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.
“If You Have Evidence Against Stanley Mbam, Charge Him; Otherwise, Release Him” — Oganiru Izzi
A socio-cultural organisation of Izzi extraction, Oganiru Izzi, has challenged Ebonyi State Governor, Chief Francis Ogbonna Nwifuru, to either release the state’s sacked Commissioner for Works, Mr Stanley Mbam, or charge him before a competent court if the government has credible evidence of wrongdoing against him.
The group said the continued detention of the former commissioner without a formal charge raises concerns about due process, constitutional rights and the rule of law.
The leader of Oganiru Izzi, Mr Godwin Mbam, made the demand while speaking with correspondents of National Issue Newspapers at the Crack Department of the Ebonyi State Police Command in Abakaliki.
Mbam condemned what he described as the prolonged detention of Stanley Mbam without allowing a court to determine whether he had committed any offence.
He challenged the state government to produce evidence if it believes the former commissioner committed a criminal offence.
“If there is credible evidence against him, charge him to court and let the court decide. If there is no case against him, he should be released,” Mbam said.
He also appealed to the Ebonyi State Police Command to uphold the Constitution and resist any pressure that could result in unlawful detention.
Vanco Flyover: “We Will Reveal the Full Details”
Mbam also issued a three-day challenge to Governor Nwifuru, declaring that if the former commissioner was not released or charged to court, his organisation would make public what it described as the “full details” of the Vanco Flyover project.
According to him, the proposed disclosure would address issues surrounding the project, including its funding, payments, contractual arrangements and other financial details.
“We will let the world know the full details of the Vanco Flyover and how the funds were utilised,” he warned.
He further challenged the state government to demonstrate transparency by making relevant documents concerning the project available to the public.
“What About the Alleged ₦1.5 Billion Forfeiture?”
The Izzi group also questioned what it described as the selective application of the state government’s anti-corruption campaign.
Mbam referred to allegations involving an account reportedly frozen by the Economic and Financial Crimes Commission (EFCC) and an alleged ₦1.5 billion forfeiture to the Federal Government.
He questioned why, according to him, the governor had allegedly not taken similar action if the facts surrounding the matter warranted it.
Mbam stressed that he was not opposed to the fight against corruption but insisted that any anti-corruption campaign must be comprehensive, transparent and applied equally.
“If Governor Nwifuru wants to fight corruption, let him fight it holistically. Nobody should be targeted while other serious allegations are ignored,” he said.
“If Nwifuru Says He Knows Nothing, We Will Produce the Facts”
Mbam further challenged Governor Nwifuru to publicly state whether he was aware of alleged corruption issues within the Ministry of Works.
“If Nwifuru publicly claims that he is unaware of corruption in the Works Ministry, I will make public the facts available to me. The facts will shock the state,” he declared.
He insisted that the matter should not degenerate into a political vendetta, arguing that the appropriate place to determine criminal liability is a court of law.
According to him, the people of Ebonyi State deserve clear answers concerning the Vanco Flyover and other issues involving public funds.
“Everybody Should Be Subject to the Law”
The Oganiru Izzi leader maintained that the controversy should be resolved through transparency, documentary evidence and due process.
“If there is a case, charge him. If there is no case, release him. The government cannot claim to be fighting corruption while abandoning the principles of justice and the rule of law,” he said.
Mbam warned that failure to address the issues could compel the organisation to make further disclosures concerning the Vanco Flyover and other matters it considers to be in the public interest.
By Our Correspondent
As Nigeria celebrates its 66th Independence Anniversary, the candidate for the House of Representatives seat representing the Ezza South/Ikwo Federal Constituency, Hon. Chief Kevin Tobias Chukwu, has called on Nigerians to remain hopeful and committed to building a better country.
Chukwu, also known as Ochiri Ozua 1 of Amagu Ikwo, made the call in an Independence Day message to Nigerians, particularly the people of Ezza South/Ikwo Federal Constituency and Ebonyi State.
He described the anniversary as not only a moment for celebration but also an opportunity to reflect on the state of the nation and the responsibilities of leaders in building a Nigeria that meets the aspirations of its citizens.
According to him, Nigeria’s journey since independence has been marked by significant challenges, with millions of citizens currently facing economic hardship, while young people continue to search for opportunities and many communities contend with insecurity and uncertainty.
Despite these challenges, the Ebonyi politician said the resilience of Nigerians remained a source of hope for the country’s future.
“I believe in the resilience of our people. I believe in the ingenuity of our youths, the strength of our women, the wisdom of our elders and the determination of ordinary Nigerians who wake up every morning and refuse to give up on this country,” he said.
Chukwu, however, stressed that hope must be matched by responsible leadership, arguing that public office should be viewed as a responsibility rather than a privilege.
He called for leadership that prioritises the protection of lives, creation of economic opportunities, provision of infrastructure, strengthening of institutions and responsible management of national resources.
The candidate also emphasised the need to create an environment where young Nigerians can pursue successful lives within the country and where hard work, merit and enterprise are rewarded.
He said Nigeria had “come too far to surrender to hopelessness,” urging citizens and leaders alike to remain committed to the country’s progress.
“A better Nigeria is still possible, but it will require responsible leadership, accountable institutions and citizens who refuse to give up on their country,” he said.
