🇳🇬NigeriaWest Africa
Nigerian refiners dispute World Bank's claim of cheaper imported petrol, citing quality differences
via Punch Nigeria5 min read
The Crude Oil Refiners Association of Nigeria CORAN has challenged the World Bank's assertion that imported petroleum products are cheaper than locally refined fuels. Eche Idoko, CORAN's Publicity Secretary, stated that price discrepancies are due to quality variations, not efficiency, and accused the World Bank of an unfair comparison. Idoko explained that many imported fuels are blended to meet minimum regulatory specifications, making them cheaper but of lower quality compared to fully refined local products. He emphasized that blending, while not illegal, results in lower-grade fuels with different emission levels, which are less expensive to produce than those undergoing a full reforming process. Idoko also highlighted that local refineries, including Dangote, purchase crude at premium prices, lacking the comparative advantages or discounts enjoyed by international traders. He insisted that any valid comparison must consider specific product metrics like density, flash point, and pour point, as different grades attract different prices. The World Bank had suggested that Dangote's petrol price was higher than imported alternatives and advised the Federal Government to allow fuel importation, a report that was later removed after public backlash. CORAN maintains that such comparisons are misleading without accounting for identical fuel grades and quality specifications.
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This summary was AI-generated from a story originally published by Punch Nigeria.
The Yoruba Leaders of Thought, a pro-Yoruba group, has praised President Bola Tinubu, Oyo State Governor Seyi Makinde, and security agencies for the successful rescue of pupils and teachers abducted from schools in the Oriire Local Government Area of Oyo State. In a statement signed by its National Secretary, Mr. Bayo Aina, the group described the rescue operation, which involved various security agencies, vigilantes, and the Amotekun Corps, as a testament to the Nigerian Armed Forces' efforts to ensure national safety amidst increased bandit activities. Aina highlighted that the abductees were rescued after over 54 days in captivity without a ransom payment, showcasing the effectiveness of the security operation. The group also commended President Tinubu's leadership. The Yoruba Leaders of Thought extended condolences to the families of Mr. Michael Oyedokun, a teacher, and Lieutenant Felix Isaac, an army officer, who died during the operation and called for their immortalization by the Federal Government. They urged the government to apply the multifaceted rescue approach used in Oyo to other states and to investigate the involvement of foreigners in crimes across the country, citing them as a source of weapons for bandits.
Adamawa State Governor, Ahmadu Fintiri, has commissioned the reconstructed Modibo Adama Modern Market in Yola Town. The project, costing ₦2.98bn, was awarded last year to an indigenous construction company and aims to boost commercial activities and increase the state’s internally generated revenue. Governor Fintiri stated that the market's reconstruction fulfills a promise made after a fire destroyed the previous market. He highlighted that the project demonstrates the capability of local contractors, as it was designed and delivered entirely by indigenous Adamawa contractors. The new market features 936 shops, including 120 open stalls and 816 lock-up shops, along with a reinforced perimeter fence, wider access roads for fire trucks, a fire service station, a comprehensive water reticulation system with overhead tanks and fire hydrants, desilted drainage channels, and modern toilet and sanitation facilities. Fintiri noted that the new edifice replaces the old Yola Market, which was characterized by disorder and recurring fire outbreaks, and that his administration has permanently addressed these challenges with improved safety features and infrastructure. The previous Yola Town Market was destroyed by a fire last year, which reportedly resulted in fatalities and injuries.
The National Association of Nigerian Students NANS has declared a national emergency regarding the deteriorating condition of student hostels across Nigerian universities, polytechnics, and colleges of education. NANS President, Akinteye Babatunde, made the declaration in Abuja during the inauguration of the 2026 National Executive Council, stating that the neglect of accommodation facilities threatens students' welfare, safety, and dignity. He described the state of hostels as "pathetically disheartening," with many becoming uninhabitable due to poor sanitation, inadequate facilities, and other hazards. Akinteye pledged that his administration would prioritize student welfare and engage relevant authorities to address the crisis. President Bola Tinubu, represented by his Senior Special Assistant on Student Engagement, Sunday Asefon, urged NANS to collaborate with the government on education sector reforms. The Minister of Education, Dr Tunji Alausa, represented by Mrs Amy Igwe, Director of Polytechnic and Allied Institutions, encouraged NANS to promote unity, patriotism, and skills acquisition, and to partner with the government on sensitizing students about the Nigerian Education Loan Fund. The Minister of Youth Development, Ayodele Olawande, called for sustained dialogue between student leaders and the government. Prof. Temi Ologunorisa, Vice-Chancellor of Olusegun Agagu University of Science and Technology, urged NANS to rebuild trust, defend student rights, and work with