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Petrol, diesel prices may not drop despite Dangote refinery — Experts

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Experts believe that prices of petrol and diesel may not crash significantly despite the commencement of production at the Dangote Petroleum Refinery.

 

With the removal of subsidy on petrol in May 2023, the price per litre of petrol jumped from around N184 to over N600 depending on the location. Diesel also sells for about N1500 per litre at retail outlets.

 

They said though the behemoth refinery is located in Lagos, Nigeria, the input cost for the operationalisation of the $20bn facility is import-dependent, adding that the volatility of the foreign exchange rates might make it difficult for any marginal reduction in the prices of the premium commodities.

 

These were the thoughts of the Publisher of Sweet Crude Reports, Hector Igbikiowubo; and Nairametrics Founder, Ugodre Obi-Chukwu; on Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television on Friday.

Both Igbikiowubo and Obi-Chukwu commended Africa’s richest man, Aliko Dangote, for defying all odds to ensure that his dream to build a functional refinery came to life.

 

They said Dangote demonstrated that the Federal Government has no excuse not to get the country’s four dormant refineries working and urged the Nigerian National Petroleum Company (NNPC) Limited to increase crude supply to the private refinery.

 

The billionaire business tycoon recently said his refinery would continue to import 24 million barrels of West Texas Intermediate crude due to insufficient local crude production and supply by the state-run NNPC.

 

The experts said though the private refinery won’t solve Nigeria’s energy security needs, its operations would go a long way in making premium petrol products available in the country.

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“The Dangote Refinery cannot solve the problem because the Dangote Refinery will continue to pay for crude oil in USD (United States Dollar),” Igbikiowubo said.

 

“The question now is how come the NNPC isn’t allotting all of its 445,000 barrels per day to the Dangote Refinery for refining? Why is it convenient to export crude oil when you have a facility like the Dangote Refinery up and running? You make more money if you export refined petroleum products than if you export crude oil.”

 

Obi-Chukwu agreed with Igbikiowubo that the dominance of the greenback in the operational cost of the Dangote Refinery might not necessarily lower the cost of the refined products for end users.

 

Obi-Chukwu said, “As much as the refinery is local, most of the input cost for that refinery is still going to be imported. Whether it is the personnel that will service the refinery. Whether it is the spare parts that will be changed and serviced. Even the crude itself is also being imported.

 

“A lot of the breakdown of the cost still has foreign components in there. So, it is quite unlikely that you might see a substantial amount of savings to the end consumers. Nevertheless, even if we get 10% savings, it is still better than what we currently have.”

 

The refinery sited in Lagos and owned by the billionaire businessman commenced operations last December with 350,000 barrels a day. The refinery hopes to achieve its full capacity of 650,000 barrels per day by the end of the year.

See also  Dangote refinery announces commencement of petrol production

 

The refinery has begun the supply of diesel and aviation fuel to marketers in the country while petrol supply is expected to commence mid-July.

 

Energy Security
The experts said though the Dangote Refinery has been operational, the country’s four refineries sited in three locations across the country should be made to function to guarantee energy security for the country.

 

The four state-owned refineries which are in dilapidated condition are sited up north in Kaduna with three units sited in the southern region – Port Harcourt and Warri. Attempts to get them working for about two decades have not been successful despite billions of naira spent on turnaround maintenance.

 

The newspaper publishers believe the Bola Tinubu administration should do all in its ability to make the state-owned refineries work.

 

Igbikiowubo said, “The essence of having the NNPC refineries working is to guarantee energy security for the Nigerian state.”

 

He said though the NNPC has about 20% stake in the Dangote Refinery, the refinery does not belong to the Nigerian state.

 

“We should have a coherent energy security in place,” he said. “If you have refineries, those refineries should work.”

 

Igbikiowubo said privatisation of the state-owned refineries does not guarantee energy security as the private company is interested in profit-making for its shareholders and not necessarily ensuring that the populace gets the premium commodities easily and at cheap rates.

See also  JUST IN: Dangote refinery slashes diesel price to N940 per litre

 

“Where is NITEL today? It was privatised. Where is Daily Times today? It was privatised. We need to be accountable. The money sunk into the refineries, what happened to them?”Igbikiowubo asked.

 

“Last year, the petroleum minister granted an interview that the Port Harcourt Refinery would be up by December. This is June and nothing has happened. He is not being held to account.”

