The continuing conflict involving Iran is creating a strange situation in the global energy market: oil companies are making much more money at the same time that higher energy prices are putting pressure on consumers and businesses. Saudi Aramco, ExxonMobil and Chevron are among the major energy companies benefiting from the sharp changes in oil…
The Dangote Petroleum Refinery has reduced its ex-depot prices for petrol and diesel, cutting petrol to ₦1,165 per liter and diesel to ₦1,570 per liter. The refinery said the move is aimed at improving energy affordability and access to locally refined products. The important question now is not just how much Dangote has cut its…
Nigerians could see some relief at the pumps after petroleum marketers reduced depot prices of Premium Motor Spirit (PMS) by as much as ₦23 per litre, a move expected to ease retail fuel prices if sustained. The price adjustment comes amid increased competition among suppliers and improving product availability across the country. Meanwhile, the National…
Nigeria’s economy recorded mixed developments on Tuesday as the naira traded at around ₦1,382/$ at the official foreign exchange window while strengthening slightly to about ₦1,412/$ on the parallel market. The movement came amid continued volatility in the foreign exchange market and major policy shifts in the energy sector. In a move aimed at boosting…
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…
Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), cutting the rate by ₦50 per litre to ₦1,075 per litre in its fourth petrol price reduction within a month. The latest adjustment, which took immediate effect, lowers the ex-gantry price from ₦1,125 per litre and brings the refinery’s…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has appealed to motorists not to engage in panic buying despite warning that localized fuel queues could emerge in parts of Lagos and Abuja this week due to temporary logistics challenges affecting private fuel depots. According to the association, the supply disruption is not linked to a…
