NEWS
Petrol Price Hits N1,150 Amid Dangote Refinery Hike
The pump price of Premium Motor Spirit (PMS), commonly known as petrol, has surged to between N1,050 and N1,150 per litre in various parts of Nigeria, following a price increase by the Dangote Petroleum Refinery and other depot operators.
Marketers have attributed the hike to the rising global cost of crude oil, which now exceeds $80 per barrel, and the effects of deregulation in the downstream petroleum sector.
The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, highlighted the trend, stating, “Without exchange rate improvements, PMS prices will increase in the coming weeks.”
On Friday, Dangote Refinery revised its PMS price from N899.50 to N955 per litre at its loading gantry. Bulk buyers of five million litres and above were charged N950 per litre, while smaller volumes were priced higher.
In an official communication titled ‘Communication on PMS Price Review,’ the refinery noted, “Effective from 5:30 pm today (Friday), an upward adjustment has been implemented on the gantry price of Premium Motor Spirit. Please note that all stock balances yet to be lifted as of the above-stated time are to be repriced at the new reviewed prices.”
REÀD MORE: South Korean Court To Decide Fate Of Detained President Yoon Suk Yeol
Private depots also adjusted their prices, with Lagos depots now charging N970 per litre, while depots in Calabar increased their rates to N1,000 per litre.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), projected retail prices exceeding N1,150 in remote areas. He noted, “This change is immediate because crude oil prices, too, are immediate. Deregulation in this sector means price will be controlled by forces of demand and supply.”
Similarly, the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) indicated that retail prices would reflect depot and logistical costs, with some stations selling at N1,000 per litre or more.
Olatide Jeremiah, CEO of petroleumprice.ng, reinforced the link between rising crude oil prices and local fuel costs, adding, “Dangote refinery’s influence on fuel price has become unmatched. Nigerians should expect an increase in the pump prices of petrol.”
As the sector grapples with these developments, stakeholders have called for strategies to stabilise prices and mitigate the economic impact on consumers.
NEWS
Tragic Tanker Explosion Claims Over 50 Lives In Niger State
A devastating petrol tanker explosion on Saturday claimed the lives of no fewer than 50 people along the Dikko-Maje Road in the Suleja Local Government Area of Niger State.
The tragic incident occurred when a tanker loaded with Premium Motor Spirit (PMS) overturned, spilling its contents on the road.
According to Kumar Tsukwam, the Federal Road Safety Commander, those who attempted to scoop the spilt fuel were engulfed in flames, along with others who tried to rescue them.
“More than 50 people lost their lives in the tragic incident,” Tsukwam told the News Agency of Nigeria. He added that personnel from the Federal Road Safety Corps (FRSC) and other emergency agencies were working tirelessly at the scene to rescue those trapped.
The Director General of the Niger State Emergency Management Agency (NSEMA), Abdullahi Baba-Arah, explained that the explosion occurred around 9 a.m. during an attempt to transfer fuel from the crashed tanker to another. The PMS reportedly came into contact with a generator used in the transfer process, sparking the fire.
READ MORE: ‘It’s A Waste Of Time’: Residents Boycott Ondo LG Polls
Baba-Arah noted that the explosion not only claimed lives but also left many injured and caused significant property damage. “Those injured have been moved to the hospital for treatment while efforts are being made to recover the corpses of the deceased,” he stated.
The state governor, Mohammed Umaru Bago, expressed deep sorrow over the incident, describing it as “worrisome, heartbreaking, and unfortunate.” His Chief Press Secretary, Bologi Ibrahim, said the governor had called for caution among road users and urged residents to prioritise their safety.
“The governor sympathises with the families of the victims of the explosion and prays that Allah will repose the souls of the departed and heal the injured,” Ibrahim said.
NSEMA, in collaboration with the National Emergency Management Agency (NEMA) and other local groups, is continuing search, rescue, and recovery efforts. Authorities have urged the public to remain calm and cooperate with emergency responders as they work to mitigate the effects of the disaster.