 

He said subsidy removal should be predicated on local refining and not import-dependent products controlled by the vagaries of foreign exchange.

 

“You have a group of persons who are benefitting with the status quo and they will do everything to ensure the status quo remains,” said the Sweet Crude Reports publisher.

 

‘Privatise With Clear Mandate’
The publisher of Nairametrics posited that privatisation can work – and it has worked before in other sectors of the country – if done the right way.

 

“We’ve practiced one model before, the government trying to run the refineries. It hasn’t worked. What we see now is funds being misappropriated from the very limited funding space that we have as a country and these funds are being squandered. So, there is no point. The same thing with the Ajaokuta Steel.

 

“You have to privatise properly with a clear mandate and key performance indicators including public list on the Nigerian Stock Exchange (NSE),” he said.

 

He urged the government to set the right policies to allow private businesses to flourish in the country.

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Why I rejected Al Jazeera’s apology over controversial interview — Daniel Bwala

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The special adviser to President Bola Tinubu on policy communication, Daniel Bwala, has said that he received a private apology over his controversial interview on Al Jazeera.

Bwala, speaking when he featured on an episode of The Morayo Show published on Wednesday, said the network admitted it should have informed him beforehand that his credibility and past comments about President Bola Tinubu would form part of the interview.

He said he rejected the private apology and insisted it should be made public, adding that the matter is now before a court in England.

“They apologised to me privately. I said they should put it on social media. They said they would not because it would affect their credibility, because it’s not just them, but their mother programs at the Al Jazeera Network,” Bwala said.

It would be recalled that Bwala appeared on Head to Head hosted by Mehdi Hasan in March. During the interview, Hasan confronted him with old quotes, video clips and statements from his time as spokesperson for Atiku Abubakar’s presidential campaign.

The interviewer repeatedly referenced Bwala’s past criticisms of Tinubu, prompting the presidential aide to deny several of the statements.

“I never said that,” Bwala responded to many of Hasan’s questions.

Clips from the interview later went viral on social media, generating widespread reactions.

When asked by Morayo Afolabi-Brown, the host of the show, if he had taken any steps to reclaim his credibility, Bwala said he had instructed his lawyers in England to institute legal proceedings.

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According to him, the broadcaster acknowledged that, under its ethical guidelines, it should have disclosed in advance that his past criticisms of Tinubu and his decision to later support the president would be scrutinised.

“The element of the apology was that they should have told me they were going to interrogate my credibility by asking why I now support someone I previously criticised. By their ethics, they admitted they ought to have told me, and they were sorry they did not,” he said.

“…because I called a number of media analysts, including Piers Morgan, whom I contacted through a third party, and confirmed that what they did was wrong.”

Bwala also accused Hasan of editing the pre-recorded interview in a way that misrepresented his responses.

He claimed the opening portion of the interview, in which he said he had warned Hasan that he would deny further questions about his past remarks because they were outside the agreed scope of the interview, was removed from the final broadcast.

“He took away the opening remark where I told him that I had indeed made those comments against Asiwaju and even said worse things, but that was not what I was invited to discuss. I told him that if he continued on that line of questioning, I would deny them. He removed that part,” Bwala said.

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He argued that the editing created the impression that he was simply denying his previous statements without context.

Bwala said his legal advisers in England believe the broadcast amounts to defamation.

“The case is currently in court. We’re waiting for the verdict because my advisers in England said it is a case of defamation of character,” he said.

Responding to a question from the audience about what the Federal Government was doing to address the rising rate of emigration, popularly known as japa, Bwala said that some Nigerians who believe they are struggling financially are better off than many of their counterparts who migrated to the United Kingdom in search of better opportunities.

He claimed that many highly educated Nigerians in the UK work in care homes despite holding university degrees, adding that the cost of living leaves them with little disposable income.

According to him, some Nigerians with first-class degrees and postgraduate qualifications are employed as care workers, a job he described as “modern-day slavery”.

“Some of you in Nigeria who think you are suffering are better off than your colleagues that japa five years ago,” Bwala said.

“A Nigerian who finished with a first class or second class degree, and even adds another degree in the UK, many of them work in care homes. As far as I am concerned, it is modern-day slavery.

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“On average, they earn about £2,600 or £2,800 a month, but almost all of it goes to rent, electricity, internet, television and other bills. By the time you add feeding and other expenses, there is very little left. That is why many of them are forced to do two or three jobs.”

