The Dangote Petroleum Refinery has announced a fresh hike in the ex-depot price of its petrol to N1,245 per litre from N1,175 per litre while the coastal price increased from N1,512,648 to N1,606,518 per metric tonne.

The new pricing, making it the fourth time since the Middle East war began, is set to take effect from midnight on March 21, 2026.

In a notice sent to marketers on Friday night the company explained that the revision reflects global market realities, including fluctuations in crude oil prices and increased shipping costs, which are beyond the refinery’s control..

” Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12am on the 21st of March 2026,” it stated.

The latest adjustment is expected to ripple across the downstream sector, with pump prices likely to rise in the coming days as marketers pass on the increased cost to consumers.

The Managing Director/CEO of Coleman Technical Industries Ltd, Mr George Onafowakan, said that the global higher energy costs occasioned by Iran -US Israeli war has started impacting on manufacturers in Nigeria.

Onafowokan said that findings across major industrial zones reveal a sector heavily dependent on diesel-powered generators, with factories running at high energy costs to sustain operations. Engineers and technical teams now work around the clock to monitor fuel consumption and prevent disruptions that could halt production lines.

Onafowakan stressed that power outages routinely stall factory operations, placing manufacturers under intense pressure to meet delivery timelines.

“When the lights go off, everything stops. We rely on generators, but the costs are rising, and there is constant uncertainty about meeting production targets,” he added.

The recent surge in global fuel prices, driven by geopolitical tensions, is compounding the challenge. While some manufacturers have temporarily absorbed the increases, Onafowakan warned that the full impact could materialise within the next three to four months.

“By the second quarter, businesses may be forced to make difficult decisions around production planning and pricing,” he said.

Beyond individual firms, the impact is already rippling across supply chains. Production delays are affecting dependent businesses and, ultimately, consumers, who are likely to face higher prices for goods.

Despite the growing pressure, Onafowakan said widespread layoffs or major operational restructuring may not occur immediately but cautioned that the situation could deteriorate without timely intervention.

The Central Bank of Nigeria (CBN) has directed banks to immediately reverse failed automated teller machine (ATM) transactions.

The apex bank said that the revised framework is designed to strengthen ATM service reliability, improve fraud monitoring, enhance security and ensure stronger consumer protection across Nigeria’s fast-growing digital payments ecosystem., tightening rules aimed at improving consumer protection and reliability across the country’s payment infrastructure.

Beyond refund timelines, the regulator introduced new requirements for ATM deployment nationwide.

All card issuers are required to deploy at least one ATM for every 7,500 payment cards issued.

The requirement will be implemented gradually over three years, with banks expected to meet 30 percent of the threshold in 2026, 60 percent in 2027 and full compliance by 2028.

Under new Guidelines on the Operations of Automated Teller Machines in Nigeria, the apex bank said failed “on-us” ATM transactions, where a customer uses the ATM of their own bank, must be reversed instantly. Where an instant reversal fails due to technical issues or system glitches, banks are required to complete a manual reversal within 24 hours.

For failed “not-on-us” transactions, where a customer uses another bank’s ATM, the refund timeline must not exceed 48 hours.

The guidelines also state that automated reversals for on-us transactions should occur in less than five minutes, while not-on-us transactions should be resolved in less than 15 minutes where automated systems function properly.

The CBN added that in cases where transaction failures arise from biometric mismatch or device errors, ATM operators must provide an immediate fallback to non-biometric verification where it is considered safe.

Such events must also be logged for diagnostics while the stipulated refund timelines are maintained.

The Central Bank also directed that ATMs must be located within reasonable proximity to one another across both urban and rural areas, while deployment, relocation or decommissioning of machines must receive prior written approval from the regulator.

The guidelines also set operational and service benchmarks for ATM operators.