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Petrol hits N1,400/l as Brent Surges To $100

Dangote Refinery, the dominant fuel supplier, had on Thursday resumed gantry loading of Premium Motor Spirit (PMS) in naira after a week-long suspension, while raising its ex-depot petrol price to N1,215 per litre.

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Petrol price has climbed to as high as N1,400 per litre, across Nigeria cities Oil prices hit $100 a barrel on Thursday for the first time since May, after attacks by Iranian-backed Houthi militants in the Red Sea threatened to squeeze global supplies further and reignite a global inflation shock.

Brent crude, Nigeria’s benchmark, rose more than 6 percent to $100, extending a blistering rebound this month amid fears that the US and Iran are headed for a return to full-blown conflict.

Fresh loading data obtained from petroleum marketers showed an upward movement in ex-depot prices across Lagos, Warri and Calabar.In Lagos, A.A. Rano increased its ex-depot price from N1,275 to N1,279 per litre; while African Terminal, Ascon, Gulf Treasure, Integrated and T.Time hiked their rates to N1,275.

Aiteo, Heyden and Nipco maintained existing prices of N1,275; while Emadeb bucked the trend by reducing its rate from N1,278 to N1,274 per litre.

Dangote Refinery, the dominant fuel supplier, had on Thursday resumed gantry loading of Premium Motor Spirit (PMS) in naira after a week-long suspension, while raising its ex-depot petrol price to N1,215 per litre.

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NNPCL Faults NISO’s Claim of No Gas To Power Generating Plants

It, however, maintained that gas production had increased by about 10 per cent in 2026 so far, as the company pursued the Federal Government’s gas development and monetisation agenda.

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The Nigerian National Petroleum Company Limited has dismissed claims by the Nigerian Independent System Operator (NISO) blaming the nationwide power supply outages on partly to limited gas availability and reduced water inflows to hydroelectric power stations.

In a statement issued on Saturday in Abuja by its Chief Corporate Communications Officer, Andy Odeh, NNPC said that its pipelines remain available to deliver gas to power plants across the country.

The national oil company said its operational records did not indicate any transportation-related constraints within the network operated by its subsidiary, NNPC Gas Infrastructure Company Limited, that could explain the current drop in power generation.

It, however, maintained that gas production had increased by about 10 per cent in 2026 so far, as the company pursued the Federal Government’s gas development and monetisation agenda.

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NMDPRA, EFCC Storm Illegal Chinese Refinery in Ogun (Video)

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and operatives of the Economic and Financial Crimes Commission (EFCC) on Tuesday stormed an illegal Chinese-operated refinery in Ogere-Remo, Ikenne Local Government Area of Ogun State.

The joint operation followed intelligence reports that revealed a well-fenced but crude yet technically sophisticated facility occupying more than three hectares of land.

During the inspection, officials observed underground tanks believed to have been used for heating and processing sludge oil, refining waste products, and substances suspected to be Automotive Gas Oil (AGO), popularly known as diesel. NMDPRA officials immediately sealed the facility.

Ogun State Coordinator of NMDPRA, Dr. Atilola Akinyemi, described the plant as a complete illegality operating without any permit from regulatory authorities.

“The underground storage facility behind the site has an estimated capacity of more than 90,000 litres, complete with underground heating systems, water hydrants for cooling, locally fabricated tanks and silos for separation,” Akinyemi told journalists.

He warned that if such adulterated products entered the market, they would pose serious risks to vehicles and engines. All recovered products have been confiscated by the Federal Government.

Director of the Department of Proceeds of Crime Management at the EFCC, Gbolahan Latona, stressed the need for collective patriotism in tackling economic crimes.

“Upon conclusion of investigation, the suspects will have their day in court and the proceeds of crime will be put to meaningful use,” Latona said.

Watch video below:

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Sanusi: Critics Are Not Enemies Of The Govt

” It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.

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The Emir of Kano, Alhaji Muhammadu Sanusi II, has advised the Federal Government against treating every comment about the administration as an attack on President Bola Tinubu.

The royal father gave the advise on the occasion of the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tan.

Speaking virtually to the audience at the event, on Tuesday, Sanusi advised the government to tolerate constructive criticism.

“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.

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