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We won’t fix petrol prices again – NMDPRA

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Faruk Ahmad

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will no longer fix prices or release templates for Premium Motor Spirit (PMS).

Authority Chief Executive (ACE), Mr Farouk Ahmed, who said this at a news conference in Abuja on Friday, said that market forces would henceforth dictate prices under the liberalised market.

“As far as we are concerned in the NMDPRA, this is not like before when the PPPRA fixes the price; in a deregulated market, it is the market force that dictates the price,” he said.

The News Agency of Nigeria (NAN) reports that the development was sequel to the removal of subsidy on PMS known as petrol.

President Bola Tinubu had in his inaugural speech on Monday said fuel subsidy regime had ended with the commencement of his administration.

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Nigeria’s Dangote Refinery Will Transform our Downstream Sector, Says Ghana Petroleum Authority

Ahmed, however, said the market was now open for everybody that would import as far as they met all the requirements.

“So, it is not about the Nigerian National Petroleum Company Limited (NNPC Ltd) alone.

“We put the regulation in place, we make sure quality control is complied with, we make sure the product is there and we give licence to prospective importer.

“We make sure we guide the operations of everyone in the sector whether at the depot or wherever the product is but we will not put a cap to say this is what the price must be,” he said.

According to Ahmed, the role of the NNPC is to fix prices of the petrol it imported and not take over the responsibilities of the Authority.

“In the case of the NNPC, the organisation is the sole importer at this point. We told the NNPC to recover its costs because they know how much it cost them to import the product and sell it.

“Of course, we also know how much shipping, offshore, ex-depot and ex-pump are. But we cannot tell them to sell at a price because the market is deregulated,” he added.

The NMDPRA boss also disclosed that the Federal Government has officially scrapped petroleum equalisation as well as the national transport allowance.

He said the NMDPRA, the federal government and Consumer Protection Commission (FCCPC) would mount aggressive monitoring of activities in the downstream sector to prevent profiteering by petroleum marketers.

Ahmed further disclosed that marketers are now free to source their foreign exchange anywhere around the world to import petroleum products and recover their costs without impediments.

On where the importers will source their forex from, Ahmed said the CBN would not give dollar to anyone because of open market, adding that anyone willing to import should get the dollars from anywhere to import.

According to him, anyone willing to open a letter of credit from any part of the world can do that to import.

“That marketers can source their forex from anywhere is the beauty of the liberalised market that the NMDPRA has introduced based on the provision of the law”.

Ahmed said that the market would henceforth be modulated to allow the fluidity of prices, adding that though no template spelt out the pricing components of petrol price.

He said that, “based on this, the price would no longer be static rather depend on the international price of the gasoline market.

“This did not imply that marketers could sell at any price”.

According to him, the NMDPRA and FCCPC will collaborate to curb excesses if certain prices were way above the expected profit margin.

“The market structure will dictate the price swings at every point in time,” he said.

Ahmed cautioned against optimism for cheap petroleum products, saying products may not be cheaper because the company would be buying crude oil at the international price.

“Dangote Refinery is a game changer in terms of accessibility. By the time the NNPC refineries and other modular refineries across the country come on stream, Nigeria will be a net exporter of petroleum products,” he said. (NAN

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Senator Natasha Akpoti-Uduaghan Stands Firm on Sexual Harassment Lawsuit.

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Senator Natasha Akpoti-Uduaghan has reaffirmed her commitment to pursuing her sexual harassment lawsuit against Senate President Godswill Akpabio, vowing to see the case through to its legal conclusion.

Despite calls from Akpabio’s lawyer, Olisa Agbakoba (SAN), urging her to withdraw the suit or provide extrajudicial clarification, Akpoti-Uduaghan has insisted that such matters must be resolved within the judicial system. She emphasized that the assessment of evidence belongs to the courts alone and rejected any attempts to circumvent due process.

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The senator further accused Akpabio of leveraging media narratives to manipulate public perception while evading institutional accountability. She warned against efforts to litigate the matter outside the courtroom, stressing that legal proceedings should not be undermined by external pressures or public relations tactics.

Akpoti-Uduaghan’s lawsuit has drawn national attention, with legal experts and political observers closely monitoring the unfolding case. As the legal battle continues, she remains resolute in her stance, advocating for due process and institutional integrity in addressing allegations of misconduct.

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Excessive Heat Blamed for Explosion at Giwa Barracks, Army Confirms

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. The Nigerian Army has attributed the explosion at Giwa Barracks to the soaring temperatures in Maiduguri, dismissing speculations of an attack.

In an official statement issued by Captain Reuben Kovangiya, Acting Deputy Director of Army Public Relations at Headquarters Theatre Command Operation HADIN KAI, the army confirmed that the incident involved the explosion of ordnance stored in one of their ammunition facilities. “The explosion was due to the current high temperatures in Maiduguri, which led to the detonation of some munitions,” Kovangiya stated.

Authorities were quick to contain the situation, deploying multiple fire response units to prevent further damage. “The situation has, however, been brought under control with the combined efforts of the Borno State Fire Service Department and fire trucks from various security agencies,” Kovangiya assured the public in his statement.

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In addition to firefighting efforts, troops from Operation HADIN KAI have been mobilized to secure the area and prevent any form of exploitation by miscreants. “Troops have been deployed to protect the public and prevent miscreants from taking advantage of the situation,” Kovangiya emphasized, highlighting the army’s swift response to secure the affected region.

The army has also urged residents of Maiduguri Metropolitan Council to remain calm and disregard any unfounded rumors of an attack. “The general public is therefore urged to please discountenance any speculation of an attack and remain calm,” the statement concluded.

As investigations continue into the incident, authorities are expected to assess the impact of extreme weather conditions on military storage sites to prevent similar occurrences in the future.

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Viral Video Misattributed to ISWAP Sparks Misinformation Concerns

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A video circulating widely on social media has sparked controversy and confusion, as it is being falsely linked to ISWAP (Islamic State West Africa Province) and attributed to a recent comment by Governor Babagana Zulum of Borno State, Nigeria. However, security analyst Zagazola Makama has debunked these claims, clarifying on his verified Facebook page that the footage has no connection to Borno State or Nigeria.

According to Makama, the video in question originates from Burkina Faso and features members of JNIM (Jama’at Nasr al-Islam wal Muslimin), a militant group active in the Sahel region. The misrepresentation of this footage is not only misleading but poses significant risks, as it can fuel unnecessary tension and undermine trust within communities.

Makama emphasized the importance of verifying information before sharing it online, especially in sensitive matters like security and governance. “It’s unfortunate how quickly misinformation spreads, especially when people don’t take time to verify facts,” he stated.

The incident serves as a stark reminder of the dangers of misinformation in the digital age. As social media continues to play a pivotal role in shaping public opinion, users are urged to exercise caution and responsibility in consuming and sharing content. False narratives, particularly in matters of national security, can have far-reaching consequences, including heightened anxiety and strained relationships between communities and authorities.

Governor Zulum has not commented on the video, but the clarification from Makama highlights the need for vigilance and critical thinking in the face of viral content. As Nigeria and other nations grapple with security challenges, the spread of unverified information only adds to the complexity of addressing these issues effectively.

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