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Nigerians to pay less for petrol as oil prices drop to $65 per barrel

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There are indications that Nigerians would pay less for the Premium Motor Spirit, PMS, also known as petrol, as the price of Brent dropped to $65 per barrel from $69.90 per barrel in the global market.

The price of Brent is used globally to benchmark the prices of other crudes – major feedstocks – and by extension petroleum products prices.

Checks by Sunday Vanguard indicated that the development was partly fueled by the U.S. President Donald Trump’s announcement of sweeping new tariffs.

The checks further showed that it was also fueled by the decision of the Organisation of Oil Producing Countries and its allies to increase oil output by 410,000 barrels per day starting May 2025 far above the 135,000 barrels originally planned.

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Already, the depot prices of Mainland, A.Y.M and Ever have dropped to N918 per litre from N920 and N919 from N920 per litre, respectively.

Also, the depot prices of Prudent, Eterna and Soroman have dropped to N912 from N913 per litre, N897 from N900 per litre and N915 from N916 per litre, respectively.

According to petroleumprice.ng, oil marketers would likely adjust their pump prices downwards as they get new supplies this week, if the current market condition persists.

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In a telephone interview with Sunday Vanguard, weekend, the President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, expressed optimism that the development would culminate in low costs of fares, goods and services if the fundamentals persist in the market.

Meanwhile, in a report, OPEC stated: “The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 April 2025, to review global market conditions and outlook.

“In view of the continuing healthy market fundamentals and the positive market outlook, and in accordance with the decision agreed upon on 5 December 2024, subsequently reaffirmed on 3 March 2025, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day, equivalent to three monthly increments, in May 2025.

“This comprises the increment originally planned for May in addition to two monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.

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“The eight countries reaffirmed their commitment to the voluntary production adjustments agreed at the 53rd Joint Ministerial Monitoring Committee, JMMC meeting on 3 April 2024. They also confirmed their intention to fully compensate any overproduced volume since January 2024 and to submit updated front-loaded compensation plans to the OPEC Secretariat by 15 April 2025.”

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Gombe Rep Yaya Bauchi Tongo dies

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Yaya Bauchi Tongo, a member of House of Representatives representing Gombe/Kwami/Funakaye Federal Constituency of Gombe State is dead.

Rep Tongo died in Abuja on Friday following a brief illness, the spokesperson for the House of Representatives, Akintude Rotimi said in a statement quoting the Gombe State Caucus of the House of Representatives.

While paying tribute to the late lawmaker, Rotimi said his death marked the end of a distinguished life devoted to public service and the advancement of his constituents, Gombe State, and the Federal Republic of Nigeria.

“Rep. Tongo was a dedicated public servant, seasoned grassroots politician, and committed legislator whose life was marked by unwavering service to his people and the nation,” Rotimi said.

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The deceased lawmaker served as Chairman of Funakaye Local Government Area, Special Adviser to the Government of Gombe State, and Member of the Gombe State House of Assembly before his election into House of Representatives.

He was Chairman of the Nigeria–United Arab Emirates Parliamentary Friendship Group in the House of Representatives.

“A respected voice within the Parliament and a passionate advocate for the welfare and development of his constituents, Hon. Tongo brought wisdom, experience, and a deep understanding of governance to legislative deliberations. His contributions to nation-building and democratic development will remain an enduring part of his legacy.

“On behalf of the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD, GCON, the leadership, and the entire membership of the House, we extend our heartfelt condolences to his immediate family, the people of Gombe/Kwami/Funakaye Federal Constituency, and the Government and people of Gombe State on this painful loss.

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“As we mourn the passing of our dear colleague, we pray that Almighty Allah (SWT) forgives his shortcomings, accepts his good deeds, and grants him Aljannatul Firdaus. We also pray that Allah (SWT) grants his family, loved ones, constituents, and colleagues the strength and fortitude to bear this irreparable loss,” Rotimi said.

He added that further details regarding parliamentary tributes and funeral arrangements will be communicated in due course.

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My father’s detention shows Nigeria’s democracy far from complete – El-Rufai’s son

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A member of the House of Representatives from Kaduna North and Chairman, Committee on Banking Regulations, Mohammed Bello El-Rufai, has disclosed that his father, Nasir El-Rufai’s continued detention shows that Nigeria’s democratic journey is far from complete.

Bello noted that democracy can only thrive in Nigeria when the country’s leadership is accountable.

El-Rufai has been in custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, since he was arrested at the Abuja airport earlier in the year.

The commission had arraigned him for corruption while he was governor of Kaduna State.

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However, posting on X, Bello wrote: “Today, we celebrate the enduring strength of our democracy and the collective voice of the Nigerian people. Democracy thrives when leadership is accountable, citizens are empowered, and every voice is heard.

“As we commemorate this important day, we must also acknowledge that while our democracy continues to endure, the abuse of citizens’ rights remains a troubling reality.

“The true test of any democracy is not simply the conduct of elections, but its commitment to the rule of law, due process, and the protection of fundamental freedoms.

“The continued unlawful detention of my father, Mallam Nasir El-Rufai, alongside the experiences of many other Nigerians who have faced similar violations, serves as a reminder that our democratic journey is far from complete.

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“On this Democracy Day, let us recommit ourselves to building a nation where justice prevails, institutions are strengthened, and the rights of every citizen are respected and protected.”

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NDC: Dickson, Obi hold closed door meeting amid internal crises

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The National Leader of the Nigerian Democratic Congress, NDC, Senator Seriake Dickson, on Friday held a closed-door meeting with the party’s presidential candidate, Peter Obi, amid recent crises in the party.

Dickson made this known in a statement on his official X handle, revealing that the meeting, which lasted nearly three hours, was attended by Obi and other senior party leaders.

“I just received my brother, colleague, and partner in the New Nigerian Project, His Excellency Mr Peter Gregory Obi, CON, our presidential candidate, who, together with some distinguished leaders of our party, held a closed-door meeting which lasted about three hours.

“In the course of that meeting, we reviewed the activities of our party and discussed a few recent issues that have been a source of concern to all sides, and we amicably resolved all the issues.

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“We have always been on the same page on the bigger picture, i.e., winning the elections for all candidates of our party and rescuing Nigeria from the misgovernance of the APC-led government. However, a few issues have arisen, and we have agreed on how to handle them moving forward.

“I want to use this opportunity again to call on all members of our party to stop the bickering and name-calling and focus on the bigger picture.

“Both His Excellency Peter Obi and I, as well as other leaders and stakeholders of our party, will continue to consult and engage with one another to address and resolve concerns, strengthen the unity and cohesion of our party, and ensure that we remain focused on our shared mission of rescuing Nigeria and building a better future for all.”

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