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Fuel price may crash to N500 per litre-Marketers

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Strong indications emerged at the weekend that prices of Premium Motor Spirit (PMS), popularly called petrol, may crash further in 2025.

Industry experts, who spoke to Saturday Sun, noted that petrol, which currently sells for between N900 and N950 in many fuel stations, may have its price further crashing to as low as N500 a litre in the course of the year.

According to oil stakeholders, the likely drop in prices of petrol in 2025 is premised on a strong downstream sector propelled by the deregulation policy of the federal government.

According to industry players, other reasons for the price drop include stable foreign exchange policy, price competition, Naira-for-crude policy and the coming on stream of the Port Harcourt, Warri, and Dangote refineries. They also affirmed that for the refineries to sell their products in the domestic market and accept payment in naira will contribute to price fall.

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The Federal Executive Council (FEC) had last July approved the sale of crude to local refineries for payment in naira.

In addition to this is the rebound of activities by modular refineries, which are now upbeat about the downstream sector and have concluded plans to add petrol refining to their stable of products in addition to diesel which hitherto was their sole product line.

This comes as Nigeria’s current daily petrol consumption has hit approximately 40 million litres with local production. According to truck out data from the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), Dangote Refinery contributes an average of seven million litres while NNPCL controls 1.2 million litres, bringing the total to 8.2 million litres.

Modular refineries are out of the picture as they only produce diesel for now. The country currently has about 25 licensed modular refineries but only five are in operation.

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This means that only 20.5 per cent of the country’s petrol need is met through local refining, while the remaining 79.5 per cent or 31.8 million litres are imported.

At the moment, the Dangote Refinery is producing about 30 million litres of petrol but only injects about seven million litres into the domestic market, a figure which increased by five million litres in October, up from its initial 25 million litres.

On the contrary, the 125,000 barrels per day Warri Refining and Petrochemical Company (WRPC), which commenced operations a few days ago, is operating at 60 per cent capacity with the production of Kerosene, Diesel and Naphtha.

Prior to the commencement of operations of Warri refinery, the 60,000 barrels per day old Port Harcourt Refinery, which commenced operations over a month ago, is injecting about 1.4 million litres of petrol via blending with straight-run gasoline, 1.5 million litres of diesel and 2.1 million litres of LPFO.

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According to the Group Chief Executive Officer (GCEO), NNPC Ltd, Mr Mele Kyari, the 150,000 Port Harcourt Refinery 2 is currently undergoing rehabilitation and is at 90 per cent completion stage, ditto for the Kaduna Refinery which is also undergoing rehabilitation. But a presidency source told Saturday Sun that the Kaduna Refinery may not come on stream anytime soon due to the huge cost implication and other technical reasons.

Though Kyari had recently said NNPC was no longer importing petrol, major marketers and some private depot owners were still importing about 30 million litres daily to bridge supply shortfall.

But the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Ukadike Chinedu, in a telephone interview with Saturday Sun, said the coming on stream of Port Harcourt and Warri refineries is a game changer for the downstream sector as it will promote a healthy price competition as already being witnessed.

He said both the Nigerian National Petroleum Company Ltd and Dangote have reduced prices in the last three weeks, a signal to the gains of multiple sources of production.

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Besides, he said the coming on stream of the NNPC Ltd refineries in addition to Dangote’s gives petroleum marketers and consumers the option of multiple sources of products as against a monopoly market.

Ukadike was upbeat that this development will see prices of petrol drop further below N500 per litre in 2025 as more players add capacity to refining petroleum products.

Again, he said the foreign exchange policy of the Federal Government is already yielding some positive results with a dollar exchanging for less than N1,800, adding that if this trend is sustained, petroleum prices would crash further because more foreign exchange would be conserved when products are no longer imported.

He further disclosed that more modular refineries are now beginning to take steps to add petrol refining to their line of product because they are now certain of the market through improved product demand.

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According to him, all these improvements being witnessed in the sector is as a result of the deregulation of the downstream sector, which promotes efficiency, healthy rivalry and price competition among players to the benefit of the consumers.

