The Dangote Petroleum Refinery has increased the price of diesel from ₦940 per litre to ₦1,100 per litre, responding to the continuous depreciation of the Nigerian naira against the US dollar.

World wide gist had earlier reported that the Dangote refinery had reduced the diesel prices to ₦940/litre. This decision followed consultations with oil marketers and an initial price reduction from ₦1,200/litre to ₦1,000/litre on April 17.

This trend of price adjustments reflected the refinery’s responsive pricing strategy in relation to market dynamics.

Punch Newspaper, however, reports that this week’s price hike has been directly attributed to the adverse effects of the naira’s instability on currency markets.

“The increase in diesel price is a result of the recent crash of the naira against the dollar,” explained Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN).

Further insights provided by the National Public Relations Officer of IPMAN, Chief Ukadike Chinedu, revealed the refinery’s intrinsic challenges due to currency depreciation.

“The refinery imports a significant portion of its crude oil, which is priced in dollars; hence, the fluctuations in exchange rates directly impact the cost of refined products,” Ukadike said.

During April, the naira had shown signs of improvement, which positively influenced commodity prices briefly.

However, this improvement was short-lived, as the naira plummeted to over ₦1,400/$ in May, further complicating pricing strategies for businesses reliant on imported goods.

According to a Bloomberg report, the Dangote refinery, a significant industrial project by Africa’s richest man, Aliko Dangote, has also been reportedly seeking to purchase millions of barrels of US crude to bolster its operations.

This move indicates the refinery’s strategic adjustments in response to operational demands and market conditions.

In addition to the diesel price update, the refinery has announced its plans to commence the distribution of Premium Motor Spirit (PMS), commonly known as petrol, domestically starting next month.

This development is seen as a potential game-changer in reducing Nigeria’s dependency on imported petrol.

Oil marketers have reacted positively to the announcement, expressing hope that the refinery’s entry into the petrol market could lead to more competitive pricing.

“We anticipate that the price of petrol from Dangote will be lower than the current rates offered by NNPC, ideally around ₦500 per litre,” Maigandi remarked, highlighting the sector’s expectations for relief in fuel costs.

Governor Agbu Kefas of Taraba State has expressed his strong support for the Supreme Court’s ruling on local government autonomy, aligning it with his administration’s goals of decentralization and local empowerment.

At the inauguration event for the state’s Local Government Areas Autonomy Advisory Committee, Kefas emphasized the importance of local government autonomy in promoting democracy and justice.

“It is with great pride and a sense of responsibility that we are here today to inaugurate the Local Government Areas Autonomy Advisory Committee,” he stated.

“This event marks a significant milestone in our journey towards a more democratic, accountable, and efficient governance system in Taraba State. The Supreme Court’s recent judgment, which aligns perfectly with our administration’s commitment to decentralization and local empowerment, sets a clear path for the full autonomy of our Local Government Areas,” he added.

Kefas highlighted that this judgment supports his earlier decision to hold Local Government Council elections on November 18, 2023, with the swearing-in of elected council chairmen scheduled for November 23, 2023. These steps are crucial to ensuring local governments have the mandate and legitimacy to serve their communities effectively.

To prepare the newly elected council officials, the state organized a comprehensive workshop and induction program. This initiative aimed to equip them with the necessary skills and knowledge to tackle challenges, especially security issues that have historically troubled the state.

In a noteworthy achievement, for the first time in the state’s history, a Local Government Election Tribunal was established without receiving a single election petition, underscoring the transparency and fairness of the electoral process.

Governor Kefas noted that even before the Supreme Court’s ruling, he had granted full autonomy to local government chairmen via the Bureau for Local Government, Traditional, and Chieftaincy Affairs, emphasizing a profound shift towards true autonomy and self-governance for local governments.

“In my communication to the Bureau for Local Government, Traditional and Chieftaincy Affairs on April 26, 2024, I directed that the Local Government Council Chairmen should take full responsibility for the management of the Joint Account Allocation Committee (JAAC) and other administrative affairs,” Kefas explained. “This directive is not just a policy change; it is a profound shift towards true autonomy and self-governance for our local governments.”

At the event, Kefas officially inaugurated the advisory committee, detailing its terms of reference, including implementation oversight, capacity building, financial autonomy, administrative reforms, security coordination, community engagement, and evaluation and feedback.

“The establishment of this advisory committee is a clear demonstration of our determined commitment to strengthening local governments in Taraba State. I do not doubt that with the combined effort of this committee, the Bureau for Local Government, Traditional and Chieftaincy Affairs, and all stakeholders, we will achieve our vision of a decentralized, empowered, and prosperous Taraba,” he concluded.

Kefas urged all citizens of Taraba State to remain committed to service, transparency, and accountability, working together to create a governance system that meets the needs of the people and sets a benchmark for others to follow.

The Inspector-General of Police, Kayode Egbetokun, has commented that Nigeria is gradually healing from tensions built up during the last general election.

Kayode Egbetokun urged Nigerians to be advocates for justice, facilitators of forgiveness and champions of reconciliation in addressing the security challenges facing the nation.

Egbetokun said this at the opening of the Forgiveness, Justice, and Reconciliation Course 2, convened by the Institute for Peace and Conflict Resolution and Peace Building Development Consult, on Monday in Abuja.

Represented by the Assistant Inspector General of Police in charge of Community Policing, Mohammed Ari, the IGP said there was a need for Nigerians to take drastic steps to reconcile differences and focus on building great future.

“We must be advocates for justice, facilitators of forgiveness, and champions of reconciliation.

“The country is gradually healing from some tensions that escalated during the last election cycle.

“There is a need for us as a people to take drastic steps to reconcile our differences and focus on the future by bringing together experts, practitioners, and stakeholders from various fields.

“We can share insights, learn from each other, and develop comprehensive strategies to address the complexities of conflict resolution,” Ari said.

Ari added that the overall essence of government remained to guarantee the welfare of the citizens. He said with the challenges facing the world and country, every citizen should uphold the principles of forgiveness and justice.

Ari said, “The overall essence of any government is to guarantee the welfare of its people, justice, and security and of course shelter to the people.

“As we are gathered here today, we are reminded of the profound challenges that our country and the world at large are faced with that often manifest in the form of conflicts, grievances, and injustices.

“These challenges test our resolve, our humanity, and our commitment to building a better future. It is in such times that the principles of forgiveness, justice, and reconciliation become not only imperative but germane.”