriving in the country for her son’s graduation ceremony.
Her family had launched a fundraising campaign on JustGiving to raise £20,000 to repatriate her remains to Nigeria and cover related expenses.
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