The IPMAN Publicity Secretary further pointed out that the naira-for crude policy of the Federal Government is a major factor that will shape petrol prices in 2025 as it would tame inflation and reduce foreign exchange pressure

Also speaking, the President of the Petroleum Products Retail Owners Association of Nigeria (PETROAN), Mr Billy Harry, aligned with Ukadike.

Harry assured that the coming on stream of the Port Harcourt and Warri refineries would lead to cheaper fuel options for Nigerians.

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The PETROAN President maintained that the possibility of affordable petrol for Nigerians is very feasible in 2025.

‘’As you can see, NNPC has reduced its ex- depot price from N1, 045 per litre to N899 per litre for marketers, translating to N925 per litre at the pumps for the end users. This, I must say, is very commendable. These are not small drops, but massive drops from N1, 045 to N899 ex- depot is a lot of drop.”

On the other hand, he said the Dangote refinery equally implemented a similar ex- depot price slash from N970 to N899.50 per litre. He pointed out that with the consistent availability of petroleum products, competition will set in and prices of petroleum products will drop further in the New Year.

In his submission, the Publicity Secretary of Crude Oil Refiners Association of Nigeria (CORAN), Mr Iche Idoko, said Nigerians would gradually begin to witness the gains, which is typical of a deregulated market.

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“Price drop is one of the characteristics of deregulation we had highlighted. As the industry settles in to the regime of full deregulation, we are bound to see competitions amongst players, which ultimately will benefit the consumers.”

According to him, these competitions will be around prices, product quality, and credit lines available to bulk buyers.

This, he said, are the advantages that local refining brings. As more local refineries come on stream in the coming months, the industry shall see these positive trends of refiners and suppliers wooing consumers with price reduction and all manner of incentives.

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ISWAP attacks military base in Borno, kill five soldiers

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Five Nigerian soldiers were reportedly killed on Friday, April 17, 2026, when suspected fighters of the Islamic State West Africa Province (ISWAP) attacked a military base in Mussa village, Borno State.

According to militia sources who spoke to AFP, the insurgents stormed the base before being repelled by troops. Following the attack, clashes were also reported in nearby Leho village.

However, the Armed Forces of Nigeria (AFN) have recorded significant operational successes across multiple theatres of operation between April 10 and 16, 2026, as troops sustained coordinated offensives against Boko Haram, ISWAP, JAS, violent extremist groups, kidnappers, and secessionist armed elements nationwide.

According to a statement issued by the Directorate of Defence Media Operations, the operations led to the arrest of several suspects, rescue of kidnapped victims, interception of terrorist logistics supplies, and neutralisation of armed criminals in ongoing efforts to create a safer and more secure environment across the country.

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Troops of Operation HADIN KAI in the North East also maintained sustained pressure on insurgent networks across Borno, Yobe, and Adamawa States, recording multiple arrests and seizures.

In Gubio Local Government Area of Borno State, a suspect who confessed to supplying Premium Motor Spirit (PMS) to terrorists for about 10 years was arrested, with 60 litres of fuel, a mobile phone, and cash recovered.

In Adamawa State, 20 suspects were apprehended during raids on criminal hideouts in Mubi North, with items including electronics, cash totaling over ₦2.1 million, and other materials recovered.

In Yobe State, troops arrested three suspected informants linked to monitoring troop movements.

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However, the Nigerian military had also in recent times suffered set backs in the fight against insurgency in the North East. Nigeria Tourism Guide

Suspected fighters of Islamic State West Africa Province (ISWAP) had last week attacked a military formation, killing a colonel, I.A. Mohammed, and other soldiers.

Also Brigadier General Oseni Omoh Braimah and 6 soldiers paid the supreme price early in a coordinated attacks by suspected members of the Islamic State of West Africa Province (ISWAP) on military formations in Benisheikh, Kaga Local Government Area, as well as Ngamdu and Pulka town in the Gwoza LGA of Borno state.

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Nigerian oil governance, Contracts: ‘I was a rubber stamp, Diezani tells UK Court

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Former Nigerian Petroleum Minister Diezani Alison-Madueke told a UK court that her role in approving oil contracts was largely routine, stating that major decisions were already taken before documents reached her desk.

