Oil marketers have stated that Nigerians will soon heave a sigh of relief as the pump price of Premium Motor Spirit, popularly called petrol, will drastically reduce due to the continuation of crude and refined product sales in the naira initiative by the Federal Government.

They also stated that a major player in the sector, Dangote Refinery, is anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the forthcoming price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement, announced on Wednesday.

The official, however, couldn’t project the expected amount as the price at which the government will sell its products remains unclear.

This was as the National Publicity Secretary of Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, emphasised the need for greater involvement of other local refiners in the initiative, stressing that broader participation would enhance the economic benefits and strengthen the impact of the deal.

On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.

It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”

The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following 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 matters.

The meeting was attended by Edun, the Chairman of the Implementation Committee; the Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service, Zacch Adedeji; the Chief Financial Officer of Nigerian National Petroleum Company Limited, Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals.

Also present were representatives of Dangote Petroleum Refinery and Petrochemicals, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Ports Authority, Afreximbank, and the Secretary of the Committee, Hauwa Ibrahim.

As part of moves to reduce the strain on the US dollar and guarantee price stability of petroleum products, the FEC in July 2024 directed the national oil company to sell crude oil to Dangote Refinery in naira and not in United States’ greenback for an initial phase of six months.

The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024 to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.

However, in March, Dangote refinery said it had temporarily halted the sale of petroleum products in naira. The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.

Immediately after the announcement, private depot owners effected an increase in loading cost and effectively raised pump price from around N860 to about N960 per litre, making consumers pay at least N70 more than what it used to cost them to buy a litre of the premium commodity days earlier.

PUNCH

The Ondo State Police Command has confirmed that the three headless bodies discovered in a river in Odigbo Local Government Area did not originate from the state.

The shocking discovery of the bodies floating between Ore and Odigbo communities has caused panic in the area.

Residents found the bodies in the river on Sunday and immediately alerted security agencies.

The positions of the bodies raised suspicions that they may have been killed for ritual purposes before being dumped into the river.

The police spokesperson, Olayinka Alayande, confirmed the incident, saying the matter was reported at the local police station.

However, no one had come forward to identify the bodies.

Alayande stated, “I can confirm that three bodies were recovered from a river in Odigbo. The matter was reported to the Ore Division, and the DPO sent a detective to the scene. The DPO also summoned community leaders and other groups to help identify the bodies and directed anyone with information to visit the hospital. Since then, no one has been able to identify the bodies.

“It is believed the bodies were brought from elsewhere and dumped in the river. We don’t think they are from this state. However, the river may have carried them to this location.”

Shileola, a youth leader in the local government, expressed his shock over the incident, saying, “I was shocked when I heard about it. I rushed to the scene to try to identify the victims, but I couldn’t find any clues.”

He suggested that the victims may have been killed in another area, as there have been no reports of missing persons in the community.

The Lagos State Police Command has apprehended a man identified as Friday Onu, who was captured in a viral video assaulting Mrs Yetunde Amole during an attempted car battery theft along the Lekki-Epe Expressway.

According to the statement released by the command’s spokesperson, CSP Benjamin Hundeyin: “The Lagos State Police Command is aware of a viral video circulating on social media showing the assault of one Yetunde Amole by a suspected thug near the Oriental Hotel area in Lagos. The Command strongly condemns this reprehensible act and wishes to inform the public of the steps taken so far.
“The incident occurred on April 7, 2025, at approximately 2:00 p.m. The suspect, identified as Friday Onu, was caught attempting to steal Mrs. Amole’s car battery. Her courageous attempt to stop the theft resulted in a physical assault by the suspect.
“Officers from the Maroko Division arrested the suspect shortly after the attack. Arrangements were being made to arraign him in court when he suddenly became ill and was promptly transferred to Falomo Police Hospital, where he remains under close monitoring.
“The Lagos State Police Command assures the public that justice will be served. Once the suspect is medically cleared, he will be charged before a competent court of law.”

The command also praised Mrs Amole for her bravery and reaffirmed its commitment to the safety and protection of all residents.
It urged members of the public to continue cooperating with law enforcement authorities to ensure a safer Lagos for all.