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
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
Business
Phillips Consulting Report Ranks Enugu Nigeria’s Fastest Improving State
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
• Governor Peter Mbah
Enugu State has been ranked as Nigeria’s fastest-improving state in the 2026 Phillips Consulting State Performance Momentum Index, outperforming 32 other states in the latest assessment of governance and development across the country.
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
According to Phillips Consulting, the Momentum Index measures the rate at which states improved relative to the national average during the review period. Positive scores indicate above-average progress, while negative scores reflect slower-than-average improvement.
The report said Enugu’s emergence as the national leader reflected deliberate governance, strong fiscal discipline, and sustained implementation of reforms, while the South-east recorded the strongest overall regional performance among Nigeria’s six geopolitical zones
Business
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The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.
The International Monetary Fund (IMF) has called on central banks and financial regulators to strengthen governance frameworks for Artificial Intelligence (AI), warning that the rapid adoption of the technology across the financial system could create new systemic risks if left inadequately supervised.
The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.
Adrian noted that AI is increasingly being used to price financial risks, allocate credit, execute trades and support supervisory activities, creating opportunities for greater efficiency while introducing new vulnerabilities that regulators must address.
He identified three immediate priorities for policymakers: strengthening oversight of AI-driven trading, lending and supervisory technology (SupTech); improving transparency around AI adoption, model dependencies and correlated investment strategies; and expanding international cooperation on cyber security and operational resilience.
According to him, AI has compressed the speed of financial transactions, allowing trading, lending decisions and supervisory analysis to occur in real time. While these innovations have improved market efficiency, they also increase the speed at which financial shocks can spread across institutions and markets.
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