Business
CBN Forecasts ₦950 Petrol Price in 2026 Amid FX Stability, Lower Oil Prices
CBN Forecasts ₦950 Petrol Price in 2026 Amid FX Stability, Lower Oil Prices
The Central Bank of Nigeria (CBN) has projected that the pump price of petrol will average about ₦950 per litre in 2026, according to its 2026 Macroeconomic Outlook for Nigeria.
The projection is based on a set of baseline assumptions, including a moderation in global crude oil prices, relative stability in the foreign exchange market, and improved domestic oil production and refining capacity.
According to the apex bank, its outlook assumes an average crude oil price of $60 per barrel in the fourth quarter of 2025 and $55 per barrel in 2026, in line with forecasts by the US Energy Information Administration (EIA) that rising inventories and global supply glut would weigh on prices.
The CBN also projected an average Nigerian Foreign Exchange Market (NFEM) rate of ₦1,451.63 per dollar in Q4 2025 and ₦1,400/$ in 2026, supported by improved FX efficiency, increased capital inflows, a current account surplus and broader economic activity.
Domestic crude oil production is expected to average about 1.5 million barrels per day, excluding condensates, throughout the forecast period. Within this framework, the bank said the price of premium motor spirit (PMS) is expected to “hover around ₦950 per litre in 2026,” slightly above current retail levels.
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“The baseline projections are predicated on crude oil prices, exchange rate stability, improved FX market efficiency, higher capital inflows, a current account surplus and stronger investor sentiment,” the CBN stated, adding that government spending would follow the 2025–2027 Medium-Term Expenditure Framework (MTEF) in line with an expansionary fiscal stance.
The outlook comes amid recent fluctuations in fuel prices following significant price cuts by the Dangote Petroleum Refinery, which reduced its gantry price from ₦828 to ₦699 per litre in December. The refinery’s retail partner, MRS Oil, subsequently sold petrol at ₦739 per litre, forcing other marketers to lower prices to remain competitive.
Despite the reductions, industry players note that the price cuts have come at a significant cost to refiners and importers. Earlier this week, the Dangote refinery warned that petrol prices could rise to as much as ₦1,400 per litre if Nigeria relies solely on fuel imports, describing domestic refining as a stabilising force in the downstream market.
The CBN acknowledged this role, noting that increased private sector investment in refining, improved security around oil assets and stable energy prices are expected to support stronger economic growth in 2026.
The bank also projected that headline inflation would decline to 12.94 per cent in 2026, from an estimated 21.26 per cent in 2025, driven by easing food prices and moderation in PMS prices as competition among midstream operators intensifies.
Globally, the CBN forecast a 5.52 per cent decline in commodity prices in 2026, with global energy prices expected to fall by 6.99 per cent, as Brent crude averages around $61 per barrel. Prices of metals and agricultural commodities are also projected to ease on weaker demand and improved supply conditions.
CBN Forecasts ₦950 Petrol Price in 2026 Amid FX Stability, Lower Oil Prices
Punch
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Auto
Jetour T2 PHEV Storms Abuja as Jetour Steps Up Nigeria Expansion
Jetour T2 PHEV Storms Abuja as Jetour Steps Up Nigeria Expansion
Abuja is set for a major dose of electrified motoring as Jetour Nigeria takes its technologically advanced T2 Plug-in Hybrid Electric Vehicle (PHEV) to the nation’s capital for an experiential showcase aimed at deepening the brand’s growing footprint in Nigeria.
The Jetour T2 PHEV will headline the Jetour Experience Abuja, scheduled for September 22 to 24, 2026, following the strong reception recorded at the brand’s Lagos edition earlier this year, where customer participation, test drives and sales enquiries reportedly surged.
The move to Abuja, according to Jetour Nigeria, was largely driven by growing demand from motorists in the Federal Capital Territory who have been seeking an opportunity to experience the brand’s latest vehicles, particularly the T2 PHEV.
The Abuja activation will feature test drives, product demonstrations and interactions with Jetour’s technical and sales teams, giving prospective buyers first-hand access to the SUV and its plug-in hybrid technology.
Jetour Nigeria, the sole authorised distributor of the brand in the country, is also leveraging an expanding nationwide dealer network comprising Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, TAB Autos Limited, R.T. Briscoe Motors and Mandilas Autos to strengthen sales and after-sales support across key markets.
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The company said the decision to stage the Abuja experience was also driven by requests from patrons and prospective customers in the capital who want an opportunity to experience Jetour’s latest products, including the technologically advanced T2 PHEV.
The Jetour T2 PHEV combines rugged SUV capability with hybrid efficiency, advanced technology and comprehensive safety features, positioning it as an attractive option for Nigerian motorists seeking performance, comfort and improved fuel economy.
