The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has explained why the recent decrease in the gantry price of fuel by the Dangote Refinery has not trickled down to retail outlets across the country.

Speaking on Channels Television’s The Morning Brief on Wednesday, the President of PETROAN, Billy Gilly-Harry, said that local fuel pricing is shaped by multiple factors.

“Prices reflecting are dependent on availability, cost, and preparing the particular petroleum to be delivered to the people,” he said.

When asked why price increases are felt immediately while decreases take longer, Herry pointed to the realities of supply management.

“It is mainly affected by whether the producer has additional resources or not at the time. Increases in prices are mainly caused by the need to restock. There must be that advantage pushing the price upward to be able to pay for new supplies,” he explained.

On whether existing stock must be exhausted before prices can drop, the PETROAN president acknowledged that this is generally the case.

“That’s the basic idea. But in petroleum, a mixture is involved, and loss is taken, though not in a way that affects the capital needed to restock,” he noted.

Adding to the discussion, an energy analyst, Olabode Sowunmi, highlighted the broader complexities behind Nigeria’s fuel pricing.

He stressed that while the global price of crude oil is often seen as a major determinant, its influence is not always direct in the Nigerian context.

“Global price of crude oil is a factor but a factor internationally and not necessarily in Nigeria,” he stated.

Sowunmi pointed to the example of Dangote Refinery, which, as a primary supplier of gas and some retail products, has agreements to allocate a percentage of his crude for Nigeria at a fixed price pegged in naira.

This arrangement, he noted, means that local pricing is not always tied to international fluctuations.

“So basically the issue will have to be from the point of refinery to where it touches the final person,” he said.

Sowunmi further clarified that international prices would only play a dominant role if global markets had a predominant impact on Nigeria’s supply chain.

“So basically our cost issues in terms of reflecting to the final person deal with our own logistics rather than the geopolitics that is taking place at the moment,” he stated.

When asked why internal logistics seem to matter more during price increases than decreases, Sowunmi acknowledged that the reasons vary but ultimately depend on the seller.

“There could be various reasons, but it all comes down to the seller,” he said, underscoring the role of market behavior in shaping consumer experiences.

Despite these challenges, Herry emphasised the broader mission of the sector.

“Petroleum is concerned with making Nigeria better,” he added

The House of Representatives Minority Caucus has called on President Bola Tinubu to immediately overhaul the nation’s security architecture.

Minority Leader, Fred Agbedi, made the call at a news conference in Abuja on Wednesday, declaring, “Nigeria is bleeding.”

The lawmaker said that the life of every Nigerian matters and that politics must take the back seat to first secure the nation.


According to him, government exists primarily for the security and welfare of the people as enshrined in Section 14(2)(b) of the Nigerian Constitution.

The caucus condemned the murder of retired Major General Rabe Abubakar while in terrorists’ captivity in Katsina State and the subsequent release of his wife under questionable circumstances.

The Reps Minority Caucus extended condolences to the family of the late Nigerian Army spokesman and urged government to work out a pragmatic pathway out of the enduring security challenges.

The caucus leader also condemned the abduction of school children and their teachers in Oyo and demanded “an immediate, coordinated, no-ransom rescue operation for their release”.

“We call for an immediate overhaul of the national security architecture; though a state of emergency has been declared by the President since November 25, 2025.

“The nation requires funding on security intelligence, not propaganda, improve welfare for frontline troops, and not wildcards for appointees.

“We call for a launch a special military operation within 72 hours to rescue the school children and their teachers; no excuses, ” he said.

Agbedi added that the caucus demands a full and transparent investigation into Major General Rabe’s abduction and murder, saying Nigerians deserve to know how terrorists now kill military generals with impunity.

Agbedi frowned at the recent Federal High Court Abuja judgement that ordered the de-registration of five political parties, which the Appeal Court overturned.

The lawmakers urged proponents of political pluralism to remain alert to future attempts at undermining Nigeria’s democracy.

The House of Representatives Minority Caucus equally urged the Chief Justice of Nigeria, CJN, to wade into the conflicting judgments on party registration to save the judiciary from further embarrassment.

Agbedi said INEC must resist being used to sabotage democracy as the caucus will not accept a 2027 election rigged before it begins.

“We, the Minority Caucus of the House of Representatives will not be silent. We will not be intimidated. We will use every legislative instrument to hold this government accountable.

“To Nigerians, do not despair. 2027 will not be decided in a room or by compromised courts. It will be decided by you, the people.

“The opposition parties will stand with you. The opposition will not be muscled out. Nigeria will be rescued,” Agbedi said.

Former Nigerian Minister of Petroleum Resources Diezani Alison-Madueke has been acquitted of all bribery charges brought against her in a landmark corruption trial in the United Kingdom, bringing to a close a legal battle that has spanned more than a decade.

A jury at Southwark Crown Court in London on Wednesday found the 65-year-old not guilty on six counts, including five charges of accepting bribes and one count of conspiracy to commit bribery.

Alison-Madueke, who served as Nigeria’s petroleum minister from 2010 to 2015 under former President Goodluck Jonathan, had consistently denied the allegations throughout the proceedings.

British prosecutors alleged that she enjoyed a “life of luxury” funded by oil and gas industry figures seeking access to lucrative contracts in Nigeria’s petroleum sector. The prosecution argued that benefits allegedly provided to the former minister included luxury accommodation, private travel and other high-value gifts.

However, Alison-Madueke maintained that she never accepted bribes and did not exercise direct control over the award of government oil contracts.

After more than 46 hours of deliberations, the jury returned unanimous not-guilty verdicts on all six charges.

The verdict represents a significant setback for British authorities, whose investigation into the former minister began more than ten years ago and became one of the most high-profile foreign corruption cases pursued by UK prosecutors.

Alison-Madueke was one of the most influential figures in Nigeria’s oil industry during her tenure and also served briefly as president of the Organization of the Petroleum Exporting Countries (OPEC), becoming the first woman to hold the position.

Oil industry executive Olatimbo Ayinde, 54, who had faced one count of bribery relating to Alison-Madueke and a separate charge of bribing a foreign public official was also found not guilty.

The former minister’s brother, Doye Agama, 69, who was charged with conspiracy to commit bribery in connection with payments allegedly made to his church, was likewise acquitted.