The Dangote Refinery has lowered the ex-gantry price of Premium Motor Spirit (PMS) to N1,200 per litre, reversing its recent increase, industry sources confirmed on Wednesday.

The adjustment represents a N75 reduction from the earlier price of about N1,275 per litre, which the refinery had attributed to volatility in the global oil market that raised production and supply costs.

The latest cut follows a notable decline in international crude oil prices. Brent crude dropped to $95.05 per barrel, marking a 13 per cent fall, while West Texas Intermediate settled at $97.18, down by nearly 14 per cent.

Market analysts link the drop in oil prices to easing geopolitical tensions in the Middle East, particularly a conditional two-week ceasefire involving the United States and Iran, which has reduced concerns about potential supply disruptions.

The development has been welcomed by fuel marketers and commuters across major cities, many of whom expressed optimism that the reduction could help cushion the impact of rising living costs driven by inflation.

Industry observers say the refinery’s decision may influence pump prices nationwide, especially if the downward trend in crude oil prices persists.

They also note that the situation reflects Nigeria’s growing exposure to global oil price movements, despite increased local refining capacity.

The Dangote Refinery, which began operations in 2023, was expected to reduce the country’s reliance on fuel imports, although its pricing continues to mirror international benchmarks such as Brent and WTI crude.

Members of the African Democratic Congress (ADC), alongside prominent opposition figures, staged a large-scale #OccupyINEC protest in Abuja to challenge a recent decision by the Independent National Electoral Commission (INEC).

The demonstration followed INEC’s refusal to recognise correspondence from rival factions within the party, reportedly led by Senator David Mark and Nafiu Bala. The development has sparked accusations that the electoral body is interfering in internal party matters, particularly in the wake of a Court of Appeal ruling.

The protest, which took place at the Maitama Roundabout, drew hundreds of participants, including key political figures such as Peter Obi, Atiku Abubakar, Rotimi Amaechi, Rabiu Kwankwaso, Rauf Aregbesola, Aminu Tambuwal, and Dino Melaye.

Supporters aligned with the Kwankwasiyya movement were also present, chanting the historic anthem “Nigeria, We Hail Thee,” as demonstrators held placards expressing support for David Mark’s leadership within the party’s National Working Committee.

Addressing the gathering on behalf of opposition leaders, Obi stressed the importance of safeguarding democratic principles. In a statement shared via X, he said, “We are saying that our democracy must not be killed.”

The protest underscores growing tensions between political actors and the electoral commission, with opposition groups insisting that party autonomy must be respected.

Ukrainian President Volodymyr Zelensky has offered his country’s support to help reopen the Strait of Hormuz, a key global shipping route now caught in rising tensions.

The move follows reports that Iran has placed the vital waterway under what has been described as a “stranglehold,” sending shockwaves through global markets and raising fears over fuel supply disruptions.

Iran’s action is believed to be in response to recent military strikes, further escalating the already fragile situation in the Middle East.

Speaking with journalists on Thursday, Zelensky said Ukraine has not received any formal request to step in. However, he noted that he has already reached out to leaders in the Gulf region to offer assistance.

The development highlights growing international concern over the crisis and its potential impact on global trade.