Bwala compared their situation with that of a Nigerian earning ₦60,000 monthly, arguing that despite the lower income, such a person may have stronger family and community support and face lower living costs.

“I will compare that person with a Nigerian here earning ₦60,000. I’m just giving an example. That person may have relatives or friends who can lend or support them. Also, what we pay for electricity and some social services here is almost nothing compared to what people pay there,” he said.

Bwala acknowledged that Nigerians living abroad may enjoy better infrastructure and access to healthcare but argued that many still struggle to own assets because of the high cost of living.

“Your challenge here may be that you don’t have enough money to build a house or buy a car. That other person may not even own a car or be able to buy one in the next 20 years. Although they have better infrastructure and access to healthcare, they are not necessarily better off financially,” he said.

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Photos: US to deport 124 Nigerians listed on ‘worst-of-the-worst’ criminal register

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The United States’ Department of Homeland Security (DHS) has announced an updated deportation list featuring 124 Nigerians.

This was disclosed in a statement on the website of the DHS on Wednesday.

According to the DHS, these individuals have been placed on what it described as its “worst-of-the-worst” criminal register.

While the names and photos have been made public, the timeline for deportations remains undisclosed.

However, the US immigration authorities explained that the deportations are part of ongoing immigration enforcement, stressing that those listed were convicted of serious crimes, but declined to provide details about the offences or when deportations would take place.

The statement read, “The U.S. Department of Homeland Security is highlighting the worst of worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement (ICE).

“Under DHS leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations – starting with the worst of the worst – including the illegal aliens you see here.”

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The website then listed, “Sunday Adediora, Sunday Kunkushi, Mkpouto Etukudoh, Marcus Unigwe, Olaniyi Ojikutu, Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, Oriyomi Aloba.”

Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay, Joseph Ogbara, Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi and Omotayo Akinto.

“Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonye Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, Henry Idiagbonya, Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba and Akeem Adeleke.

“Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.”

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The latest action is part of the sweeping immigration enforcement measures introduced by the administration of US President Donald Trump after his return to office on January 20, 2025.

On his first day back in office, Trump signed a series of executive orders declaring illegal immigration a national emergency and directing federal agencies to intensify border security and accelerate the removal of undocumented migrants.

One of the orders, titled Protecting the American People Against Invasion, instructed immigration authorities to prioritise the arrest and deportation of removable migrants, particularly those considered threats to public safety and national security.

Defending the policy, the DHS said the administration was delivering on Trump’s campaign promise to carry out mass deportations, beginning with what it described as the “worst of the worst” criminal offenders.

The department said officers of the US Immigration and Customs Enforcement had been directed to intensify operations nationwide against non-citizens convicted of serious crimes.

See also  Dangote refinery announces commencement of petrol production

White House Press Secretary Karoline Leavitt has also defended the crackdown, saying the administration remained committed to enforcing immigration laws and removing undocumented immigrants with criminal records in line with President Trump’s immigration agenda.

Official US immigration data indicate that Guatemala has recorded the highest number of deportees since the renewed crackdown began, followed by Honduras, Mexico and El Salvador, reflecting the administration’s focus on migrants from Latin America.

The US has also expanded deportation flights to countries across Africa, Asia and the Caribbean as enforcement operations continue.

Nigeria has also come under increased scrutiny by the Trump administration. In June, Washington imposed partial visa restrictions on Nigerian citizens, citing concerns over identity management, information sharing, visa overstay rates and security screening.

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Six ISWAP fighters surrender to troops in Borno

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Six suspected fighters of the Islamic State West Africa Province, alongside their family members, have surrendered to troops of the 192 Battalion, Sector 1, Operation Hadin Kai, in Gwoza Local Government Area of Borno State.

The Acting Military Information Officer, Headquarters North-East Joint Task Force, Operation Hadin Kai, Lt. Col. Mohammed Goni, who disclosed this in a statement on Thursday, said preliminary investigations revealed that the group fled from the Guduf Bubayagwa and Chikide terrorist enclaves in the Mandara Mountains of Gwoza LGA.

The statement read, “The Joint Task Force North East, Operation HADIN KAI (OPHK), has continued to sustain its operational momentum across the North-East Theatre, recording another series of significant successes through relentless search-and-rescue operations, intelligence-led missions and coordinated security efforts aimed at denying terrorist groups freedom of action.”

