…being considered as a temporary measure to reduce price volatility amid elevated global oil prices.If implemented, the arrangement could help limit increases in petrol costs while allowing refiners and importers to recover additional expenses under the agreed terms.0. FG announces petrol price cap proposal as NNPC prep…

…information on the factors behind significant price adjustments, including crude oil prices, foreign exchange movements, refining costs, logistics and supply conditions. Beyond demanding transparency, the association proposed the establishment of a Dangote Education Petroleum Trust Fund, known as DEPT-FUND, to provide…

…discussions” with Tehran. Trump’s post on his Truth Social platform followed a surge in oil prices on Thursday driven by media reports suggesting potential new US strikes prior to those elections. “I want to make it clear to everybody that, while Iran is in very bad condition, both economically and militarily, and whil…

…gaining roughly 5%.Petrol prices rise across Warri, Port Harcourt and Calabar as global oil prices surge. Photo: NurphotoImagesAnalysts linked the gains to renewed concerns over tanker movements through the Strait of Hormuz, with maritime security data indicating about a dozen tanker attacks recorded between September…

…on low-income households.” The World Bank also noted that higher international oil prices could provide some support to Nigeria’s fiscal and external accounts through stronger oil earnings. It projected Nigeria’s current account surplus to widen from 4.8 per cent of GDP in 2025 to 6.0 per cent in 2026, before narrowing…

…financial market is structurally unstable. The 2016 recession, triggered by collapsing oil prices, drove inflation to 18.75 per cent, pushed the parallel exchange rate to N500 per dollar, and triggered yet another capital market crisis. Investor confidence has never fully recovered. A market that swung from euphoria to…

…Spirit (PMS), popularly known as petrol. The motorists we’re reacting to the decline in oil prices globally. Dangote Refinery recently reduced its gantry petrol price by N25 per litre, from N1,350 to N1,325, triggering lower retail pump prices at many filling stations across the country. The News Agency of Nigeria repo…

…while a large basket of tomatoes rose from ₦70,000 to ₦80,000 and vegetable oil prices also increased.For Nigerian households, the message is therefore mixed: some food prices are finally coming down, but the relief may depend on the food item, market and location.

…petrol prices across several Nigerian depots following a decline in international crude oil prices, raising expectations of cheaper fuel at filling stations. The latest depot price report by Petroleumprice.ng shows reductions across Lagos, Port Harcourt, Calabar and Warri, with Dangote implementing one of the largest c…

…crude, depot rates fallLegit.ng earlier reported that the latest decline in global crude oil prices is piling fresh pressure on Nigerian refiners and petroleum marketers to reduce petrol prices, raising expectations that motorists could see some relief at filling stations.Crude prices retreated at the weekend after an…

…at near-record lows over the Iran war and a surge in the cost of living fueled by high oil prices. He also reiterated the threat to “annihilate” Iran that he made in his speech to the UN General Assembly last week, despite having previously cast himself as the “president of peace.” “Yeah, I would do that. It’s possible…

…narrowing the gap with the official rate to about N45Rising external reserves and oil prices support the naira, but traders will watch whether gains can continuePAY ATTENTION: Find it fast with our new search feature at Legit.ng! Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investm…

…in profit after tax, to N7.2tn in 2025, despite a decline in revenue amid falling crude oil prices and reduced product volumes. The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, disclosed this on Tuesday in Abuja during a media interaction to present the company’s 2025 audited financial results, achievem…

Crude oil prices rose to $107 per barrel on Monday from $104, before retreating to $105 as Qatar planned fresh talks between the United States and Iran in a renewed effort to end the war and reopen the Strait of Hormuz. According to Reuters, the proposed diplomatic engagement comes amid continued disruptions to oil shi…

…could face renewed pressure to raise petrol and diesel prices after international crude oil prices climbed back above $107 per barrel on Monday, September 28, reversing a week of declines at depots across the country.Brent crude had risen $2.92, or 2.80%, to $107.20 per barrel, while West Texas Intermediate gained $2.2…

…while Moscow had not immediately responded to the claim. Trump’s announcement comes as oil prices continue to rise amid the seventh month of the war involving Iran, adding to concerns over fuel costs and inflation in the United States ahead of the November midterm elections. The US president had on Sunday criticised Uk…

…is a major crude producer, its downstream market remains exposed to international oil prices, freight rates, foreign exchange movements and supply disruptions.A prolonged rise in global crude prices can therefore increase the cost of petrol, diesel and other petroleum products, even when domestic refining capacity expa…

…fresh supplies are brought in.The increases coincide with elevated international crude oil prices. Brent crude was trading at around $107.92 per barrel before moving to $108.21, adding further pressure on the cost of petroleum products and replacement supplies.Motorists face higher fuel costs as petrol prices rise to N…

…programme, Today in the News, Vanguard leads with the surge in international crude oil prices above $100 per barrel which is pushing up petrol prices across Nigeria, with major marketers raising pump prices and creating fresh pressure on transporters, commuters, households and businesses. Another headline features the…

…Here is today’s summary from Nigerian Newspapers: 1. Following the rise in Brent crude oil prices to $104.61 per barrel, retail outlets in the Federal Capital Territory hiked pump prices on Sunday. Crude oil prices have been rising since February this year following the US-Iran war. The situation hit a new peak after t…

…Refinery’s gantry price, from N1,265 to N1,350 per litre, amid a surge in global crude oil prices.[/i This represents a 6.7 per cent increase and takes the refinery’s wholesale price above the current petrol landing cost of N1,311 per litre. Bent crude, the benchmark for Nigeria’s oil, was trading at about 107.92 dolla…

…Refinery had increased its gantry diesel price by N100 to N1,850 per litre as crude oil prices topped $95 per barrel. However, Brent crude and West Texas Intermediate, WTI prices had cooled slightly $94.74 and $90.34 per barrel, respectively, as of the time of filing this report on Friday. Diesel pump price rises above…

…state media reportsPAY ATTENTION: Find it fast with our new search feature at Legit.ng! Oil prices climbed again this week as fresh fighting between the United States and Iran broke the relative calm that had held for several weeks, with Iran continuing to control the Strait of Hormuz, the waterway through which roughl…

…heightened concerns about global crude availability. According to Reuters, the surge in oil prices came as Washington intensified its campaign to cut off Iran’s access to international financing and prevent the country from circumventing sanctions. Three senior Iranian sources reportedly told Reuters that the latest me…

…attack on a US military base.Nigerian motorists brace for higher fuel costs as global oil prices Photo: AFP>PAY ATTENTION: From breaking news to viral moments. Follow Legit.ng on Instagram! Iran subsequently reported retaliatory strikes on US positions, while tankers operating near Oman were also hit by unidentified pr…