Business
Nigerians lament as Dangote, PETROAN cite global crude prices for fuel hike
Dangote Refinery and Petroleum Products Marketers have shifted the blame for the recent premium motor spirit price hike to global crude oil prices as Nigerians lament its impact.
This comes as Nigerians express concerns over the effects of the latest fuel price hike.
On Friday, Nigerians woke up to a fresh PMS price nationwide.
Accordingly, the $20 billion Dangote Refinery raised its ex-depot prices from N899.50 per litre to N950 per litre, representing a N50 or 5 percent price hike.
Thereafter, the retail price of petrol rose to between N970 and N1,150 from N935 and N1,100 per litre.
Particularly, in filling stations with direct petrol sale partnerships with Dangote Refinery, such as MRS filling stations, PMS is sold at N970 per litre, up from N935.
Retailer outlets of the Nigerian National Petroleum Company Limited now sell petrol at N999 per litre, up from N965.
In contrast, other filling station outlets sell petrol between N1,040 and N1,150 nationwide.
Dangote Refinery, PETROAN shift blame
Reacting to the latest price hike, Dangote Refinery, in a statement by its spokesperson, Anthony Chijiena, explained that it is due to a significant surge in the global prices of crude.
According to the 650,000-barrels-per-day facility, the rise in domestic petrol prices is linked to Brent crude’s price hike to $82 per barrel from $70.
Dangote Refinery, however, noted that it has absorbed 50 percent of the cost increases in the international oil market.
The company added that the retail price of its petrol would have risen to between N1,150 and N1,200 per litre in some locations, compared to the current price of N970 per litre.
“We wish to clarify that the recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.
As crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.
“At Dangote Petroleum Refinery, we recognize the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers.
While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets.
Furthermore, Dangote Refinery has maintained the single-point mooring (SPM) ex-vessel price at N895 per litre.
All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide.
We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).
“Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market.
This is due to our unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remains central to our mission.
If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre.”
On their part, PETROAN, in a statement by its spokesperson, Joseph Obele, also blamed global oil prices for the recent hike in fuel prices.
Quoting the National President of PETROAN, Billy Gillis-Harry, the association noted that international crude oil prices would inevitably affect domestic costs.
“It’s no longer funny; even retail outlet owners are affected by this up-and-down dwindling of prices. It affects our business.”
“Our selling rate always reflects our buying rate. Our members shouldn’t be blamed for the current increase; it’s an external factor,” he stated.
Nigerians lament
Nigerians have bemoaned the latest fuel price hike.
Reacting, the Deputy President of the Nigeria Labour Congress Political Commission, Prof. Theophilus Ndubuaku, said the fresh fuel price hike will affect the already high prices of foodstuff and transportation fares.
“This pump price hike will not only affect foodstuff and fares. There is also the problem of inflation and the value of the naira to contend with,” he stated.
Suleiman Abubakar, a resident of Abuja, said the coming days would be more difficult for Nigerians due to the latest fuel price hike.
“The coming days will be difficult for Nigerians. With the latest fuel hike, food items and transportation are bound to increase.
It is painful that Dangote and petrol marketers are blaming crude oil prices, leaving Nigerians to contend with their fate,” he stated.
Business
Naira Exchange Rates To Foreign Currencies Tuesday, July 28
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410
GREAT BRITISH POUND (GBP) Buy ₦1,880Sell: ₦1,900
EURO (EUR) Buy ₦1,570 Sell ₦1,590
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1375.00
GBP / NGN ₦1863.40
EUR / NGN ₦1596.10
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,362. 21
GREAT BRITISH POUND (GBP) ₦1,814.05
EURO (EUR) ₦1,550.19
SWISS FRANC (CHF) ₦1,665.29
JAPANESE YEN (JPN) ₦8.32
CHINESE YUAN (CNY) ₦201. 32
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90
SAUDI RIYAL (SAR) ₦362.87
SOUTH AFRICAN RAND (ZAR) ₦81.28
Business
IEA Cushions Global Oil Supply By 290 Million Barrels March -July
Ultimately, a full and unconditional reopening of the Strait of Hormuz remains essential to avoid a further deterioration in global energy security.
Image credit : IEA Oil Market Report
The International Energy Agency (IEA) said that its member countries had so far released 290 million barrels of oil available to the market.
IEA Executive Director, Dr Fatih Birol confirmed,in a statement posted on the website, Monday.
” Since the announcement on 11 March of the IEA collective action to make 400 million barrels of oil available to the market, around 290 million barrels have been released by IEA Member countries, with more continuing to flow to the market.”
Birol said that IEA countries still hold a substantial volume of emergency stocks in reserve, including over 1 billion barrels of government-controlled stocks.
He emphasised that, for the moment, crude oil and gas markets have continued to benefit from several cushioning factors.
These include significant supplies from Gulf producers – notably through major efforts by Saudi Arabia and the United Arab Emirates – that have continued to reach global markets via various routes. In addition, oil producers in other regions – notably the United States, Brazil, Venezuela and Kazakhstan – have increased exports, helping offset some of the supply losses.
On the demand side, China has played an important role in stabilising markets by reducing its crude oil imports by nearly 50% compared with pre-war levels. is closely monitoring the situation in oil markets following recent developments in the conflict in the Middle East – with the escalation in hostilities affecting the Strait of Hormuz and energy infrastructure in the region increasing security of supply concerns and casting greater uncertainty over the market outlook.
Threats to the Bab el-Mandeb Strait, an increasingly important alternative shipping route for bypassing Hormuz, are adding to those concerns.
Dr Birol emphasised that there is no room for complacency on oil security amid the escalation in hostilities and drawing down of available commercial inventories.
Refinery activity and product supplies have not picked up as much as crude deliveries, meaning that markets for refined oil products, including diesel and gasoline, are considerably tighter than those for crude.
Ultimately, a full and unconditional reopening of the Strait of Hormuz remains essential to avoid a further deterioration in global energy security.
For natural gas, a large majority of the liquefied natural gas (LNG) supply lost due to the Hormuz disruptions has been offset by LNG flows from other markets, led by the United States.
But further delays in resuming Gulf exports risk keeping global LNG markets tighter for longer, Dr Birol warned.
Business
Nigerian Exchange Emerges Top In Africa By Dollar Values
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
The Nigerian equities market has emerged Africa’s strongest performer in U.S. dollar terms with a 68.2 percent Year- till-Date (YtD) return in the first seven months of 2026.
The bourse performance between January and July 24, 2026 outpaced other continental stock markets helped by investors confidence on the back of reforms by the Nigerian government.
The strong performance in dollar terms highlights the impact of exchange rate dynamics and renewed foreign portfolio participation.
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
Source: ThisDay
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