“The Philippines is in crisis along with the rest of the world because President Trump’s brinkmanship did not work. In fact, it has boomeranged,” Lacson said in a post on X. “He should be held to account by the whole world, including his own country, the USA.”

Asked what alternative there had been to Iran, Lacson said the diplomatic option had been lost when Washington did not consult close allies before carrying out its strike.

“The alternative was lost when the US close allies were not consulted before the strike. Past leaders used to do that with your coalition partners,” he said.

At a hearing attended by Cabinet secretaries, Senate Deputy Majority Leader Risa Hontiveros also called for broader accountability, saying the United States and Israel should be held responsible alongside Iran.

“The US and Israel should also be called into account for what has happened,” Hontiveros said. “I am one with the call of the United Nations that for all of them — all of them — to cease fire and return to diplomacy.”

Foreign Affairs Secretary Ma. Theresa Lazaro said Manila had supported resolutions condemning Iran over the Middle East conflict, although it was not co-sponsoring them. 

She added that information from Washington indicated there were ongoing discussions between U.S. and Iranian authorities, even as Iran denied this.

Late on Tuesday, President Ferdinand Marcos Jr. declared a state of national energy emergency , warning that the conflict had created uncertainty in global energy markets, disrupted supply chains and placed upward pressure on oil prices.

Energy Secretary Sharon Garin said the Philippines had around 45 days of fuel supply based on current consumption and that the government was working to procure 1 million barrels of oil from countries within and outside Southeast Asia to build buffer stocks.

The Philippines is a key ally of the United States, with nine American troop bases scattered around the archipelago.

Tehran added that regional countries had made proposals to reduce tensions, but said responsibility lay with Washington because “we are not the party that started this war.”

Hourse before, Trump said on Truth Social that the US. and Iran had held “very good and productive conversations” over the previous two days on a “complete and total resolution” of hostilities in the Middle East. 

He said he had instructed the Department of War to postpone “any and all military strikes” on Iranian power plants and energy infrastructure for five days, subject to the success of further talks.

Despite Iran’s sceptical response, markets appeared to treat Trump’s statement as a signal that immediate escalation might be avoided.

Oil prices fell sharply. Brent crude, the global benchmark, dropped to just above $100 a barrel after settling at $112.19 on Friday. 

The move reflected investor hopes that a pause in U.S. military action could reduce the risk of a deeper supply shock, even as the Strait of Hormuz remained a central concern for traders. 

The waterway normally carries as much as one-fifth of the world’s oil supply, but shipping traffic out of the Gulf has been effectively halted because of the danger of attacks on vessels.

Equity markets also recovered after Trump’s post. The S&P 500 opened nearly 1.5% higher on Monday, reversing a 1.5% fall on Friday. In Europe, the Stoxx 600 rose more than 1% in afternoon trading, while Germany’s DAX jumped nearly 2%. Britain’s FTSE 100 edged higher.

This market rebound came despite continued warnings about the economic risks of the conflict. Fatih Birol, executive director of the International Energy Agency , said on Monday the global economy faced a “major, major threat” from the war, adding that no country would be immune if the crisis worsened.

Even the risk of disruptions in that corridor tends to drive up crude prices rapidly. Oil traders fear that attacks on shipping or energy infrastructure could choke off supplies from major exporters such as Saudi Arabia, Iraq, Kuwait and the United Arab Emirates. 

Those fears have already pushed crude oil prices sharply higher, with Brent crude briefly hitting $119.50 per barrel and surging as high as $120, its highest level since 2022. The jump in crude has quickly begun feeding through to retail fuel prices worldwide.

According to the latest data from tracker Global Petrol Prices , the average price of gasoline worldwide stood at $1.30 per litre as of March 2 — a week ago and two days after the U.S. and Israel launched operations in Iran.

Diesel was slightly cheaper at $1.26 per litre, while LPG averaged $0.78 per litre.

“As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices,” the online portal said. “One notable exception is the U.S., which is an economically advanced country but has low gas prices.”

Iran itself sells some of the cheapest fuel in the world, with gasoline priced at $0.029 per litre and diesel at $0.006 per litre, reflecting heavy domestic subsidies.

At the other end of the spectrum, Hong Kong recorded the world’s highest gasoline prices, at $3.881 per litre, and diesel at $3.827 per litre as of March 2.

Since then, those prices have already moved higher. According to local media reports and advisories from Shell , gasoline prices in Hong Kong rose to $4.14 per litre, a 6.67% increase, while diesel climbed to $3.95 per litre, up 3.21%.

Meanwhile, Malawi, which sells the most expensive fuel in Africa, also recorded price jumps. Last week, gasoline was sold at $2.847 per litre and diesel at $2.858 per litre.

It remains unclear whether regulators will impose another hike. Malawi had already approved a more than 40% increase in January, when diesel prices rose 41.3% and petrol prices 41.9%.

In the United States , the average gasoline price reached $3.48 per gallon, according to the AAA motor club. That represents nearly a 17% increase since the first U.S.–Israeli attacks on Iran on February 28, pushing prices to their highest level since 2024.

In China , the government raised retail price caps for gasoline and diesel in the largest adjustment since March 2022, after international oil prices surged following the conflict.

According to a notice from the National Development and Reform Commission, retail price caps for gasoline and diesel will rise by $100.46 and $96.84, respectively, starting Tuesday. The previous adjustment was made on February 24.

Across parts of the Global South, retail prices have also begun climbing rapidly.

Here are some examples of how gasoline and diesel prices moved over the past week:

Fuel price movements, however, do not occur simultaneously across countries. Some governments regulate pump prices and adjust them on fixed schedules — weekly, monthly or after major market shifts — while others allow prices to fluctuate more freely with global oil markets. 

Why the Iran war matters for global fuel prices

Oil prices are highly sensitive to geopolitical risk in the Middle East because the region holds nearly half of the world’s proven oil reserves.

Iran is both a major producer and a strategic player in the Persian Gulf. Any military escalation involving the country raises fears of supply disruptions — whether through attacks on oil facilities, sanctions, or shipping disruptions in the Strait of Hormuz.

Because crude oil is the main input in gasoline and diesel production, increases in global oil prices typically feed through to retail fuel prices within days or weeks, depending on national pricing systems and taxes.

Countries that rely heavily on imported fuel — particularly in Africa, Asia and Latin America — are often the most exposed to these shocks.

