Business
Global Crude Hits $73 as Middle East Tensions Escalate
Global Crude Hits $73 as Middle East Tensions Escalate
Global oil prices jumped to around $73 per barrel following fresh U.S. military strikes on Iran, heightening fears of supply disruptions in the Middle East and sparking volatility in global energy markets. The increase reflects growing geopolitical risks in a region that accounts for a significant portion of the world’s crude exports.
The surge affected major crude benchmarks. Nigeria’s Bonny Light crude rose to about $72.90 per barrel from $70.80, while Brent crude increased to $72.87 per barrel from $71.10. Murban crude, widely used as a benchmark for Middle East oil, climbed to $74.24 per barrel from $71.50, highlighting market sensitivity to regional tensions.
Geopolitical Concerns Drive Price Spike
Analysts attributed the surge to fears that ongoing conflict could affect production facilities, export terminals, and key maritime routes such as the Strait of Hormuz, a crucial corridor for global oil shipments. The potential for disruption in these areas has intensified market anxiety, pushing prices higher.
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OPEC+ Announces Gradual Return of Production
Amid rising prices, OPEC+ members reaffirmed their commitment to stabilizing markets. In a virtual meeting on March 1, 2026, eight countries — Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman — reviewed market conditions and announced a plan to gradually return 1.65 million barrels per day (bpd) of voluntary production cuts previously implemented in 2023.
Under the latest agreement, 206,000 bpd will be added back to the market in April 2026, with the remainder phased in gradually based on evolving market conditions. The alliance emphasized continued monitoring of market fundamentals, including global demand, oil inventories, and geopolitical developments, to ensure a balanced and stable market.
The countries also reiterated compliance with the Declaration of Cooperation, ensuring any excess production would be accounted for and corrected through future adjustments. Monthly meetings will continue to assess market trends, with the next session scheduled for April 5, 2026.
Market Outlook and Analyst Predictions
Analysts warned that the combination of geopolitical tensions and the gradual return of OPEC+ supply could result in volatile crude prices in the coming weeks. Traders are balancing potential risks to supply against incremental increases in production, creating uncertainty in both crude and refined fuel markets.
Some experts indicated that if the conflict escalates or disrupts key oil transit points, prices could surge further, potentially exceeding $75 per barrel in the short term. The recent uptick has already sparked expectations of higher gasoline prices at the pump in major consumer markets.
The energy market continues to closely monitor developments in the Middle East, OPEC+ output decisions, and global demand patterns as key indicators for near-term price movements.
Global Crude Hits $73 as Middle East Tensions Escalate
Aviation
FAAN Introduces Hybrid Toll Payment System Following Tinubu’s Directive
FAAN Introduces Hybrid Toll Payment System Following Tinubu’s Directive
The Federal Airports Authority of Nigeria (FAAN) has introduced a temporary hybrid toll payment system at airports nationwide following heavy traffic congestion caused by the rollout of its cashless toll payment policy. The move comes after President Bola Tinubu directed the authority to ease implementation challenges to prevent travel disruptions.
FAAN Managing Director, Mrs. Olubunmi Kuku, told journalists in Lagos on Thursday that the decision followed severe gridlock at major airport toll gates, particularly Murtala Muhammed International Airport (MMIA), Lagos, as motorists struggled to adapt to fully digital payment methods. “He [the President] saw the traffic congestion and directed us to temporarily revert to a hybrid approach,” Kuku said. “This ensures smoother access while we refine the cashless system — it is a win for the industry.”
The hybrid model allows commuters and travellers to pay tolls using a combination of cash, prepaid FAAN cards, e-tags, debit cards, and other electronic options. Kuku emphasized that the arrangement will let FAAN continue its digital payment initiative while still accommodating users who have yet to register or activate electronic payment channels.
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She highlighted that the authority had registered over 100,000 users on its cashless platform between October 2025 and March 3, 2026, with around 60,000 sign-ups occurring in the final three days before the March 1 rollout deadline. The technology reportedly achieved a 99% success rate during initial operations, demonstrating strong potential for adoption once operational challenges are addressed.
Kuku explained that the initial rollout lacked a comprehensive pilot phase due to the pressure to meet the government’s deadline. The additional time granted by the Presidency now serves as an extended pilot period, enabling FAAN to raise public awareness, onboard private technology partners, and enhance monitoring mechanisms to prevent revenue leakages while cash payments are still allowed.
The MD noted that no new deadline has been set for the complete elimination of cash payments. The focus now is on refining the system, ensuring user convenience, and achieving a smooth transition to a fully digital tolling platform in line with global best practices in airport infrastructure management.
FAAN said the hybrid arrangement aims to prevent delays that could cause passengers to miss flights, while also maintaining transparency in revenue collection and improving overall airport operational efficiency.
FAAN Introduces Hybrid Toll Payment System Following Tinubu’s Directive
Business
NNPC Raises Petrol Price to ₦933 in Lagos, ₦960 in Abuja
NNPC Raises Petrol Price to ₦933 in Lagos, ₦960 in Abuja
The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol at its retail stations to ₦933 per litre in Lagos and ₦960 per litre in Abuja, triggering fresh concerns among motorists and businesses over rising fuel costs in Nigeria.
