NEWS
Bring Global Realities Home – PETROAN
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.
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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”.
Military gear has reportedly been found at the scene of a helicopter crash in Igbokoda, headquarters of Ilaje Local Government Area of Ondo State.
The helicopter crashed in a swampy area of the coastal community on Monday, October 5, 2026, sparking panic among residents.
The Chairman of Ilaje Local Government Area, Maurice Oripelaye, said military personnel and equipment were seen at the crash site, raising the possibility that the aircraft could have been a military helicopter.
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However, the identity of the helicopter and its operator had not been officially established as of the time of filing this report.
Oripelaye said the aircraft crashed near the Naval Base area and was burnt to rubble following the incident.
He also said the number of people who were aboard the helicopter could not immediately be ascertained, while the fate of those on board remained unclear.
Earlier, residents reported hearing a loud sound from the direction of the crash before discovering that an aircraft had gone down in the swampy area.
The difficult terrain has also made access to the crash site challenging, with security personnel and other responders deployed to the area.
The Ondo State Police Command has confirmed the aircraft crash and said investigations are ongoing to establish the circumstances surrounding the incident.
The police urged residents of Igbokoda and adjoining communities to remain calm and avoid spreading unverified information, promising to provide further details as credible information becomes available.
NEWS
JUST IN: Oluremi Tinubu Arrives BATICC for APC Women’s Pre-Inaugural Ceremony Arrives BATICC for APC Women’s Pre-Inaugural Ceremony
Nigeria’s First Lady, Senator Oluremi Tinubu, has arrived at the Bola Ahmed Tinubu International Conference Centre (BATICC) in Abuja for the All Progressives Congress (APC) Women Stakeholders’ Mobilisation and Empowerment Pre-Inaugural Campaign Roll-Out.
The First Lady arrived at the conference centre on Monday, October 5, for the women-focused political gathering organised by the Women Mobilisation Directorate of the APC Presidential Campaign Council ahead of the 2027 general elections.
The event is themed “Renewed Hope Agenda 2.0: From Reforms to Prosperity,” with the mobilisation message, “One Voice, One Movement, One Choice, One Mandate 2027.”
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The gathering is expected to bring together thousands of women from across the country, including women leaders, professionals, entrepreneurs, political stakeholders, community representatives and grassroots organisers.
20,000 women expected
The arrival follows a report published on Sunday, October 4, which said Oluremi Tinubu was expected to lead a major mobilisation of women stakeholders in Abuja.
According to the report, more than 20,000 women were expected to attend the Women Stakeholders’ Mobilisation and Empowerment Pre-Inaugural Campaign Roll-Out scheduled for 8am at BATICC.
The APC Women Mobilisation Directorate has also announced an ambitious target of mobilising 40 million women’s votes for President Bola Tinubu and Vice-President Kashim Shettima ahead of the 2027 presidential election.
Director of the Women Mobilisation Directorate of the APC Presidential Campaign Council, Dr Betta Edu, disclosed the target ahead of the gathering and said the structure was expanding its grassroots mobilisation across the country.
Speaking ahead of the event, a member of the APC Presidential Campaign Council Women Mobilisation Planning Committee, Princess Gloria Akobundu, highlighted programmes including the Nigerian Education Loan Fund (NELFUND), CREDICORP, infrastructure projects, cash-transfer programmes and youth empowerment initiatives.
Akobundu urged women in Imo State and across the South-East to strengthen their mobilisation structures and take the Renewed Hope Agenda message to communities across the region.
She said, “We are calling on our women across the South-East to strengthen their mobilisation and ensure that the message of the Renewed Hope Agenda reaches every community and locality.”
Former Vice President Atiku Abubakar has criticised the Federal Government over the continued exposure of Nigerians to kidnappers, questioning the impact of savings from fuel subsidy removal on national security.
Atiku disclosed this in a statement on Monday while reacting to the abduction of 20 travellers, including prospective National Youth Service Corps (NYSC) members, in Imo State.
He described the abduction as “heartbreaking,” noting that although some of the victims had been rescued, others remained in captivity.
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Atiku urged the Federal Government, Imo State Government and security agencies to act with urgency to secure the release of all those still being held.
He also raised concern over more than 70 pupils and students abducted from Mussa and Lassa in Borno State who, according to him, have remained in captivity for months.
“These children must not be forgotten. Their families deserve clear updates, and the public deserves answers,” he said.
The former vice president questioned the government’s handling of insecurity, recalling President Bola Tinubu’s promise that savings from the removal of fuel subsidy would help fund security.
“Yet Nigerians remain exposed to kidnappers on our roads, in our communities and around our schools,” Atiku said.
He said young Nigerians were facing danger at different stages of their lives, from secondary school to university and now while travelling to NYSC camps.
“Young people face danger in secondary school, struggle with unaffordable fees at university, and are now targets on their journeys to NYSC camps. This is a generation being failed at every stage,” he said.
Atiku also criticised the award of what he described as huge pipeline security contracts to politically connected companies, while ordinary Nigerians continue to face criminals.
“The first duty of government is to protect lives,” he stated.
He called for the immediate and safe rescue of every abducted young person and the return of those still unaccounted for.
Atiku also reaffirmed his commitment to building a safer and more affordable Nigeria where young people can create, build and prosper.
“My promise to build a safer and more affordable Nigeria, where young people can create, build and prosper, remains unshakable,” he said.
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