For developing countries that depend heavily on imported fuel, the Iran war could translate into higher food prices, increased transport costs and mounting pressure on government budgets in the weeks ahead.

This narrow waterway between Iran and Oman carried about 13 million barrels a day of crude in 2025 — roughly 31% of global seaborne crude flows — according to energy consultancy Kpler.

Any impact, however, will be uneven across Asia, with the most exposed economies those that rely heavily on imported energy or Middle Eastern supplies.

Thailand

Thailand stands out as one of the most vulnerable economies in the region.

Nomura said Thailand’s net oil imports amount to about 4.7% of gross domestic product (GDP), the highest share in Asia. The Japanese investment bank estimates that every 10% rise in oil prices could worsen Thailand’s current account balance by around 0.5 percentage points of GDP.

Research from Bank of America Global Research paints a similar picture, describing Thailand as having Asia’s largest negative energy trade balance. Net energy imports were estimated at about 6% of GDP in 2025, leaving the country particularly exposed to swings in global oil and gas prices.

Thailand imports roughly $29 billion worth of oil annually, with more than $17 billion sourced from the Middle East.

South Korea

South Korea is also highly exposed due to its near-total reliance on imported fossil fuels.

About 98% of the country’s oil and gas consumption comes from overseas, according to the US Energy Information Administration. Disruptions to shipping routes or sustained price increases therefore pose significant risks to both its economy and financial markets.

Those concerns were reflected in South Korea’s stock market this week. The benchmark Kospi index plunged more than 12% in early trading on Wednesday amid fears that escalating conflict in the Middle East could disrupt global energy supplies and trade.

Shipping and logistics companies were among the hardest hit as tanker traffic through the Strait of Hormuz slowed sharply.

India

India is also considered vulnerable because of its heavy reliance on imported energy.

Nomura identified India among the Asian economies most exposed to higher oil prices, warning that sustained increases could significantly raise the country’s import bill.

In addition to higher crude costs, India could also face pressure from rising LNG prices as Asia competes with Europe for limited supplies if shipments through the Strait of Hormuz remain constrained.

Philippines

The Philippines faces particular exposure through its reliance on Middle Eastern crude.

Bank of America Global Research estimates that about 95% of the country’s oil imports come from the Middle East, making it one of the most dependent economies in the region on Gulf energy supplies.

Any disruption to shipping routes or sustained surge in prices could therefore translate quickly into higher domestic fuel costs and inflation.

Japan

Japan remains highly dependent on energy imports from the Middle East.

According to Bank of America Global Research, about 94% of Japan’s oil imports originate from the region. Analysts warn that supply disruptions or sustained price increases could therefore significantly affect Japan’s energy costs.

Nomura added that Japan typically maintains only two to four weeks of liquefied natural gas (LNG) stockpiles, limiting its ability to absorb prolonged supply disruptions.

Vietnam

Vietnam is also heavily reliant on Middle Eastern energy supplies.

Bank of America Global Research estimates that about 88% of the country’s oil imports come from the region, making it vulnerable to any disruption to shipments passing through the Strait of Hormuz.

Who could gain in Asia?

Not all Asian economies would be hit equally.

Malaysia, for example, could see higher government revenues as an oil and gas exporter if prices remain elevated.

The spill has spread across approximately eight kilometres of the river, affecting surrounding communities, including El Caballal in the Alamotemapache municipality. Already hit by severe flooding, residents now face a growing water crisis.

“We need water, and with the contamination, we know it’s going to take time. I don’t know how long, and it’s going to be even harder for us,” said Mario Garcia Osorio, a local resident. 

In response, the Mexican Navy has activated a Regional Contingency Plan with the support of the National Agency for Industrial Safety and Environmental Protection (ASEA). Around 300 personnel, aircraft, drones , and oil containment equipment have been deployed to the area to mitigate the damage.

 Zimbabwe currently records the highest petrol price on the continent at $1.54 per litre, followed closely by Ghana ($1.39), the Central African Republic ($1.375), and Kenya ($1.37). These elevated prices are often driven by limited refining capacity, growing transport costs, or reduced government subsidies.

Zimbabwe’s dependence on imports and foreign currency shortages leads to higher costs. Meanwhile, in Kenya, state-imposed levies and a structured fuel pricing formula contribute significantly to the price.

On the contrary, Libya offers some of the cheapest petrol in the world, with prices as low as two cents per litre. This is primarily due to long-standing government subsidies and abundant oil reserves. In Algeria and Angola, where prices are $0.26 and $0.24, respectively, similar state-backed policies help keep fuel affordable despite shifts in the global market.

The global average petrol price stands at around $1.30 per litre . While Africa’s average is slightly below this, the continent features extreme outliers at both ends of the spectrum. This is partly due to Africa’s unique combination of resource richness and infrastructural limitations.

Oil-rich countries may keep prices low through subsidies, but fragile economies and governance challenges mean that many consumers still pay high prices for basic energy needs.

Overall, fuel prices across Africa in June are influenced by a range of interlinked factors, with government subsidies and taxation playing a key role. Countries such as Libya, Algeria, and Egypt maintain some of the lowest prices on the continent thanks to long-standing fuel subsidies.

These subsidies reduce the burden on consumers but can place a strain on public finances. In contrast, countries like Kenya and South Africa impose multiple taxes and levies on petrol. In Kenya, for instance, the Energy and Petroleum Regulatory Authority (EPRA) updates prices monthly based on a formula that includes global oil prices, importation costs, and distributor margins, leaving consumers more exposed to international market swings.

The ability to refine crude oil domestically also has a significant impact on fuel prices. Angola and Algeria, both significant oil producers, refine large volumes of oil within their borders, helping to keep prices relatively low.

However, many African countries export their crude oil and then re-import refined products due to a lack of refining infrastructure. This practice adds considerable costs from international shipping and processing, underlining the infrastructure shortfalls that continue to affect even resource-rich nations.

For countries that rely heavily on fuel imports, price volatility is often driven by global market trends and currency fluctuations.

In nations with weaker local currencies , any depreciation directly increases the cost of imported fuel, which is typically priced in US dollars. As a result, even modest exchange rate shifts can push pump prices significantly higher, especially in economies with high inflation or fiscal instability.

