The hope for cheaper fuel has been dampened after Iran closed the Strait of Hormuz again on Saturday, reversing the brief optimism that followed its reopening on Friday. Iran's military declared the Strait of Hormuz blocked again on Saturday, April 18, hours after it was reopened. The move is a direct response to the U.S. …
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has refuted claims that aviation fuel (Jet A1) is selling for N3,300 per litre, describing such reports as inaccurate and inconsistent with current market data. In a statement released on Friday, signed by NMDPRA Director of Public Affairs, George Ene-Ita, the Authority said that though fuel …
While preparing dinner on Friday evening, Madam Juliana Umeh, a mother of three who resides in the Ilasa area of Lagos, suddenly noticed the flame from her blue 12.5kg cylinder gradually dropped and finally stopped. The gas finished in the middle of the cooking. Left with no other option, Mrs Umeh approached a nearby gas …
For many Nigerians, the daily commute has become an exhausting test of endurance, as soaring fuel prices continue to reshape livelihoods, businesses, and basic mobility across the country. The Global Catalyst: Conflict and Crude Surges While parts of the Middle East are being ravaged by the ongoing conflict involving the United States, Israel, and Iran, …
Dangote Refinery has again raised its ex-depot price of fuel as crude oil surges above $110 per barrel in the international market. The continuous increase in prices signals more pressure in Nigeria’s fuel market. The 650,000 barrels per day refinery announced an increase in its ex-depot price of Premium Motor Spirit (PMS), also known as …
Major Energies Marketers Association of Nigeria (MEMAN) has highlighted a framework for ensuring fair pricing and a steady supply of fuel. The association’s recommendation focuses on maintaining a balance between local production and strategic imports, all underpinned by strong regulation and market-driven competition. Speaking at a quarterly webinar organised by MEMAN, the association’s Executive Secretary/CEO, …
As the world continues to experience global supply disruptions and surging crude oil prices, Dangote Petroleum Refinery has reassured its commitment to a steady fuel supply in Nigeria, emphasising that the nation's domestic refining capacity provides a crucial buffer against international market shocks. The refinery's Managing Director, David Bird, who spoke in a media chat …
Filling stations in Abuja have lowered petrol prices following the federal government’s suspension of a planned 15% import duty on petrol and diesel. On Friday, Ranoil and Empire stations reduced prices to N940 and N949 per litre, down from N955, representing a drop of N6 to N15 per litre. Chinedu Ukadike, spokesperson for the Independent …
Financial expert Funsho Doherty has slammed the recently approved 15% import duty on petrol and diesel, warning that it could further strain Nigerian households already grappling with high fuel costs. In an open letter to Senate President Godswill Akpabio, Doherty, who previously worked with Goldman Sachs & Co., PNC Advisors, Arthur Andersen, and served as …
The Nigerian government's approval of a 15 per cent import tax on petrol and diesel, primarily to protect local refineries, has, however, sparked significant concerns over higher fuel prices and increased economic hardship for citizens. A memo dated October 10, 2025, signed by Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), addressed to …
