The Dangote Petroleum Refinery & Petrochemicals (DPRP) has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS).

Biztellers reports that this marked its fourth price cut within a month, even as the company claimed in a statement in Lagos on Thursday that it continues to pass lower production costs to consumers despite still processing crude oil purchased at significantly higher international prices.

The latest N50 per litre reduction brings the cumulative decrease in the refinery’s PMS ex depot price to N200 per litre since May 30, 2026, reducing the gantry price to N1,075. Over the same period, the refinery has reduced the ex-depot price of Automotive Gas Oil (AGO) by N300 per litre and Jet A1 aviation fuel by N520 per litre.

The company stressed that the successive reductions demonstrate its commitment to ensuring Nigerians benefit from favourable market developments while maintaining the long-term sustainability of domestic refining operations.

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The refinery explained that petroleum product pricing cannot mirror daily movements in international crude oil markets because crude is purchased weeks, and sometimes months, before it is processed.

According to the refinery, the petroleum products currently being supplied to the market are being produced from crude inventories acquired during periods of substantially higher prices.

It disclosed that the average landed cost of crude processed stood at approximately US$124.80 per barrel in May and US$95.25 per barrel in June, compared with the current international benchmark of about US$71.01 per barrel.

The refinery also clarified that its crude procurement costs are not based solely on the headline ICE Brent benchmark commonly quoted in the media.

Rather, crude is purchased on a Dated Brent basis together with applicable market premiums, freight and logistics costs, resulting in actual feedstock costs that differ materially from benchmark prices.

Despite the sharp increase in crude acquisition costs during the period, the Dangote Refinery said it deliberately refrained from transferring the full impact to consumers, choosing instead to absorb a significant portion of the additional costs in order to support market stability and cushion Nigerians from the volatility in global energy markets.

The company noted that this pricing approach has helped to keep petroleum product prices in Nigeria below those prevailing in neighbouring countries, even after accounting for applicable taxes. It added that as lower priced crude cargoes progressively enter its production cycle, the refinery has begun systematically passing the benefits to the market through phased price reductions.

“Today’s N50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS. This approach ensures that pricing decisions are anchored on actual production economics and inventory costs rather than short term fluctuations in international oil markets,” it said. “Nigeria today benefits from the stabilising role of domestic refining capacity. The Dangote Petroleum Refinery currently supplies volumes sufficient to meet national demand, helping to strengthen energy security, eliminate dependence on imports, conserve foreign exchange and provide greater price stability for consumers and businesses”.

The company expressed confidence that if international crude prices remain favourable and lower cost feedstock continues to replace higher priced inventories, Nigerians should expect further moderation in petroleum product prices.

The DPRP reiterated its commitment to supplying high quality, internationally certified petroleum products at competitive prices while supporting Nigeria’s economic growth and the long-term development of the country’s downstream petroleum sector.

The Minister of Youth Development, Ayodele Olawande, has clarified that the Federal Government has not approved Adire as the new uniform for members of the National Youth Service Corps (NYSC), saying reports suggesting otherwise were based on a misunderstanding of his earlier comments.

The clarification came after media reports claimed the minister had announced the replacement of the NYSC’s iconic khaki uniform with Adire during an interview on Channels Television on Thursday.

In a statement posted on his official social media account, Olawande explained that he only mentioned Adire and Ankara as examples of proposals currently being considered as part of the ongoing reforms of the NYSC scheme.

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“My attention has been drawn to some media reports following my brief appearance earlier this morning on Channels TV regarding the ongoing reforms of the National Youth Service Corps (NYSC), particularly on the issue of the proposed uniform,” he said.

“For the avoidance of doubt, yes, I mentioned Adire during the discussion. I also mentioned Ankara. My intention was simply to cite examples of some of the proposals that have been put forward in the course of our consultations. It was not an announcement that any particular fabric has been adopted or approved to replace the current NYSC uniform.”

