Business

Israel-Iran conflict sharply drives Nigerian petrol prices up as crude oil hits $74pb

According to Petroleumprice.ng, the depot prices of petroleum products would continue to rise in the coming weeks, due to instability of the global oil market.

Published

1 year ago

June 16, 2025

OhiBaba

600 Views

The ongoing Israeli-Iran conflict has triggered an upward adjustment in petrol prices by 10 marketers as crude oil rose 8.8 per cent to $74 per barrel from $68 per barrel.

The 10 oil marketers that adjusted depot prices included Aiteo, Pinnacle, Dangote, MENJ, Swift, Rainoil, First Royal, Emadeb, First Fortune and Ever.

EMADEB made the highest adjustment to N845 from N827 per litre, indicating an increase of 2.18 percent while Ever implemented the least adjustment to N870 from N866 per litre, showing a marginal increase of 0.46 percent.

Also, Aiteo adjusted its depot price to N840 per litre from N835 per litre; Pinnacle adjusted to N845 per litre from N829 per litre while Dangote Petroleum Refinery adjusted to N840 per litre from N830 per litre.

MENJ, Swift and Rainoil (Lagos) adjusted prices to N850 from N810 per litre, N845 from N830 per litre and to N850 from N840 per litre, respectively.

First Royal and First Fortune also adjusted their depot prices to N838 from N826 per litre and N860 from N850 per litre, respectively.

According to Petroleumprice.ng, the depot prices of petroleum products would continue to rise in the coming weeks, due to instability of the global oil market.

Crude prices are expected to rise further should Iran carry out its threat to block the Straight of Hormuz, which is responsible for the shipment of more than 20 per cent of global oil and gas.

Related Topics:Featured Israeli-Iranian conflict Israeli-Iranian war War impact on oil/gas

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Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

3 hours ago

June 30, 2026

Charles Flames

15 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

7 hours ago

June 30, 2026

OCHEFA

18 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”