News
N1,030 PMS: Petrol price may go up again, experts warn
Against the backdrop of the presumed full deregulation of Premium Motor Spirit (PMS), also known as petrol, which was believed to have led to the hike in the price of the product, last week, the price may go up again very soon, experts have warned.
The experts predicted their warning on further depreciation of the foreign exchange rate and an increase in the price of crude in the international market.
“And the increase in the price of crude is a very high possibility, given what is going on now in the Middle East, the geo-political tensions, the looming war between Iran and Israel”, Dr. Muda Yusuf, a renowned economist and Chief Executive Officer of Centre for the Promotion of Private Enterprise, CPPE, said.
On his part, another economist, Mr Teslim Shitta-Bey, Managing Director of Proshare, said: “The escalation of conflict in the Middle East could lead to rising global oil and gas prices, which could further raise the local retail price of petrol in Nigeria”.
Also speaking, Eze Onyekpere, Lead Director, Centre for Social Justice, CSJ, said the rising cost of PMS will increase the misery and poverty in the country
The Nigerian National Petroleum Company Limited, NNPCL, had, on Thursday, raised the pump price of PMS by 15 per cent across Nigeria.
The development confirmed Vanguard’s report that plans were underway to fully deregulate the sector and that subsidy would no longer apply.
However, the complete deregulation effect pushed the price of the product to N1,030 per litre, from N897 in Abuja, while the price rose to N998 per litre, from N855, in Lagos.
Checks by Vanguard indicated that the Dangote Petroleum Refinery price also increased by 8.8 per cent to N977 per litre, from N898 per litre.
The latest price increase made it the second time the petrol price had been hiked in the past month.
This showed that the pump price of petrol has risen by more than 411 per cent since President Bola Tinubu came into office in May 2023.
Specifically, from N195 per litre before the President assumed office on May 29, 2023, the price of the product was increased to N448 (Lagos) and N460 (Abuja) in May 31, 2024; N557 (Lagos) and N617 (Abuja) in September 2024; N610 (Lagos) and N897 (Abuja) in September 2024 before the latest increase to N998 (Lagos) and N1,030 (Abuja) in October 2024.
The latest increase, which came against expectations that the crude-for-Naira deal between the Federal Government and Dangote Refinery might lead to a reduction in the pump price beginning from October 1, 2024, has left many citizens, especially motorists, in anger.
Oil markets
Oil markets were on edge throughout last week, dealing with rumors of an imminent Israeli attack on Iranian oil infrastructure. Ultimately, Israel’s attack failed to materialize. Consequently, Brent futures settled just below the $79 per barrel mark. “Prospects of further PMS price hikes are high if some of the major variables driving prices go up”, Yusuf told Sunday Vanguard at the weekend.
“If we see a further depreciation in the exchange rates, that may cause a further hike in price. “If there is an increase in the price of crude in the international market, that may also cause a further hike in price.
“And the increase in price of crude is a very high possibility, given what is going on now in the Middle East, the geo-political tensions, the looming war between Iran and Israel. “So, those geo-political concerns are things that can lead to a further hike in crude oil price which will invariably lead to an increase in PMS price. “These are the risks that we face when we talk about complete deregulation of PMS price. The risk and the possibilities are very high at this time”.
Caution
Yusuf, who is the immediate past Director General of the Lagos Chamber of Commerce and Industry, LCCI, cautioned, “That is why we have to be extremely careful when we are pushing for a complete deregulation of PMS.
“The economy is highly sensitive, you know, to increases in PMS price. The citizens’ welfare is highly sensitive to movements in PMS prices.
“So, there’s a need to be extremely very careful because of the social consequences of further increases in PMS price”.
Dangote Refinery intervention
On the extent to which Dangote Refinery can ameliorate PMS price hikes, the economist said: “As to what Dangote can do, this is beyond Dangote. “Dangote Refinery is a business entity. It is the condition that we create either in terms of the foreign exchange environment or in terms of the crude oil sales to Dangote, that is what can make any difference in terms of price. “Dangote Refinery, on its own, cannot significantly determine the direction in which prices will go. “The best it can do is to try to be more efficient, try to be more competitive, and take advantage that the refining is taking place here.