Geography and transport logistics also play a role. Innerland countries like Chad, Uganda, and Mali rely on overland fuel transport from distant seaports, which raises logistical costs. These expenses are eventually passed down to consumers, resulting in higher retail prices compared to coastal nations with easier access to international shipping routes.

The way fuel prices are regulated further contributes to regional disparities. In some countries, governments directly control fuel pricing to shield consumers from global shocks, but this approach can lag market realities and lead to supply issues. In more liberalised markets, prices fluctuate more freely in line with international oil trends, as is the case in South Africa, where adjustments are made every month.

Lastly, operational inefficiencies and profit margins in the supply chain also factor into retail pricing. In some parts of Africa, the lack of competition, outdated infrastructure, or monopolistic control over distribution networks inflates fuel costs.

The final price consumers pay often reflects not just the cost of the fuel itself, but also the margins of fuel station owners, wholesalers, and refiners operating in the system.

With 93% of its land covered by rainforest, the country is planning to start oil production from recently discovered offshore reserves.

Although this exercise threatens the carbon-negative status of the country, President Chan Santokhi claims the status will stay the same.

"The oil production can go hand in hand with the carbon negative status because we have also implemented, in addition to the oil and gas, our solar energy program. We will increase the solar energy, which will have a positive impact on our carbon-negative status. We will protect our forests," he told AFP.

This echoes his pledge at COP28 in Dubai in 2023.

“Let’s be very clear. Suriname will maintain its carbon negative status even when the offshore oil and gas industry is developed,” President Chan Santokhi said during his speech at the High-Level Segment of the 28th Conference of the Parties (COP).

The Federal Government of Nigeria has launched the Nigerian Climate Investment Platform (NCIP) to mobilise up to $500 million for climate-resilient infrastructure, adaptation, and innovation projects nationwide. Jointly developed by the Nigeria Sovereign Investment Authority (NSIA), the Green Climate Fund (GCF), and the National Council on Climate Change (NCCC), the platform was unveiled after a high-level stakeholder meeting in Abuja. Finance Minister Wale Edun highlighted NCIP as a strategic tool for inclusive growth, export competitiveness, and sectoral transformation. He praised the NSIA’s capacity to lead the initiative and urged Nigeria to tap into global climate finance to drive economic diversification and resilience.

Nigeria’s digital economy attracted $191 million in foreign direct investment in Q1 2024

The Federal Government has announced that Nigeria’s communications and digital economy sector attracted $191 million in foreign direct investment in Q1 2024—a 900% increase from $22 million in Q1 2023. Minister Bosun Tijani credited the surge to reforms under President Tinubu’s Renewed Hope Agenda, the 3 Million Technical Talent (3MTT) program, and a new $2 billion fund to roll out 90,000 km of fibre optic infrastructure by Q4 2025. He said these efforts are positioning Nigeria as a global digital economy leader.

Dangote Refinery pledges to stabilise and lower petrol prices in Nigeria

Dangote Petroleum Refinery has pledged to maintain stable petrol prices despite global crude oil fluctuations. In a statement on Monday, spokesperson Anthony Chiejiena said the 650,000 bpd refinery remains committed to easing fuel costs for Nigerians, with prices locally ranging between N910 and N930 per litre. The move aligns with President Tinubu’s recently approved Nigeria First Policy and aims to support the economy while ensuring affordable, high-quality fuel.

Cannes director says Nigeria needs more good fathers

Akinola Davies Jr., who made history as the first Nigerian director to compete at Cannes, lost his father at age two and says he's been "collecting father figures" ever since. His debut film, My Father’s Shadow , in the running for the Caméra d’Or, explores this theme against the backdrop of Nigeria’s 1993 military coup. Set in Lagos, the film follows a father and his two sons as the country’s hopes for democracy are crushed. Davies contrasts harsh, authoritarian figures like General Sani Abacha with a gentler, more nurturing father figure portrayed by Sope Dirisu. “This film is about accountability—how sons learn from their father's strengths and flaws,” Davies told AFP , adding that Nigeria, too, has long been searching for a true father figure to guide it.

ADC says APC’s misrule has brought Nigeria to its knees

The African Democratic Congress (ADC) condemned the ruling APC for Nigeria’s worsening economic decline since 2015. Speaking in Abuja, ADC’s Board of Trustees Chairman, Mani Ahmed, highlighted rising poverty—about five million Nigerians fall into poverty yearly despite the country’s resources. He called for competent leadership and good governance, saying ADC remains committed to driving meaningful change in Nigeria.

The South Sudan government has reached an agreement with Sudan's paramilitary group, the Rapid Support Forces (RSF), to restore operations along a critical 237-kilometre segment of the Greater Nile Oil Pipeline. This collaboration is pivotal, enabling the export of South Sudan's crude oil to the Port of Sudan. Historically, this pipeline facilitated the transport of more than 150,000 barrels of oil daily. However, it had ceased operations due to armed conflicts, resulting in severe economic repercussions—most notably, public salaries have gone unpaid for ten months, and prices for essential goods have surged. A recent joint workshop has confirmed plans for oil flow resumption; operations are anticipated to resume within 45 days, with initial shipments projected to arrive in three months. 

Ethiopia grants $738 million loan to South Sudan for major cross-broader project

Ethiopia has granted a $738 million loan to South Sudan to facilitate the construction of a major cross-border infrastructure project—a 220-kilometre road connecting the two nations. The terms stipulate that loan repayment will be sourced from South Sudan's crude oil sales to Ethiopia, effectively binding economic cooperation to infrastructural development. This initiative aligns with a prior agreement established in May 2024 and aims to bolster connectivity between South Sudan's Paloich, Maiwut, and Pagak regions and the Ethiopian border. The construction will be managed by Ethiopian contractors and includes a grace period of four years, followed by a ten-year repayment schedule. 

Kenyan president Ruto to visit South Sudan

Kenyan President William Ruto is scheduled to visit South Sudan to engage in critical discussions with President Salva Kiir concerning the Tumaini Initiative. This initiative is designed to facilitate peace talks between the South Sudan government and opposition factions that have yet to sign the peace agreement. This diplomatic mission comes in response to President Kiir’s request for Kenya to spearhead mediation, succeeding the Community of Sant’Egidio's previous role in Rome. The Presidential Press Secretary, Lily Martin Manyiel Ayuel, has underscored the importance of this visit in reaffirming Kiir’s commitment to the Tumaini Initiative amidst speculation of its potential abandonment. A prior meeting between Ruto and South Sudan officials addressed concerns regarding the initiative’s operational mechanisms, suggesting it should serve as a complement to the 2018 Peace Agreement rather than serve as a replacement, although acceptance of these terms by the opposition remains uncertain.

