Business
Iran-US-Israel War: Nationwide Petrol Price Hike To Hit Nigerians
Nigerian petroleum marketers and retailers say the retail price of Premium Motor Spirit will go up from today, Tuesday and Wednesday, 3rd and 4th March, 2026.
This followed Dangote Refinery’s hike in the gantry price of petrol on Monday.
DAILY POST reports that the $20 billion refinery increased the fuel gantry price to N874 per liter due to the Iran-United States-Israel war, which triggered crude oil price hike.
Amid the global crude oil price volatility, Dangote Refinery adjusted its domestic petrol by at least N75.
DAILY POST reports that the Iran-US-Israel conflict escalation comes after the latter eliminated Iranian leaders, including Ayatollah Ali Khamenei, in a strike on Friday night.
READ ALSO:Trump Warns Iran Against Attack, Threatens ‘Force Never Seen Before’
Iran had responded with an attack on US allies in the Middle East, including Saudi Arabia.
Iran attacked oil installations in Saudi Arabia and Qatar on Monday, leading also to the suspension of shipping operations in the Strait of Hormuz.
Saudi Arabia’s largest refinery, the Saudi Aramco facility in Ras Tanura, was hit by an Iranian drone and led to its shutdown.
Similarly, the Iranian attack on QaterEnergy, which led to the suspension of LNG production on Monday, may worsen the global gas market.
As of Monday, crude oil rose to $78.50 and $71.84 per barrel for Brent and West Texas Intermediate, respectively.
On the aspect of gas, Goldman Sachs said if the crisis in the Middle East persists, LNG to Europe and Asia may rise to $25 per million British thermal units (MMBtu).
READ ALSO:Iran Declares European Armies ‘Terrorist Groups’
DAILY POST reports that retail fuel stood at N870 and N899 per liter on Monday night.
However, a manager at the Dangote-backed MRS filling station in Abuja said a new retail price would be implemented by Tuesday.
Reacting, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, and the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said that part of the ripple effect of the Iran-US-Israel conflict is that domestic petrol prices will skyrocket because of rising crude oil prices.
On his part, Ukadike said retail petrol price would increase to as much as between N980 and N1,000 per liter from around N899 and N870 in the Federal Capital Territory and its environs.
“There will be price fluctuation and increase. That is the ‘gain’ we are getting from the Iran-US-Israel war.
“Although, we have surpassed the issue of scarcity.
READ ALSO:Iran Has Executed At Least 841 People This Year — UN
“Because crude oil in the international market is going up, so, in line with that standard, Dangote has increased their price this evening.
“The pump price will depend on the transportation and logistics. It will cost about N980 to N1,000.
“There should be no panic buying. We are sure that Dangote will continue to supply petroleum products. The federal government will continue to supply them crude oil in naira.
“As it is now, you will find that vessels carrying crude oil from one nation to another will be very, very difficult to move, especially in the Gulf area, which will definitely put pressure on the world supply of crude,” he told DAILY POST.
On his part, Billy Gillis-Harry blamed the ongoing hostilities in the Middle East for the domestic petrol hike.
“Well, it’s very easy to understand. You know that crude oil price is rising as hostilities are escalating in the Middle East.
“Iran being a major supplier of crude oil, if there are disruptions in operations, they are obviously going to affect global crude prices.
“And prices will hike. So it won’t surprise me that our local refineries in Nigeria will immediately respond to that by hiking prices,”he told DAILY POST.
Business
Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO
Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”
He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.
Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”
READ ALSO:BREAKING: Wike Picks Alabo George For Rivers Governorship
According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.
The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.
He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.
According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.
READ ALSO:Senatorial Seat: Ogbakha-Edo Warns Against Imposition Of Candidates In Edo South
He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.
“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.
“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.
“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”
When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”
Business
JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.
Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.
This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.
Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.
According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.
READ ALSO:Drivers Protest Fuel Increase, Raise Fares in Benin
However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.
This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.
Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.
Business
Dangote Refinery Hikes Petrol Price
Dangote Refinery has increased the ex-depot price of petrol by N75.
The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.
READ ALSO:Dangote Sugar Announces South New CEO
This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.
DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.
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Business3 days agoJUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