In Askira/Uba Local Government Area, Goni said troops of the 115 Task Force Battalion, on July 7, 2026, while conducting ongoing search-and-rescue operations, successfully rescued two additional abductees from a terrorist hideout.

“During the operation, troops recovered cash totalling One Million, Two Hundred Thousand Naira (N1.2m), suspected to be proceeds of criminal activities, as well as food items and other logistics believed to have supported terrorist operations,” he said.

He added that the rescued victims had been evacuated to a secure location, where they were receiving medical care and psychosocial support.

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“Additionally, six suspected ISWAP terrorists, alongside their families, surrendered to troops of the 192 Battalion (Main), Sector 1, OPHK. Preliminary investigations revealed that the families escaped from the Guduf Bubayagwa and Chikide terrorist enclaves in the Mandara Mountains, Gwoza LGA.

“Items recovered from the terrorists and their families include the cumulative sum of One Million, Five Hundred and Forty-One Thousand, Five Hundred Naira (N1,541,500), two Tecno mobile phones and other items,” he stated.

The army spokesman also said troops apprehended a suspected Boko Haram/ISWAP logistics supplier at the Molai checkpoint while in possession of large quantities of medical supplies without the required clearance.

“The suspect and the items are in custody for further interrogation,” he said.

During the same period, Goni said troops of Operation Hadin Kai deployed at the Forward Operating Base, Logomani, in Ngala Local Government Area of Borno State, under Sector 1, successfully repelled a coordinated attack by ISWAP terrorists.

“Although the insurgents briefly breached a section of the base’s defensive perimeter during the intense firefight, the troops rapidly regrouped, mounted a determined counter-offensive and decisively repelled the attackers, inflicting significant casualties and forcing the surviving terrorists to flee with varying degrees of gunshot wounds.

“Regrettably, one gallant soldier paid the supreme price, while two gun trucks and some combat enablers were damaged during the engagement,” he said.

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According to him, the situation at FOB Logomani remains firmly under the control of Operation Hadin Kai troops, with reinforcements deployed, exploitation operations ongoing and additional measures being implemented to strengthen the base’s defensive capability.

In another operation, Goni said troops of the 232 Battalion, acting on credible intelligence, arrested a notorious criminal in Gombi Local Government Area of Adamawa State.

He added that follow-up operations led to the recovery of one AK-47 rifle, two magazines and 28 rounds of 7.62mm special ammunition.

“The suspect and recovered items are currently in military custody, while further investigations are underway to identify and apprehend other members of the criminal network,” he said.

Meanwhile, troops of the 149 Battalion also arrested two suspected terrorist logistics suppliers in Mobbar Local Government Area of Borno State.

Recovered items included cash, a Volkswagen Golf car, construction materials, household items and other supplies suspected to have been destined for terrorist elements.

“The suspects are currently undergoing interrogation, while the recovered items remain in military custody as investigations continue,” he added.

As part of ongoing offensive operations, Goni said troops of the 24 Task Force Brigade, in conjunction with members of the Civilian Joint Task Force, carried out a clearance operation on known terrorist enclaves around Wulgo.

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“During the operation, troops exploited the terrorists’ hasty withdrawal and recovered a sack containing assorted illicit drugs abandoned by the fleeing insurgents,” he said.

He noted that the recovery further demonstrated the sustained pressure being mounted on terrorist groups, disrupting their operations and denying them freedom of movement.

In Sector 2, troops of the 233 Tank Battalion, in conjunction with hunters, intercepted and arrested a suspected Boko Haram/ISWAP logistics supplier from Ngirya village in Tarmuwa Local Government Area with five motorcycle tyres.

“The suspect and the items are in military custody for investigation,” he added.

According to Goni, the latest operational gains underscore the effectiveness of sustained offensive operations, actionable intelligence and collaboration among security agencies and auxiliary forces in dismantling terrorist logistics networks, disrupting criminal activities and protecting vulnerable communities across the North-East.

“Headquarters Operation HADIN KAI assures the public that ongoing search-and-rescue operations will continue with unwavering resolve until every abducted person is accounted for and safely reunited with their families,” he said.

He also warned individuals supplying food, fuel, construction materials, transportation or any other form of logistics to terrorist groups to desist immediately.

“Anyone found aiding, abetting or collaborating with terrorist elements, directly or indirectly, will be identified, apprehended and prosecuted in accordance with the law,” the statement added.

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