…for the latest increase in petrol prices. Maigandi explained that fluctuations in global oil prices could cause petrol prices in Nigeria to rise or fall. “The fuel will sometimes go up and down due to the conflict in Iran and the United States,” he told DAILY POST. On his part, Gillis-Harry said the reality was that th…
…sharply to as high as N1,290 per litre, amid a renewed surge in international crude oil prices. The development threatens to worsen the financial burden on households and businesses, with marketers expected to review their pump prices if the latest increase in depot costs persists. The latest mid-day depot price report…
Global crude oil prices have increased significantly in the last 24 hours after the United States launched fresh airstrikes against Iran. A crude oil price survey showed that Brent and West Texas Intermediate (WTI) crude blends rose sharply to $95.49 and $90.71 per barrel, respectively, at the time of this report. This…
…General Secretary Benson Upah said the hike was avoidable given falling international oil prices and Nigeria’s refining capacity. The congress questioned why more domestic crude is not being supplied to the refinery. Read Here: https://punchng.com/nlc-rejects-petrol-price-hike-demands-more-crude-for-refineries/ 3. Kano…
…with some operators adjusting their rates amid concerns over higher international crude oil prices.Data from PetroleumPriceNG showed that AYM Shafa was selling LPG at about N1,050 per kilogramme, while Ardova Plc was listed at N975.NIPCO Lagos and 11Plc were both pegged at around N980 per kilogramme.The development cou…
By Udeme Akpan & Ediri Ejoh Despite a five per cent drop in crude oil prices to $87.31 per barrel from $92, the domestic price of Premium Motor Spirit, PMS, also known as petrol, rose by nine per cent to N1,310 per litre from N1,205 per litre yesterday. Checks by Vanguard showed that MRS, a major downstream player, inc…
Global crude oil prices declined amid speculation over Venezuela’s planned exit from the Organisation of the Petroleum Exporting Countries, OPEC. A crude oil market survey showed that Brent and West Texas Intermediate, WTI, dropped to $88.10 and $83.40 per barrel, respectively, on Saturday morning. This means that Bren…
…competition is expected to emerge. ‘’Several factors, including international crude oil prices, exchange rates, refining costs, transportation, distribution, and other market costs, influence pump prices. Competition can improve efficiency and margins, but it cannot magically insulate Nigeria from global crude oil pric…
…gas, has remained fairly stable in price since July 2026 amid volatility in crude oil prices. DAILY POST reports that cooking gas prices in May and June 2026 rose to as high as N2,000 per kilogram from around N1,200 per kilogram across major cities in Nigeria, including Abuja and Lagos. However, increased imports of LP…
…most major markets in Nigeria between August 17 and 21, 2026, driven by rising crude oil prices and supply concerns around the Strait of Hormuz.Calabar recorded the biggest increase, with Mainland’s price rising by N33 per litre, while Port Harcourt and Lagos also recorded notable increasesDangote Refinery also raised…
…anything else but to register my unflinching support for this crusade… BRIEF HISTORY OF OIL PRICES Today, Tuesday, October 16, 2007, it [oil price] is at an all-time record high of $85 per barrel. Oil producers, who incidentally are also some of the least technologically advanced nations, experience bank accounts burst…
…although both could face pressure from supply shocks, pre-election spending, global oil prices and capital-flow movements. The Central Bank of Nigeria is expected to retain a tight monetary policy stance, with room for gradual rate cuts if disinflation is sustained. PwC said the immediate policy priority should be to m…
…rose across Nigeria's key petroleum hubs on Tuesday, August 11, 2026, as global crude oil prices pushed towards $90 per barrel, adding fresh cost pressure to the downstream fuel market. Data from multiple depots showed widespread price increases in Lagos, Port Harcourt, Calabar, and Warri.Checks by Petroleumprice.ng sh…
…and living costs, particularly as petrol prices remain sensitive to changes in crude oil prices and supply conditions.PAY ATTENTION: From breaking news to viral moments. Follow Legit.ng on Instagram!Dangote-affiliated stations sell above N1,200Several filling stations linked to the Dangote Refinery, including AP, MRS a…
…escalation of conflict in the Middle East, which disrupted air connectivity, pushed up oil prices and increased transport costs. The development is now projected to reduce global tourism growth by 1–2 percentage points below the initial forecast of three to four percent for 2026. The report noted that these dynamics ar…
…as Aradel Holdings and Seplat Energy, whose revenues are largely linked to international oil prices and settled in foreign currency. “The Tinubu administration’s commitment to strengthening investor confidence in the energy sector was further demonstrated through the timely approval of several landmark upstream transac…
…knowledge of the Nigerian economy, stocks, and general market trends.Global crude oil prices recorded one of their steepest single-day drops in recent months on Tuesday, August 4, raising expectations that petrol prices in Nigeria may ease if the decline holds.Brent crude, the benchmark tied to Nigerian oil exports, fe…
…4.2 kilotonnes in June. MEMAN attributed the higher fuel prices to rising global crude oil prices driven by geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz. Although crude prices eased in June, they remained above levels recorded at the beginning of the year. The associ…
…and there will be a deal on nuclear,” he said. Following Trump’s announcement, global oil prices fell on Monday morning in Asia trading. Brent crude oil was down by 4.5% at $83.98 (£62.26), while US-traded oil was 4.6% lower at $80.74 (£59.85). Energy prices have fluctuated since the conflict started on 28 February as…
…African economies continue to battle exchange rate volatility driven by elevated global oil prices, persistent demand for the US dollar and external financial pressures, according to a report by Business Insider Africa.Strong currencies offer economic stabilityA stable currency provides governments and businesses with…
…the war would resolve itself quickly. The protracted conflict has led to soaring global oil prices and rising gas prices in the U.S. There was a brief reprieve from fighting in June when the U.S. and Iran signed a memorandum of understanding outlining the process for talks to end the war. However, in early July, Trump…
…the corresponding period of 2024. The drop was attributed to lower international crude oil prices arising from a global supply glut in the review period. The Central Bank of Nigeria, CBN, made this disclosure in its 2025 Annual report and statement of account released yesterday. The report stated: “Crude oil export ear…
…they cannot see,” he said. He also pointed to reports that higher international crude oil prices had generated an estimated N7.98tn oil revenue windfall for the Federal Government, arguing that increased earnings should ordinarily have reduced the country’s dependence on borrowing. “A government earning windfalls while…
…that had spurred hopes of a return to negotiations appeared to draw to an end, sending oil prices jumping five percent over fears of disruptions to global supplies. On Wednesday, Saudi Arabia and the United States announced strikes on militant bases in Iraq, while US ally Israel accused Iran-backed Hezbollah of a truce…
Global oil prices fell sharply on Tuesday as renewed peace talks between the United States and Iran eased fears of prolonged supply disruptions in the Middle East, with Brent dropping below $84 per barrel after trading above $100 last week. Data from Oilprice.com showed that Brent, the global oil benchmark, declined fr…