News
Petrol Pump Price May Hit N1,000/litre As Isreal, Iran War Escalates
This came as marketers of petroleum products said petrol prices may soon rise to N1,000 per litre due to rising crude oil prices and the volatility in the foreign exchange market.
This development follows a “preemptive defensive strike,” overnight attacks launched by the United States on three of Iran’s major nuclear sites.
The strike, as announced by President Donald Trump, “obliterated” Tehran’s critical nuclear infrastructure, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Iran is OPEC’s third-largest crude producer.
In a swift retaliation, the Iranian parliament has reportedly moved to shut the Strait of Hormuz, a strategic chokepoint that handles nearly a fifth of the world’s oil supply. The move sent immediate shockwaves through the global energy market, with Brent crude trading higher in the early hours and analysts projecting further gains.
Concerned by this trend, energy analysts on Sunday warned that the surge in global crude oil prices could push the pump price of Premium Motor Spirit (petrol) in Nigeria to as high as N1,000 per litre in the coming weeks, should Brent crude hit the $80 per barrel threshold.
The Chief Executive Officer of PetroleumPrice.ng, Olatide Jeremiah, said private depots are already gearing up to effect a hike in loading cost on Monday.
He stated, “Private depots are likely to increase petrol price to N1,000 in the coming days with the current trend observed in the market. If by tomorrow morning, crude price increases to $80 or exceeds that threshold, Nigerians would pay N1,000 at depots.
“The situation means they will take advantage of Nigerians, but we can only hope that Dangote maintains its current price, that is the only way depot owners won’t jack up the price anyhow. The price surge seen last week was basically because Dangote stopped selling for some days. But it has opened up its portal and is now selling at N880 for two million litres. Dangote remains a major determinant of petrol price.”
According to the Independent Petroleum Marketers Association of Nigeria, the heightened crisis between Israel and Iran has continued to push up crude prices, prompting a rise in global petrol prices.
On Friday, the Dangote refinery jerked up petrol prices from N825 to N880. In response, MRS Oil Nigeria and other filling stations selling Dangote petrol raised their pump prices to an average of N955 in the South East and North West.
One of our correspondents observed on Sunday that other filling stations have also hiked their prices to between N930 and N960, depending on the location. Lagos has the cheapest rate as MRS and other Dangote partners sold petrol at N925 per litre on Sunday.
Speaking on Sunday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, linked the recent price hike to instability in the global crude market due to the Israel-Iran crisis and an unstable foreign exchange situation.
According to him, the Dangote refinery and importers reacted to the changes to raise petrol prices on Friday. “Once the exchange rate goes up, it will affect the price of petroleum products. Once crude oil is also going up, it will also affect it,” he said.
Ukadike warned that the cost of lifting 50,000 litres of petrol is now significantly higher, putting financial pressure on independent marketers and forcing them to review their pricing strategy.
He added, “Definitely, marketers will also increase to meet that gap. Since the refiner, which is Dangote, has already increased that price. Some of them that are importers have also increased prices in line with the international market. So, for us, consequently, it will increase the volume of money we use to buy 50,000 litres worth of petrol. It will put pressure on our finances and also make us redirect and review our market strategy.”
He added that petrol could sell for as high as N1,000 per litre, especially in some parts of the North, due to transportation and logistics costs. “In the North, we’ve seen N980, N990, N975. Some places, maybe to the far end, around N1,000,” he said.
According to him, the combination of international market forces and domestic cost burdens is making it difficult for marketers to maintain stable pricing. He said that petrol refined locally by Dangote could be sold at almost the same price as imported products, largely due to global crude price volatility.
Ukadike explained that the Dangote refinery is also sourcing crude oil at international market rates, which he said diminishes the expected price advantage over imports.
He explained that some areas, particularly the South-South, are seeing prices of up to N950 per litre due to depot proximity and marine delivery from coastal terminals. “Some of them in the South-South are using the coastal area to take their products. So those ones are selling from their depots because they collected products from vessels,” he said.
Ukadike reiterated that the cost of petrol remains heavily influenced by the interplay of crude prices, foreign exchange rates, and logistics.
Importers had earlier increased their prices following the rise in crude prices.
Our correspondent reports that Nigeria’s major crude grades—Bonny Light, Brass River, and Qua Iboe—rose to $79 per barrel last week and sustained the rise till yesterday, following Israel’s military strikes on Iran, heightening fears of a wider Middle East conflict.
According to data from Oilprice.com as of Sunday, Bonny Light stood at $78.62 per barrel, while Brass River and Qua Iboe closed at approximately $79. From around N65 in the past weeks, Brent stood at $77, and WTI rose to $73.84 per barrel.
