News
US-Israel vs Iran: Queues back to filling stations *Fuel price hit N1,000 again
Nigerians may again witness long queues at petrol stations given the emerging pictures at some designated filling stations where users of Premium Motor Spirit (PMS) are currently rushing to buy cheap fuel for both their vehicles and other usages.
MRS filling stations, among the designated outlets for the sale of Dangote petrol, products of Dangote Refineries, the first and only privately-owned facility in Nigeria for the production of petroleum products, are currently being besieged by desperate buyers, seeking cheap fuel.
Coming against the back of the hike in price announced by the Nigerian National Petroleum Company Limited (NNPCL), Channels Television, reports that the Dangote outlets are the only ones selling below ₦1,000 per litre, even though it announced a N100 increase a few days ago.
Market survey as of Saturday morning revealed that private car owners and commercial bus drivers are starting to form long lines at MRS stations, especially along the Ibadan/Lagos Expressway, for petrol currently sold at ₦937 per litre.
Stations along the same axis, however, do not have as many queues as the MRS station at Alapere, as most have increased pump prices above ₦1,000, while Eterna Plc has hiked price to ₦1,040, North West Capital Oil, and Fatgbems also adjusted their prices to ₦1,030 per litre, with Mobil Station’s a bit lower at ₦1,025 per litre.
Despite the rush for petrol, few stations, including the Nigerian National Petroleum Company (NNPC) Limited, have shut their gates against buyers, the report says, adding that the state oil company’s station at OPIC Estate remains shut as of 7:00 AM Saturday.
Linking the situation to a sharp surge in global crude oil prices above the $80 per barrel threshold earlier in the week, the reports stated that TotalEnergies stations along the Expressway were not selling product as of the time of filing this report, while others recorded just a few buyers lurking at their gates.
Reports surfaced on Tuesday that Dangote Petroleum Refinery & Petrochemicals had increased the ex-depot price of petrol from ₦774 to ₦874 per litre, representing a ₦100 hike.
Dangote’s price hike was after an economist, Paul Alaje, on Monday, warned that petrol prices in Nigeria could climb to about ₦1,000 per litre if the ongoing conflict involving the United States, Israel, and Iran was not effectively managed.
Alaje, who is the Chief Economist at SPM Professionals, appeared on Channels Television’s Politics Today, against the backdrop of escalating geopolitical tensions in the Middle East.
According to him, increases in crude oil prices typically translate into higher costs for refined petroleum products such as petrol, diesel, and aviation fuel, with broad implications for businesses and households.
“While crude oil goes up, we all need to check the impact on our economy. The first thing you see is high inflation, because as crude oil goes up, the cost of PMS, diesel, and Jet-A1 will also follow.
“As that is going on, about nine per cent has already attracted more cost for PMS in Nigeria, and by the end of April, we project that if the war is not properly managed, it might get to ₦1,000 plus for PMS in Nigeria.
“If PMS is ₦1,000, you can imagine what diesel will be; you can imagine what flight tickets will be. It will affect the poor, the middle class, and, of course, the rich,” the economist said.
The echoes of the drums rolled out to celebrate the rescue of the 44 teachers and students, kidnapped from some schools in Oyo State, after 56 days in the bush, would surely be disrupted abruptly, with the divergent echoes of a fresh abduction, this time coming from Kogi State.
Reports indicate that the gunmen, struck on Tuesday at the Government Secondary School, Odo-Ekina, in Dekina Local Government Area of the state, abducting four students, the school principal and a National Examinations Council (NECO) ad hoc staff member.
Authorities of the Kogi State Police Command, who immediately unleashed their operatives in hot pursuit of the abductors, said the attack occurred at about 5:25 p.m. while the students were writing their NECO examination.
Saliu Oyiza Afusat, an Assistant Superintendent of Police (ASP) and spokesman of the command, said a combined team of police personnel and other security agencies has launched a search-and-rescue operation following the incident.
Informing that one of the students was actually rescued immediately, she said efforts were ongoing to secure the release of the remaining victims and apprehend the attackers, adding that Naziru Bello Kankarofi, the state Commissioner of Police, alongside the Brigade Commander and the State Security Adviser to the Governor, Commodore Jerry Omodara (Rtd), were already on the way to the scene for an on-the-spot assessment.