International News
South Korean Court To Decide Fate Of Detained President Yoon Suk Yeol
A South Korean court will decide on Saturday whether to extend the detention of impeached President Yoon Suk Yeol, who was arrested earlier this week over an alleged attempt to impose martial law.
Yoon, detained in a pre-dawn raid on Wednesday, is accused of trying to suspend civilian rule on December 3, citing threats from “anti-state elements.”
His attempt to deploy soldiers to storm parliament failed, as lawmakers rejected the martial law declaration just six hours after his surprise announcement.
RELATED NEWS: Political Turmoil In South Korea As President Yoon’s Impeachment Trial Begins
The fallout was swift: Yoon became the first sitting South Korean president to face impeachment and arrest.
Investigators accuse him of insurrection, a charge that could result in life imprisonment or even execution if proven.
The Seoul Western District Court will review a request to extend Yoon’s detention by 20 days during a 2:00 p.m. (0500 GMT) hearing on Saturday.
If approved, the extension would allow prosecutors additional time to prepare a formal indictment.
Yoon’s lawyer, Yoon Kab-keun, said the embattled president plans to attend the hearing “with the intention of restoring his honour.”
The court has closed public access to its premises, citing safety concerns as Yoon’s supporters gathered outside.
Waving South Korean and American flags, they have called for the dismissal of the detention extension request.
The Corruption Investigation Office (CIO) is leading the probe into Yoon’s failed martial law bid. The president reportedly resisted arrest for weeks, staying holed up in his guarded residence until Wednesday’s raid.
In a statement following his detention, Yoon said he surrendered “to avoid bloodshed” but questioned the legality of the investigation.
READ ALSO: Power Outage Hits Presidential Villa, Maitama, Others As Vandals Strike
His legal team claims he has already provided his position and has refused to answer further questions.
Yoon’s impeachment is under separate review by the Constitutional Court, which could permanently remove him from office and trigger fresh elections within 60 days.
The president has missed the first two hearings, but the trial will proceed in his absence.
Meanwhile, the opposition Democratic Party, which holds a majority in parliament, has intensified its push against Yoon.
The party hailed his arrest as “the first step” toward restoring constitutional order. Late Friday, lawmakers passed a bill to launch a special counsel investigation into the failed martial law plan.
The crisis has left South Korea in political uncertainty. Despite winning the presidency in 2022, Yoon has faced mounting opposition, with his impeachment exposing sharp divisions in the country’s leadership.
NEWS
Supreme Court Upholds TikTok Ban Law, App Faces Potential Shutdown In U.S.
The United States Supreme Court has upheld a contentious law that could see TikTok banned from U.S. app stores as early as this Sunday.
The decision hinges on TikTok’s ownership by its Chinese parent company, ByteDance, and has sparked significant debate regarding national security, data privacy, and the broader implications for social media platforms within the country.
The announcement was confirmed by DiscussingFilm, which reported, “The Supreme Court will uphold the TikTok ban. The app will likely be banned in the U.S. on Sunday.”
READ MORE: BREAKING: US Supreme Court Orders TikTok Ban
This development follows ongoing concerns from U.S. lawmakers over the potential risks posed by TikTok’s ties to China, including fears about data harvesting and its alleged influence on American users. For months, the Biden administration and members of Congress have pressured ByteDance to divest TikTok’s U.S. operations to alleviate these concerns. However, no deal has been reached thus far.
The Supreme Court’s ruling has led to widespread discussions about the future of TikTok and other foreign-owned platforms in the United States. Some critics argue that the ban could set a dangerous precedent for limiting free expression, while others see it as a necessary step to protect national security.
As the deadline approaches, TikTok users and influencers in the U.S. are left scrambling to understand the implications of the ban and explore alternative platforms. Unless ByteDance complies with the government’s demand to sell the app, TikTok may disappear from U.S. app stores in the coming days.