The new price levels exceed the Federal Government’s 2025 budget benchmark of $75 per barrel by about $3, potentially offering short-term fiscal relief. The new price levels exceed the Federal Government’s 2025 budget benchmark of $75 per barrel by about $3, potentially offering short-term fiscal relief.
Analysts had earlier warned that higher crude prices could trigger an increase in local fuel prices, as refiners face rising costs for crude, the primary feedstock for petrol and diesel production. Since Monday, depots have hiked the pump prices of petrol after the escalating tension in the Middle East jerked up the prices of crude oil.
Petrol price rose from N825 to N840 on Monday. Rainoil’s price surged by N50, from N850 to N900 per litre. It was also reported that Fynefield and Mainland jerked their ex-depot prices to N930 and N920, adding N51 and N63 respectively.
As of Monday, Sigmund was selling at N920 per litre; Matrix Warri’s price was N910; NIPCO jumped to N895 from N827 last week, while Aiteo sold petrol at the rate of N840, as shown by Petroleumprice.com. Our correspondent observed that SGR, which was selling petrol at N850 before now, adjusted its pump price to N930 per litre.
The Nigerian National Petroleum Company Limited is also expected to change its pump prices. Similarly, the head of geopolitical analysis at Rystad and a former OPEC official, Jorge Leon, in an interview with Reuters, noted that “An oil price jump is expected. Even in the absence of immediate retaliation, markets are likely to price in a higher geopolitical risk premium.”
Global oil benchmark Brent crude could gain $3 to $5 per barrel when markets open, SEB analyst Ole Hvalbye said in a note. Brent settled at $77.01 a barrel on Friday, and US West Texas Intermediate at $73.84.
Ole Hansen, analyst at Saxo Bank, said crude could open $4 to $5 higher, with potential for some long positioning being unwound. Crude had settled down on Friday after the US imposed fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions, according to a notice on the US Treasury Department website.
Brent has risen 11 per cent while WTI has gained around 10 per cent since the conflict began on June 13, with Israel targeting Iran’s nuclear sites and Iranian missiles hitting buildings in Tel Aviv.
Currently stable supply conditions and the availability of spare production capacity among other OPEC members have limited oil’s gains. Risk premiums have typically faded when no supply disruptions occurred, said Giovanni Staunovo, analyst at UBS
“The direction of oil prices from here will depend on whether there are supply disruptions, which would likely result in higher prices, or if there is a de-escalation in the conflict, resulting in a fading risk premium,” he said.
Meanwhile, Iran’s parliament has reportedly voted to close the Strait of Hormuz, considered a strategic and vital asset. The decision to close the strait is not yet final, and it was not officially reported that parliament had adopted a bill to that effect.
Instead, a member of parliament’s national security commission, Esmail Kosari, was quoted on other Iranian media as saying: “For now, [parliament has] concluded we should close the Strait of Hormuz, but the final decision in this regard is the responsibility of the Supreme National Security Council.
The Strait of Hormuz lies between Oman and Iran and links the Persian Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond. It is 21 miles (33 km) wide at its narrowest point, with the shipping lane just 2 miles (3 km) wide in either direction. About 20 per cent of the world’s oil, estimated at 17 to 18 million barrels per day, passes through it.
President Bola Ahmed Tinubu has approved the immediate dissolution of the Presidential Implementation Committee (PIC) on the Alienation of Federal Government Properties, ending the operations of a body that has overseen the privatisation, sale and lease of federal assets for more than two decades.
The decision was announced in a statement issued on Thursday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, President Tinubu directed that all matters relating to the committee’s activities will henceforth be handled by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi.
The PIC was established in 2000 under the administration of former President Olusegun Obasanjo to supervise the disposal of Federal Government landed assets under the monetisation policy.
The committee was chaired by the then Minister of Housing and comprised representatives of the Ministries of Transportation, Justice, Health and Agriculture, as well as the Nigeria Police Force. Professor P.T. Ahire served as its pioneer secretary, while members were drawn from both the public and private sectors.
The statement recalled that the Federal Executive Council approved the establishment of a Panel of Inquiry on March 22, 2001, to produce a White Paper guiding the implementation of the committee’s recommendations. The panel worked for 21 months before submitting its report.
Explaining the decision, Onanuga said the Federal Government concluded that the committee had outlived its usefulness, as its activities had extended beyond its original mandate and resulted in multiple litigations across the country.