South Sudan grapples with hunger and cholera outbreaks

South Sudan is currently grappling with an acute humanitarian crisis characterised by escalating rates of hunger and cholera outbreaks. UN agencies, including the World Food Programme (WFP), World Health Organisation (WHO), and UNICEF, have called for heightened international support, noting that over half the population faces crisis-level hunger. Factors impeding aid include limited funding, geographical obstacles to isolated communities, and high food prices, exacerbated by economic instability and ongoing conflict. Moreover, the influx of refugees from Sudan, combined with severe flooding, has destroyed agricultural yields and displaced significant segments of the population. Currently, the WFP’s outreach has only reached 38% of those in dire need, often necessitating the provision of half-rations.

US embassy in South Sudan advocates for press freedom

The US embassy in South Sudan has highlighted the necessity of protecting journalists from harassment and detention. This statement coincides with the observance of the International Day to End Impunity for Crimes Against Journalists. The embassy has reiterated the demand for a thorough investigation into the controversial death of journalist Christopher Allen during South Sudan's civil conflict in 2017. According to Reporters Without Borders, South Sudan’s ranking has significantly plummeted to 136th on the World Press Index, a stark decline from 118th in 2023, signalling an increasing climate of impunity for crimes committed against journalists worldwide.

A recent Global Firepower report highlighted the countries with the largest proven oil reserves worldwide. In Africa, Libya leads with 50 billion barrels of crude oil reserves, followed by Nigeria with 37 billion barrels.

Here are the top 7 African countries with the largest oil reserves in 2024:

Libya

Libya tops the list with an impressive 50 billion barrels of proven oil reserves. Despite political instability, Libya's vast oil wealth remains a cornerstone of its economy. On the global train, Libya ranks 9th.

Nigeria

Nigeria, Africa's most populous country, holds around 37 billion barrels of proven oil reserves. As the 11th country globally, the oil industry is vital to Nigeria's economy, accounting for over 80% of its export earnings.

Algeria

Algeria ranks 3rd in Africa with approximately 12.2 billion barrels of oil reserves. The country is a significant player in the African oil market, with its energy sector being a major contributor to its GDP. Globally, Algeria comes 16th on the list.

Angola

Angola's oil reserves are estimated at 7.8 billion barrels. The oil sector is crucial to Angola's economy, generating significant revenue and employment, which places it 4th among African countries in terms of oil reserves.

Sudan

Sudan holds about 5 billion barrels of oil reserves. Despite facing economic challenges, Sudan's oil reserves remain a key asset for the country's development.

South Sudan

South Sudan, which gained independence from Sudan in 2011, has 3.75 billion barrels of oil reserves. Oil is a crucial part of South Sudan's economy, although the country faces significant infrastructural and political challenges.

Egypt

Egypt's oil reserves stand at 3.3 billion barrels. The country is a significant player in the North African oil market, with its energy sector contributing to economic growth and stability.

“The refinery will meet 100% of Nigeria’s refined product requirements and have a surplus for export, creating a market for $21 billion per annum of Nigerian crude,” Dangote stated.

Matawalle lauded Dangote’s significant investments and highlighted their positive impact on the Nigerian economy through wealth creation and job generation. He also emphasised the Bola Tinubu-led administration’s commitment to providing security to maintain high production levels at the multi-billion-dollar refinery.

In May, Dangote, while speaking at the Africa CEO Forum Annual Summit in Kigali, Rwanda, revealed that his refinery, the largest in Africa, can fulfil Nigeria’s fuel demands and supply fuel to West Africa and Central Africa starting this June.

“Nigeria shouldn’t import anything like gasoline; not one drop of a litre. We have enough gasoline to give to at least the entire West Africa, and diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico,” he said.

This reduction in production marked the fourth consecutive year of dwindling annual output volumes since 2010. In specific figures, Ghana produced 48,247,036.61 barrels of oil in 2023, a notable decline from 51,756,481 barrels in 2022, the report indicated.

This downward trend commenced after the peak production year of 2019, which saw a total of 71,439,585 barrels. Subsequent years witnessed declines to 66,926,806 barrels in 2020, 55,050,391 barrels in 2021, and 51,756,481 barrels in 2022, local media Graphic Online reported.  

Ghana's crude oil is predominantly sourced from three main fields: Jubilee, TEN, and Sankofa Gye-Nyame (SGN). Jubilee Field, operational since December 2010, has historically been the largest contributor to production. 

However, according to the report, in 2023, it accounted for 63% of total crude oil production, yielding 30,444,217 barrels. SGN and TEN fields contributed 23% (11,086,541.61 barrels) and 14% (6,716,278 barrels) respectively.

In contrast, the report disclosed a slight increase in gas production. Reporting a total of 255,171.97 million standard cubic feet (MMSCF) of raw gas in 2023, comprising both Associated Gas (AG) and Non-Associated Gas (NAG) was produced, reflecting a modest increase of 0.64% from 253,555.05 MMSCF in 2022.

"The first oil production will start in the fourth quarter of 2025. The timeline for the construction of the oil pipelines, including manufacturing, is 14 months, which brings us to the fourth quarter of next year," said Rukundo.

By the end of 2023, a total of $7.5 billion (approximately Shs28.1 trillion) had been invested in Uganda's oil sector. Rukundo projected that an additional $15 billion (about Shs56.3 trillion) will be invested over the next 25 years of production.

"The government revenue from the sector; over $1.3 billion (about Shs4.9 trillion) was generated in tax revenue before First Oil. The sector is forecasted to generate between $1 billion (Shs3.8 trillion) and $2.5 billion (Shs9.4 trillion) annually, on average, after First Oil," Rukundo added.

Significant investments have also been made in local companies and workforce development. Contracts worth more than $1.8 billion (Shs6.8 trillion) have been awarded to Ugandan companies, and over 14,000 Ugandans have been trained and certified in various oil and gas disciplines, according to the Daily Monitor .

Uganda first announced the discovery of commercial oil reserves in 2006 and has since undertaken numerous initiatives to commercialise its gas and oil resources. In 2022, President Yoweri Museveni led an agreement ceremony in Kampala to finalise investment decisions in the nation’s oil and gas sector, a move expected to create 160,000 jobs.

