The Dangote Petroleum Refinery & Petrochemicals has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), marking its fourth price cut within one month, as the company signaled that Nigerians could expect further price moderation in the coming weeks.

The latest reduction of N50 per litre brings the cumulative decrease in the refinery’s ex-depot price of petrol to over N200 per litre since May 30, 2026, lowering the gantry price to N1,075 per litre.

Over the same period, the refinery has also reduced the ex-depot price of Automotive Gas Oil (AGO), commonly known as diesel, by N300 per litre, while Jet A1 aviation fuel has recorded a cumulative reduction of N520 per litre.

In a statement on Thursday, the refinery said the successive price cuts underscore its commitment to ensuring Nigerians benefit from favourable market developments through fair, responsible, and sustainable pricing of petroleum products.

The company noted that while it remains focused on transferring cost efficiencies to consumers, it is equally committed to maintaining the operational and financial sustainability of domestic refining.

Dangote Refinery explained that its pricing model is not tied directly to daily movements in international crude oil prices, stressing that crude oil is procured weeks or, in some cases, months before refining under commercial contracts linked primarily to monthly average pricing mechanisms rather than prevailing spot market prices.

According to the company, the petroleum products currently being supplied were refined from crude inventories acquired when international crude prices were significantly higher than present levels.

It disclosed that the average landed cost of crude processed by the refinery stood at approximately 124.80 US dollars per barrel in May and 95.25 US dollars per barrel in June, compared with the current international Brent benchmark of about 71.01 US dollars per barrel.

The refinery further clarified that its feedstock is not purchased at the headline Brent price widely reported in the media. Instead, crude is acquired on a Dated Brent basis, with additional market premiums, freight and logistics costs, resulting in actual landed costs that differ materially from benchmark quotations.

Despite these elevated feedstock costs, Dangote Refinery said it deliberately absorbed a substantial portion of the increase instead of transferring the full burden to consumers immediately.

It said the decision is aimed at supporting market stability, easing inflationary pressures, and shielding Nigerians from the sharp volatility witnessed in global energy markets.

“For this reason, prices of petroleum products in Nigeria are still lower than prices in neighbouring countries even after adjusting for taxes,” the company stated.

Dangote Refinery noted that Thursday’s N50 reduction in the ex-depot price of PMS represents the fourth downward adjustment within one month, bringing cumulative reductions to more than N200 per litre.

The company said its pricing decisions are anchored on actual production economics and inventory replacement costs rather than short-term fluctuations in the international oil market.

It expressed optimism that fuel prices would continue to moderate as lower-cost crude cargoes progressively replace higher-cost inventories in its production cycle, provided international market conditions remain favourable.

The refinery also highlighted the stabilising role of domestic refining in Nigeria’s energy sector, saying its production capacity is now sufficient to meet national demand, thereby strengthening energy security, reducing dependence on imported petroleum products, conserving foreign exchange, and providing greater price stability for consumers and businesses.

Reaffirming its long-term commitment, Dangote Petroleum Refinery said its objective remains to supply high-quality, internationally compliant petroleum products at competitive prices while strengthening Nigeria’s energy security, supporting economic growth, and ensuring the long-term sustainability of Africa’s largest refinery.

The company expressed appreciation to Nigerians for their continued confidence and support, pledging to remain committed to building a stable, efficient, and globally competitive downstream petroleum industry that serves the interests of consumers, businesses, and the nation as a whole.

The Department of State Services (DSS) at the Federal High Court in Abuja, arraigned five associates of former Minister of Petroleum Resources, Timipre Sylva.

They are accused of concealing information regarding the whereabouts of their principal, who is alleged to be a financier of an aborted coup attempt against President Bola Tinubu.

Sylva, a former Governor of Bayelsa State, has been declared wanted by the Federal government, and his identified properties have been marked for forfeiture following his indictment as the sponsor and mastermind of the alleged coup plot.

The five associates are Reuben Ayuba, Musa Mohammed, Friday Paul, Paganengigha Anagaha, and Ayebaifife Suobite. They were arraigned on Wednesday before Justice Peter Lifu.

A two-count charge filed against them indicates that the accused became accessories after the fact of felony on April 28, 2026, by concealing the whereabouts of Timipre Sylva, who is classified as a fugitive. The alleged offense is contrary to Section 519 of the Criminal Code Act Law of the Federation of Nigeria, 2004.

Additionally, the DSS has accused them of conspiracy to commit a felony, specifically for concealing the whereabouts of Timipre Sylva, also a fugitive, in violation of Section 516 of the Criminal Code, LFN 2004.