The minister stressed that no final decision has been taken on the proposed uniform, noting that the government is still evaluating different options based on professional appearance, durability, functionality, cost-effectiveness, national identity and the promotion of local industries.

“For the record, what we are considering are different options that tick all the right boxes in terms of professional outlook, a unique national identity, durability, functionality, cost-effectiveness, and the projection of national pride,” Olawande said.

“No final decision has been taken on the fabric or design.”

During his earlier interview on Channels Television, Olawande had responded to a question on whether a new NYSC uniform would be produced locally by saying: “It’s Adire. Adire is being produced in Nigeria. We have them in Ogun; we have them in Kwara; we have textile industries. Let’s put our money back into the country.”

The remark triggered widespread speculation that the Federal Government had officially approved Adire to replace the traditional khaki uniform worn by corps members.

However, the minister urged Nigerians not to allow the debate over the proposed uniform to overshadow the broader objectives of the ongoing reforms.

According to him, the reforms are aimed at making the NYSC scheme more relevant by improving the employability of corps members, promoting entrepreneurship, strengthening national integration, enhancing service delivery and ensuring a smoother transition from education to productive careers.

“While conversations around the uniform are understandable, they should not overshadow the far-reaching reforms aimed at empowering millions of Nigerian youths and positioning the NYSC as a stronger platform for national development,” he added.

The Oyo State Government has directed all public schools across the state to intensify efforts to recover academic time lost during the recent industrial action triggered by the abduction of teachers and students in Orire Local Government Area.

The directive was issued on Thursday by the Commissioner for Education, Science and Technology, Segun Olayiwola, during a stakeholders’ meeting held at the ministry’s conference hall to develop a coordinated recovery plan for restoring normal academic activities.

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The meeting brought together representatives of the Nigeria Union of Teachers (NUT), the All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS), the Association of Primary School Head Teachers of Nigeria (AOPSHON), the Teaching Service Commission (TESCOM), and the Oyo State Universal Basic Education Board (SUBEB).

Addressing stakeholders, Olayiwola stressed the need for urgent academic recovery, urging school administrators and teachers to prioritise effective teaching and learning to reduce the impact of the disruption.

“Schools must intensify efforts to recover the academic time lost during the industrial action. We cannot allow our students to be academically disadvantaged by the recent disruption,” he said.

The commissioner reaffirmed the commitment of Governor Seyi Makinde’s administration to strengthening the education sector through policies that improve learning outcomes across the state.

“The Oyo State Government remains committed to providing the best learning environment for our students. Governor Seyi Makinde’s administration will continue to implement policies that enhance the quality of education across the state,” Olayiwola added.

Speaking at the meeting, the Chairman of the Oyo State Civil Service Commission, Baale Kamorudeen Aderibigbe, commended teachers’ unions for suspending the industrial action in the interest of students.

“We appreciate the leadership of the teachers’ unions for putting the interest of students first by suspending the industrial action,” Aderibigbe said.

“Continued collaboration between government and education stakeholders is essential to moving the sector forward.” he added

However, representatives of the NUT, ANCOPSS and AOPSHON urged the state government to intensify efforts to secure the safe release of the teachers and students abducted in Orire Local Government Area.

The unions said, “We appeal to the government to sustain every effort toward the safe release of our abducted colleagues and students while we remain committed to supporting quality education in Oyo State.”

Also speaking, the Special Adviser to Governor Seyi Makinde on Education Intervention, Suraju Tiamiyu, expressed optimism that the abducted teachers and students would soon regain their freedom.

“We are optimistic that the abducted teachers and students will soon regain their freedom. The government is making sustained efforts to ensure their safe release,” Tiamiyu said.

The industrial action was triggered by the abduction of teachers and students in Orire Local Government Area, disrupting academic activities in public schools before the strike was suspended.

With schools back in session, the Oyo State Government says recovering lost classroom hours remains a top priority while security agencies continue efforts to secure the safe release of the abducted victims.