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Dangote refinery explains hike in ex- factory price of PMS amidst global market volatility 

– laments Nigeria’s crude expensive than brent benchmark price

Funso OLOJO, Editor 

The on-going crisis in the Middle East occasioned by the United States of America (USA) and Israel attacks on Iran, has disrupted crude oil supply chain in the international market, thereby pushing up  the price of the product.

In a statement by Dangote Petroleum Refinery & Petrochemicals, the conflict in the Middle East has led to the shutdown of some refineries and cut in refinery production across the world.

This, according to the company, is leading to a global scarcity of petroleum products.

China has banned export of gasoline and diesel but  Dangote Refinery pledged that it will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market.

“This is one of the many benefits of domestic refining” the company asserted.

The conflict has driven global crude and freight prices sharply higher, with benchmark Brent prices rising by about 26% within a short period to above $84.0 per barrel.

The petrochemical company explained that this reality makes it to readjust its ex- factory price of PMS by implementing  “a measured adjustment of N100 per litre in its ex-depot price of Premium Motor Spirit, representing an increase of about 12 percent.”

Accordingly, the refinery claimed it has absorbed 20 per cent of the cost escalation, for now, to cushion the domestic market.

 This is despite continuing to source crude at prevailing international market prices, whether purchased locally or from foreign suppliers.

The company lamented that Nigerian crude oil is more expensive than the Brent benchmark price by $3 to $6 per barrel.

“After adding freight of $3.50 per barrel, crude oil will be landing in our tanks between $88 and $91 per barrel.

” For context, crude oil was landing our tanks at about $68 per barrel when our ex-depot price was N774/litre.

“Furthermore, while we receive about five cargoes a month from NNPC which we pay for in Naira, these cargoes are priced at international market prices + Premium and fall short of the 13 cargoes which we require to support sales into Nigeria.

” We therefore, end up procuring foreign exchange at open market rates to pay for crude cargoes purchased from local and international traders.

” The high crude cost is compounded by the fact that Nigeria upstream producers have failed to supply crude oil to the refinery as required under the PIA, forcing us to source a substantial portion through international traders who charge an additional premium.

“As a private enterprise operating in a deregulated environment, Dangote Petroleum Refinery has remained responsive and has made significant sacrifices by aligning pricing with market realities to ensure sustainability, particularly as it sources all its crude at prevailing international market prices, whether locally or from foreign suppliers.

” Selling below cost would undermine its ability to procure crude, sustain production and guarantee uninterrupted supply to Nigerians.

“Despite these pressures, local refining at this scale continues to reduce exposure to international supply disruptions, moderate foreign exchange demand and protect the country from severe shortages during periods of global instability.

“The refinery is also accelerating deployment of Compressed Natural Gas-powered trucks to cushion the impact of global shocks, enhance nationwide distribution efficiency, reduce logistics costs and improve delivery timelines across the downstream sector.

” The rollout is scheduled to commence this month.

“We remain committed to transparency, operational excellence and the long-term objective of securing sustainable energy security and stability for Nigeria at an affordable cost” the refinery assured.

reassures Nigerians of its unwavering commitment to serving as a stabilising force amid recent shocks in the international oil market.

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Customs

Apapa Customs commences stricter crowd control measures to enhance security at command