Chukwu concluded by expressing optimism about Nigeria’s future, declaring: “Nigeria will rise. Nigeria must rise. And together, we must build the Nigeria we deserve.”
He also paid tribute to the nation’s past heroes, praying that their sacrifices would continue to inspire the country.
“May the labour of our heroes past never be in vain,” he said, as he wished Nigerians a happy 66th Independence Anniversary.
By Okey Maduforo, Awka
As Nigeria celebrates its 66th anniversary of independence from colonial rule, democracy in the country has continued to evolve and deepen, the Anambra State Chairman of the All Progressives Congress (APC), Senator Emma Anosike, has said.
Anosike made the observation in a message to mark Nigeria’s Independence anniversary, noting that despite the challenges the country had encountered since 1960, its democratic system had continued to improve under successive administrations.
According to him, since the return to democratic rule in 1999, Nigeria has witnessed relatively smooth transitions from one administration to another, while citizens have continued to exercise their fundamental rights to hold governments accountable for their performance.
“Before the return of the democratic process, it was indeed difficult and near taboo to challenge the leadership of the country, and those who may have attempted it in the past faced grave consequences.
“Similarly, we have had smooth transitions from one dispensation to another, producing five presidents through the ballot and not through the barrel of the gun. These elected presidents were produced by different political parties.”
Anosike said the administration of President Bola Ahmed Tinubu had sustained the country’s democratic principles and created an avenue for Nigerians, irrespective of tribe, race or religion, to express their views on government policies and programmes.
“Under the stewardship of President Bola Ahmed Tinubu, Nigerians have been enjoying the freedom to express themselves over issues, policies and programmes of government, and those expressions have been shaping and guiding the administration of Mr President,” he said.
The APC chairman said Nigeria’s 66th independence anniversary provided an opportunity for citizens to reflect on the country’s journey as a nation and the progress made since independence.
He said President Tinubu’s Independence Day broadcast had offered another opportunity for Nigerians to renew their hope for a greater and more prosperous country.
Anosike also commended what he described as the “enormous infrastructural development” taking place across the country under the Tinubu administration.
He urged Nigerians to continue to support and have faith in the administration as the country approaches the 2027 general elections.
An Elder Statesman, Chief Hycienth Ngwu, has called on political leaders and policies formulators to ensure governmental policies and programmes directly touch lives of the people and reduce hardship in the country.
Ngwu, who is a prominent community leader in Enugu, urged Nigerians to maintain peace within neighbourhoods and communities, as no meaningful development can take place without peace.
The statesman made the call on Thursday in Enugu while reacting to the developmental efforts of Nigeria at its 66th Independence.
He said that previous and present administrations had put in place policies and programmes to reset the socioeconomic fabric of the nation.
Ngwu said that while the removal of fuel subsidy, and unification of the foreign exchange had good intentions, their impact is yet to reflect on the lives and livelihoods of vast majority of Nigerians.
He urged leaders to ensure that public resources were properly managed while citizens remained patient with reforms aimed at improving the socioeconomic status of the country.
The elder statesman noted that at 66th independence, the country was still struggling on keeping its peace and co-existence as a country; adding that the founding leaders of Nigeria envisaged a closely united, bonded and peaceful country.
He called for return to policies that promote local production, indigenous industries and entrepreneurship, arguing that excessive dependence on imports had continued to weaken the country’s productive capacity.
According to him, we are yet to achieve economic independence even as we needed to do more on non oil revenue earns as the greater part of the world is moving towards greener and clean energy.
“Greater emphasis should be on skills acquisition, creativity and entrepreneurship education system, as academic qualifications without practical skills could leave graduates dependent on scarce white collar jobs.
“We ought to be economically productive nation capable of producing and exporting goods while developing its human capital,” he said.
Ngwu noted that current insecurity and social instability could be partly attributed to poverty and ignorance, while calling for greater honesty and trust between leaders and citizens.
“Corruption, tribalism and selfishness must be addressed if Nigeria is to achieve peace and lasting progress,” he added.
He also called for the scrapping of state electoral commissions as they have not helped in deepening democracy at that level. The National Election body should take over that responsibility.
As Nigeria marks its 66th Independence Day, Macmaduson Concepts Limited, a leading provider of HVACR,industrial parts, sensors, electrical and plumbing materials, has extended warm Independence Day greetings to its customers, clients and business partners across the country.
In a goodwill message to mark the occasion, the company expressed appreciation to its valued customers for their continuous support, trust and partnership over the years.
Macmaduson Concepts Limited, which specialises in HVACR,Industrial Materials, sensors, air-conditioners, refrigerators, cold rooms, chillers, refrigerants, electrical materials and plumbing materials, said the occasion provides an opportunity to celebrate Nigeria and reflect on the nation’s journey.
The company wished Nigeria continued growth, unity, peace and prosperity, while expressing hope for a brighter future for all Nigerians.
The message from the company reads in part:
At Macmaduson Concepts Limited, we celebrate our great nation, Nigeria, and appreciate our valued clients for their continuous support, trust and partnership. May Nigeria continue to grow in unity, peace and prosperity.”
The company concluded its Independence Day message with the theme: “One Nation, One People, A Brighter Tomorrow.”
Happy Independence Day, Nigeria!
Happy 66th Independence Anniversary from Macmaduson Concepts Limited.
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