The national oil company raised the price by ₦103 in Lagos, moving from ₦830 per litre to ₦933, while motorists in the federal capital Abuja now pay ₦960 per litre, representing an ₦85 increase from the previous ₦875 price.
Checks on Wednesday showed that the new petrol price has already been implemented at several NNPC retail outlets, including stations at Apple Junction and Ago Palace Way in Lagos, while stations along Airport Road in Lugbe, Abuja, were dispensing petrol at the new ₦960 rate.
The latest fuel price hike comes shortly after the Dangote Petroleum Refinery increased its ex-gantry petrol price to ₦874 per litre on March 2, up from ₦774 per litre, a development that has influenced retail pricing across the downstream petroleum sector.
Industry analysts say the rise in petrol prices in Nigeria is closely linked to growing geopolitical tensions in the Middle East, which have unsettled global energy markets and pushed up crude oil prices.
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Recent market data shows that Brent crude oil rose to about $85 per barrel on March 3, compared with around $72 per barrel recorded on February 28, intensifying pressure on petrol landing costs for markets that still rely partly on imports.
Experts note that Nigeria’s deregulated fuel market means pump prices now fluctuate in response to international oil prices, exchange rate volatility, and supply chain costs.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the federal government to ensure steady crude oil supply to domestic refineries, particularly as Nigeria seeks to strengthen local refining capacity.
The association warned that continued instability in global oil markets could weaken the naira, raise petrol prices further, and push inflation higher, thereby worsening the cost-of-living challenges faced by Nigerians.
Energy stakeholders have also stressed the importance of expanding local refining operations, including production from the Dangote refinery and rehabilitation of government-owned refineries, to reduce dependence on imported fuel.
The latest price adjustment reflects the ongoing transition in Nigeria’s downstream petroleum sector following the removal of fuel subsidies and the adoption of a market-driven pricing system.
Motorists across Lagos, Abuja and other major cities have expressed concern that rising petrol prices could increase transportation costs, food prices and overall inflation, placing additional pressure on households and businesses.
NNPC Raises Petrol Price to ₦933 in Lagos, ₦960 in Abuja
Business
TCAN Targets Logistics Reforms to Drive Economic Growth at 2026 Transport Summit
TCAN Targets Logistics Reforms to Drive Economic Growth at 2026 Transport Summit
The Transportation Correspondents Association of Nigeria (TCAN) has begun preparations for its 2026 Annual Transport Summit, placing Nigeria’s logistics value chain at the centre of national economic discourse.
Scheduled for September 2026 in Lagos, the summit will be held under the theme, “Unlocking Economic Growth Through Transportation Logistics.”
It is expected to draw major stakeholders across the aviation, maritime, rail and road transport sectors, alongside logistics service providers, policymakers, regulators, development partners and financial institutions.
In a statement, TCAN said the summit would critically examine how efficient transportation logistics can serve as a catalyst for sustainable economic growth, trade facilitation, job creation and regional integration, especially in the context of ongoing reforms and infrastructure investments within the sector.
Chairman of TCAN, Tola Adenubi, described transportation logistics as the backbone of economic development, stressing that the performance of Nigeria’s logistics ecosystem directly impacts the nation’s competitiveness.
“From cargo handling at airports and seaports to inland freight movement and last-mile delivery systems, the efficiency of Nigeria’s logistics architecture plays a decisive role in determining the competitiveness of the nation’s economy,” Adenubi said.
He noted that the 2026 summit would explore innovative strategies to strengthen the sector, including digital transformation, infrastructure financing models, public-private partnerships and regulatory reforms aimed at optimising performance.
Chairman of the 2026 Conference Committee, Suleiman Idris, said the summit would feature high-level panel discussions, keynote addresses and interactive sessions designed to assess the current state of Nigeria’s transportation logistics framework.
According to him, deliberations will focus on identifying bottlenecks hindering seamless cargo and passenger movement, examining the impact of multimodal transport integration on economic expansion, and highlighting investment opportunities within the logistics and supply chain ecosystem.
Idris added that experts at the summit would also provide policy recommendations targeted at enhancing operational efficiency and boosting Nigeria’s global competitiveness in trade and transportation.
As part of the programme, TCAN will confer its Champions of Transport Industry Development (COTID) certificates on selected government agencies and private operators that have made significant contributions to the advancement of Nigeria’s transportation sector.
Over the years, the TCAN Annual Transport Summit has evolved into a credible platform for constructive engagement between regulators, operators and other industry stakeholders.
The association said the 2026 edition aims to deepen policy conversations, promote transparency and accountability, and accelerate reforms capable of unlocking the full economic potential of Nigeria’s transport and logistics industry.
With logistics increasingly recognised as a key enabler of economic growth, industry observers expect the 2026 summit to set the tone for fresh strategies that could reshape Nigeria’s transportation landscape in the years ahead.
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