Funso OLOJO, Editor
In response to the rising wave of insecurity across the country, the Apapa Area Command of the Nigeria Customs Service (NCS) has concluded plans to tighten access control measures to ensure that only authorized persons gain entry into the command to conduct official business.
As part of the new security arrangement, all licensed clearing and forwarding agencies operating at the command have been directed to submit the names of three representatives through Customs Form C-30, who will be authorized to carry out daily transactions on behalf of their companies.
The NCS Form C-30 is an operational document that serves as proof of authorization for a licensed clearing and forwarding agent to operate within a designated Customs command. It is a mandatory requirement for cargo clearance and export processing at Nigerian ports.
The initiative comes amid heightened efforts by government agencies and private organizations to strengthen security protocols and protect personnel, facilities, and critical national assets from emerging threats.
Speaking exclusively with our correspondent, the Area Controller of Apapa Command, Comptroller Emmanuel Oshoba, said the measure is aimed at reducing the number of visitors to the command and enhancing access control in response to growing security concerns nationwide.
According to him, the requirement for clearing and forwarding agencies to nominate representatives for Customs transactions is already provided for in the Nigeria Customs Service Act 2023, although it has not been fully implemented.
He disclosed that the Apapa Command has decided to activate the provision in view of the prevailing security situation in the country.
“This is a standard procedure globally to enhance security at ports, which are critical to the world economy.
“In Nigeria, our ports are the arteries of the economy, and we cannot afford to expose them to the risk of attacks.
“We have to be proactive and not wait until an unfortunate incident occurs before taking action.
“America never expected the September 11 terrorist attacks.
“It is for these reasons that the management of the Service has decided that the enforcement of the crowd-control provisions contained in the Customs Act 2023 should commence at the Apapa Command, given its status as the largest and flagship Customs command in the country,” Oshoba stated.
The Customs Area Controller explained that restricting physical access to accredited company representatives would not only strengthen security but also improve operational efficiency and facilitate better monitoring of activities within the command.
He further disclosed that the policy, which is scheduled to take full effect next week, will significantly limit the movement of unauthorized persons within the command premises.
“The accredited representatives of all registered clearing and forwarding agencies will be issued official duty identification cards, which will grant them access to the command.
“Whenever there is a change in personnel, the concerned agency will notify the command so that the necessary adjustments and replacements can be updated in our system.
“Visitors, including journalists, will be required to register at the gate and will be issued visitor identification cards.
“This is a standard practice globally. I am aware that terminal operators such as Grimaldi at PTML and APM Terminals at Apapa Port already operate similar crowd-control mechanisms,” he noted.
The new access-control regime follows recent efforts by the Presidential Enabling Business Environment Council (PEBEC) to improve security, operational efficiency, and reduce the cost of doing business at the ports.
It could be recalled that between May 14th and 16th,  2026, PEBEC, led by its Director-General, Princess Zahrah Mustapha Audu, coordinated a major enforcement operation along the Apapa and Tin Can port corridors in Lagos to dismantle illegal checkpoints and extortion points obstructing cargo movement.
The operation targeted notorious extortion locations, including Liverpool Bridge, the Terminal International Container Terminal (TICT) Second Gate, NAGAFF Junction, ETISALAT Roundabout, and Fidelity Roundabout.
Working in collaboration with the Nigerian Ports Authority (NPA), Nigeria Customs Service (NCS), Nigeria Police Force, and the Lagos State Government, PEBEC sought to restore order and eliminate unauthorized checkpoints that had become a major impediment to trade facilitation.
The exercise resulted in the immediate removal of illegal structures and unauthorized personnel operating along the corridor, while authorities issued a stern warning against any attempt to re-establish the extortion checkpoints.
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Customs

