News
Market forces will always determine fuel price – Lokpobiri
The Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri yesterday assured oil and gas players of sustained collaboration.
But he clarified that market forces would continue to determine the fuel price in a deregulated market.
The minister spoke at the Petroleum Industry Stakeholders Forum Meeting in Abuja, which brought together key players, including Federal Government agencies and other private operators.
At the meeting, the stakeholders commended the Federal Government for creating an enabling environment.
The minister noted that the forum was meant to build a consensus for articulation of what is best for the industry.
Lokpobiri said: ”The whole essence of the meeting was to bring the entire leadership of the oil industry together so that we will be able to build consensus around saying things that we think will be better for the industry.”
He said it is natural for prices to fluctuate in a deregulated market, adding that the international crude oil price is accountable for product price all over the world.
The minister said: “Nobody in a deregulated market can tell you that, okay, prices will come down or will not come down. It is dictated by the international crude oil price. And Nigeria can’t be an exception at all.”
The minister said the essence of deregulation is for prices of petrol to oscillate in line with market forces.
He added: “The whole essence of deregulation is for price to find its level.”
The minister recalled that during the last Yuletide, the prices crashed to as low as N1,020 per litre, N999 per litre and so on in Bayelsa State where he monitored the petrol market.
He explained that in a deregulated regime, the concern of the government is to ensure quality control, product availability, and the dispensing of the right quantity.
He said: “What we are concerned about, and I have always had that discussion with you, with the authority, the Chief Executive of NMDPRA, that government is more interested in is quality control.
“What government is more interested in is availability. What government is particularly interested in is disposition of the right quantity. If I buy 10 liters of fuel, let it be that we are not surchanged by the pump fuel price. “
Lokpobiri said there were no queues in the last few weeks because of the competition that emanated from the deregulated market.
Asked whether the prices of the Premium Motor Spirit (PMS) petrol would rise owing to the rising prices of crude oil, the Major Energy Marketers Association of Nigeria (MEMAN), chairman, Huub Stockman, said the rise in crude oil price does not automatically mean an increase in petrol price.
He admitted that crude oil is a major component of the pricing template, noting that other market parameters also determine the cost of PMS.
He said apart from that it was too early to conclude that high crude oil price would result in increased petrol price, the time is also unpredictable.
His words: “I think that is always a bit of a crystal ball conversation, if you know what I mean. Because crude and product prices don’t always directly relate. And it’s not always so that when the crude changes, immediately all other products that are derivatives from it change.
“So, if I would know, I would probably not be standing here, but I would do something else. But I think normally there is a correlation. But I think it is too early to say when or what impact it would have.”
The Independent Petroleum Marketers Association of Nigeria (IPMAN), National President, Alhaji Abubakar Maigandi, confirmed that his members have been lifting products directly from Dangote Refinery and also from the Nigerian National Petroleum Company Limited (NNPCL).
He said the direct lifting of the product has made it possible for independent marketers to sell at lower prices than the others.
The IPMAN boss said his association has maintained a uniform price of N935 per litre for petrol because of the partnership with Dangote Refinery.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), National President, Dr. Billy Hary recommended the meeting holds quarterly to ensure policies are unanimously discussed by all the organizations before the are rolled out.
He said: “And we recommend that it should be a quarterly one and emergencies should also be called to ensure that no organization or department of the government will roll out policies that are not discussed in a way that those who will obey those laws will certainly get answers quickly.”
The Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya said the industry has been battling to raise output.
He stressed that the present administration has increased production to the quota of the Organization of Petroleum Exporting Countries (OPEC).
He described the forum as the right thing to do as obtainable in the Middle East to sustain production volume.
He said even in the face of crashing prices, the forum would make it possible to ensure the production of sufficient volume to sustain the economy.
Ogunsanya said: “If you go to the Middle East, they have policies where the volume of oil and gas that is produced year in year out is sustained.
“So we’re supporting the minister to write a policy to ensure that this boom and bust that we’ve had in the Nigerian industry, we’re able to mitigate it. If you look at the price of oil, it started increasing since 2022.
“We were struggling to increase production and thanks to this minister and this administration, for the first time we are producing the level that OPEC has allocated to. Imagine if we started producing that for two years. We were struggling.”
Foreign
Biden sets record, grants clemency to 2,500 people
By Francesca Hangeior.
President Joe Biden on Friday commuted the sentences of nearly 2,500 people convicted of non-violent drug offences in what the White House called the largest single-day act of clemency in US history.
Those whose sentences were commuted were serving “disproportionately long sentences” compared to what they would receive today, Biden said in a statement.