Dangote said that his refinery can also provide fuel for Africa's aviation demands, declaring that his country, Nigeria has no reason to import gasoline from any part of the world from June.

"Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre. We have enough gasoline to give to at least the entire West Africa, and diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico,” he is quoted by Nigerian media Punch Newspaper .

The Nigerian billionaire explained that it is not normal for Africa to continuously import from other continents when the region has enough raw materials to make it self-sufficient.

“Today, our polypropylene and our polyethene will meet the entire demand of Africa and we are doing base oil, which is like engine oil, we are doing linear benzyl, which is raw material to produce detergent. We have 1.4 billion people in the population, nobody is producing that in Africa. “So, all the raw materials for our detergents are imported. We are producing that raw material to make Africa self-sufficient. As I said, give us three or a maximum of four years and Africa will not, I repeat, not import any more fertilizer from anywhere. We will make Africa self-sufficient in potash, phosphate, and urea, we are at three million tonnes and in the next twenty months, we will be at six million tonnes of urea which is the entire capacity of Egypt. We are getting there,” he added.

Dangote refinery, commissioned in Nigeria in February, has since made efforts to improve the availability of fuel in the country. The refinery is reported to be Africa’s biggest oil refinery and the world’s biggest single-train facility and produces 650,000 barrels of gasoline per day.

“Our capacity is too big for Nigeria, but it would also supply West Africa, Central Africa and South Africa. We have 650,000 barrels per day, 1 million tonnes of polypropylene, we have 590,000 carbon black, that is the raw materials ink, dyes and co. We are expanding more. This is the first phase and we are going out to the next phase which will start early next year,” Dangote said.

Sanctions against Venezuela have returned with renewed force. The U.S. government announced on Wednesday the reinstatement of sanctions targeting the energy sector in Venezuela, citing the failure of the Chavista regime to deliver on its promise of holding free elections. According to Lagrada , the temporary six-month license (General License 44) granted by the U.S. for the country to sell oil and gas on international markets expired the same night as the announcement. The countdown to the final date for companies to fulfil their contracts has begun, with the deadline set for May 31st. After this date, all sales must be completed, and comprehensive isolation will resume. While the U.S. government acknowledges that President Nicolás Maduro has fulfilled some election-related promises, such as updating the census and voter registrations, the official American stance is that many promises remain unfulfilled.

India to curb Venezuelan crude imports

India is expected to stop importing Venezuelan crude once U.S. sanctions are reinstated. This comes as a result of Washington's decision to ease sanctions on Venezuelan oil trade for six months. This move makes India one of the largest buyers of Venezuelan crude, reports Trade Winds . US sanctions on Venezuela have been in existence since the Trump administration. In light of the escalating human rights violations and pervasive corruption under the leadership of Nicolás Maduro, who has held power since 2013, the Trump Administration broadened U.S. sanctions. These measures now encompass financial restrictions, sectoral sanctions, and penalties targeting the government.

HPV vaccines scarcity

Venezuela has failed to provide the promised HPV vaccines amidst the lack of adequate sex education. According to Medical Xpress , this has resulted in a lack of awareness and access to the vaccine, leading to a high rate of HPV infections and cervical cancer. Accurate health care data in Venezuela is scarce, rendering it nearly impossible to determine the prevalence of HPV infection or the extent of vaccination coverage, whether through private means or by non-governmental organisations. The World Health Organisation's estimates on HPV vaccine coverage leave a void where Venezuela is concerned. This comes back to the government's failure to prioritise sexual and reproductive health, along with economic challenges, as the contributors to this problem, adds Medical Xpress.

Crypto for oil sales

According to Reuters , Venezuela has turned to cryptocurrency for its oil sales following new sanctions imposed by the U.S., a development that raises concerns for many. The most recent update from the Venezuelan state oil company PDVSA indicates plans to further explore cryptocurrency transactions for oil exports. A report by Venezuelan opposition figure Leopoldo Lopez, in collaboration with Kristofer Doucette, highlights the importance for democratic authorities to address the misuse of Venezuelan cryptocurrency under Nicolás Maduro's administration. Doucette, a national security expert at Chainalysis, emphasized the necessity of implementing robust anti-money laundering measures.

Presidential elections audit

Venezuela has started audits for the upcoming presidential elections, with the programme running until August 5th. Prensa Latina reports that the first phase will end on May 10, and the elections are scheduled for July 28th. Both national authorities and international experts view this evaluation and control process as a cornerstone of the Venezuelan electoral system, acknowledged as one of the finest in both Latin America and the global arena.

Over 500,000 unregistered SIM cards have been suspended in Namibia. Citizens with suspended SIM cards risk permanent loss by the end of June. According to ITWeb Africa , users must register by June 30 to prevent permanent loss. The Ministry of Information and Communication Technology issued a cautionary statement after mobile operators met the government's deadline to deactivate non-compliant clients by March 30. As a result, thousands of unregistered SIM cards were suspended across various networks. The registration process has, however, been contentious, with some claiming it's a government attempt to monitor residents' activities.

Cough syrup controversy

Namibia is reported to be unaffected by the Benylin paediatric syrup recall after the South African Health Products Regulatory Authority identified high levels of diethylene glycol in certain batches. The Namibian reports that Kalumbi Shangula, the Minister of Health and Social Services, has assured that the Benylin pediatric syrup is presently not registered in Namibia. Other African countries like Tanzania and Zimbabwe have recalled the affected batches as a precaution. Diethylene glycol is toxic and has been linked to recent deaths in Cameroon and The Gambia.

Oil investments

Namibia is considering a significant oil discovery off its shores with a potential final investment decision by 2024. TotalEnergies SE and Shell Plc discovered an estimated 11 billion barrels of crude oil in the waters off the southwest African nation's coast in 2022. The estimated 11 Bbbl of crude oil could greatly impact the country's economy. Additionally, a sovereign wealth fund has been established to manage the potential revenue, Bloomberg reports . The nation is also considering joining OPEC+ once the commercial viability of the discovery is confirmed.

Big energy sector moves

Namibia plans to invest potential oil revenue into a sovereign wealth fund and is awaiting confirmation on the commercial viability of recent oil discoveries. The government aims to ensure sustainable and beneficial investments for long-term economic growth, reflecting Namibia's commitment to responsible resource management. Freight News posits that Total Energies and Shell's recent oil discoveries off the southern coast of Namibia have spurred the initiation of a sovereign wealth fund. This signifies a strategic step by the government to manage and distribute the expected oil revenue proficiently. Energy development also has the potential to impact Namibia's GDP.

