Nigerians may face another round of petrol price increases as crude oil prices continue to climb on the international market.
Nigeria’s Bonny Light crude has risen to 70.30 dollars per barrel from 64 dollars last week, about a 10 per cent increase and the highest level so far this year. Brent crude now trades at 70.15 dollars per barrel, up from 66 dollars, while Murban crude has moved to 68.01 dollars from 65.20 dollars.
Earlier in the week, filling stations raised petrol pump prices to an average of 850 naira per litre from 750 naira, citing the rise in crude prices. The Dangote Refinery and oil marketers argued that crude oil is the main input cost and that higher crude prices inevitably push up fuel prices.
However, while crude prices went up by about 6.2 per cent, the local petrol price jumped by 14.3 per cent, suggesting that local companies increased pump prices at more than double the rate of crude cost increases. The ex depot price at Dangote Refinery reportedly rose from 699 naira per litre to 799 naira, a 14.3 per cent hike.
In response, NNPC Retail outlets increased their pump price to 835 naira per litre from 815 naira, while some private marketers went even higher, with AYM Shafa raising its price from 815 naira to 900 naira per litre.
National Public Relations Officer of IPMAN, Chief Chinedu Ukadike, blamed the hikes on rising crude prices and higher refinery gate prices. He said once suppliers increase their selling price, marketers must also adjust to stay in business, even when selling old stock.
Market checks showed that while petrol prices largely held steady yesterday, diesel prices rose at several depots. At Emadeb, diesel went up to 930 naira per litre from 910 naira, while Ibeto and Integrated each increased from about 910 naira to 950 naira per litre.
On the global market, crude prices have been boosted by a drop in United States crude inventories and rising geopolitical tensions. US data showed stockpiles fell by 2.3 million barrels to 423.8 million barrels, around three per cent below the five year average for this period.
Analysts also link the price surge to fears that a possible US military strike on Iran, a major OPEC producer, could disrupt as much as 3.2 million barrels per day of oil supply. The market reacted after President Donald Trump announced that a large US naval armada was heading towards Iran and was ready to act with speed and force if needed.
Petroleum economist Prof Wumi Iledare warned that higher crude prices will put pressure on Nigerian businesses and households. He said costlier crude will translate into higher prices for petrol and diesel in a deregulated market, raising transport costs, prices of goods and overall living costs.
Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, described the development as a double edged sword. He noted that while higher crude prices could boost Nigeria’s oil revenue and foreign reserves, they will also push up energy costs and may trigger further increases in petrol, diesel and cooking gas prices.
Energy consultant Henry Adigun said consumers should expect higher petrol prices because crude is the main raw material for fuel production. He added that foreign exchange volatility and an ongoing price war between fuel importers and Dangote Refinery mean current pump prices do not fully reflect market realities.
Tax and economic expert Olufemi Idowu said higher crude prices are positive for government earnings but warned that consumers will bear the brunt in a subsidy free environment. He explained that more expensive fuel will raise transportation, construction and production costs, feeding into higher prices of goods and worsening inflation.
