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Petrol Price Crash In Nigeria As NNPC Announces New Price For Marketers

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The Nigerian National Petroleum Company Limited (NNPCL) has crashed the depot price of Premium Motor Spirit (PMS), popularly known as petrol, from N640 per litre to N630 per litre.

The NNPCL has also disclosed plans to sell directly to independent marketers instead of first taking it to private depots so final consumers would also be able to buy at cheaper rates.

(IPMAN), Abubakar Maigandi, confirmed the new price nothing that NNPC has also promised more supply.
According to The Nation, independent marketers paid for the product at the new petrol price last week.

The IPMAN President, however, said only 1% of products were supplied to marketers instead of the 50% product allocation.

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Despite the small percentage, he said the market has already reacted, and a price crash is expected soon, even with the NNPC already selling the product at N570 per litre.

“The price has started reducing since NNPCL is giving independent marketers their direct allocation. NNPCL said they will give us direct product instead of taking it to private depot to sell it to us at a higher rate.

“NNPCL has started changing the price now even though they just gave us a small quantity. We are supposed to have 50 per cent of the distribution. Let’s say they have given us one per cent. Even that 1% has started changing the situation of the market.’

“Depot price has started reducing. It was previously N640 per litre. But when the rumour came, we will start getting our direct allocation, they reduced it to N630 per litre. NNPCL sells at N570 per litre,” Maigandi said.

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Indian lawmaker dies after shooting himself

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Indian lawmaker Gurpreet Gogi, a member of the Aam Aadmi Party (AAP), has tragically died after accidentally shooting himself. The incident reportedly occurred late on Friday night, resulting in fatal injuries to his head.

Gurpreet Gogi was immediately taken to Dayanand Medical College and Hospital in Ludhiana, where doctors confirmed his death upon arrival. The Punjab Police described the incident as an accident. Deputy Commissioner of Police (DCP) Jaskaran Singh Teja explained, “As per the family members, Gurpreet Gogi accidentally shot himself, resulting in bullet injuries to his head. He was declared dead at the hospital, and his body is now at the mortuary in DMC Hospital.”

The exact cause of death will be clarified after a post-mortem examination. “The post-mortem report will clarify the cause of death,” added the DCP. Authorities are continuing their investigation to understand the full details of the incident.

Gogi became a notable figure in Punjab politics after joining the AAP in 2022. He gained recognition when he defeated two-time Congress MLA Bharat Bhushan Ashu in the Ludhiana assembly elections.

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This tragedy brings to mind a similar event in 2019, when a candidate for the Mississippi state legislature, Carl Robinson, fatally shot his wife before taking his own life.

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NASS To Presidency: Border Closure Not Effective

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Federal lawmakers in both chambers of the National Assembly have expressed strong reservations about the effectiveness of border closure by the Federal Government.

Speaking at the Joint Committees on Industry, Trade and Investment on 2025 Budget Defence by the Trade Ministry, Senator representing Osun East, Senator Francis Adenigba Fadaunsi noted that the exit of Niger Republic and Chad from the Economic Community of West African States (ECOWAS) with the consequent opening of their borders to Nigerians are worsening the menace of insecurity across the affected states.

He said:” Border closure is hampering the economic fortunes of the country because rather than curb smuggling, it encourages it.

“For example on rice production alone, the largest percentage of 4 million tonnes shortfall is being smuggled into the country since local producers are only producing 3 million tonnes out of the expected consumption rate of 7 million tonnes.”

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In her submission, House of Representatives member representing Nangero/ Potiskum Federal Constituency of Yobe State, Hon Fatima Talba, declared that the borders in her constituent were technically open, not closed.

“Going by free movement of people and even criminals across the borders, it is time for us, to stop fooling ourselves with border closure.”

Paul Kalejaiye representing Ajeromi / Ifelodun Federal Constituency of Lagos State in the House of Representatives, also spoke in similar vein.

“We need to even ask the question on the border policy being implemented. Are all borders across the Nation closed or those closed are from a segment of the country.”

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The Committee later urged the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole who came for the budget defence session, to liaise with the Presidency on the way out of the border closure.

Oduwole had earlier in her presentation to the committee, said the sum of N3.8billion is earmarked for capital expenditure in the 2025 fiscal year, N4.65billion for personnel cost, N1.45billion for overhead and projected revenue of N2 4billion.

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Just in: Total darkness looms as National Grid collapses the 12th time

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Again, the national grid has collapsed again making it a record eleventh blackout experienced by Nigerians.

A BusinessDay report quotes data obtained from the Nigerian System Operator’s portal (niggrid.org), as indicating that the collapse occurred at 1:56 p.m.

This incident follows a pattern of instability, with the grid suffering about 12 consecutive collapses in 2024,” the report says.

It adds that the cause of the latest failure is yet to be disclosed.

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