All the accused persons pleaded not guilty to the charges when they were read to them.

DSS lawyer, Emmanuel Orubor, requested that the judge schedule a date for the DSS to commence their trial by calling witnesses to testify against the defendants.

In response, Sunusi Musa (SAN), who represented Reuben Ayuba and Paganengigha Anagaha (the 1st and 4th accused persons), filed a bail application for his clients on various grounds.

Similar applications were made by Ibrahim Imadegbelo, representing Musa Mohammed (the 2nd accused), I. G. Kelubia, standing for Friday Paul (the 3rd defendant), and E. C. Sogo, who argued for Ayebaifife Suobite (the 5th accused person).

The lawyers pointed out to Justice Lifu that their clients have been in custody since October 25, 2025, and urged the court to grant them bail on liberal terms.

In a brief ruling, Justice Lifu granted them bail in the sum of N5 million each, along with two sureties for each, in a similar amount. The sureties are required to swear to an affidavit of means, provide evidence of three years of tax payment, demonstrate visible means of livelihood, and submit recent passport photographs.

Justice Lifu ordered that the claims of identities of the sureties must be verified by the Registrar of the Court.

Pending the perfection of the bail conditions, the Judge ordered that the accused persons be remanded in Kuje Correctional Centre in Abuja and fixed July 22 for the commencement of trial.

The Federal High Court in Abuja on Thursday affirmed Sen. David Mark’s leadership of the African Democratic Congress (ADC).

Justice Musa Liman, in a judgment, also dismissed the suit filed by Rep Leke Abejide challenging Mark and Ogbeni Rauf Aregbesola as national chairman and national secretary of the party for lacking merit.

Justice Liman upheld the preliminary objections filed by ADC, Chief Ralph Nwosu, Mark and Aregbesola which challenged Abejide’s suit.

The judge held that the court lacked the jurisdiction to dabble in the internal affairs of ADC, as the suit was non-justiciable.

He also held that Abejide lacked the legal right to have instituted the suit, having failed to show to the court that his rights had been violated in any way as a result of the emergence of Mark-led leadership.

He equally held that Abejide, who is a member of the House of Representatives, failed to explore the party’s internal mechanism for dispute resolution.

Justice Liman also resolved the three issues in the substantive suit in favour of the defendants.

On whether Mark, the former Senate president and Aregbesola, who was the former Governor of Osun, emerged as leaders of the party in compliance with the enabling laws, the judge resolved this against Abejide, the plaintiff in the suit.

He held that the handing over of the leadership of the party by Nwosu to Mark did not violate the provisions of the party’s constitution.

The judge agreed that the disputed July 2, 2025, meeting of the party was a stakeholder meeting which preceded the party’s National Executive Council (NEC) meeting held on July 29, 2025, which produced Mark and Aregbesola as the party’s leaders and was monitored by the Independent National Electoral Commission (INEC).

Justice Liman, therefore, declared that the emergence of Mark and Aregbesola as leaders of ADC was valid and in accordance with the constitution, the Electoral Act, 2026 and the party’s law.

The judge consequently awarded a fine of N2 million each in favour of all the defendants which shall be paid by Abejide.

He also awarded a N10 million fine against Abejide’s lawyer in compliance with the Electoral Act, 2026.

The News Agency of Nigeria (NAN) reports that Abejide had instituted the suit to stop the Mark-led leadership of ADC.

In the originating summons, marked FHC/ABJ/CS/1637/2025, filed on Feb. 15 by Idris, the lawmaker sued ADC, Ralph Nwosu, Mark, Aregbesola and INEC as 1st to 5th defendants respectively.

NAN reports that Nwosu was the former national chairman of ADC who stepped down for Mark, the ex-Senate president.

Abejide, among the eight reliefs, sought an order nullifying Nwosu’s handover or transfer of ADC’s leadership to Mark and Aregbesola as interim national chairman and interim national secretary respectively on July 2, 2025, at Shehu Musa Yar’adua Centre, Abuja, for being illegal, unlawful, null and void.

He sought an order of perpetual injunction restraining Mark and Aregbesola from parading themselves as leaders of the party “as their purported appointment, selection or election was unlawful, illegal, null and void.”

He also sought perpetual injunction restraining INEC from recognising Mark and Aregbesola as ADC’s interim national chairman and interim national secretary.

He alleged that their appointment, selection or election did not meet the requirements of Section 82 of the Electoral Act, 2022, among other prayers.

NAN