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Crude Truth Exposed: Dangote Reveals $4.5 Billion Reason Behind Nigeria’s High Fuel Prices!.
The Dangote Petroleum Refinery has explained that its fuel prices do not fluctuate with daily global crude oil market changes. Instead, pricing is based on the actual cost of production and the specific price of crude inventory, which is often purchased weeks or months in advance under fixed contract mechanisms. The refinery noted that current supplies are being processed from crude bought when prices were higher—averaging $124.80 per barrel in May and $95.25 per barrel in June, compared to the $71.01 current benchmark. Despite these high input costs, the company emphasized that it has already implemented a cumulative price reduction of over ₦200 per litre for Premium Motor Spirit since May 30, 2026, by absorbing some costs to shield consumers. The refinery expects further price moderation as cheaper crude cargoes enter its production cycle.....KINDLY READ THE FULL STORY HERE▶
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Decoupled Pricing: Dangote Refinery clarified that its product prices are not linked to daily international spot market fluctuations, but rather to the actual cost of crude inventory secured via long-term contracts.
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Higher Input Costs: The crude currently being refined was purchased at significantly higher prices than the current $71.01 international benchmark, with average landed costs reaching $124.80 in May and $95.25 in June.
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Absorbing Costs: To support market stability and reduce inflation, the refinery has chosen to absorb a large portion of rising crude costs rather than passing them immediately to the public.
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Phased Reductions: The company has initiated a phased price cut, totaling over ₦200 per litre for PMS since May 30, 2026, and anticipates further reductions as it begins processing lower-cost crude inventories.
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Strategic Impact: By meeting national demand, the refinery aims to eliminate import reliance, save foreign exchange, and provide a buffer against global energy price volatility.
In response to public concern over stagnant fuel prices, the Dangote Petroleum Refinery has stated that its pricing is driven by actual production economics rather than daily international benchmarks. The refinery clarified that it does not buy crude at the widely reported ICE Brent price; instead, its costs include market premiums and logistics, resulting in higher landed costs. The company maintains that it has been gradually reducing prices—including a ₦200 per litre cut for PMS—as it works through older, higher-priced inventory. Moving forward, the refinery projects continued price relief for Nigerians as cheaper crude supplies are integrated into its operations.
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THE ULTIMATE PRAISE: Mourinho Drops Jaw-Dropping ‘Incredible’ Verdict After Mbappé’s Epic Hat-Trick!.
Real Madrid manager José Mourinho lauded Kylian Mbappé as “incredible” following the French forward’s hat-trick performance in a victory against Real Sociedad. In post-match remarks to Real Madrid’s official website, Mourinho characterized the 27-year-old’s performance level as “stratospheric” and highlighted his strong drive to cement his legacy at the Santiago Bernabéu. Describing Mbappé’s multifaceted impact, the coach emphasized that the player does not merely wait for service in front of goal; rather, he drops deep to generate chances, links up effectively with teammates—such as executing a one-two with Jude Bellingham—and contributes heavily to the team’s overall build-up play, complementing a collective team effort that Mourinho noted is crucial even when coaching elite talent.....KINDLY READ THE FULL STORY HERE▶
entertainment
THE ULTIMATE SHOCKWAVE: Okoya’s Son Drops Bombshell And Quits Music Forever!.
Nigerian Afrobeats artist Raheem Okoya—son of renowned industrialist Rasaq Okoya—announced on Wednesday via Instagram that he is stepping away from professional music release. What initially started as a casual hobby and bonding activity with friends evolved into a professional career featuring major performances and recognition from childhood idols. However, over the past year, balancing music with his other obligations became increasingly difficult. Stating that he could no longer provide the craft with the required patience and dedication, he chose to make a professional exit.....KINDLY READ THE FULL STORY HERE▶
While the “Siraheem music” era is wrapping up—just months after the May 1, 2026 release of his eight-track debut project, By The Order Of The City—Raheem noted that he plans to channel his creativity into new ventures. He added that music remains therapeutic for him, leaving open the possibility that his unreleased album might eventually see the light of day. Since beginning his professional music journey around 2022, he built an audience through tracks like Bad Bitch Syndrome, Kowope, SOWETO, and TRU$T FUND.
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THE ULTIMATE SHOCKWAVE: Tinubu Orders Massive NFF Overhaul In High-Stakes Directives!
President Bola Ahmed Tinubu has mandated a thorough restructuring of Nigerian football, citing ongoing struggles and failure to qualify for major international tournaments. In a Thursday statement issued through Special Adviser on Information and Strategy Bayo Onanuga, the President emphasized that despite advancements in other sports following the re-establishment of the National Sports Commission (NSC), football continues to suffer from deep-seated structural deficits in governance, administration, and accountability.....KINDLY READ THE FULL STORY HERE▶
To execute this overhaul, Tinubu instructed NSC Chairman Shehu Dikko to collaborate with the Nigeria Football Federation (NFF) secretariat on a wide-ranging consultative process, while stressing the necessity of coordinating with FIFA and CAF to avert any penalties related to government interference. This presidential directive closely follows the resignations of NFF President Ibrahim Gusau and General Secretary Muhammad Sanusi.
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