Global African Hydrogen Summit in Namibia

The Global African Hydrogen Summit will be held in Windhoek, Namibia from September 3-5 2024. The summit aims to drive investments into African green energy projects and will feature prominent speakers and projects from countries across the continent. In a KZN Industrial & Business News report , the event will focus on developing the thriving hydrogen market, building partnerships, stimulating investment, and fostering green industrialisation. It will also highlight the potential of renewable hydrogen to provide energy security and decarbonize various sectors. The Government of Namibia fully endorses the summit which will include a strategic conference, investment roundtables, and an international exhibition.

The country's vast reserves of natural gas, estimated at approximately 896 trillion cubic feet, position it as a global leader in the industry, holding 14% of the world's known reserves, according to Tavakoli.

"While Qatar remains a notable oil producer, it has strategically prioritised the development of natural gas, especially for liquefied natural gas (LNG) export," Tavakoli said.

He emphasized LNG's crucial role in Qatar's energy strategy, leveraging lower production costs and a strategic location to become a preferred supplier.

Tavakoli pointed out Qatar's advantage over the United States in accessing higher growth markets, particularly in Asia. He noted challenges for the U.S. in competing with Qatar due to higher production and transportation costs, exacerbated by delays in LNG terminal licensing.

“Qatar's strategic location is closer to a higher growth market compared to the United States. The United States has faced a significant backlash by delaying the issuance of new licenses for a new LNG terminal for environmental review. However, the United States seems to be focusing only on the European market. This shift may prove challenging for the United States to compete with Qatar in the Asian market, primarily due to the higher prime cost and transportation cost attributed to the distance factor,” he said.

The competitive edge extends to liquefied petroleum gas (LPG) production. At $66.9 billion, Qatar's top-ranked export in 2022 was petroleum gas. The Persian Gulf state also ranked as the fifth-largest exporter of petroleum in the world that same year with the top five countries to receive petroleum gas exports from Qatar being India ($12.6B), China ($12.3B), South Korea ($7.39B), United Kingdom ($7.31B), and Belgium ($5.37B).

Amid the growing emphasis on renewable energy sources, experts underscore the enduring importance of natural gas due to its reliability and cost-effectiveness, according to Tavakoli’s insights.

He claims Qatar's strategic foresight and efficient utilisation of financial resources have catapulted it to the forefront of the global energy landscape. He adds that Qatar could take over a substantial market share of 24-25% by 2030.

In February, Qatar announced plans to ramp up capacity to 142 million tonnes per annum by 2030 from the offshore North Field, the world's largest natural gas production site.

The expansion, known as North Field West, will add 16 million tonnes of LNG annually, as reported by Qatar’s Energy Minister Saad Sherida al-Kaabi, who also heads the state-owned company QatarEnergy.

Al-Kaabi highlighted recent studies indicating significant additional gas quantities in the North Field, raising Qatar's gas reserves to over 2,000 trillion cubic feet, and solidifying its global natural gas powerhouse position.

India has paused purchases of crude oil from Venezuela as the U.S. sanctions waiver on Venezuela’s oil exports is set to expire. Indian refiners, including Reliance Industries and Indian Oil Corporation, have suspended purchases to avoid complications if sanctions are reimposed. The waiver, in place since October, allowed for trade with Venezuela's oil. India, the world’s third-largest crude oil importer, had resumed imports from Venezuela in December after the U.S. lifted most sanctions.

Opposition blocked from election registration 80-year-old Corina Yoris, Venezuela's main opposition candidate, was blocked from registering for the presidential election in July. This comes after the opposition leader, María Corina Machado, was also barred from running. Despite attempts to register Yoris's candidacy, the opposition coalition was unsuccessful. President Nicolás Maduro, on the other hand, had no problems registering for a third term, according to the BBC .

Maduro files candidacy

Venezuelan President Maduro filed his candidacy for the July presidential elections, seeking a third term. His party officially selected him, with over 4.2 million party members choosing him in a primary election. He emphasized his commitment to defending the country's independence and freedom. "I accept the mandate given to me by the people to tackle new challenges," Maduro told supporters. Maduro, 61, has been in power since 2013 and was re-elected in 2018 in polls criticised by the international community.

Migration agreement with Mexico

Mexico has signed an agreement with Venezuela to deport migrants and reached deals with Mexican and Venezuelan companies to employ them. There are 4,000-5,000 Venezuelan migrants currently stranded in Mexico, mostly in the city of Tijuana. According to Mexican media , the Mexican government will give migrants around US$110 a month and the opportunity to work for different companies in both countries. This measure has raised protests from millions of Mexicans who do not agree with giving away millions of dollars to foreigners.

Essequibo Law

President of Venezuela Nicolas Maduro plans to issue decrees to protect Venezuelan territorial integrity once the Law for the Defense of Guayana Esequiba comes into force. The Law, which was unanimously approved by the Venezuelan National Assembly on March 21 now awaits President Maduro’s signature before entry into force. "As soon as that happens, we will issue decrees to strengthen our country's struggle for the recovery of the Guayana Esequiba, which is part of the Venezuelan territory," Maduro said. The law aims to strengthen the country's struggle for the recovery of the disputed territory from Guyana. The Essequibo region is rich in natural resources and has been a point of dispute between the two countries for over a century. The law also creates the state of "Guayana Esequiba" and nullifies the Paris Arbitration Award in favour of Guyana, local media Telesur reports.

According to energy expert Dean Tavakoli, China is a chief beneficiary of the sanctions on Iran and Russia as they enjoy discounted prices on the crude they purchase from the sanctioned countries.

“U.S. and China I don't see in this sector. They are not competitors because the US is the producer and the Chinese are the buyer… In the past few weeks we have seen U.S. vessels [carrying] natural gases going towards China. U.S. policies are in advantage of the Chinese buyers because of the sanctions.

“You see, the Iranian sanction has been there for the past few years that they have to sell their crude with major significant discounts to China. And now we have added cheaper Russian crude for the Chinese market. When the Chinese purchase at the lower price point, whatever product they are going to make, their major trade partner is America. So all this is going to go back cheaper to America. In an indirect way, Americans are dampening the inflation rate with these sanctions and the relationship and policies that they have on the energy sector,” he told GSW in an interview.

