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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.
Slash
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.
Fares
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.
“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.”
News
Nigerian military authorities place N60m bounty on two most wanted bandits, expose ISWAP commanders
The Nigerian military has unmasked several senior commanders of the Islamic State West Africa Province (ISWAP) following what it described as a major intelligence breakthrough during ongoing counter-terrorism operations in the Lake Chad region of Borno State, placing a combined ₦60 million bounty on two of the group’s most wanted leaders.
The development came after troops of the Headquarters Joint Task Force (North East), Operation HADIN KAI, recorded a series of successful offensives against ISWAP terrorists operating in northern Borno, leading to the recovery of critical intelligence materials that exposed the identities, operational locations and command structure of several high-ranking insurgent leaders.
Acting Military Information Officer of Operation HADIN KAI, Captain Mohammed Goni, said troops recovered several technical devices and other high-value intelligence materials, including a camcorder allegedly used by the terrorists to produce propaganda videos and document their operations.
According to him, forensic exploitation of the recovered devices generated actionable intelligence that enabled security forces to identify terrorist hideouts and several senior ISWAP commanders operating within the Mangari–Metele–Dogon Chukun axis along the fringes of the Lake Chad Basin in Abadam and Kukawa Local Government Areas of Borno State.
The military subsequently released photographs of dozens of identified ISWAP leaders and field commanders in a public appeal for information capable of leading to their arrest.
A large intelligence poster bears the inscription: “Most Wanted ISWAP Leaders – We Know Them. You Can Stop Them. These are known ISWAP terrorists and commanders operating in our communities. Your information can save lives and help restore peace.”
The poster contains photographs and aliases of at least 38 suspected ISWAP commanders and fighters believed to be active across northern Borno and the Lake Chad region.
News
Jerry Falade loses $2m book deal over AI allegations
A Nigerian author Jerry Falade has lost a publishing deal worth more than $2 million after concerns emerged that artificial intelligence may have been used in writing or editing his debut crime novel, Call Me, I’ll Hide the Body.
The novel, scheduled for publication in 2028, sparked a bidding war involving 14 publishing houses, with Macmillan U.S.‘s Minotaur imprint reportedly securing the rights.
However, Falade’s literary agents later withdrew the manuscript, saying they could no longer verify that AI was not involved in its creation.
In an email to publishers, the agents said they initially trusted Falade’s assurance that the manuscript was written and edited without AI, but later concluded they could no longer authenticate how it evolved from its original draft to the final version.
Marc Gerald of Europa Content, which handled the U.S. auction, said an editor first raised concerns about possible AI use. Although the agency initially accepted Falade’s explanation without using AI-detection software, it cut ties with the author on July 29 after saying aspects of his account had changed.
Falade has denied using AI, arguing that Black authors are unfairly subjected to such allegations when their work gains international attention. He noted that some white authors have openly acknowledged using AI without facing similar consequences.
He also referenced U.S.-based Black authors Mia Ballard and HM Wolfe, who lost publishing deals earlier this year over similar claims. Falade added that AI-detection tools are known to produce false positives and maintained that publishing professionals who reviewed the manuscript would have identified any genuine misuse of AI.
News
Osun guber: Your uncle will soon become jobless get him one – Uzodimma mocks Davido
Imo State Governor and Chairman of the All Progressives Congress (APC) National Campaign Council for the Osun governorship election, Hope Uzodimma, has responded to singer David Adeleke, also known as Davido, over comments made ahead of the August 15 governorship poll in Osun State.
According to a report by Premium Times, Davido, while addressing supporters in his capacity as head of the youth campaign mobilisation team for Governor Ademola Adeleke, alleged that a politician from Imo State was planning to interfere in the Osun governorship election.
Although the singer did not mention any name, he alleged that the politician intended to use the election as a political battleground to prove a point and urged the individual to allow the people of Osun State to freely choose their preferred candidate.
Reacting in a statement issued on Wednesday by his Senior Special Assistant on Electronic and Creative Media, Ambrose Nwaogwugwu, Uzodimma said Davido’s appeal was misplaced and should instead be directed to the people of Osun State, who would ultimately decide the outcome of the election through their votes.
The governor maintained that, as Chairman of the Progressive Governors’ Forum and the APC National Campaign Council for the Osun election, he had consistently advocated a peaceful, free and credible electoral process.
Uzodimma also stated that the APC would continue to appeal to the conscience of Osun voters to support and elect the party’s governorship candidate, Asiwaju Munirudeen Bola Oyebamiji.
He further claimed that many voters in Osun were prepared to vote out Governor Ademola Adeleke over what he described as the administration’s failure to fulfil its campaign promises.
According to him, indications across the state suggested that a significant number of voters had rejected the current administration and were ready to embrace a new direction by voting for the APC in the August 15 governorship election.
Uzodimma also advised Davido to focus on preparing his uncle for life after office rather than making emotional appeals, insisting that the electorate appeared ready to support the APC candidate.
The Imo governor added that the singer should consider employing Governor Adeleke as a dancer in his music band after the election, expressing confidence that the governor could be out of political office after the governorship poll.
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