KLT Customs reaffirms commitment to stronger maritime stakeholder engagement

Deputy Comptroller Bolaji Adigun

Gloria Odion, Maritime reporter
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‎The Acting Customs Area Controller (CAC) of the Kirikiri Lighter Terminal (KLT) Area Command of the Nigeria Customs Service (NCS), Deputy Comptroller Bolaji Adigun, has reaffirmed the Command’s commitment to deepening engagement with stakeholders across the maritime industry in line with efforts to promote trade facilitation, transparency, and sustainable economic growth.
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‎Adigun gave the assurance through the Deputy Comptroller in charge of Administration, Comptroller T.A. Jonah, who represented him during a courtesy visit by the newly elected Executive Committee of the Maritime Reporters Association of Nigeria (MARAN) to the Command in Lagos.
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‎The Acting CAC, who was unavoidably absent, underscored the importance of sustained collaboration between the Nigeria Customs Service and key industry stakeholders, particularly the maritime media, in advancing the Service’s mandate and supporting national economic development.
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‎He described the media as a critical partner in disseminating information on government policies, customs reforms, trade facilitation initiatives, revenue generation, and anti-smuggling operations.
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‎According to him, maritime journalists occupy a strategic position in shaping public understanding and perception of activities within the port and maritime sector, stressing the need for professionalism, accuracy, and balanced reportage in the discharge of their duties.
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‎Adigun further assured the MARAN delegation that the KLT Area Command would continue to operate an open-door policy while fostering cordial and productive relationships with stakeholders within the maritime community.
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‎Earlier in his remarks, the President of MARAN, Mr. Oluyinka Onigbinde, stated that the visit formed part of the association’s ongoing stakeholder engagement initiative following the inauguration of its newly elected executive committee.
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‎Onigbinde explained that the purpose of the visit was to formally introduce the new leadership of the association to the Command and strengthen the longstanding relationship between MARAN and the Nigeria Customs Service.
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‎He commended the KLT Area Command for its contributions to trade facilitation, revenue generation, and enforcement activities, describing the Command as a vital component of Customs operations within Nigeria’s port system.
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‎The MARAN President also reaffirmed the association’s commitment to professional, objective, and development-driven journalism, noting that maritime reporters play a significant role in promoting informed discourse on issues affecting the industry.
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‎He further assured the Command of MARAN’s continued support for initiatives aimed at enhancing efficiency, transparency, and competitiveness within Nigeria’s maritime sector through responsible and factual reporting.

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Headlines

One infant, three adults die, several others sustain injuries in fatal train derailment along Warri- Itakpe route 

Funso OLOJO,  Editor 
The Nigerian Railway Corporation (NRC) has confirmed the death of four passengers in a train derailment along the Warri–Itakpe Train Service (WITS) corridor near Agbor, Delta State on Monday, June 8th, 2026.
Several others suffered various degrees of injuries.
In a statement by the Ministry of Transportation  and signed by its Permanent Secretary, Engr. Funsho Adebiyi, the victims included two female adults, one male adult and one infant.
The accident involved four coaches which reportedly capsized while one coach derailed, resulting in the unfortunate loss of four lives.
The statement confirmed that a total of 442 passengers were booked on the train, while 40 crew members, security personnel, and third-party service providers were also on board, bringing the total number of persons on the train to 482.
The NRC had activated immediate rescue and evacuation operations with the support of the Delta State Government, NEMA, FRSC, the Police, Civil Defence, local authorities, security agencies, and other emergency responders, and were completed by 6:30 p.m on Monday .
The Injured passengers were evacuated to medical facilities in Agbor for treatment.
 Other notable individuals on board included the Senator representing Delta Central Senatorial District, Senator Ede Dafinone, and former Delta State Secretary to the State Government, Hon. Patrick Ukah, among others.
As of the time of this release, 24 serious injuries have been recorded, while several other passengers sustained varying degrees of injuries and are receiving medical attention.
One NRC staff member suffered a traumatic limb injury and is currently receiving treatment and is reported to be in stable condition.
“The Ministry and the NRC extend their deepest condolences to the families of the deceased and pray for the quick recovery of all those injured.
“The Corporation also appreciates the swift intervention of the Delta State Government, emergency responders, security agencies, the NRC Mechanical Directorate, the Special Rescue and Emergency Team, medical personnel, and members of the public who assisted in the rescue efforts” the statement declared.
The ministry said full onboard manifest has been retrieved and will be made available upon request by the relevant authorities while efforts are ongoing to identify all the injured and deceased persons for proper documentation.
The Ministry in conjunction with the NRC have commenced a full investigation into the cause of the accident while efforts will continue to account for all passengers and provide the necessary support to those affected.
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