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Petrol price may rise as crude hits $81 per barrel

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3 months ago

January 13, 2025

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The prices of premium motor spirit and other petroleum refined products may rise in the coming days following the increase in the cost of crude oil prices, such as Brent.

Ekwutosblog reports on Monday that the price of Brent crude surged $81.09 per barrel as of the time of filing this report from around $76 last week.

Recall that the Nigerian government in the 2025 budget proposal bench-marked oil price at $75 per barrel.

The rise in the price of Brent is attributed to geopolitical tensions, particularly sanctions imposed on Russian oil exports, which have triggered supply concerns.

The development may impact the ex-depot prices of refined petroleum fuel across depots in Nigeria.

Ekwutosblog gathered on Friday that the price of automotive gas oil, diesel, has already been adjusted by at least N70 from N1,050 to N1,120 per litre in Lagos depots.

Data from the Major Energies Marketers Association of Nigeria on December 19, 2024, showed that the landing cost of petrol stood at N887.51 per litre; however, the rise in the price of crude oil means the landing cost may go up in the coming days.

Ekwutosblog reports that in the past weeks, the price of petrol has recorded a reduction.

Recall that Dangote Refinery and Nigerian National Petroleum Company Limited last year announced an ex-depot petrol price reduction, which led to the retail product dropping to between N935 and N965 per litre from N1040 per litre.

Consequently, Nigerians currently buy petrol between N935 and N1,100 per litre nationwide.

A rise in petrol prices may directly impact the increase in the prices of goods and services that are already on the high side, as November headline and food inflation stand at 34.60 percent and 39.93 percent, respectively.

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We have been unfairly blamed for insecurity in Imo State – IPOB

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2 hours ago

April 24, 2025

Ekwutos Blog

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The Indigenous People of Biafra, IPOB, says it is being unfairly accused and blamed for insecurity plaguing Imo State, stressing that emerging information has vindicated its position.

This was contained in a statement by its Media and Publicity Secretary, Emma Powerful,

The group referred to a viral video in which an individual, allegedly known as “Gentle Yahoo,” claimed involvement in criminal activities in Imo State.

The statement said the individual made allegations about being influenced by certain actors with vested interests.

IPOB stated that the video supports its repeated denials of involvement in the insecurity in the region.

“We, the Indigenous People of Biafra, IPOB, once again assert that we are not responsible for the insecurity, kidnappings, or other criminal activities in Imo State.

“The video circulating online, which features a man identifying himself as part of a group previously involved in such activities, suggests attempts were made to implicate IPOB, the Eastern Security Network, ESN, and our leader Mazi Nnamdi Kanu,” IPOB said.

The group stressed that it has consistently communicated through official statements and broadcasts that its mission is peaceful and geared toward the advocacy for self-determination.

It also urged the public and media to exercise caution and conduct thorough investigations before attributing blame.

“We expect responsible media and public institutions to critically evaluate such claims and avoid hastily labeling IPOB or ESN in matters of regional insecurity,” the statement added.

IPOB called for transparency and accountability in governance and encouraged residents of Imo State to demand clarity and justice concerning the ongoing insecurity in their communities.

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Dr. Kunle Adeniji’s body was found after kidnappers’ demand met

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3 hours ago

April 24, 2025

Ekwutos Blog

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Sometime in February, Dr. Kunle Adeniji, a national director of the All Progressives Congress (APC), was kidnapped alongside his brother’s family in Abuja.

Despite the kidnappers collecting a ransom, Dr. Adeniji’s life was not spared.

According to reports, Dr. Adeniji was visiting his brother’s residence in the Chikakore area of Kubwa, Federal Capital Territory, when armed gunmen struck.

During the abduction, Dr. Adeniji’s brother’s wife, Esther, was shot and later dumped in a community in Niger State.

The kidnappers demanded a N350 million ransom from Dr. Adeniji’s family.

50 million naira ransom was reportedly paid.

However, in a heartbreaking twist, Dr. Adeniji’s body was found after the ransom was collected, indicating that he was killed by his captors.

The incident has raised concerns about the effectiveness of security measures in the country and the increasing brazenness of kidnappers.

Dr. Adeniji’s brother and son were kidnapped along with him but both survived the ordeal.

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AGF assures probe of ex-NNPCL boss Mele Kyari over corruption allegations

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13 hours ago

April 23, 2025

Ekwutos Blog

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The Attorney General of the Federation, Lateef Fagbemi (SAN), has assured that former NNPCL Group CEO Mele Kyari will face investigation following petitions demanding his probe.

Speaking through Winifred Adekunle, a deputy director at the Ministry of Justice, Fagbemi promised that “whatever questions you have asked will be addressed appropriately” after lawyers from the “Guardians of Democracy and Rule of Law” marched to submit their April 23, 2025 petition.

Protesters under “Concerned Citizens Against Corruption” also staged a two-day demonstration at the AGF’s office, calling for Kyari’s immediate investigation over alleged mismanagement and opaque transactions during his five-year tenure.

The petition accuses Kyari of facilitating questionable refinery rehabilitation deals—highlighting a $400 million investment claim by Matrix Energy despite a $1.5 billion Federal Executive Council approval—and servicing a $2 billion debt through crude allocations.

The group urged the AGF to review all agreements under Kyari’s administration, launch a fact-finding investigation to quantify losses, and establish a commission of inquiry to recover misappropriated funds and ensure accountability.