“After careful consideration, the Government has noted that the activities of the PIC had extended beyond its original mandate, resulting in multiple litigations across the country, and the continued existence of the Committee is no longer justified,” he said.
President Tinubu also directed that, with effect from November 5, 2025, all outstanding matters previously handled by the committee be coordinated by the Attorney-General of the Federation.
In addition, the former Secretary of the committee, B. S. Dutsin-Ma, was directed to immediately cease acting on behalf of the dissolved committee and the Federal Government on related matters.
The Presidency said the move is aimed at streamlining the management of issues relating to the alienation of Federal Government properties under the supervision of the Office of the Attorney-General of the Federation.
By Chinedu Sabastine
The Nigeria Premier Football League (NPFL) and Afrinvest have urged Nigerian clubs to embrace digital transformation, saying strong online presence, quality data and commercial partnerships are key to financial sustainability.
Speaking at a seminar for media and marketing officers of NPFL clubs in Enugu, NPFL Chief Operating Officer, Davidson Owunmi, challenged clubs to improve their digital platforms or risk missing sponsorship opportunities.
To underscore the importance of data, Owunmi offered a ₦100,000 reward to any club with a functional website containing comprehensive statistics from the just-concluded season, including player profiles, goals, match records and attendance figures.
He lamented that many clubs either lack functional websites or operate platforms with little useful content, stressing that data and digital engagement have become major revenue drivers in modern football.
“Our Gen Z audience lives online. If clubs are absent from the digital space, they cannot reach young fans, attract sponsors or benefit from e-commerce opportunities,” he said.
According to Owunmi, potential sponsors now demand audience and performance data before committing funds, but many clubs are unable to provide credible figures due to poor data generation.
He urged clubs to reduce dependence on government funding by strengthening their media and marketing departments, citing Rangers International’s ₦200 million sleeve sponsorship deal and other commercial partnerships as examples of what effective branding can achieve.
Owunmi also disclosed that from next season, the NPFL will introduce measurable digital benchmarks for clubs, including website functionality, quality content and social media engagement.
Afrinvest Manager, Emmanuel Eleojo, said the company’s partnership with Rangers International and the NPFL is anchored on its “Finance Meets Football” initiative, which promotes corporate investment in football.
He said Afrinvest’s support for Rangers since 2023 has boosted youth development, led to the establishment of the club’s academy and contributed to two league titles in three seasons, while producing players for the national team.
“When finance meets football, we see growth. We see progress. We see trophies won,” Eleojo said.
One of the lead paper presenters at the seminar, Mr George Isitua-Onukwu, who spoke on ‘Monetising NPFL Clubs Through Marketing, Sponsorship and Brand Investment’, harped on the need for the clubs to adopt a clear and timed approach to branding and marketing.
According to him, NPFL sponsors report hesitation because clubs cannot yet guarantee the consistent visibility and production quality brands ask for.
“Clubs without a structured calendar for renewals, activation briefs, and reporting are, by definition, always reacting,” he further stated.
The seminar brought together media and marketing officers from the 20 NPFL clubs to strengthen capacity in digital marketing, branding, content creation and data management aimed at improving the league’s commercial appeal.
A socio-political organization, Forum of Abia Democrats (FABD), has lauded the sterling leadership qualities of Dr Prince Michael Chiemezuo Agrippa.
Dr Prince Michael Chiemezuo Agrippa is the Nigeria Democratic Congress State House of Assembly candidate for Isiala Ngwa South Constituency of Abia State
Forum of Abia Democrats (FABD), whose membership is drawn from the seventeen (17) local government areas of Abia State in a statement on Thursday, hailed
Dr Prince Michael Chiemezuo Agrippa’s resilience and commitment to nation-building and development.
The statement by the forum was signed by the Chairman, Surveyor Samuel Azubuike and Secretary General, Victor Mbanaso.
While noting that Dr Michael Chiemezuo ‘s invaluable contributions towards deepening democracy in Abia state and Nigeria cannot be overemphasized, Forum of Abia Democrats(FABD) also noted that Dr. Prince Michael Chiemezuo Agrippa has remained unwavering in her pursuit of gender equality in the country.
The pro-democracy forum further noted that Dr Prince Michael Chiemezuo’s continued support for human empowerment, community development, and as well passion for good governance.
“Dr Prince Michael Chiemezuo Agrippa has remained committed to public service and also dedicated to the advancement of democratic values in Abia state and larger Nigeria. And this illustrious son of Abia state has continuously demonstrated his desire to contribute to societal building and development, having chaired and coordinated professional bodies effectively and efficiently.