He called the move “an important step toward righting historic wrongs, correcting sentencing disparities, and providing deserving individuals the opportunity to return to their families.”
“With this action, I have now issued more individual pardons and commutations than any president in US history,” Biden said, adding that he may issue further commutations or pardons before he hands over power to President-elect Donald Trump on Monday.
Biden commuted the sentences of nearly 1,500 people and pardoned 39 others last month.
Among those pardoned in December was Biden’s son Hunter, who was facing a possible prison sentence after being convicted of gun and tax crimes.
Biden has meanwhile reportedly been debating whether to issue blanket pardons for some allies and former officials amid fears they could be targeted for what Trump has previously called “retribution.”
In December, Biden also commuted the death sentences of 37 of the 40 inmates on federal death row.
Three men were excluded from the move: one of the 2013 Boston Marathon bombers, a gunman who murdered 11 Jewish worshippers in 2018 and a white supremacist who killed nine Black churchgoers in 2015.
Trump has indicated that he will resume federal executions, which were paused while Biden was in office.
News
Police bust illegal weapons factory, arrest cultist, two murder suspects
By Francesca Hangeior.
The Nigeria Police Force has recorded significant successes in its ongoing efforts to combat crime across the country, with the recent busting of an illegal weapons manufacturing factory in Benue State, the arrest of a notorious cultist in Delta State, and the apprehension of two murder suspects in Kebbi State.
In a statement released Friday, Force Public Relations Officer, ACP Olumuyiwa Adejobi, detailed the recent police operations.
He said in the statement that on January 11, 2025, police operatives in Benue State raided a weapons manufacturing factory in Tse Akamabe Area of Kwande LGA, arresting two suspects: Friday Aduduakambe and Iorwashima Iornyume, also known as “AK.”
“Upon a coordinated search of the factory, the following items were recovered: 9 locally fabricated pistols, 1 locally fabricated AK47 riffle (unfinished), 2 gas cylinders, 4 vise machines, 1 filing machine and numerous other weapons manufacturing tools,” the statement revealed.
In another operation, police in Delta State, acting on credible intelligence, raided the apartment of a notorious Eiye confraternity member, Prosper Akeni, in DSC. Akeni, identified as a hitman for the cult group, was arrested, and a cache of weapons was recovered from his residence, including 1 English revolver pistol, 1 berretta pistol, 2 locally made double barrel guns, 2 locally made single barrel guns, 1 locally made revolver pistol, 1 locally made single barrel pistol, and 25 rounds of ammunition.
“The suspect confessed the guns recovered belonged to his cult group and he was in custody of them as the number one man in the group,” the statement added.
Furthermore, the police in Kebbi State arrested two suspects for separate murder cases. On December 31, 2024, Yunusa Haruna was apprehended for the fatal stabbing of his elder brother, Isiyaku Haruna, in Shanga Local Government Area. In a separate incident on January 8, 2025, Abubakar Ummar was arrested in Zuru Village for the stabbing death of Mohammed Bala during an argument.
Inspector-General of Police, Kayode Adeolu Egbetokun, has commended the operatives for these successful operations and has urged them to intensify efforts in ensuring the sanctity of law and order across the nation.
“The IGP further encouraged members of the public to remain vigilant at all times and share useful information to the Police in order to have a community-based policing system,” the statement concluded.
News
Dangote raises petrol prices to N955 from N899/litre for bulk buyers
By Francesca Hangeior.
Sequel to a consistent surge in the price of Brent, the global benchmark for crude, the Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its customers.
In an email statement obtained by our Correspondent on Friday, the refinery announced that its refined products would now be priced at N955 per litre at the loading gantry, marking an adjustment in its pricing structure.
It noted that marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.
The amount marks an increase of N55.5 or 6.17 per cent from N899.50 per litre announced as a holiday discount for Nigerians last year December.
This adjustment applies to all stock balances yet to be lifted by the stated time while pending stock as of the effective time will also be repriced at the updated rates.
The statement added that the new price regime will take effect from 5:30 PM, today.
The notice titled, “Communication on PMS Price Review” read, “Dear Esteemed Customer, Trust this email finds you well.
“Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.
“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”
The price increase is expected to have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.
An oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products because of the heavy influence of the refinery.
Jeremiah, who is the Chief Executive Officer of petroleum price.ng, said, “Dangote Refinery’s influence on Fuel price has become unmatched; private depots, Major marketers, and independent Marketers will compete with this new price. Therefore, Nigerians should expect an increase in Petrol Pump Price.
Brent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase.”
On Thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.
He said the downstream sector is now fully deregulated with the government no longer involved in setting prices.
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