In 2022, U.S. oil companies sold more than 83 million barrels to China. In 2023, the trend went up with oil exports to China through April totaling more than 76 million barrels.

The U.S. Senate in mid-2023 overwhelmingly passed an amendment to an annual defense bill that would ban exports to China of oil from the Strategic Petroleum Reserve.

Dean Tavakoli also explained how Saudi Arabia has replaced sanctioned Iran to become the main exporter of crude oil to China.

“Iran is no longer a key player. It's more like a participant in this market. And, because you need excessive investment in the energy sector to keep up production and when there is no foreign investment or there is no transfer of new technology to any country then their production facility is going to get old and they're not going to be able to keep up. Nowadays, with around 1 million to 1.1 million barrels a day exports from Iran to China, it's more like a noise to Chinese market because the total of the production is less than what is sold to China. That is around 10% of the Chinese need.

“Iran is not going to be able to produce a lot. And now a major relationship is being formed between China and Saudi Arabia. You can see that the Saudis are going to invest heavily in the Chinese energy sector. They are going to build the Petro refinery in [China] so they only need to ship the crude, as they feed to this Petro refinery, and they can sell the final product at the destination of the market,” he said.

Dean Tavakoli is a senior executive who possesses over a decade of extensive global quantitative investment experience. He has recently held multiple roles as the leading management figure of Sea Enerji while also serving as a strategic advisor for the Middle East Oil and Gas. Read his latest publication titled Crude Oil, new landscape .

Watch the interview below

“It goes all the way back to 1970s when the OPEC had an embargo on Western countries. The U.S. started to rethink their energy policy... They started working on fracking and a new technology on drilling to be able to distract this unconventional reserve they had.

“Fast forward, now that the U.S. is not the net importer and is one of the main and actually larger than Saudi Arabia at the moment as a crude producer, they need to have a market. I'm not saying this as a conspiracy theory, but all the data are pointing to this because, one, Russia cannot export anything to Europe,” he said.

Dean Tavakoli, the CEO of Sea Enerji, a petrochemical trading company based in Turkey, also highlighted the effect of the “complicated” relationship between the U.S. and China which has affected their market in Asia but created a monopoly for crude oil export to Europe.

“The second thing is, now that we have this new producer, United States, they need to have a market. What's the best market that they can participate in? Very slowly, but, steadily, they start exporting to China. But because their relationship is very complicated, I don't think both countries are very keen to have a major relationship in the energy sector. And then the next main importer is India. But then India has a disadvantage of distance and logistics. So the only market that was left for American producers to be able to participate was the European market,” he said.

He explained the dynamics of the sanctions on Iran and Russia and how it favoured the United States in its quest to become a major crude oil exporter.

“If you look back then, Iran as one of the main producers was sanctioned. None of the European countries can purchase crude from them. There was only one competitor left for the United States and that was Russia. I'm not saying there was any coordination, but the way the events happened was largely in favour of the American producers. They started selling crude oil to Europe. They started selling natural gas to Europe. They would make double the profit. They would increase their prices by 200%.

“If you look at whoever is left in OPEC, even Saudi Arabia has reduced their export to Europe. They noticed that this shift is happening and they don't want to face challenges, that’s competition with the U.S. They are now shifting to the Asian market and their main reward in the crude market is China and India. And then, there is enough room for other producers to be able to sell to the Chinese market and the Indian market as they leave the European market for America,” he said.

Dean Tavakoli believes OPEC has lost its power in the market and the U.S. dominance will be sustained for the next decade.

“I think the most important thing is that OPEC is dead, from the point of view that we don't have a strong relationship between OPEC members anymore. And, countries are leaving OPEC… Now Americans are heavily investing in their energy sector… Now the only major OPEC members are Saudi Arabia, Iraq and Kuwait. Iran and Venezuela are not even close based on the production numbers, and there are rumours that the UAE might leave, OPEC very, very soon. So we don't have OPEC anymore.

“What I see is that we will see a big presence of America in the energy sector and, all these, minor, I mean, minor situations will keep the prices as high for a very long time but not high enough… We will see this domination from America for the next decade or so,” he added.

In 2023, U.S. crude exports surged pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows.

U.S. crude exports have averaged 4.08 million barrels per day so far in 2023, up from an average of 3.53 million bpd in 2022, according to the Energy Information Administration.

Dean Tavakoli is a senior executive who possesses over a decade of extensive global quantitative investment experience. He has recently held multiple roles as the leading management figure of Sea Enerji while also serving as a strategic advisor for the Middle East Oil and Gas. Read his latest publication titled Crude Oil, new landscape .

Watch the interview below

What they said

“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas position. It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium. Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director.

“The fresh one million barrels of crude was the fourth consignment to be delivered to the Dangote facility out of the six million barrels of crude expected by the world’s largest single-train refinery,” a statement from Dangote Refinery read in par t.

The Managing Director of Dangote Ports Operations, Mr. Akin Omole, informed reporters at the Dangote Quay, Ibeju-Lekki, Lagos, that the refinery is expected to receive approximately four million crude shipments by the conclusion of 2023. He indicated that the remaining two shipments are anticipated to arrive in early January 2024.

This comprehensive crude supply is a crucial step for the refinery, positioning it favourably to commence operations. Upon the successful delivery of the six million barrels, the refinery will initiate its operations, starting with the production of diesel, aviation fuel, and LPG before progressing to the production of Premium Motor Spirit (petrol).

The Dangote Petroleum Refinery is designed to handle 100% Nigerian crude while also possessing the flexibility to process various other crudes and boasts a daily processing capacity of 650,000 barrels. The refinery has the capability to process a wide range of African crude grades, Middle Eastern Arab Light, US Light tight oil, and crude from other countries.

He said that 650 to 900 tonnes of oil are extracted from these wells daily and a portion of the income is spent on development projects.

Currently, 15 wells are operating but the number is expected to increase in the future.

He claimed that the cost of building the Sultan Ibrahim dam will be financed by profits from oil extraction ventures, and the project will be launched in April next year.

Chinese influence

Local media Independent Persian reports that during a visit to the Qashqari oil field, in late November, the Taliban governor ordered the Taliban forces to cooperate with the employees of the Chinese contractors operating wells to ensure security.

