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Prices of Petrol, Diesel, LPG Will Continue to Fall, Says FG
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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said the prices of petrol, diesel and Liquefied Petroleum Gas (LPG) will continue to decline nationwide.
The Authority’s Chief Executive, Mr Saidu Mohammed, stated this on Sunday in Ogbele community, Ahoada East Local Government Area of Rivers State during an inspection of Aradel Holdings Plc facilities.
Mohammed attributed the expected price reduction to rising supply, increased competition and sustained private sector investments in the oil and gas sector.
According to him, Nigerians are gradually moving towards affordable energy as improved supply continues to drive price stability.
“The more supply we have, the lower the price, and this is already evident as petrol has dropped from about N1,000 to N800 per litre due to competition,” he said.
Mohammed explained that the removal of fuel subsidy had allowed market forces to function properly, improving efficiency across the downstream sector.
“Sustained competition, rather than subsidies, will guaranty adequate supply of petrol and gas at affordable prices for Nigerians,” he added.
He stressed the need for additional refineries with advanced conversion capacity to produce diesel, fuel oil, naphtha, LPG and petrol.
The NMDPRA chief said Nigeria’s ambition extended beyond local consumption to exporting petroleum products to Africa, Europe and the Americas.
“However, domestic demand must first be adequately met by local operators before large-scale exports can commence,” he said.
Mohammed noted that President Bola Tinubu strongly supported a free-market economy, recalling that subsidy removal was the president’s first major policy decision.
According to him, the policy unlocked private sector participation and stimulated investments across the oil and gas value chain.
On the state-owned refineries, Mohammed said their operational conditions largely remained the responsibility of the Nigerian National Petroleum Company Limited (NNPCL).
NMDPRA, he said, was engaging NNPCL to ensure the delivery of crude oil and petroleum product to the Port Harcourt and Warri refineries reserves.
“Delivery of products to the reserves and restoring loading activities at the refineries will boost local economies and revive product distribution within host communities.
“Once product loading resumes, Nigerians will begin to feel the economic impact, even before full refinery operations,” he said.
Mohammed added that Nigeria’s economic growth depended heavily on the rapid expansion of locally-owned midstream assets.
He said facilities inspected during his three-day operational tour across Rivers State demonstrated that Nigerians had the capacity to design, finance, build and sustainably operate world-class energy infrastructure.
He singled out Aradel Holdings, nothing that the company had proven that Nigerians could efficiently operate a refinery sustainably without foreign operatorship.
Mohammed disclosed that Aradel’s ongoing expansion would enable the loading of petrol from its facility before the end of 2027.
“Aradel has supplied gas to Nigeria Liquefied Natural Gas (NLNG) for about 13 years, alongside also operating an 11,000-barrels-per-day refinery.
“The company also runs a virtual gas pipeline, producing compressed natural gas distributed across several parts of Nigeria,” he said.
He urged further investments in refining, noting that the Dangote Refinery alone could not meet domestic, continental and global demand.
He described the midstream sector as Nigeria’s strongest driver of economic growth, capable of stimulating manufacturing, power generation, transportation and other productive sectors.
Mohammed gave the assurance that the NMDPRA would continue to provide regulatory incentives to attract large-scale investments into the midstream sector.
Responding, the Managing Director of Aradel Holdings, Mr Adegbite Falade, thanked NMDPRA for its regulatory support and confidence in operators.
Falade said the company remained committed to expanding refining capacity, commercialising gas and eliminating routine gas flaring.
“We are not overwhelmed by rising demand, as the company is already expanding its refining capacity beyond current levels.
“Aradel aims to be part of the long-term solution to Nigeria’s energy supply challenges. Nigerians should expect continued scaling, local value addition and prioritisation of domestic energy needs,” he said.
(NAN)
Israel reportedly shared intelligence with the US about a new Iranian plot to ass@ss!nate US President Donald Trump, according to a report.
The latest assassination plan, reported by the Wall Street Journal on Thursday, July 9, comes after years of Iranian regime threats to k!ll Trump as revenge for the 2020 killing of Islamic Revolutionary Guard Corps Gen. Qasem Soleimani by US forces.
