The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted circulating rumors of an impending increase in petrol prices nationwide.

The association assured the public that local refineries are now operational, a development that will contribute to a reduction in fuel prices.

In an interview with the Voice of America, Bashir Salisu Tahir, Chairman of IPMAN’s Northwest Chapter, dismissed claims of any plans to hike petrol prices.

He emphasized that none of their members had increased the price of petrol across the country.

Tahir explained, “The market now determines prices, and there is no truth to the rumors of an increase in petrol prices. While diesel prices have risen recently due to market dynamics, they will naturally fall when market conditions improve.”

He added that the resumption of operations at the nation’s refineries is expected to further stabilize and reduce petrol prices.

Beijing on Wednesday said it “firmly opposes” a US move to effectively bar Chinese technology from smart cars in the American market, saying alleged risks to national security were “without any factual basis”.

“Such actions disrupt economic and commercial cooperation between enterprises… and represent typical protectionism and economic coercion,” foreign ministry spokesman Guo Jiakun said, adding: “China firmly opposes this.”

Tuesday’s announcement in the United States, which also pertains to Russian technology, came as outgoing President Joe Biden wrapped up efforts to step up curbs on China, and after a months-long regulatory process.

The rule follows an announcement this month that Washington is mulling new restrictions to address risks posed by drones with tech from adversaries such as China and Russia.

US Commerce Secretary Gina Raimondo said that modern vehicles contain cameras, microphones, GPS tracking and other technologies connected to the internet.

“Cars today aren’t just steel on wheels — they’re computers,” she said.

“This is a targeted approach to ensure we keep PRC and Russian-manufactured technologies off American roads,” she added, referring to the People’s Republic of China.

But Guo slammed the move, telling journalists in Beijing that China would “take necessary measures” to safeguard its legitimate rights and interests.

“What I want to say is that the US, citing so-called national security, has restricted the use of Chinese connected vehicle software, hardware, and entire vehicles in the United States without any factual basis,” he told a regular press conference.

“China urges the US to stop the erroneous practice of overgeneralising national security and to stop its unreasonable suppression of Chinese companies.”

‘Trying to dominate’

The final US rule currently applies just to passenger vehicles under 10,001 pounds (about 4.5 tonnes), the Commerce Department said.

It plans, however, to issue separate rulemaking aimed at tech in commercial vehicles like trucks and buses “in the near future”.

For now, Chinese electric vehicle manufacturer BYD, for example, has a facility in California producing buses and other vehicles.

National Economic Advisor Lael Brainard added that “China is trying to dominate the future of the auto industry”.

But she said connected vehicles containing software and hardware systems linked to foreign rivals could result in misuse of sensitive data or interference.

Under the latest rule, even if a passenger car were US-made, manufacturers with “a sufficient nexus” to China or Russia would not be allowed to sell such new vehicles incorporating hardware and software for external connectivity and autonomous driving.

This prohibition on sales takes effect for model year 2027, and also bans the import of the hardware and software if they are linked to Beijing or Moscow.

The Federal Government is set to release the names of 18 banks owing Nigerian telecom operators nearly ₦200 billion in Unstructured Supplementary Service Data (USSD) charges.

This debt, accumulated over several years, has remained unresolved despite persistent demands for payment from the telcos.

The move, expected to be announced tomorrow, appears to be aimed at compelling the telcos to cease providing USSD services to these banks.

These services enable seamless online banking for millions of customers across the country.

Telcos have also issued threats of a telecom blackout in nine states, intensifying concerns about the implications of this standoff on banking and communication services nationwide.