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Bring Global Realities Home – PETROAN

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A call has gone to the stakeholders in Nigeria’s oil and gas sector to reduce their ex-depot and retail pump prices in line with the current global realities.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), hinged the call on dousing of war flames between the United States and Iran.

According to the National President of PETROAN, Billy Gillis-Harry, the drop in global crude oil prices offers an opportunity for operators in the downstream petroleum sector to pass on the benefits of lower crude costs to consumers.

This was detailed in a statement issued under the signature of the National Public Relations Officer of PETROAN, Dr Joseph Obele, on Friday, in which Gillis-Harry expressed desire to see market realities reflected in both ex-depot and retail pump prices.

“The recent decline in global crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass the benefits of lower crude oil costs to Nigerian consumers. Market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public,” Gillis-Harry said.

According to the association, recent developments in the global oil market indicate that crude oil prices are on a downward trend, with Brent crude falling to about $77–$78 per barrel following the ceasefire agreement between the United States and Iran and expectations that oil exports through the Strait of Hormuz will gradually normalise.

The PETROAN noted that market analysts believe crude oil prices are currently under downward pressure, although geopolitical risks remain. The association said current projections suggest that Brent crude may trade within the range of $75–$82 per barrel next week, while West Texas Intermediate crude is expected to trade between $72 and $79 per barrel.

ALSO READ: Petrol Imports Surge 59.5% Despite Higher Local Refining Output

It identified the continued implementation of the US-Iran peace agreement, increased crude oil exports from the Middle East and concerns over weaker global oil demand as factors contributing to the decline in crude prices.

Showing concern over pricing trends in the domestic market, Gillis-Harry said, “In some instances, the landing cost of imported petroleum products appears to be lower than the prices offered by domestic refiners. This development is surprising and underscores the need for a more competitive downstream petroleum market that guarantees consumers access to the most affordable products available.”

The PETROAN president called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (MNDPRA) to continue issuing import licences to qualified marketers, saying increased competition would help moderate prices and ensure adequate supply.

“Increased competition among suppliers would help moderate prices, discourage monopolistic tendencies, and ensure a steady supply of petroleum products across the country,” the statement read.

Gillis-Harry maintained that competition remained one of the most effective ways of driving efficiency and reducing costs. “Competition remains one of the most effective mechanisms for driving efficiency, reducing costs, and protecting consumers,” he stated.

He added that a competitive market environment would encourage operators to reduce prices in line with prevailing market conditions. PETROAN also called on the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to facilitate discussions with two Chinese firms interested in operating the Port Harcourt and Warri refineries.

Gillis-Harry said, “If these refineries are successfully revived and operated as private-sector-driven facilities, petroleum product prices are expected to decline further due to improved efficiency and increased domestic refining capacity.

“The resumption of operations at the Port Harcourt and Warri refineries under competent private management would enhance supply stability, promote healthy competition, and ultimately lead to more affordable petroleum products for Nigerians.”

The association stated that sustained moderation in crude oil prices, combined with stable exchange rates and refining costs, should support lower petrol prices and provide relief for consumers and businesses.

Gillis-Harry reiterated PETROAN’s commitment to a competitive downstream petroleum sector, saying the association would continue advocating “for a transparent, competitive, and consumer-friendly downstream petroleum sector that delivers fair pricing, energy security, and sustainable economic growth for all Nigerians”.

NEWS

C’River: Man Takes Own Life Inside Obudu Market, Community Demands N300,000 Cleansing Fee

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A 56-year-old shoemaker identified simply as Anthony has reportedly died by suicide inside the Obudu Main Market in Obudu Local Government Area of Cross River State.

The incident occurred in the early hours of Sunday, August 23, 2026.

SEE MORE: Forced Marriage Gone Wrong — Borno Police Investigate Alleged Suicide Case

Anthony, who was said to be from Bekwarra Local Government Area, was found dead inside the market, prompting community leaders to shut down the facility.

The leaders reportedly demanded N300,000 from the deceased’s family for cleansing rites, insisting that the circumstances surrounding his death were considered sacrilegious.

Confirming the incident, the Cross River State Police Public Relations Officer, ASP Sunday Eitokpah, said the deceased was a 56-year-old man simply identified as Anthony.

Eitokpah said the police had commenced an investigation to establish the circumstances surrounding the death and determine whether foul play was involved.

He said, “Police operatives visited the scene, documented the area, and recovered the body to the mortuary. The circumstances surrounding the death are yet to be established.

“Further updates will be provided as the investigation progresses.”

The police spokesman’s statement indicates that the exact circumstances of Anthony’s death remain under investigation.