When asked for comment, the White House referred The Post to Trump’s Wednesday remarks at the NATO summit in Ankara.
“They want to take out the US leader — me,” Trump said. “I’m on whatever list. I saw this morning I’m on every single one of their lists. And so far, I guess I’ve been a bit lucky, but maybe that doesn’t last very long.”
“These are evil, sick people,” the president continued. “And we have to root out that cancer. That cancer. You know what you do? You’ve got to cut out cancer early. And that’s the way I feel.”
Trump traveled to Turkey on his new Qatari “palace in the sky” plane, but took a different Air Force One home. The plane switch was a strategic “distraction” to keep the commander-in-chief safe, the White House said.
War Secretary Pete Hegseth, who accompanied the president to the summit, was instructed not to travel to Israel as planned shortly before Trump chose to switch planes in Turkey. It’s unclear if the Iranian threat extended to the war secretary.
The Israelis tipped the US off about the plot earlier this week. The specific threat was not being tracked by US officials before Israel’s warning and has yet to be vetted, CNN reported.
The warning comes as tensions have emerged in President Donald Trump’s relationship with Israeli Prime Minister Benjamin Netanyahu following the conflict with Iran.Executive Branch
Trump on June 1 told Netanyahu he was “f–king crazy” over his attacks on Lebanon, fearing they would provoke more war with Iran.
”You’d be in prison if it weren’t for me. I’m saving your ass. Everybody hates you now. Everybody hates Israel because of this,” a US official summarized Trump’s comments, which the president later confirmed to The Post.
According to a statement by presidential spokesperson, Bayo Onanuga, the victims were freed through the efforts of security agencies.
The schoolchildren and teachers kidnapped by suspected bandits in Oriire Local Government Area of Oyo State have been rescued.
According to a statement by presidential spokesperson, Bayo Onanuga, the victims were freed through the efforts of security agencies.
More to follow…
The National Working Committee, NWC, of the All Progressives Congress, APC, has announced Vice President Kashim Shettima as President Bola Tinubu’s running mate for the 2027 presidential election.
The National chairman of the APC, Nentawe Yilwatda, revealed this via X where he stated that “the party formally received the presidential nomination forms of President Bola Ahmed Tinubu, GCFR, and His Excellency, Vice President Kashim Shettima, ahead of the 2027 general election” on Friday .
Yilwatda described the development as a defining moment that reaffirmed the party’s collective resolve to sustain the Renewed Hope Agenda and deepen the progress already being recorded across the country.
The development comes amid months of speculation that President Tinubu might replace Shettima with a northern Christian as his vice-presidential candidate ahead of the election.
“Today marked another significant milestone in the journey of our great party as I formally received the presidential nomination forms of His Excellency, President Bola Ahmed Tinubu and Vice President Kashim Shettima, ahead of the 2027 general election. It was a defining moment that reaffirmed our collective resolve to sustain the Renewed Hope Agenda and deepen the progress already being recorded across the country.
“The nomination forms were presented on behalf of President Tinubu by his Special Adviser on Political and Other Matters, Hon. Ibrahim Masari, during a well-attended ceremony at the Continental Hotel, Abuja. The presentation underscored the confidence of our party in the leadership of President Tinubu and Vice President Shettima as they prepare to seek a renewed mandate from the Nigerian people.
“The event brought together an impressive array of leaders of our great party, including the Chairman of the Progressive Governors’ Forum and Governor of Imo State, Senator Hope Uzodimma, alongside Governors Mai Mala Buni, Nasir Idris, Abba Kabir Yusuf, Uba Sani, Babagana Umara Zulum, Ahmadu Umaru Fintiri, as well as other governors, party executives and critical stakeholders from across the federation.
“The atmosphere was one of unity, confidence and shared purpose. As we move towards 2027, the All Progressives Congress remains focused on strengthening its grassroots support, consolidating the achievements of the Renewed Hope Agenda and working together to build a more prosperous, secure and inclusive Nigeria for all,” the APC chairman wrote.
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