Oil prices are expected to go down now with the announcement of Donald Trump, US President that he will no longer impose a 20 percent “safe passage” fee on ships passing through the Strait of Hormuz.
The POTUS, hinged his reversal of the decision on the intervention from some Gulf countries, who pleaded with him not to toe the line due to the massive economic impact the decision would make on the region.
Indeed, oil prices had shot up immediately Trump announced the new levy on Monday while declaring the US ‘the guardians of the Hormuz strait,’ a measure which he said was to pay for the cost of guarding the volatile area in order keep supply of oil flowing.
Reports said that Gulf allies of the US worked frantically to get Trump on the phone in time to talk him out of the idea altogether, while a flurry of appeals came from Saudi Arabia, the United Arab Emirates, Bahrain and Qatar.
In response, the POTUS, posting on his Truth Social platform, wrote: “Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States.”
Trump, who said the investments would be “MASSIVE but, at the same time, extraordinarily good for them, and their future,” added that the deals would see factories, plants, and equipment pour into the US at “Historic levels.”
The Gulf nations have committed to invest trillions of dollars in the US, though it remains unclear how much of that they will actually spend over the next several years.
Meanwhile, the US continues to bomb Iran in what appears to be a resumption of active conflict between both countries, despite an ongoing roadmap to end the conflict.
Reports say operatives of the Osun State Police Command, and those of the Department of State Services (DSS) had tracking the trail of Adeniyi Adeyemi, controversial Director General of the Presidential Foreign Intervention Promotion Council (PFIPC), for weeks, before he was eventually pulled out of his hole on Tuesday.
However, the duo, were said to have pulled back after failing to track him through his mobile phones, which he had reportedly switched off for about two days, making it difficult to locate him, leaving the stage for the members of the Police Intelligence Response Team (PI-RT) led by Moses Lohor, a Chief Superintendent of Police (CSP).
Lohor, said to have previously served as the Commander of the Anti-Kidnapping Squad of Osun State, and reported to have been involved in high-profile security operations and controversies, after taken over fielded his men to pick up signals from their well-oiled signal networks.
Regarded by many Osun residents as one of the key security officers who contributed significantly to the peace and stability enjoyed in Ilesa and other parts of the state during his tenure, he was said to have relied on his contacts before his transfer out of the state, said to have raised concerns from the public about the security situation he would be leaving behind.
His exit from the state was said to be hinged on an incident in 2024, in which he allegedly shot one Iyanda Alowonle, then Chairman of Osun State Motor Transport System, in the stomach at the police station in the state prompting an order for his arrest by then Inspector General of Police (IGP).
His effort was said to have paid off when he successfully tracked down the controversial PFIPC, boss, who was seen on Tuesday evening, in a shot video on social media undergoing interrogation, and eventually handed him over to Ibrahim Gotan, Commissioner of Police in the state.
The PUNCH quoted one of the sources as saying: “The arrest (of Adeyemi) took place on Tuesday morning by the IRT squad, who immediately moved him to Abuja. After he was arrested, he was taken to Ibadan and from there to Abuja.”
-
News4 days agoBREAKING: Mystery death! *Female student dies a day after arriving Umahi’s home!
-
News4 days agoDon’t jump to conclusion! *Umahi speaks on mysterious death of female students!
-
News3 weeks agoBREAKING: Court sentences Nigerien, two others to death over terrorism
-
News2 weeks agoBREAKING: EX-SSG mowed down by gunmen! *He resisted being kidnapped – driver
-
News4 weeks agoTwo hours after Igboho’s ‘red-eyes’ to ‘Fulani’ leaders, gunmen free kidnap victims!
-
News3 weeks agoAbductors of Oyo teachers panicking, freedom coming for victims soon!
-
News3 weeks agoChicagogate: Nigerians return to court! *Move to stop Tinubu from 2027 polls
-
News3 weeks agoObi to Tinubu: You’ve done enough harm, resign now! *President worse than Starmer