Global oil prices have climbed above $85 per barrel as escalating military tensions between the United States and Iran fuel fears of prolonged disruption to energy supplies and international shipping. The latest exchange of strikes has heightened concerns over the security of the Strait of Hormuz, a critical route through which roughly a fifth of…
Cuba has been plunged into another nationwide blackout after the collapse of its national electricity grid, deepening an energy crisis driven by critically low fuel supplies and an aging power infrastructure. The outage affected nearly the entire island, disrupting electricity for around 10 million people and marking yet another major grid failure in recent days….
The Dangote Petroleum Refinery has begun selling petrol and other refined petroleum products in U.S. dollars, marking a major shift in Nigeria’s downstream oil market following the breakdown of the Federal Government’s naira-for-crude arrangement. Under the new pricing template, the refinery fixed the ex-depot price of petrol at $0.779 per liter, with diesel priced at…
Global oil markets remain on high alert as crude prices continue to fluctuate between $76 and $80 per barrel, driven by renewed military exchanges between the United States and Iran and growing uncertainty over the security of the Strait of Hormuz. Brent crude traded around $76–$77 per barrel on Friday after briefly climbing above $80…
Nigeria’s economy received a modest boost on Monday as the naira remained relatively stable in the official foreign exchange market while major fuel suppliers announced fresh reductions in petrol depot prices following Federal Government intervention. The naira continued to trade within a stable range at the Nigerian Foreign Exchange Market (NFEM), reflecting sustained liquidity and…
Nigeria recorded fresh economic milestones this week as the naira remained relatively stable against the U.S. dollar while the Dangote Petroleum Refinery continued to strengthen the country’s position in the global energy market through record aviation fuel exports to Europe. The naira traded at around ₦1,370 to the U.S. dollar in the official foreign exchange…
Nigeria’s business landscape recorded three major developments on Thursday, with fresh fuel price relief from the Dangote Petroleum Refinery, a milestone in the country’s global energy profile, and regulatory action in the banking sector. In the downstream oil sector, Dangote Petroleum Refinery announced its fourth consecutive reduction in the ex-depot price of Premium Motor Spirit…
Heavy rainfall disrupted operations at Murtala Muhammed International Airport (MMIA) in Lagos on Friday morning after floodwater and an electrical fault affected parts of the terminal, forcing airport authorities to temporarily suspend activities in the impacted area. The Federal Airports Authority of Nigeria (FAAN) said the incident was triggered by intense downpours that caused water…