About the author
Nollywood actor Lateef Adedimeji, wife welcome triplets
Reports say the couple welcomed three baby boys and are overjoyed at the arrival of their children. The births come after intense public speculation about their family life and repeated online rumours over the years. Lateef and Mo Bimpe, who got married in 2021, had often faced pressure and insensitive comments about not having children yet. Many fans are now describing the triplets as a testimony and a reward for the couple’s patience and faith. Videos and photos shared online show the actors expressing gratitude to God and thanking well‑wishers for their prayers and support. They have, however, kept details such as the exact birth date and the babies’ names private for now. Colleagues from the movie industry, bloggers and fans have continued to celebrate the news, turning it into one of the most talked‑about celebrity stories of the week. […]
150 emerging talents grace NewHope Naija tourney
The inaugural NewHope Naija Football Club Scouting Tournament has showcased 150 emerging talents from academies in Lagos and Ijebu Ode at the Mobolaji Johnson Arena, Onikan. The three day event drew more than 10 scouts from European and Chinese clubs, who watched closely for the next generation of Nigerian stars. Players from 12 football academies displayed their skills in tightly contested matches designed to test technique, game intelligence and mentality. Organisers said the format allowed scouts to see how youngsters perform under pressure in a competitive environment. Chen Yaosheng, President of Nationwide League One side NewHope Naija FC, said the tournament was created to give talented players a direct platform to be discovered. He expressed confidence that several participants will earn opportunities abroad based on their performances. Consultant to NewHope Naija FC and CEO of Henry 707 Sport Limited, Henry […]
EPL: Arsenal seek to ramp up heat on Man City in title race
Mikel Arteta’s side ended a poor domestic run with a hard fought 1 0 win over Newcastle United last weekend. That result kept them three points ahead of City, who still have a game in hand. According to data analysts Opta, Arsenal remain slight favourites to finish the season as champions if they win their remaining matches. However, any slip up against Fulham or in their final three games could swing the momentum decisively back towards Pep Guardiola’s team. Arsenal have struggled to score freely in recent weeks, failing to net more than once in any league match since mid March. City, by contrast, have hit form at the right time and are scoring with far greater ease. After facing Fulham, Arsenal still have tricky fixtures, including an away clash at West Ham United that many pundits see as their […]
Salah ‘deserves big send off’, says Liverpool boss Slot
Liverpool manager Arne Slot says Mohamed Salah deserves a big send off from supporters as the Anfield legend nears the end of his time at the club. The Egyptian forward is widely expected to leave in the summer after nine trophy laden years on Merseyside. Salah recently suffered a muscle injury in Liverpool’s 3 1 win over Crystal Palace, prompting fears he might have played his last game for the club. Slot however insisted he is hopeful the 33 year old will return before the end of the campaign so fans can say goodbye properly. The Dutch coach praised Salah’s professionalism and huge contribution since arriving from Roma in 2017. He said the forward has earned the right to a special farewell because of his goals, consistency and role in Liverpool’s modern success. Salah has scored more than 250 goals […]
Salah ‘deserves big send off’, says Liverpool boss Slot
Liverpool manager Arne Slot says Mohamed Salah deserves a big send off from supporters as the Anfield legend nears the end of his time at the club. The Egyptian forward is widely expected to leave in the summer after nine trophy laden years on Merseyside. Salah recently suffered a muscle injury in Liverpool’s 3 1 win over Crystal Palace, prompting fears he might have played his last game for the club. Slot however insisted he is hopeful the 33 year old will return before the end of the campaign so fans can say goodbye properly. The Dutch coach praised Salah’s professionalism and huge contribution since arriving from Roma in 2017. He said the forward has earned the right to a special farewell because of his goals, consistency and role in Liverpool’s modern success. Salah has scored more than 250 goals […]
Supreme Court judgment: Rivers ADC shifts focus to winning 2027 polls
The Rivers State chapter of the African Democratic Congress says it is now fully focused on winning the 2027 general elections after a Supreme Court judgment restored the party’s David Mark led national leadership. The ruling set aside an earlier Court of Appeal order that had asked all factions to maintain the status quo in the party’s leadership crisis. Rivers ADC chairman elect Dr Chukwudi Dimkpa described the Supreme Court decision as a welcome development and a major relief for members. He said the verdict provides a clear and lawful pathway for the party to organise itself and prepare for the next polls. The apex court held that the Court of Appeal acted outside its jurisdiction when it issued fresh directives after already dismissing the appeal before it. Justices of the Supreme Court called the status quo order unnecessary, unwarranted […]
Related
Supreme Court judgment: Rivers ADC shifts focus to winning 2027 polls
