Iran war: Oil Price Hits $100/barrel with fuel prices in Nigeria expected to increase dramatically Oil prices on Thursday, July 23, hit $100 a barrel following reported attacks on vessels in the Red Sea.Brent crude, the global oil benchmark, rose by 6.9 percent to $100.6 a barrel, while US West Texas Intermediate (WTI)…
…As Nigeria’s domestic aviation market becomes increasingly competitive, rising fuel prices and currency pressures will continue to punish inefficient fleet deployment. Airlines that match capacity to demand, optimise operating costs and invest in appropriate aircraft will be better positioned to survive and grow. Overl…
…$71 when the United States and Iran signed a ceasefire agreement in June, bringing down fuel prices. The resumption of strikes between the United States and Iran as well as the reclosure of the Strait of Hormuz prompted a sharp rise in oil and fuel prices.
…litre amid global crude oil surgeAnalysts warn that rising import costs will increase fuel prices, straining consumers already facing inflationIPMAN calls for urgent reassessment of fuel import licences to prevent further price hikes and naira pressureFind it fast with our new search feature at Legit.ng! Pascal Oparada…
…players adopt to shield Nigerians from the impact of future geopolitical disruptions on fuel prices and energy security? It is unfortunate that Nigeria suffered the most from this crisis, in terms of high prices at the pump, and I would say that the operators took advantage of the rising prices of refined products and…
…costs.Fresh Petrol, Diesel, LPG Shipments Land in Nigeria as Dangote Disruption Pushes Fuel Prices Higher>According to the latest tanker position report monitored by Petroleumprice.ng, several major downstream operators, including Nipco, Ardova, NLNG, PPMC, AYM Shafa, Matrix Energy, Prudent Energy and Pivot Energy, are…
…disconnected from the international benchmarks that traditionally determine jet fuel prices. He said despite movements in the global oil market, domestic aviation fuel prices have not adjusted in line with international market realities. According to him, “It is still not in line with global Platts that dictates the av…
…This imbalance has continued to expose African economies to volatile international fuel prices, high transportation costs, and foreign exchange pressures. The proposed Kenyan refinery is therefore expected not only to strengthen East Africa's energy security but also to deepen regional trade in refined petroleum produc…
…the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, insisted that fuel prices in a deregulated market would be determined by market forces and competition rather than government directives. The minister maintained that the era of government-fixed fuel prices was over, stressing that increased domes…
***Dangote Refinery determines price changes - Marketers ***NLC blames govt for fuel price standoff By Udeme Akpan, Energy Editor, Victor Young, Ediri Ejoh & Obas Esiedesa LAGOS - The Federal Government has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to ensure petroleum market…
…Refinery in two weeks since global prices eased to N125 per litre. Currently retail fuel prices stand at between N1,241 and N1,305 per litre in Abuja and its environs. However, Nigerians are clamouring for a further drop in retail fuel to around N800 and N900 per litre, the rate before the Iran-United States-Israel war…
…gate, the REA is preventing massive food spoilage, shielding farmers from fluctuating fuel prices, and directly anchoring local agricultural supply chains. This initiative also encompasses a 1.3MW pipeline of mini-grid sites built to empower 290 micro, small, and medium enterprises (MSMEs) and serve 49,042 direct and i…
…introduce additional incentives that would support independent marketers and help keep fuel prices affordable for consumers. "Fuel distribution affects every sector of the economy. When fuel prices rise, transportation costs increase and inflation spreads across society. "Government policies should therefore focus on p…
By Dickson Omobola Minister of Aviation and Aerospace Development, Festus Keyamo, has disclosed how Governor Alex Otti of Abia State rejected a Federal Government plan to build an airstrip in the state and instead opted for a full-fledged international airport. Keyamo also revealed that negotiations were ongoing for th…
…reported that Dangote Refinery-backed MRS filling stations, on Friday, reduced their fuel price by N76 to N1,241 per litre. The domestic fuel price reduction followed Dangote Refinery’s cut in the price of petrol at the gantry to N1,175 per litre after a global drop in crude oil prices. Crude oil prices stood at $76 an…
…wage, and a series of infrastructure projects as evidence of delivery. Critics note that fuel prices have risen by 463 per cent and food prices more than doubled in the first three years of his tenure, triggering a cost-of-living crisis. What slogan 2027 will carry is not yet fully known. But the issues beneath it - el…
Global oil prices could come under fresh pressure after Iran announced the closure of the Strait of Hormuz, a major shipping route for crude oil exports, raising concerns about possible increases in fuel costs across several countries. Iran on Saturday declared the closure of the strategic waterway, accusing Israel of…
The latest adjustment comes days after the refinery reduced the ex-depot price of petrol.