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Isreali-Palestinian conflict sparks fresh fears of fuel price hike

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Numerous petrol stations in various parts of Abuja failed to dispense Premium Motor Spirit (PMS), commonly known as petrol, on Monday, causing alarm among motorists and residents who feared a potential resurgence of fuel shortages in the Nigerian capital.

Atlantic Reporters’ investigation revealed that several fuel stations in the Kubwa and Bwari areas of the Federal Capital Territory (FCT) were devoid of fuel, leaving drivers who stopped for refueling informed that the product was unavailable.

Consequently, queues formed at select filling stations along the Kubwa expressway that still had fuel in supply.

Concerned motorists, alarmed by the unavailability of fuel, resorted to panic buying, expressing concerns of an impending increase in petrol prices.

This speculation of a possible price hike comes just two days after the Nigerian National Petroleum Company Limited (NNPCL) refuted reports of an impending price hike, affirming its commitment to maintaining existing prices. The NNPCL stated in an official message on its X handle on Friday, October 6, “Dear esteemed customers, we at NNPC Retail value your patronage and we do not have the intention to increase our PMS pump prices as widely speculated.”

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Nevertheless, Atlantic Reporters’ inquiries indicated that the recent speculation primarily stemmed from concerns related to the ongoing armed conflict between Israel and Palestine in Gaza.

Reports emerged on Monday, October 9, indicating that global oil prices surged due to apprehensions that the situation in Israel and Gaza could disrupt oil output in the Middle East.

Brent Crude, the international benchmark, reportedly surged by $2.25 per barrel to $86.83. Similarly, the price of West Texas Intermediate crude, the United States’ benchmark, rose by $2.50 per barrel to $85.30.

According to Reuters, oil prices escalated by over 3 percent on Monday as the military clashes between Israel and the Palestinian Islamist group Hamas sparked fears of a broader conflict in the Middle East. Brent crude reportedly climbed by $2.70, or 3.2 percent, to $87.28 a barrel by 11:43 GMT, while US West Texas Intermediate crude rose by $2.78 or 3.4 percent, reaching $85.57 a barrel. Both benchmarks saw an increase of more than $4 per barrel earlier in the session.

The Israeli-Palestinian conflict in Gaza appears to have the potential to impact the global economy, akin to the impact of Russia’s invasion of Ukraine in February 2022.

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Following Russia’s invasion of Ukraine, oil prices soared, eventually surpassing $120 per barrel in June 2023. Despite being one of the world’s major oil-producing nations, Nigeria imports refined petroleum products, rendering it susceptible to fluctuations in international oil prices.

Katch Ononuju, an international affairs analyst, explained that the spike in international oil prices resulting from the Israeli-Palestinian crisis was virtually inevitable. He further suggested that the recent conflict aimed to involve the United States in negotiations between Saudi Arabia and Israel, with the goal of fostering peace between the two nations.

Hamas initiated a military attack on Israel on Saturday, leading to retaliatory Israeli air strikes on Gaza, a Palestinian-occupied territory. CBS NEWS reported a death toll of over 1,200 people on both sides, including nine Americans. The escalation of the conflict is anticipated, with Israel’s mobilization of 100,000 reservists for military engagement.

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Gunmen Kill 6 Famers In Kaduna Village

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The Numana Community Development Organisation (NCDO) has expressed sorrow over the recent unprovoked attack and killing of innocent and unarmed farmers in Ambe village, Sanga local government area of Kaduna State, by gunmen.

During the tragic incident, six people were killed, and many others were injured and are currently receiving medical treatment in various hospitals.

In a statement to journalists in Abuja, NCDO President Comrade Ahmed Gani remarked, “It is alarming that kidnappings in our communities have surged recently, with reports of one or two persons being kidnapped every week.”

He further highlighted the worsening situation, stating that herdsmen have occupied ancestral lands, transforming these areas into hotspots for frequent kidnappings of innocent farmers. Some affected villages include Dangwa Ungwan Kafinta, Ninte, and Dangwa Ungwa Manzo.

Gani recounted a series of attacks in Sanga local government area: two people were killed at Lambari village on March 2, 2023; one person at Unguwar Madaki Arak on May 5, 2023; one at Gani Sarki on August 19, 2023; and five at Unguwar Ganye on February 8, 2024.

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“These persistent attacks on our peaceful communities have become intolerable, especially now with the onset of the rainy season,” he stated.

Farmers are now afraid to go to their farms due to the escalating attacks, which will likely have a negative impact on the local economy in the coming months, Gani warned.

While acknowledging the efforts of the Kaduna State Government under Governor Senator Uba Sani to address insecurity, Gani urged for increased protection, especially in Sanga and Jema’a local government areas.

He called on the Kaduna state government to deploy more security forces to rural communities to protect residents and restore their confidence so they can farm without fear of attack. Gani also urged the state government to support those injured in the recent Ambe village attack who are currently undergoing medical treatment.

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BREAKING: Helicopter Carrying Iranian President Raisi Crashes In Azerbaijan

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A helicopter in a convoy transporting Iranian President Ebrahim Raisi to the Qiz-Qalasi Dam in East Azerbaijan province reportedly crashed on Sunday.

Details of the crash and information about other passengers were unclear at the time of reporting, but rescuers were attempting to reach the crash site, according to state television.

The country’s finance minister, Amir Abdollahian, was also reportedly in the helicopter with the president. Reports indicated that two of the three helicopters in the convoy safely reached their destination.

Iran operates a variety of helicopters but faces challenges in obtaining parts due to international sanctions. Much of Iran’s military air fleet dates back to before the 1979 Islamic Revolution.

The 63-year-old Raisi is a hard-line former head of Iran’s judiciary and is considered a disciple of Supreme Leader Ayatollah Ali Khamenei. Some analysts believe he could succeed the 85-year-old Khamenei upon his death or resignation.

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We will not tolerate breach of contractual agreement – Gov Namadi warns contractors

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Jigawa State governor, Malam Umar Namadi has said his administration would not tolerate or accept any breach of contractual agreement.

The Governor stated this while inspecting some ongoing projects across the state.

The inspected projects were mostly rehabilitation and reconstruction of the roads and bridges damaged by flooding in the last two years.

Speaking to various contractors, Governor Namadi expressed satisfaction on the quality of the projects and urged them to speed up the work for a timely completion.

According to him, “we are ready to continue patronizing any company that demonstrates seriousness and sincerely in handling his work.

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“We will not delay your payment as soon as you complete the work and at the same time we will not tolerate or accept any breach of contractual agreement.”

He noted that the state government had taken measures towards reconstruction of facilities damaged by flood last year.

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