The Rivers State chapter of the African Democratic Congress says it is now fully focused on winning the 2027 general elections after a Supreme Court judgment restored the party’s David Mark led national leadership. The ruling set aside an earlier Court of Appeal order that had asked all factions to maintain the status quo in the party’s leadership crisis. Rivers ADC chairman elect Dr Chukwudi Dimkpa described the Supreme Court decision as a welcome development and a major relief for members. He said the verdict provides a clear and lawful pathway for the party to organise itself and prepare for the next polls. The apex court held that the Court of Appeal acted outside its jurisdiction when it issued fresh directives after already dismissing the appeal before it. Justices of the Supreme Court called the status quo order unnecessary, unwarranted […]
El‑Rufai, seven others face fresh charges over botched ₦10.8b Kaduna CCTV project
The Independent Corrupt Practices and Other Related Offences Commission has filed fresh criminal charges against former Kaduna State governor Nasir El‑Rufai and seven others over an allegedly botched ₦10.8 billion CCTV security project in Kaduna State. Court documents show that the new 11‑count charge was filed at the Federal High Court in Kaduna on 17 April under the Money Laundering (Prevention and Prohibition) Act, 2022. ICPC alleges that El‑Rufai unlawfully approved the award of an ₦8.68 billion CCTV contract in December 2015 to Singularity Network Security Limited, a company the commission says lacked the required competence, in breach of procurement laws. The project, meant to provide city‑wide surveillance cameras and related infrastructure, is said to have failed despite billions of naira reportedly released. Others named in the fresh case include former Kaduna government official Jimi Lawal, senior IHS Towers executive […]
May 1 Cartoon: So many things ‘we no go gree’ for
The May 1 Workers’ Day cartoon captures the mood of many Nigerian workers who feel there are now many things they can no longer accept in silence. It reflects growing frustration over poor wages, harsh living conditions and a cost of living crisis that keeps getting worse. In the cartoon, workers are shown voicing their refusal to continue tolerating policies and practices that keep them in poverty. This mirrors current debates about minimum wage, unstable electricity supply and rising fuel prices. The message ties in with wider May Day discussions about insecurity, unsafe workplaces and the casualisation of labour. It suggests that workers want real change, not just yearly speeches and promises that are soon forgotten. By using everyday expressions like “we no go gree,” the cartoon speaks directly to ordinary people in a language they understand. It underlines that […]
Fed Govt pushes tech driven risk management for stronger economy
The Federal Government says technology driven risk management is now central to building a more resilient Nigerian economy. Secretary to the Government of the Federation George Akume made this known at the 2026 National Risk Management Conference in Abuja. Represented by the Director of General Services in his office, Idris Ibrahim, Akume urged policymakers, industry leaders and development partners to embrace modern risk tools to manage emerging threats. He said rapid digital transformation, security challenges, climate uncertainties and global economic shocks demand smarter and more proactive responses. Akume noted that technologies such as artificial intelligence, fintech and digital governance platforms are reshaping economies worldwide. He warned, however, that these tools also introduce new vulnerabilities that must be managed through strong institutions, sound regulation and strategic planning. The SGF called for deliberate investment in digital infrastructure, cybersecurity and research to support […]
NMA rejects court ruling giving FCCPC power to probe medical negligence
The Nigerian Medical Association has rejected a Federal High Court ruling that affirmed the powers of the Federal Competition and Consumer Protection Commission to investigate complaints of medical negligence. The court, in a judgment delivered in Abuja on April 15, upheld the FCCPC’s authority to probe healthcare providers over alleged failures in service. In a statement, the Lagos State branch chairman of the NMA, Dr Babajide Saheed, described the ruling as surprising and troubling. He argued that Nigerian law already gives the Medical and Dental Council of Nigeria exclusive responsibility for regulating medical practice, ethics and disciplinary cases, including negligence. Saheed warned that allowing an external agency such as the FCCPC to investigate medical negligence could create overlapping mandates, institutional clashes and inconsistent standards in handling sensitive healthcare matters. He said negligence cases often involve complex clinical issues that require […]
Court rejects FCCPC’s fresh bid to halt airtime lending
A Federal High Court has rejected a fresh attempt by the Federal Competition and Consumer Protection Commission to stop airtime lending services run through major telecom networks. The ruling preserves an earlier interim injunction that protects airtime and data credit providers while a substantive suit on new lending rules is being heard. The case centres on the FCCPC’s 2025 Digital, Electronic, Online or Non Traditional Consumer Lending Regulations, which the commission wants to fully enforce across digital lenders, including Airtime Credit Service providers. Industry group Wireless Application Service Providers Association of Nigeria argues that the rules place heavy and conflicting burdens on telecom based lending services already regulated by the Nigerian Communications Commission. In its latest application, the FCCPC asked the court to lift or vary the injunction so it could proceed with implementation of the new regime. Justice Lewis […]