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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.

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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.

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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.

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“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.”

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Just in: Boko Haram IED Blast Kills Seven Along Maiduguri-Damboa Road

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By Kayode Sanni-Arewa

No fewer than seven people lost their lives on Saturday following the detonation of an Improvised Explosive Device (IED) planted by Boko Haram terrorists in Borno State.

The deadly incident occurred along the Maiduguri-Damboa Road, a notorious route that cuts through the Sambisa Forest—an area long plagued by insurgent activities.

The victims were part of a convoy of vehicles being escorted by the military from Damboa to Maiduguri.

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According to eyewitness accounts and local sources, the explosion struck as the convoy—organized to provide safe passage through the volatile region—was underway. Several other passengers sustained varying degrees of injuries and were rushed to a hospital in Maiduguri for urgent treatment.

The Maiduguri-Damboa Road serves as a vital link between the state capital and several local government areas in southern Borno, including Chibok and Gwoza.

For years, the route remained closed to civilian traffic due to persistent terrorist threats. However, under the administration of Governor Babagana Zulum, the road was reopened, with military escorts deployed to accompany travelers twice weekly after clearing the area for explosives.

Saturday’s attack raises fresh concerns about the safety of the corridor, despite consistent military presence. The blast also comes just days after Governor Zulum publicly raised alarm over renewed Boko Haram activity in the state, highlighting the persistent threat the group poses to peace and development in the region.

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Authorities are yet to release an official statement on the incident, while investigations and security operations in the area continue.

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Insecurity: Criminals Cart Away NSA Ribadu’s Office Hilux During Juma’at Prayer In Abuja

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By Kayode Sanni-Arewa

The Federal Capital Territory (FCT) Police Command has initiated a search following the theft of a black Toyota Hilux vehicle belonging to the Office of the National Security Adviser (ONSA), Nuhu Ribadu, which was stolen during Friday’s Juma’at prayers in Abuja.

It was gathered that the vehicle was parked around 1:05pm opposite the Abuja Municipal Area Council (AMAC) complex in Area 10, while the official attended prayers at a nearby mosque.

Security source, Zagazola Makama, disclosed the incident via his X (formerly Twitter) handle, revealing that the ONSA official returned from the mosque only to find the vehicle missing.

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According to him, a sources said the theft was immediately reported to the Garki Police Division at approximately 2:00 p.m., leading to a swift response by law enforcement.

Meanwhile, the FCT Police Command promptly activated a stop-and-search operation at various checkpoints and across all entry and exit points in the capital city.

Police authorities confirmed that investigations are ongoing and all efforts are being made to apprehend the culprits and recover the vehicle.

The Command said it had intensified efforts to track down the fleeing suspects and recover the stolen Hilux.

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Governor Kefas Inaugurates Taraba State Investment International Summit Committee+Photos

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In a significant step towards enhancing investment opportunities in Taraba State, Governor Dr. Agbu Kefas on Saturday inaugurated the Committee for the International Investment Summit at the Executive Chamber of the Government House in Jalingo.

Senator Manu Haruna, former deputy governor of Taraba State and a serving Senator, a seasoned administrator who chairs Taraba State Mobilization and development Investment Committee expressed gratitude to Governor Kefas for his visionary leadership in organizing an international summit aimed at attracting investment to the state.

He highlighted the potential this initiative holds for fostering economic growth and development in Taraba State.

Rt. Hon. Ndudi Elumedu the Chairman of the Taraba State International Investment Summit Committee, emphasized that such summits are crucial for stimulating economic activities and creating opportunities..

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According to him, the summit will play a vital role in showcasing Taraba’s investment potential, thereby attracting both local and international investors.

The committee is expected to work diligently to prepare for the summit, ensuring that it positions Taraba State as a favorable destination for investment and economic collaboration.

Governor Kefas remains committed to promoting policies that support economic diversification and sustainable

development in the state.

This inauguration marks a positive development in Taraba’s ongoing efforts to enhance its economic landscape and improve the standard of living for its residents.

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