Speaking at Southwark Crown Court in London, she explained that the structure of Nigeria’s oil sector meant she had limited direct control, as key operations were handled by the leadership of the Nigerian National Petroleum Corporation (NNPC).

“The system was already in motion before files came to me,” she said, adding that the size and complexity of the industry made it difficult for a minister to oversee everything directly.

She said she rarely declined contract approvals because they had already passed through detailed technical and regulatory checks.
“I was, in many instances, a rubber stamp in the process,” she said.

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Diezani also recounted a 2014 incident in which she discovered a questionable crude oil deal allegedly linked to businessman Igho Sanomi. She said the matter came to light following a whistleblower report, prompting her to cancel the arrangement.

However, she told the court that powerful individuals opposed her decision and escalated complaints to then President Goodluck Jonathan.

On allegations that $20 billion in oil revenue went missing, she disagreed with former Central Bank Governor Lamido Sanusi, insisting the reports were inaccurate.

“There were no missing funds as widely reported,” she said, explaining that audits and legislative reviews later showed the money was tied to subsidy payments and operational costs.

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She acknowledged serious challenges in the fuel subsidy system, including multiple claims by some marketers, but said reforms were introduced to reduce fraud.

According to her, these efforts came with risks. She said she faced security threats, including the kidnapping of family members, which she linked to her attempts to challenge powerful interests in the sector.

She also said politicians and business figures frequently pressured her office for preferential treatment in oil allocations.
“I declined requests that did not follow due process,” she said.

Addressing questions about her personal finances, Diezani said she used Nigerian bank cards even during foreign trips, in line with rules preventing public officials from holding foreign accounts.

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She added that the cards sometimes failed abroad, forcing others to temporarily cover expenses.

The court also examined records of her official trips between 2011 and 2015.
She said she usually travelled with about 30 officials, including aides, security personnel, and protocol staff.
“All movements were documented and archived in ministry records,” she said, noting that both commercial and chartered flights were used depending on official requirements.

Despite the allegations against her, Diezani insisted her time in office focused on increasing local participation in the oil sector and improving transparency, saying she has been unfairly portrayed.

She is currently on trial alongside Olatimbo Ayinde and Doye Agama on five counts related to bribery.

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All the defendants have pleaded not guilty, and the case is ongoing in London.

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Army raises alarm over low South-East recruitment

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Brig.-Gen. Uche Nnabuihe has raised concern over low enlistment from the South-East, revealing Anambra recorded only 117 applications out of 38,000 nationwide.

Nnabuihe led an Army delegation to sensitise youths in Awka, noting the figure was recorded on April 7, before a nationwide awareness campaign began.

He said the exercise aimed to encourage more youths from Anambra and the South-East to join the 91 Regular Recruits Intake before the May 27 deadline.

“We observed with concern that out of 38,000 applications received nationwide, only 117 came from Anambra as of April 7.

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“This sensitisation is to correct that imbalance and encourage our youths to take advantage of opportunities in the Nigerian Army,” he said.

Nnabuihe urged eligible youths to apply, noting the Army offers a structured career path and opportunities for national service.

Lt.-Col. Ogbemudia Osawe, member of the sensitisation delegation, said training infrastructure had expanded, with new institutions in Abakaliki and Osogbo to accommodate incoming recruits.

Osawe listed benefits, including career progression, regular pay, continuous military education, specialised training, and exposure to diverse cultures.

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He added personnel enjoy welfare packages, free medical care for families, pensions, gratuities, and opportunities for international assignments.

The Permanent Secretary, Anambra Ministry of Youths, Ifeatu Emodi, commended the initiative, describing military enlistment as crucial for South-East youths.

Emodi said declining interest among youths stemmed from misconceptions and misinformation about the Army.

Traditional ruler, Igwe Michael Okeke-Uche of Enugwu-Agidi, praised the Army’s welfare structure and urged youths to enlist for better regional representation.

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The sensitisation held at the Ministry of Youths in Awka, attracting a cross-section of young people.

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