News
Cheaper Dangote fuel returns, as FG restarts Naira for crude offer
With the recommencement of the Naira for Crude policy, Dangote Refinery and Petrochemical has announced a fresh reduction of a ₦30 slash in the price of loading cost for Premium Motor Spirit (PMS), also known as petrol, to ₦835 per litre from ₦865 per litre implemented six days ago.
In all the company has skimmed off ₦45 in the last one week, from the ₦880 per litre it sold the commodity, which hit N550 from the N189 on May 29, 2023, immediately President Bola Tinubu announced the removal of subsidy on the product, a sharp increase that continued to grow until it hit close to N1,200 at a point.
Reports say the new price, the third time in six weeks, is inclusive of charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), quoting a notice sent out on Wednesday morning to its customers.
The document detailing the revised price structure shows that PMS at the gantry will now sell for ₦835 per litre, inclusive of NMDPRA statutory levies, while coastal sales remain on hold. The diesel gantry price is set at $608 plus a $70 surcharge, payable either in naira at ₦1,650/$ or in USD.
Coastal sales are also on hold. Jet fuel will be sold at $664.75 with a $42 gantry surcharge and a $22 coastal surcharge. Prices for cooking gas at both gantry and coastal points are currently on hold.
This development comes as marketers secured regulatory approval to import 117,000 metric tonnes—equivalent to 156.897 million litres—of petrol within eight days, from 8 to 16 April 2025, to boost fuel supply nationwide.
These figures were revealed in separate documents obtained by our correspondent from the Nigerian Ports Authority and the Major Energies Marketers Association of Nigeria.
Dealers said the ₦853 per litre spot import parity into tanks, which includes expenses such as shipping, import duties, and exchange rates, marks a notable ₦3 reduction from ₦856.75 per litre last Monday and ₦852.02 on Tuesday.
The document showed that on-the-spot sales at the NPSC-NOJ terminal dropped to ₦853.12 per litre, while the 30-day average cost also declined to ₦844.84 per litre.
Within the period, marketers brought in six vessels conveying 117,000 metric tonnes through Tin Can Port in Lagos and Calabar Port in Cross River State.
Importantly, the continued price drop coincides with the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension.
The Ministry of Finance disclosed this in a statement published last week on its official X handle, titled: “Update on the Crude and Refined Product Sales in Naira Initiative.”
The statement followed a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery—a major beneficiary of the agreement — to review progress and address ongoing implementation issues.
The committee stated that the policy is not a temporary measure but a long-term strategy to reduce Nigeria’s dependence on foreign exchange for petroleum.
It added that the initiative is a key policy directive designed to support sustainable local refining and strengthen energy security.
The Independent National Electoral Commission (INEC) has appealed the judgement of the federal high court in Abuja nullifying the timelines issued for the conduct of party primaries and the nomination of candidates.
Alex Izinyon SAN, leading a team of lawyers of the commission in a notice of appeal dated May 25, raised nine grounds it urged the appellate court to consider and vacate the judgment the Federal High Court in Abuja delivered on May 20.
Apart from raising the issue of jurisdiction, which it said the lower court did not determine, INEC also maintained that the legal action the Youth Party (YP) initiated against it was not only hypothetical but academic.
Arguing that failure of the trial court to make pronouncements on the issues, resulted in the denial of fair hearing to the Appellant, the commission also stressed the lower court misinterpreted the provisions of the electoral act.
It said: “The high court erred in law when it held that: ‘It is clear from the wordings of Sections 29(1), 82 and 84 of the Electoral Act, 2026, the following can be understood. Section 29(1) of the Electoral Act, 2026 mandates Political Parties to submit the names of candidates in prescribed forms of the candidates who emerged from its valid primaries which such a political party intends to sponsor at the elections, not later than 120 days before the date of the General Election.
“What is required of Political Parties to do under the Electoral Act, 2026 is to notify the Independent National Electoral Commission (INEC) 21 days before the holding of its primaries, congresses or conventions, days before the holding of its primaries, congresses or conventions, or any conference or meeting convened for the election of its executive committees, other governing bodies for nominating candidates.