Since its entry into the Nigerian market, Jetour has recorded growing acceptance, with its SUV range gaining popularity among families, professionals and adventure enthusiasts.
The brand’s expanding customer base has been supported by competitive pricing, after-sales service and vehicles engineered to cope with diverse road and driving conditions across Nigeria.
Jetour’s growing reputation has also been reinforced by a number of local and international recognitions spanning product quality, design, innovation and customer satisfaction.
Its vehicles have also earned strong global safety ratings, with the T2 achieving a 5-Star NCAP safety rating, placing it among vehicles meeting high benchmarks for occupant safety.
The Abuja event is expected to feature test drives, product demonstrations and direct interactions with Jetour’s technical and sales teams, giving visitors an opportunity to experience the brand’s products and understand the technology behind the T2 PHEV.
Beyond showcasing its expanding SUV lineup, Jetour said the Abuja activation reflects its commitment to bringing the brand’s ownership and customer experience closer to motorists across Nigeria.
With the Federal Capital Territory as its next destination, Jetour is looking to build on the momentum generated in Lagos while deepening its footprint in one of Nigeria’s most important automotive markets.
Jetour T2 PHEV Storms Abuja as Jetour Steps Up Nigeria Expansion
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Auto
Honda shakes up Nigeria operations, dissolves HAWA, retains HMN
Honda shakes up Nigeria operations, dissolves HAWA, retains HMN
Japanese automobile giant, Honda, has overhauled its operations in Nigeria, dissolving its automobile arm, Honda Automobile Western Africa Limited, and folding its business into Honda Manufacturing Nigeria Limited.
The restructuring, which took effect on September 1, 2026, followed the sanctioning of the merger by the Federal High Court, with HMN emerging as the surviving entity.
Under the new arrangement, HAWA, which had been responsible for Honda’s automobile business operations in the country, has ceased to exist as a separate corporate entity, while HMN has taken over its assets, liabilities, contracts, rights, obligations and ongoing business operations.
Honda, however, moved quickly to allay concerns over the development, assuring customers, dealers and business partners that the restructuring would not disrupt its automobile operations or affect the level of service and support they receive.
In a notification to its business partners dated August 31, 2026, Honda said the restructuring had resulted in the consolidation of both companies into “one unified entity”, with HMN assuming all assets, liabilities, rights, obligations, contracts, undertakings and business operations previously held or conducted by HAWA.
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The development means that existing relationships, arrangements and commitments involving HAWA will henceforth be managed and administered by HMN.
The company, however, stressed that the restructuring would not disrupt its automobile business operations in Nigeria.
“Automobile business operations previously conducted by HAWA will continue under HMN without interruption,” Honda assured its partners, adding that it remained committed to maintaining the same level of service, support and cooperation that customers and business partners had come to expect.
The restructuring is also expected to streamline Honda’s corporate structure in Nigeria by bringing its manufacturing and automobile business operations under a single surviving entity.
Honda said it was currently updating relevant corporate records and information as part of the integration process. These include corporate details, registered address, authorised signatories, management information and other related documentation.
It added that any changes requiring the attention of its business partners would be communicated in due course.
The company further requested the continued support and cooperation of its partners during the transition, while providing a copy of the Federal High Court order sanctioning the merger as an appendix to its notification.
Honda shakes up Nigeria operations, dissolves HAWA, retains HMN
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Railway
Fire Scare at Abuja Train Station as Electrical Fault Sparks Blaze, NRC Assures Passengers
Fire Scare at Abuja Train Station as Electrical Fault Sparks Blaze, NRC Assures Passengers
A minor fire caused by an electrical fault broke out at the Idu Train Station in Abuja on Wednesday night, but the incident did not disrupt operations on the Abuja–Kaduna train route, the Nigerian Railway Corporation (NRC) has said.
The fire, which occurred in the station’s low-voltage electrical room, was detected at about 8:30 p.m. and was quickly brought under control by maintenance personnel.
A preliminary inspection showed that some electrical supply cables connected to the station’s control panels were damaged in the incident.
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However, the NRC said the station’s solar power system was not affected, while power had been temporarily restored to the lifts and escalators.
According to the Corporation’s Chief Public Relations Officer, Callistus Unyimadu, all the lifts and escalators are currently operational except Lift 1.
The NRC stressed that the incident had no impact on Abuja–Kaduna train services, assuring passengers that scheduled operations would continue as normal.
The Corporation said its technical team was conducting a detailed assessment to establish the cause of the electrical fault and permanently restore the affected installations.
It added that appropriate safety measures had been put in place while the assessment and remedial work continued.
Fire Scare at Abuja Train Station as Electrical Fault Sparks Blaze, NRC Assures Passengers
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