Forum of Abia Democrats (FABD) therefore threw their weights behind Dr Prince Michael Chiemezuo Agrippa’s House of assembly bid, describing his recent emergence as the NDC State House of Assembly standard-bearer for Isiala Ngwa South state Constituency as a beginning of a new chapter of progress and purposeful leadership in Isiala Ngwa South.
The forum expressed confidence in the ability and capacity of Dr Prince Michael Chiemezuo Agrippa in driving even development and uplifting local communities across Isiala Ngwa South Constituency through attractions of government’s provision of critical infrastructural amenities and projects when elected into the Abia State House of Assembly come 2027.
According to the ethnic-nationality body, aside from attracting meaningful socio-economic and infrastructural projects across IIsiala Ngwa South Constituency, we believe Dr Prince Michael Chiemezuo Agrippa equally possessed the wherewithal to pursue and make impactful laws that strengthen all statutory and relevant institutions of democratic governance in Abia State.
“Dr Prince Michael Chiemezuo has remained a defender of justice and advocate for the rights and welfare of average Nigerians.
“The confidence and widespread acceptance he enjoy among the electorates in isiala Ngwa South state constituency will turn into electoral victory for NDC in the coming general election next year,”the forum noted.
Forum of Abia Democrats (FABD) pledged to rally bulk votes for NDC State House of Assembly Candidate, Dr. Prince Michael Chiemezuo Agrippa to ensure his total victory in the upcoming election in 2027 in isiala Ngwa South Constituency by the independent national electoral commission (INEC).
The southeast forum also used the medium to call on all eligible Nigerian citizens to participate in the ongoing nationwide voters registration exercise by INEC, so as to enable them exercise their franchise in next year’s general election in the country.
“Every eligible imo citizens should ensure it register and collect their permanent voters cards (PVC), because, it is the only weapon and power vested on citizens by the constitution of the Federal Republic of Nigeria, to effect a change in government, and vote in credible people to mount leadership saddle in all levels in the country,”They stated.
The Service stated this in a statement posted on its official X handle on Wednesday.
According to the NIS, the only authorised platform for passport payments by Nigerians, both within the country and in the diaspora, is its official passport portal.
It added that foreigners seeking Nigerian visas should use only its official visa portal for embassy applications or the designated e-visa portal for electronic visa applications.
It said, “The Nigeria Immigration Service wishes to reiterate that the only authorised platforms for passport payments for Nigerians (at home and in diaspora) is https://passport.immigration.gov.ng.
“For foreigners wishing to apply for visa, https://visa.immigration.gov.ng (for visa at the Embassy) and https://evisa.immigration.gov.ng (for e-visa) are the official links.
The NIS urged applicants who require clarification or assistance with passport or visa applications to contact its verified communication channels.
It listed its official X accounts as @nigimmigration and @InquireAtNaija, while its verified Facebook and Instagram handles are @nigimmigration.
The Service also provided WhatsApp numbers 09160878000 and 09117717772 for enquiries and support.
The statement reiterated the Service’s commitment to ensuring secure and transparent passport and visa application processes, urging the public to avoid fraudulent intermediaries.
The US Department of State said the move is aimed at centralising routine visa services in regional hubs to enhance national security, reduce government spending, and ensure greater consistency in visa screening, vetting and adjudication.
In a statement on the US Department of State website on Wednesday, the department said the reorganisation aligns with the President Donald Trump’s administration’s priority of placing America’s interests and security first.
“The Department of State is constantly evaluating its overseas operations in order to advance America’s priorities as efficiently and effectively as possible. This includes a visa process that maintains rigorous standards of security screening and vetting and aligns resources and operational capacity with America’s national interests.
“The Trump administration has no higher priority than the safety and security of Americans, and the State Department will continue to provide Americans with appropriate consular services and assistance at diplomatic posts around the world,” the statement read.
Besides Abuja, the affected diplomatic posts are located in Asmara, Bamako, Banjul, Brazzaville, Bujumbura, Conakry, Cotonou, Durban, Freetown, Gaborone, Harare, Juba, Libreville, Lilongwe, Lusaka, Maputo, Maseru, Mbabane, N’Djamena, Niamey, Nouakchott, Ouagadougou and Windhoek.
It also emphasised that all diplomatic missions will continue to provide consular services and carry out their regular functions on behalf of the United States.
The department further assured travellers that the policy does not invalidate visas that have already been issued.
The United States periodically reviews its global diplomatic operations to reallocate resources and streamline consular services.
Under the new arrangement, applicants in countries affected by the policy are expected to access routine visa services through designated regional processing hubs, while embassies and consulates continue to provide other diplomatic and consular assistance.
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