 

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“Tinubu Deserves to Be President for Long, Long Time” — Olubadan

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The Olubadan of Ibadan, Oba Rasheed Ladoja, has said President Bola Tinubu deserves to remain in office for a long time, citing the performance of his administration.

Ladoja made the declaration on Monday at the flag-off ceremony for the dualisation of the Ibadan-Ijebu Road in Ogun State, where Tinubu was represented by Ogun State Governor, Dapo Abiodun.

The monarch said the event should not be interpreted as an All Progressives Congress, APC, rally, despite repeated references to the ruling party during the ceremony.

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“I’ve been hearing everybody talking APC, APC. Bola Tinubu is not an APC man, no. Bola Tinubu is working and deserves to be president for a long, long time,” Ladoja said.

According to him, the gathering was primarily organised to appreciate Tinubu for approving the road project, which he described as important to the safety and economic wellbeing of residents of Ibadan and surrounding areas.

“This is not an APC rally. It is a rally that we are here to thank Mr President for making this road project possible,” he said.

Ladoja said the road had been associated with security concerns, particularly kidnapping incidents, adding that its reconstruction would improve safety and connectivity.

“Those of us in Ibadan know that the only area in Ibadan, where terrorists have been kidnapping people is this road,” the monarch said.

He maintained that Tinubu’s decision to approve the project demonstrated his concern for the people and argued that the President’s performance should not be viewed solely through the lens of party politics.

“He deserves more than being an APC president. He’s not an APC president. He’s president of Nigeria,” Ladoja said.

The Olubadan, however, acknowledged that the President’s performance could strengthen the APC’s chances in future elections.

“The only thing I can look at is that his performance is likely to help the APC win elections. So, we are not discounting the performance of Mr President at all,” he said.

Ladoja added that opposition parties seeking to challenge the ruling party would have to convince voters that they could provide a credible alternative.

“We believe he deserves a long tenure, even though other parties are scrambling to say they are there when they are not visible,” he said.

He expressed confidence that voters in Ibadan would ultimately determine their political choice when the time comes.

“We believe that by the time election comes, the people of Ibadan land will talk,” the monarch said.

The event was attended by Minister of Works, Dave Umahi; Ogun State Deputy Governor, Noimat Salako; APC governorship candidate in Oyo State, Sharafadeen Abiodun Ali; and other dignitaries.

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JUST IN: Midnight Fire Razes Nearly 300 Shops in Ibadan Market

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An early Monday morning fire has destroyed several shops at the popular Oranya Market in Ibadan North-East Local Government Area of Oyo State.

The fire, which reportedly started around midnight, affected traders dealing in gold, furniture, second-hand clothes and other goods.

A trader identified as Iya Alia said nearly 300 shops were affected by the inferno.

SEE ALSO: BREAKING: Court Sentences Three to Life Imprisonment Over Oyo School Kidnapping

“The fire started around midnight. I cannot be specific about that time. And those affected were gold sellers, furniture sellers, second-hand clothes sellers and many others. The shops affected were almost 300.”

Another eyewitness described the incident as devastating, saying close to 300 shops were destroyed.

Confirming the incident, the Special Adviser to Governor Seyi Makinde on Fire Reforms and State Chairman of Fire Services, Morof Akinwande, said the fire started in the middle of the market following an explosion.

He, however, said the exact number of shops destroyed could not yet be established.
“Yes, it occurred. That number we cannot ascertain, but what is known is that some shops were destroyed and the fire incident started in the middle of the market with an explosion.”

Akinwande said it was too early to determine whether the explosion was caused by gas or another source, adding that the situation had been brought under control since about 1am.

“Whether it’s a gas explosion or other things. And when you have a gas explosion, it would spread, but as I am talking to you, the situation has been under control since 1 am.”

He explained that determining the number of affected shops and the value of goods lost would require a post-fire investigation.

“On the number of shops and inventory, that is too early because that’s post-fire outbreak investigation. So, I cannot be accurate about the number of shops that were destroyed. But shops were actually gone.”

The incident comes barely two days after another fire outbreak destroyed nine locked-up shops at the Nigerian Railway shopping complex along the popular Aleshinloye Market in Ibadan South-West Local Government Area.

The August 22 fire reportedly destroyed goods, household items and other properties worth millions of naira.

One of the affected traders, Busari Olayemi, said products worth about ₦21 million were destroyed, including window blinds, curtain fabrics, industrial sewing machines and other equipment.

Oranya Market also witnessed a major fire outbreak in 2024, when more than 200 shops in the herbal section were reportedly completely destroyed.

 

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