“I think that is the best that can happen from Dangote. “If we want any significant impact on price through Dangote, then, the government policy must come into play.
“As to what the government should do with the removal of the subsidy, well, my take is that we should just relax all the pressures the citizens are facing, which may entail a trade-off in revenue.
“We should relax measures, especially around trade, around importation, around taxes.
“If you look at sectors that can impact welfare, on productivity, let us reduce their taxes drastically. Look at sectors that can impact the welfare of the people and business productivity.
“Let us reduce the import duty drastically. So whatever we are getting from this hike, let us give it back. Not through the Federation Account.
“But through concessions, through fiscal policy channels, that way I think the economy will be better. “There is no guarantee that if the government puts this money in the Federation Account, the benefits will cascade down to the people, there is no guarantee. “Many of these state governments have different priorities. Don’t forget, we are talking about the three tiers of government, not just the Federal Government.
“There’s a limit to which the Federal Government can dictate to the states and local governments on how they will spend their money. “So, the chances that the benefits will cascade or trickle down to the ordinary citizens that are bearing the burden of this hike in energy are very slim. “This is why I believe that it’s better to give concessions in other areas, particularly around taxes, around importation”.
By Okey Maduforo Awka
Six members of the Indigenous People Of Biafra IPOB have been declared wanted by the Nigerian Police .
The six persons led by Mr Chukwuebuka Ohaechesi, include Emma Okonkwo, Jude Uwa, Gentle Okoro, Uchenna Dike, and Emmanuel Nwankwo who are said to be at large.
The were said to have fled to neighboring states in the South East hence signaling the other four Police Commands in the geopolitical zone to assist in the manhunt for them
The Police accused them of executing protests against the detaintion of the leader of IPOB Mazi Nnamdi Kanu who is currently serving jail terms in Sokoto Correction Center.
According to a statement issued by the Abia Police Public Relations Officer of the Command, ASP Eguavon Omokaro, the individuals are suspected members of IPOB who have allegedly participated in protests at various times and locations within the state.
The statement alleged that the protests were organised in connection with the continued detention of Mazi Nnamdi Kanu and demands for justice through the judicial process.
The Police Command further stated that these protests have allegedly resulted in breaches of peace and disruptions to law and order in Abia State. Consequently, the Police Intelligence Department reportedly concluded that the named individuals were among the principal organisers and coordinators of the demonstrations.
The statement further alleged that; ;
“It should be noted that on every 30th day of May, these men and their cohorts convene for the so-called remembrance of Biafra, holding clandestine meetings at various locations in the name of the emancipation of the Biafran Republic and the release of Mazi Nnamdi Kanu.”
According to the police, the six individuals were invited on several occasions for questioning in relation to the allegations against them.
The statement indicated that the first invitation was issued on 18 December 2025, followed by a second invitation on 7 February 2026, and a third invitation on 3 March 2026.
The police alleged that the individuals failed to honour all three invitations.
The statement further asserted:
“These individuals were invited by the police on several occasions. Firstly, on 18 December 2025, they failed to honour the invitation. Again, they were invited on 7th February 2026 and failed to appear. Finally, they were invited on 3 March 2026, and they also failed to present themselves before the police.” It stated.
As a result, the Abia State Police Command announced that all six individuals had been formally declared wanted.
The police appealed to members of the public to provide any reliable information that could lead to their arrest and prosecution, stating that informants would be suitably rewarded.
The declaration of the six individuals as wanted persons is linked to allegations of their participation in pro-Biafra activities, demonstrations concerning the detention of Mazi Nnamdi Kanu, and their alleged association with IPOB, an organisation that has been the subject of extensive scrutiny and security operations by Nigerian authorities.
In a statement shared on social media, VeryDarkMan argued that Wike may not fully understand the pain and trauma experienced by parents of abducted children and affected teachers. He claimed that the minister’s children were educated abroad, away from the security challenges facing many Nigerian families.Nigerian entertainment news
The activist stated that insecurity, kidnapping, and attacks on schools remain serious national concerns and should not be dismissed or reduced to political issues. He stressed that the fears and frustrations of parents whose children face security threats deserve greater attention from public officials.
