The price competition within the downstream oil sector persisted on Thursday as the Dangote Refinery discreetly implemented a price reduction at its loading gantry, lowering the cost of petrol loading from N825 to N815 per litre.

This marks the third time in 2025 that the Dangote Refinery has reduced the loading cost of petrol, following previous adjustments on February 1 and February 26.

The new pricing structure introduced on Thursday was reportedly met with enthusiasm by oil marketers, who consequently chose to bypass private depot owners and began sourcing their products directly from the refinery.

This N10 reduction in price is also expected to elicit a competitive response from private fuel depots, which may lower their prices to retain their market share.

On Tuesday, the landing cost of imported petrol in Nigeria decreased to N774.72 per litre, with industry analysts suggesting that the ongoing decline in prices could result in a reduction of pump prices to approximately N800 per litre.

The overall cost, which encompasses various expenses such as shipping, import duties, and exchange rate fluctuations, has led retail marketers to favour importation over sourcing products from the Dangote Refinery.

It was speculated that the landing cost could potentially reduce the pump price to N800 per litre, a factor that may have influenced the refinery’s decision to implement a recent price reduction.

In response to this development, depots in Lagos have begun adjusting their prices, with selling rates now ranging between N820 and N839 per litre to align with the refinery’s revised pricing.

Nigeria’s largest telecom operator, MTN, has issued a public apology to its customers following widespread complaints about a sudden 200% increase in the price of its popular 15GB data bundle.

The price hike where internet subscribers will have to pay N6,000 for a 15GB weekly data plan which is a 200% increase from the previous N2,000, took many customers by surprise, and led to an outrage from customers on social media on Wednesday.

In message shared on social media on Thursday, MTN in an informal, conversational tone acknowledged the frustration of its customers, and sought to address the growing discontent among users who had grown accustomed to the affordable rates previously offered.

The message read, “To our 15G digital bundle lovers. You dey vex. We know. We know how upsetting it must have been to suddenly wake up to a 200% increase on your favourite digital bundle.

“We could share several reasons, and provide explanations, but omo, all that one na story. We don cast. We get it and admit it. Let’s just say na mistake.”

MTN continued the apology by urging customers not to stay angry saying, “In this love season, don’t stay angry with us. Please forgive and forget. You matter die and we will never stop showing you how much. Let’s continue our relationship. Thank you for your understanding.”

For now, only MTN has increased prices, but Airtel and Globacom are expected to follow after the Nigerian Communications Commission approved a 50 percent tariff increase in January.

The Nigeria Labour Congress has, however, condemned the implementation of a 50 per cent tariff hike by telecommunication companies, demanding an immediate reversal.

Pi Network is set to officially transition to its Open Network period of Mainnet at 8:00 AM UTC on February 20, 2025.

The launch is coming after years of anticipation and delays even as participants kept hope alive and continued with mining activities on the network.

The launch marks a significant milestone in the platform’s development, a testament to the dedication of the entire Pi community. After six years of hard work, the Pi community is now one step closer to realizing its vision of creating the world’s most inclusive peer-to-peer ecosystem.

The platform’s native token, Pi, is now ready to power a real-world utility-driven ecosystem where millions of identity-verified Pioneers can engage with the cryptocurrency in meaningful ways.

Pi Network has exceeded expectations, reaching 10.14 million Mainnet migrations, surpassing the original goal of 10 million. This milestone demonstrates the commitment of the community and sets the stage for the next phase of the network, with over 19 million verified Pioneers. As Pi prepares to open its utilities-driven ecosystem, the network will allow these Pioneers to utilize Pi in real-world applications, enhancing the platform’s utility and global reach.

On the launch day, the Pi Network team will provide further details about the Open Network. For now, the community is encouraged to reflect on the progress Pi has made over the years. The journey to the Open Network has been marked by important phases, with each one building on the previous to ensure the network’s growth and sustainability.

The Mainnet Phase 3, which began in December 2021, started with the launch of the Enclosed Network period. During this time, Pi was live, but a firewall prevented external connectivity. This phase provided essential time for Pioneers to complete their Know Your Customer (KYC) process, developers to build apps, and the Core Team to release updates and improve network features.

A crucial milestone came in March 2022, when a new mining rewards issuance formula was introduced. This formula employed a declining exponential model designed to ensure a balance between network growth, scarcity, and rewarding Pioneers for their contributions. In July 2024, the Grace Period was enacted, offering more time for Pioneers to complete their KYC while maintaining urgency for migration. During this period, verified Pioneers who obtained Pi on Mainnet were able to engage in transactions within the network, which was further showcased during PiFest 2024. The event saw more than 27,000 sellers and 28,000 test merchants from 160 countries, with over 950,000 Pioneers participating.

The Open Network launch will introduce external connectivity, enabling Pi to interact with other compliant systems and networks. This will open up new opportunities for Pioneers and businesses. As part of this transition, Pioneers will be able to engage in transactions beyond the Pi ecosystem, further increasing Pi’s reach. Initially, only select Pioneers with strong historical contributions and high reliability scores will be invited to migrate their nodes from Testnet to Mainnet. Node rank data will be made public in due course.

To maintain a secure ecosystem, participation in the Mainnet blockchain will require KYC verification for individuals and KYB (Know Your Business) verification for businesses. Pi Network aims to be a safe Web3 space where verified individuals and businesses can interact seamlessly. Businesses will be able to apply for KYB verification, and once the Open Network launches, Pioneers can view a list of verified businesses on the Pi website.

As Pi Network enters the Open Network period, several conditions must be met. These include the completion of all necessary tech, product, business, and legal work. The network has successfully met all the required conditions, including surpassing the goal of 15 million identity-verified Pioneers, with 19 million Pioneers now verified. Additionally, over 10.14 million Pioneers have already migrated to Mainnet, and more than 100 Mainnet-ready apps are now available, exceeding the 100-app goal set for the launch.

Pi Network has officially reached all the conditions needed for the Open Network launch, and there will be no further delays due to external factors. Pioneers are encouraged to complete the KYC and Mainnet migration processes and to engage with Pi apps through the Pi Browser to help foster the development and utility of the ecosystem. Community developers are also urged to create new apps and refine existing ones to meet the network’s standards and contribute to Pi’s long-term success.

The Open Network period will bring new opportunities for both Pioneers and developers. Pioneers are urged to continue mining and making contributions to the network. They should also engage with Pi apps and support local commerce by using Pi for peer-to-peer transactions. Developers are encouraged to improve their existing Mainnet apps and develop new solutions that address the needs of the Pi community. As Pi Network enters this exciting new phase, all members are invited to collaborate to drive innovation and ensure the platform’s sustainability and growth.