News
Oil depots increase petrol price to N950/litre
The loading cost of Premium Motor Spirit (petrol) and other refined petroleum products at the depots increased on Monday.
It was gathered that marketers raised petrol and diesel prices at depots by N43 or 4.74 per cent due to the rising crude oil prices.
Recall that the cost of Brent, the global benchmark for crude, reached $79.76 per barrel on Sunday.
This current situation indicates that filling stations nationwide may adjust their pump prices to reflect the higher costs of refined products.
Data obtained while analysing petrol price movements at loading depots on Monday showed that Swift depot increased its loading price to N950 per litre from N907 last Friday.
Wosbab Depot increased its price to N950 from N909, while Sahara Depot made a similar change to N950 from the N910 it sold a litre of petrol last Friday.
Also, a private depot, Shellplux, increased its loading costs to N960 from N908. Chipet Depot asked retailers to pay N960 per litre to receive products. It sold at N908 per litre last week Friday.
Nipco Depot increased its price by N38 from N912 to N950 while the Matrix Warri Depot increased its cost from N925 per litre to N945.
It was also gathered that marketers who picked products from the Dangote refinery and resell to other retailers increased their costs to N923 per litre despite picking products from the refinery at N899 per litre.
For diesel, some loading depot prices including Stockgap depot increased its price from N1,080 to N1,150. Ibeto Depot approved an increase from N1,050 to N1,150 per litre. Sahara Depot sold its product at N1,150 from N1,045 last week.
Nipco Depot increased its price to N1,150 from N1,120 while Optima Depot approved a N72 increase to N1,120 per litre from N1,048.
The average increase in depot prices for PMS stands at approximately 7-10 per cent while AGO prices have surged by 5-10 per cent, depending on the depot and location.
Reacting in an earlier interview, an oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products.
Jeremiah, who is the Chief Executive Officer of petroleumprice.ng, said, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.
“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process.”
Another marketer, Bayo Adelaja said, “Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks,” he noted.
With depot rates showing no signs of stabilising, the coming weeks may bring further adjustments, emphasising the need for long-term strategies to mitigate the impact on consumers and the economy.
Hon. Professor Paul Sunday Nnamchi, was among the twenty eminent Nigerians including seating governors of four states who were honoured by the Verbatim Magazine at the Late General Yaradua Centre recently.
He was recognized by the investigative journal for excellence and quality leadership in legislative performance for year 2024 based on his contributions in the plenary of the House of Representatives, the number of Bills and motions he has sponsored so far.
Professor Nnamchi was last year rated the most performing legislator from the southeast by the authoritative organ of the National Assembly, “The Order Paper” which evaluates the work rates of the legislators annually.
As at the end of March, 2025, the lawmaker who represents Enugu East/Isi Uzo Federal Constituency in the 10th House of Representatives has sponsored thirty-six Bills and over twenty impactful motions in the House. Over twenty of the Bills have passed second reading.
Speaking at the well attended Verbatim 13Th Anniversary Lecture delivered by the Executive Governor of Nasarawa State, Engineer Abdullahi Sule, the magazine Editor, Mr Tobs Agbaegbu, affirmed that the awardees were carefully selected through in-depth evaluation and investigation by its team of editors.
He stressed that the magazine has established itself as a leader in investigative journalism and as such would not be associated with questionable awards that lack merits.
The award recipients cut across private and public sectors’ practitioners, governors, legislators, military officers and journalists all of whom had distinguished themselves in leadership as Trail Blazers in their chosen careers.
By Kayode Sanni-Arewa
The presidency has debunked reports that the INEC Chairman, Mahmood Yakubu has been replaced, describing it as ‘fake news.’
“Disregard any fake news making the rounds about the replacement of the INEC Chairman.
“Any such announcement will come from the SGF’s office or the any other official source.” – O’tega Ogra, Senior Special Adviser to President Bola Ahmed Tinubu on Digital Media and New Media.
By Kayode Sanni-Arewa
Umrah, business, and family visit visas for citizens of 14 countries, including Nigeria, Egypt, and India, as part of preparations for the upcoming Hajj season.
Officials speaking to ARY News said, “The suspension of Umrah, business, and family visit visas is aimed at preventing unregistered individuals from attempting to perform the pilgrimage.”
The move comes amid concerns over the rising number of pilgrims attempting to join Hajj without official permits. In recent years, many visitors have overstayed their visas, contributing to overcrowding and serious safety risks.
Authorities also expressed concern over the misuse of business or family visit visas by individuals who enter the Kingdom and work illegally, a violation that “disrupts the labour market and breaches visa conditions.”
The Saudi foreign ministry stated that the new measures were implemented “to streamline travel procedures and enhance safety during Hajj.
It added, “Individuals found to be staying in the Kingdom illegally may face a five-year entry ban.”
The countries affected by the ban are India, Pakistan, Bangladesh, Egypt, Indonesia, Iraq, Nigeria, Jordan, Algeria, Sudan, Ethiopia, Tunisia, Yemen, and Morocco.
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