VeryDarkMan further warned that political power is temporary, urging leaders to remain accountable to the people and sensitive to the challenges confronting ordinary Nigerians.
DSS Detains Novelist Okey Ndibe at Lagos Airport, Awaits Clearance from Abuja
Renowned Nigerian novelist, journalist, and academic, Okey Ndibe, was reportedly detained by operatives of the Department of State Services (DSS) upon his arrival at the Murtala Muhammed International Airport, Lagos, on Monday morning.
Ndibe disclosed his situation in a message sent while in custody, stating: “I’ve been with the SSS now for more than an hour. They’re waiting for clearance from some oga before they let me go.”
According to sources close to the writer, his detention follows a pattern that dates back to previous administrations, including that of former President Goodluck Jonathan, during which he was frequently stopped and questioned over his critical commentaries on Nigerian governance and public affairs.
However, associates noted that Ndibe has largely stepped away from active commentary in Nigerian media over the past two years, focusing instead on writing books and his academic responsibilities at University of Massachusetts Amherst, where he teaches.
A close friend of the author and former Anambra State Commissioner for Information and Public Enlightenment, C. Don Adinuba, said similar incidents had occurred several times in the past. He explained that airport DSS officials typically contacted their superiors in Abuja before eventually releasing Ndibe.
“It is a pity that this agency doesn’t update its database to enable officers on duty at the airport to know that the agency no longer regards Prof. Ndibe as a security threat to the administration,” Adinuba said.
He added that on previous occasions, the DSS had apologized to the respected author after determining that his detention was unwarranted.
As of the time of filing this report, there was no official statement from the DSS regarding the circumstances surrounding Ndibe’s latest detention. The development has raised renewed concerns about the treatment of government critics and the continued use of security watchlists affecting returning Nigerians.
Hegseth made the disclosure during a press conference at the White House on Wednesday, where he said the directive was issued about a year ago after Trump became aware of attacks against Christians in Nigeria.
He explained that the operation involved behind-the-scenes coordination and deployment of military assets, adding that intelligence gathered during the mission contributed to the killing of Abu-Bilal al-Minuki, identified as ISIS’s second-in-command, during a joint operation involving U.S. and Nigerian forces in the Lake Chad Basin.
“Maybe a year ago, he heard the call of Nigerian Christians who were being targeted and killed by ISIS in Nigeria, and he said, ‘Pete, I want the War Department to focus on ensuring that we do everything we can to protect those Christians,’” Hegseth said.
According to him, the operation yielded significant results in the fight against terrorism in the region.
“And we got the assets there, and over the last month, and there hasn’t been much coverage of this, we killed ISIS number two in Nigeria, who’s most responsible for killing Christians and trying to target the U.S. homeland,” he stated.
Hegseth added that working on the Intel gathered, they have killed hundreds of ISIS members who were targeting and killing Christians in Nigeria.
The U.S. defence chief described the operation as part of the Trump administration’s broader commitment to counterterrorism efforts and the protection of vulnerable communities.
“So there are a lot of things we do that the media pays attention to, and a lot of things that the President empowers the Department to do on behalf of the American people that he deserves great credit for,” Hegseth stated.
ISIS second in command, Abu-Bilal al-Minuki was killed in a coordinated U.S.-Nigeria military operation in northeast Nigeria earlier this month.
-
Crime4 days agoNigeria’s Army General, wife kidnapped by gunmen
-
Foreign4 days agoNigerian Catholic priest convicted in US for sexual assault
-
Crime3 days agoOyo abduction: Teachers begin strike as Tinubu sends 1,000 forest guards to rescue victims
-
Education3 days agoEnugu East Chairman Celebrates Children’s Day with St. Ann’s College, Reaffirms Commitment to Education
-
News3 days ago
DSS Detains Novelist Okey Ndibe at Lagos Airport, Awaits Clearance from Abuja
-
Crime3 days ago
US Announces $3.5m Religious Freedom Initiative, Questions Nigeria’s Response to Attacks
-
EverydayNews Telescope4 days agoThree Years On the Saddle : The Governor Peter Mbah score card that is a tall order
-
Crime3 days ago2 Police Officers Shot Dead as Gunmen Attack Anambra Chief of Staff’s Convoy