Business
IMF Warns Global Inflation Could Stay High Until 2025
Published
2 years agoon
By
Editor
The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund’s chief economist told AFP on Tuesday.
Prices around the world have surged since the rapid reopening of the global economy after the Covid-19 pandemic. Inflation was further fueled by Russia’s invasion of Ukraine last year, which caused commodity prices to spike.
“Inflation is still with us,” Pierre-Olivier Gourinchas said in an interview in Washington, shortly after the IMF raised its forecast for inflation this year to seven percent.
READ ALSO: Uncertainties Might Persist Amid High Risks To Financial Stability – IMF
Despite an aggressive, concerted, campaign by central banks to slow price increases by raising interest rates, inflation in many countries remain well above the two percent target set by the US Federal Reserve and others.
“Core inflation in particular has not started to come down significantly back towards the target,” Gourinchas said, referring to a measure that strips out volatile food and energy prices.
“It probably won’t be until the end of 2024, maybe into 2025,” he added.
READ ALSO: Only 24% Of CBN Anchor Borrowers’ Loans Repaid – IMF
“The persistence of core inflation means that central banks may have to keep their interest rates higher for longer“, he said.
Such a move would put additional strains on a financial sector already rocked by the dramatic collapse of Californian lender Silicon Valley Bank (SVB) last month.
SVB’s fall was swiftly followed by the failure of another US regional lender and the merger under pressure of Swiss investment banking giant Credit Suisse with its regional rival UBS.
Gourinchas said “very forceful intervention” by the Fed, Swiss National Bank and others had helped to tackle the immediate challenges unleashed by SVB’s failure, but warned that “pockets” potential challenges remained.
READ ALSO: Only 24% Of CBN Anchor Borrowers’ Loans Repaid – IMF
“We’re in a situation where there is elevated levels of nervousness in the market,” he said.
An area of concern is the real estate sector, in part due to the slow post-pandemic return to offices in many cities around the world.
Gourinchas warned that there may be other financial institutions like SVB that are over-exposed to interest rate risks, which could cause problems if rates stay high while central banks fight inflation.
Countries without the fiscal tools to help fight inflation could also suffer, Gourinchas warned.
“One should be very vigilant going ahead to make sure that the places that look weak are reinforced, are buttressed,” he said.
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
2 weeks agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
READ ALSO:
Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
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