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PETROL: Fuel Price May Drop As Oil falls
Fuel prices may drop in the coming days if oil prices continue to plunge following ongoing peace talks between the United States and Iran. This came as oil prices fell from $111 last week to $97 on Monday morning.
The PUNCH had earlier predicted that a major drop in oil prices might be imminent if the United States and Iran reached an agreement that would reopen the Strait of Hormuz. As of Sunday, Brent crude hovered between $103 and $105 amid positive signals that the warring nations were ready to end the months-long conflict.
As predicted, prices dropped sharply to $97.48 in the early hours of Monday, fuelling speculation over a possible reduction in fuel prices if the Strait of Hormuz is eventually reopened.
Recall that crude oil, the major input for fuel production, rose from below $70 since the US-Iran war began on February 28. In about three months of the conflict, crude traded above $100 and climbed beyond $115 at some points, leading to a sharp rise in fuel prices globally.
In Nigeria, petrol prices increased from N830 per litre to the current N1,300. Diesel and aviation fuel prices also rose sharply, with airline operators threatening to suspend operations.
As crude prices continued their downward trend in recent days, speculation intensified that the Dangote Petroleum Refinery may consider reducing petrol prices.
There were reports that the US and Iran had agreed in principle to a deal aimed at winding down the conflict in the Middle East by reopening the Strait of Hormuz.
US President Donald Trump had on Saturday said the Strait of Hormuz would be reopened as part of a proposed agreement involving the United States, Iran, and several Middle Eastern countries amid efforts to end the ongoing Iran conflict.
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Trump disclosed this in a post on the Truth Social platform after a series of calls with leaders of Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Türkiye, Egypt, Jordan, Bahrain, and Israel.
According to him, an agreement had been negotiated, subject to finalisation between the United States, Iran, and several other countries. The American leader added that final aspects and details of the deal were still being discussed and would be announced shortly.
Speaking on the strategic waterway at the centre of the conflict, Trump declared that the Strait of Hormuz, through which 20 per cent of global oil passes, would be reopened.
On Sunday, Trump said talks with Iran were “proceeding in an orderly and constructive manner”, adding that he had instructed his representatives not to “rush” into a deal because time was on their side.
Meanwhile, Iran confirmed on Monday that talks with the US were progressing, though it said signing an agreement was not imminent. According to the BBC, Iran confirmed that some progress had been made in talks with the US, but a deal “is not imminent”.
Foreign ministry spokesman Esmail Baqai made the remarks after US Secretary of State Marco Rubio said an agreement could possibly be reached on Monday.
“It is correct to say that we have reached a conclusion on a large portion of the issues under discussion. But to say that this means the signing of an agreement is imminent, no one can make such a claim,” Baqai said in Tehran on Monday.
The memorandum of understanding between the US and Iran reportedly involves a 60-day ceasefire extension, reopening the Strait of Hormuz, and a framework for further negotiations over Iran’s nuclear programme.
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POLITICS: Wike-led PDP Faction Takes Over Party Secretariat In Oyo
Members of Peoples Democratic Party, PDP, loyal to the Minister of Federal Capital Territory, FCT, Nyesom Wike, have taken over the secretariat of the party in Oyo State.
The secretariat, located in the Molete area of Ibadan, was in the custody of the faction loyal to Governor Seyi Makinde of the state until Thursday when the members loyal to Wike took over the premises.
DAILY POST gathered that the PDP members stormed the secretariat on Thursday and occupied the premises with hundreds of members of the party in attendance.
PDP chairman in the state, Professor Abdulrahman Akinoso, confirmed the development to DAILY POST.
Akinoso in a telephone conversation with DAILY POST on Thursday, insisted that the real owners have taken over the premises.
He said, “It is true. It is not faction. It is PDP. We have taken over the premises. It was in the morning. We were there in the morning. We just left the premises. We are now in control. We have taken over the premises.” .…For more, Complete your reading.
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POLITICS: Foreign Recognition Won’t Secure Re-election – ADC Tells Tinubu
The African Democratic Congress (ADC) has told President Bola Tinubu that foreign recognition will not secure him another term in office, insisting that Nigerians will judge his administration by its performance, not by diplomatic gestures from other world leaders.
In a statement issued on Thursday by its National Publicity Secretary, Bolaji Abdullahi, the opposition party reacted to the Presidency’s celebration of a purported letter from United States President Donald Trump to Tinubu.
The ADC said presenting the letter as an endorsement of Tinubu’s administration was misleading, stressing that diplomatic correspondence between world leaders is a normal part of international relations.
“The Presidency’s attempt to present President Donald Trump’s letter to President Bola Ahmed Tinubu as though it were a referendum on the state of the nation is not correct,” the party said.
According to the ADC, countries cooperate, leaders exchange views and letters regularly, adding that such communication does not amount to an endorsement of a government’s performance.
The party accused the Tinubu administration of being desperate for international validation instead of focusing on solving Nigeria’s challenges.
“It is apparent that this administration is desperate to seize upon any gesture of international recognition as proof of success at home,” the statement said.
The ADC maintained that “a letter from a foreign president, however well-intentioned, cannot substitute for the verdict of the Nigerian people.”
It added that the true measure of any government is not what foreign leaders say about it, but what citizens experience daily.
The opposition party argued that Trump’s letter had not changed the reality facing millions of Nigerians, especially those affected by insecurity.
“For the millions of Nigerians still living with the consequences of this government’s failures, President Trump’s communication changes nothing. It did not say that insecurity has been overcome or that Nigerians can once again travel freely, farm safely and sleep without fear,” the party stated.
The ADC also pointed to the continued captivity of hundreds of women and children in parts of Borno State and Kaiama in Kwara State, while many communities in Benue and other parts of the country still live in constant fear because of insecurity.
The party further noted that, despite the Presidency’s celebration of the letter, the United States Department of State has not changed its travel advisory for Nigeria.
According to the ADC, several Nigerian states remain under Level 3 and Level 4 travel advisories, with American citizens still being urged to reconsider or avoid travel because of crime, terrorism, kidnapping and civil unrest.
“We therefore wonder how correspondence from a government that designates several Nigerian states as ‘Do Not Travel’ areas can be regarded as an endorsement,” the party said.
It argued that the travel advisory shows the international assessment of Nigeria’s security situation remains different from the image the Presidency is trying to project.
The ADC said Nigerians are more concerned about their safety than diplomatic exchanges between presidents.
“The daily reality of Nigerians is shaped not by diplomatic correspondence, but by the guarantee that they can go about their lives without falling victim to violent crime or terrorism,” it said.
The party stressed that Trump’s letter was simply communication between two presidents and “does not amount to an endorsement of this government’s overall performance.”
It urged the Tinubu administration to focus less on celebrating diplomatic courtesies and more on delivering measurable improvements in the lives of Nigerians.
“Ultimately, Nigerians will not judge this government by the letters it receives from foreign capitals. They will judge it by whether .…For more, Complete your reading.
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