“The Defendant is not mandated to impose a timeframe for political parties to conduct their primaries provided that it will be done and submitted not later than the 120 days provided by the Electoral Act, 2026. See Section 82(1) of the Electoral Act, 2026.”
It was another day of misery in Kwara State, when daredevil terrorists reportedly stormed Yashikira Community in Baruten Local Government Area of Kwara State, and as has been the case in many of the attacks, abducting scores of residents including women and children.
But, apparently to register their authority, the gunmen, who were said to have operated for hours without challenge from the security operatives, were said to have torched the palace of the Emir.
The attackers, which reportedly occurred late Sunday night were said to have announced their presence through heavy firing and after storming the palace of the monarch during the period, set it on fire before whisking away their victims, but a similar attempt at the police station in the community, was repelled.
While some of the residents, narrated how the spent hours without resistance, leaving behind destruction and fear in the border community, another account said the villagers were caught unawares as the gunmen invaded the town under the cover of darkness.
However operatives made up of the police and military personnel, were said to have launched a manhunt immediately for the immediate rescue of the victims, including throwing a cordon in the area as part of the mission.
“The suspect offered ₦500 million to the SPU commander in an attempt to make the team stand down and allow him to contact his associates to move the consignment elsewhere. The offer was rejected immediately and properly documented for further investigation.”
These were the exact words of Olohundare Jimoh Assistant Inspector General of Police (AIG), with which he detailed how operatives of the Zone 2 Command of the Nigeria Police Force (NPF) scoffed at a N500million bribe to turn their eyes off the importation of a huge consignment of drugs imported into the country.
This was part of the details of a major breakthrough by the operatives after bursting a major drug trafficking syndicate in Lagos, which led to the seizure of suspected illicit drugs estimated at ₦7.8 billion and arresting several suspects, including the alleged kingpin.
In the operation, reportedly carried out by officers of the Special Protection Unit (SPU) in collaboration with divisional police detectives, the operatives, were said to have stormed a house in Mende, Maryland area of Lagos, following months of surveillance and intelligence gathering coordinated by the Zone 2 Headquarters.
The recovered drugs consisted of hundreds of bags of suspected Canadian Loud, allegedly stored in the residence of the prime suspect, Jimoh, said disclosing that the suspect was apprehended on May 19 after weeks of strategic monitoring by operatives.
Offering further details, he said the operation was executed with technical support and guidance from the Inspector-General of Police, IGP Olatunji Disu, alongside coordinated efforts between the SPU and divisional police teams.
Jimoh revealed that during the operation, the suspect allegedly attempted to bribe the SPU commander with ₦500 million to compromise the mission and allow the movement of the drug consignment.
The AIG described the development as a reflection of the renewed professionalism and operational discipline being entrenched in the Force under the current policing strategy.
He noted that the success of the operation underscored the importance of deploying specialized police units alongside conventional divisional teams in tackling organized crime.
According to him, the operation demonstrated the effectiveness of rapid containment strategies, intelligence-led policing, and professional conduct among the operatives involved in the raid.
“Rapid containment was achieved as the Special Protection Unit worked with divisional teams to secure the perimeter and prevent escape or interference with evidence.
“The operation was intelligence-driven, following months of surveillance and technical monitoring before the raid was carried out.
“The immediate rejection and documentation of the bribe attempt also reflect the standard expected from redeployed personnel at the divisional level,” Jimoh added.
Reacting to the development, the Inspector-General of Police, IGP Olatunji Disu, commended the operatives for their professionalism, saying the success of the operation validated the ongoing redeployment of personnel to divisions and units across Lagos and Ogun states.
The IGP noted: “Policing must be close to the people, and our specialized units must work side by side with divisional teams on the ground.
“The professionalism shown by the SPU commander in rejecting a ₦500 million bribe and following due procedure is the standard we expect. It shows that when you put your best foot forward at the grassroots, you get results and restore public trust.”
Disu further assured that the Force leadership would continue to reward integrity while holding officers accountable to the highest ethical standards.
Police authorities said exhibits recovered during the operation have been properly documented and will be tendered in court. The suspects are currently in custody while investigations continue to track down other members of the drug trafficking network.
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