The Taliban is worried that the Khorasan branch of the Islamic State or their military opponents will make the oil-rich Qashqari region unsafe, the report added. 

During the two decades of war and insurgency against the former government of Afghanistan and its Western allies, the Taliban were accused of making a great deal of effort to make various projects in the country unsafe and were allegedly extorting money from project contractors, Arab News revealed.

In January 2023, the Taliban handed over the extraction of the Qashgari oil field and other Amu Darya oil fields in Jawzjan and Faryab provinces to a Chinese company called Xinjiang Gas and Petroleum in Central Asia (CAPEIC) under a 25-year agreement.

It is estimated that the capacity of the Amu Darya oil region is 87 million barrels. 20% of the income from oil field resources goes to the Taliban.

The process of extracting oil from the Qashqari oil field started in July of this year and initially, the capacity of extraction was 50 tonnes of crude oil in one day. The Chinese company was able to increase the level of oil extraction.

With the overthrow of the previous government in August 2021, the Taliban started a massive campaign to attract foreign investors in the mining sector, and among these, Chinese companies showed great enthusiasm for investing in this sector. Various Chinese delegations travel to Afghanistan to meet with senior Taliban officials.

The Taliban regime has entrusted the mining of the Aynak copper mine in Logar province, the largest copper mine in Afghanistan and the second copper mine in the world, to China.

China owns a large part of Afghanistan's consumer market, and it is believed that with the continuation of the Taliban regime, China's role in the country's economy will become more prominent.

Contractual risks

The Taliban regime was able to dominate Afghanistan by resorting to the military option and signing an agreement with the United States of America on February 29, 2020.

This Islamist extremist group is accused of monopoly of power and violation of human rights, especially of women.

The Taliban government has not been recognized by any country yet, therefore signing the contract for extracting Afghanistan's mines is not legal and has no legitimacy, and it will not hold if the Taliban regime is overthrown.

The daily production of oil in the mountainous area of Gabar in Sharnaq reached 30 thousand barrels per day, announced the Turkish Oil Company in a post on the X social network. It stated in the post: "The daily production of oil from a total of 23 wells that we opened in Sehit Asma Tashvik and Sehit Aybuke Yalchin fields in the mountainous area of Gabar Sharnaq has reached 30 thousand barrels. The target for the end of 2023 is 35,000 barrels of oil per day and for the end of 2024, 100,000 barrels of oil per day."

Eurofighter jet sale

Turkey's Minister of National Defense criticized Germany's attitude in avoiding sales of Eurofighter jets. Guler who spoke on a private TV channel regarding the process of buying the Eurofighter planes criticized Germany's attitude stating: “There is no justification for one ally to tell another ally that it does not offer (Eurofighter Jets).”

Calls for Turkish government support in Gaza

The President of the National Assembly of Turkiye has called for a new era to begin in Gaza guaranteed by the Turkish government. In his opening speech, the Speaker of the National Assembly of Turkey pointed to the human tragedy in Palestine and emphasized that serious crimes against humanity are being committed by Israel in the Palestinian territories. "A new system is needed to prevent human rights violations," said Kurtulmus, stating that the United Nations has become an organization that exists only on paper. He hoped that Turkey could play the role of a guarantor so a new era would begin for the people of Gaza.

Turkey - Greece collaboration

According to the report of the Turkish Presidential Investment Office, in an effort to increase the country's share in global investments, an agreement has been signed between Turkey and Greece to increase mutual investments between the two countries. According to the agreement, Turkey and Greece will start a new period of cooperation in the field of international direct investments. Also, the agreement includes increasing mutual investments and cooperation between Turkish and Greek companies in third countries. The agreement was signed during the visit of Turkish President Recep Tayyip Erdogan to Athens last week.

What they said?

The ICJ in a statement on December 1 said, "Pending a final decision in the case, the Bolivarian Republic of Venezuela shall refrain from taking any action which would modify the situation that currently prevails in the territory in dispute, whereby the Co-operative of Republic of Guyana administers and exercises control over that area…Both Parties shall refrain from any action which might aggravate or extend the dispute before the Court or make it more difficult to resolve." President Nicolás Maduro in a statement after the referendum also said, “We have carried out a political exercise with a capital "P", for Patria; a generous exercise of love for Venezuela. Today, Venezuelans unite, above differences, around political alternatives for our country. One voice: Essequibo is ours.”

About 15 persons have been killed while several dozen have been displaced in Kenya following recent heavy rains in parts of the country. While the northeastern part of the country is the most affected, the Kenya Meteorological Department warns that nearly half of the 47 counties in the country are at risk of being submerged, VOA reports . Several residents running into thousands in Garissa have been displaced. Among the reported losses are livestock, businesses and farmland.

Ruto’s first State of the Nation address 

Kenya’s President William Ruto per his constitutional mandate addressed the nation on three main areas – national security, national values and governance and the country’s international obligations. Amongst others, Ruto pledged to commence the rollout of fibre optic connectivity, with free Wi-Fi spots by the end of 2023, the Nation reported. Ruto further pledged his government is working to settle the first instalment of the country’s US$2 billion dollars Eurobond debt in December and promised to streamline future recruitment into Kenya’s security forces.

Fuliza patronage soars

About 100,000 more Kenyans have turned to Safaricom’s overdraft facility, Fuliza, amidst the country’s economic struggles. The Star reports that  according to Safaricom’s income report for the first six months to September 30, Fuliza subscribers rose to 7.5 million from 7.4 million a year ago. Despite facing financial strain, borrowers demonstrated improvement in loan repayment during the review period, with the total repayment value reaching Sh400.8 billion, a significant increase from the previous Sh304.6 billion.

Exam malpractice

Top Kenyan education officials and teachers have been arrested for their involvement in various forms of examination malpractices in the ongoing Kenya Certificate of Secondary Education (KCSE). According to local news portal The Nation , some of the key perpetrators implicated in the scandal include principals of Gekomoni Secondary School, Nyambaria High School, and Sironga Girls Secondary School.

Fuel stations close down

Fuel stations in parts of Kenya have closed down due to a decline in sales. In Kakamega town, The Standard confirms that Fralet Petrol Station and Evolving Petrol Station at Lurambi are empty. The country’s Energy Cabinet secretary, Davis Chirchir has attributed the phenomenon to the Isreal-Hamas war while warning of a further surge in price per litre.