Dangote Refinery has raised petrol prices, the 2nd increase in 24 hours as crude oil hits $114, signaling higher fuel costs and inflation pressures across Nigeria.
Dangote Refinery has raised petrol prices, the 2nd increase in 24 hours as crude oil hits $114, signaling higher fuel costs and inflation pressures across Nigeria.
The Minister of Power has met with electricity workers' unions and TCN management in Abuja to address their grievances following threats of a strike.
Bayo Ojulari has said political pressure was mounted to keep Nigeria’s state-owned refineries operating, despite the facilities recording heavy financial losses.
Private depot owners have cut petrol prices to boost sales, attracting marketers away from Dangote Refinery as Nigeria’s downstream fuel market becomes competitive.
Nigeria has handed over the African Energy Bank headquarters in Abuja, setting the stage for operations to begin in June, advancing Africa’s energy independence.
Nigeria’s petrol and diesel prices defy global trends, remaining high despite a 5% drop in crude oil prices, reflecting local supply pressures and tight market.
Africa is set to unlock about $10 billion in fresh oil and gas investments through the African Energy Bank to support energy projects across the continent.
Petrol prices pressure eased in December 2025 as the average pump price fell 11.81% year-on-year to N1,048.63, though wide differences persisted across states.
Petrol marketers warn of potential fuel supply irregularities due to rising petrol prices and heavy debts, amid concerns of further global price increases.
Nigeria exported an estimated 306 million barrels of crude oil between January and October 2025, while local refiners struggled with persistent feedstock shortages.
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