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Fuel Price Hike Looms As Marketers React To Port Harcourt Refinery Test Result

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Fuel Price Hike Looms As Marketers React To Port Harcourt Refinery Test Result

The information was shared during a briefing in Abuja, where it was revealed that the refinery is presently undergoing trial runs and will soon commence the distribution of refined petroleum products in the market…..CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

 

 

Oil marketers have expressed concerns about the potential impact of the naira’s depreciation against the US dollar on fuel prices, especially with the current exchange rate standing at approximately N1,450 to a dollar.

The Nigerian National Petroleum Company Limited’s ability to sustain the supply of Premium Motor Spirit (petrol) at current rates under these circumstances has raised uncertainties among industry stakeholders.

However, the Minister of State for Petroleum Resources, Heineken Lokpobiri, addressed these worries during an event in the capital. He informed journalists that the Port Harcourt refinery is in the final stages of its trial-run phase. This announcement follows the Federal Government’s previous statement on December 21, 2023, declaring the mechanical completion of the rehabilitation work on the refinery’s Area-5 Plant.

The government had also announced the completion of the first phase of the plant, with expectations to commence refining 60,000 barrels of crude oil daily after the Christmas break.

Despite the delay, the latest update from the Ministry of Petroleum Resources indicates progress towards the refinery’s full operationalization.

This development is eagerly awaited by industry stakeholders and the Nigerian populace, as it promises to enhance domestic refining capacity, reduce dependence on imported petroleum products, and potentially stabilize fuel prices amidst fluctuating global oil prices and exchange rates.

When asked about the status of the facility on Wednesday, Lokpobiri replied, “The mechanical aspect of the Port Harcourt refinery has been completed, and they are still test-running. Yesterday the MD of the refinery was here because I had to ask him what was going on.

“These were projects that are very fundamental to our survival economically, and I believe that very soon products will start coming from there. But there are several components in that gigantic structure that will take time mechanically to finalize for products to start coming.

“Recall that the Dangote refinery was commissioned by the Buhari administration but they haven’t started releasing products because it takes time. So I believe that the Port Harcourt refinery will soon come, and the Warri refinery is in top gear.”

The minister further stated that “if you ask me, in the next few months, we would have tremendously increased our refining capacity. I was reading a report that if we refine our products here, we will get 18 times more in terms of value addition.

“So I believe that very soon the Port Harcourt refinery and the other refineries will all come on stream. This is together with our programme on modular refineries where we are giving some people 5,000 barrels, 10,000 barrels, and 30,000 barrels.”

He noted that with the summation of all these, Nigeria would be able to solve its energy needs and also supply refined products to West Africa.

On the cost of PMS, going by the crash of the naira against the dollar, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, in a chat with Punch stated that the price of the commodity might rise.

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HEARTBREAK IN AROCHUKWU! Tears Flow Freely As Alexx Ekubo’s Body Arrives For Final Farewell!.

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On Thursday, mourners including family, friends, and colleagues assembled in Arochukwu, Abia State, to welcome the remains of late Nollywood actor Alexx Ekubo as funeral proceedings began. The actor’s body arrived in a convoy, stopping briefly at the Eze Arochukwu palace before being transported to his family home.....KINDLY READ THE FULL STORY HERE▶

  • Passing and Schedule: Alexx Ekubo passed away on May 11 at 40 years old, with his burial scheduled for June 18 in Arochukwu.

  • Community and Industry Presence: Local residents, along with Nollywood stars and other sympathizers, held a procession through the village to honor the actor. Many mourners wore T-shirts featuring Ekubo’s image or carried his photographs.

  • Notable Attendees: Among those paying their respects were celebrities such as Ini Edo, Omoni Oboli, Yomi Casual, and his close friend, IK Ogbonna.

  • Cause and Family: The actor reportedly died following a private struggle with kidney cancer and is survived by his wife, parents, and siblings.

  • Funeral Rites: Following the burial service and interment, a reception will be held at the Mary Slessor School in Amanagwu Village, Arochukwu.

  • Service of Songs: Earlier, numerous Nigerian entertainment industry figures attended a service of songs for the late actor on June 10, 2026.

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PEACE IN OUR TIME? From ‘Bombing’ To ‘Billion-Dollar Investment’—The Shocking Details Of The New U.S.-Iran Accord!.

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The United States and Iran have entered into a historic memorandum of understanding, marking a significant step toward ending months of regional conflict. The agreement, which took immediate effect, sets the stage for a 60-day negotiation period to finalize a binding peace accord, with a formal ceremony to initiate these technical discussions scheduled for Friday in Switzerland.....KINDLY READ THE FULL STORY HERE▶

  • Economic Support: The United States and regional partners have committed to a $300 billion reconstruction and economic development package for Iran to aid in rebuilding infrastructure and reviving the economy.

  • Nuclear Program: Iran has reaffirmed that it will not develop or procure nuclear weapons. Furthermore, the two nations agreed to resolve the future of Iran’s enriched uranium stockpile through a mechanism involving International Atomic Energy Agency-supervised down-blending, while the U.S. pledged to halt new sanctions or military deployments in the region pending a final deal.

  • End to Hostilities: The parties, along with their allies, have committed to an immediate, permanent cessation of military operations across all fronts, including Lebanon, while pledging to respect regional sovereignty and territorial integrity.

  • Lifting Sanctions and Blockades: The U.S. has agreed to remove its blockade on Iranian ports, with a full exit planned within 30 days of the agreement. Additionally, the U.S. will terminate sanctions, unfreeze restricted assets, and issue Treasury waivers to allow for the export of Iranian crude oil and related services, such as banking and transportation.

  • Strait of Hormuz: Iran has committed to reopening the strategic Strait of Hormuz to ensure the safe passage of commercial vessels, with full traffic expected to be restored within 30 days.

The memorandum was signed by U.S. President Donald Trump and finalized with the signatures of Iranian leadership, with mediation support provided by Pakistani Prime Minister Shehbaz Sharif. The final peace settlement is expected to receive endorsement through a binding United Nations Security Council resolution to ensure international legal compliance.

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JUSTICE AT LAST! 5-Year Legal War Over Dr. Tosin Ajayi’s Multi-Billion Naira Estate Finally Ends!.

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A Lagos State High Court in Ikeja has concluded a nearly five-year legal dispute regarding the estate and marital status of the late Dr. Tosin Ajayi, founder of First Foundation Hospital. In her ruling, Justice Oluwayoyin Odusanya declared Adenike Oluwayemisi Ajayi the sole lawful widow of the deceased.....KINDLY READ THE FULL STORY HERE▶

  • Legal Status of Marriage: The court affirmed that Mrs. Ajayi’s monogamous marriage to Dr. Ajayi remained valid until his death in 2020, ruling that a prolonged separation does not constitute a legal dissolution of marriage.

  • Rejection of Helen Prest’s Claims: The court dismissed claims by former beauty queen Helen Prest, who asserted she was also a spouse through a Kalabari customary marriage.

  • Lack of Evidence: Justice Odusanya described Prest’s customary marriage claim as an “afterthought,” noting her inconsistent past descriptions of her relationship with the deceased and the total lack of documentary or photographic evidence.

  • Invalidity of Second Union: Furthermore, the court found that even if a ceremony had occurred, any such union would have been invalid because Prest was still legally married to her previous husband at the time she claimed to have married Dr. Ajayi.

  • Resolution of Estate: The judgment grants Mrs. Ajayi and her children all requested reliefs, including her entitlement to one-third of the personal estate and exclusive rights to apply for letters of administration.

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