Iran-Israel war: Petrol nears N1,000/L, further hike imminent

Filling stations across the country have adjusted the pump price of premium motor spirit (PMS), otherwise known as petrol, with a litre sold at almost N1,000 across the country.

This followed the recent increase in the price of crude oil on the global market, triggered by the escalating Israel-Iran hostilities, with marketing advising Nigerians to brace up for further increases unless there is a de-escalation of the current tension.

Newstrends reports that since the conflict started, there has been severe damage to critical oil infrastructure, triggering a sharp spike in global oil prices.

Spike in crude prices

As soon as the conflict started, Brent crude increased by 11.71% from $66.45 penultimate Monday to $74.23 after hitting an intraday high of $78.50, the highest since January 27.

Also over the penultimate weekend, U.S. West Texas Intermediate crude finished at $72.98 a barrel, up $4.94, or 7.62%.

Similarly, WTI jumped over 14% to its highest since January 21 at $77.62. WTI climbed 13% to its level a week ago.

Israel and Iranian hostilities have worsened volatilities in the oil and gas sector as investors are on the edge of price instability amidst fear of escalating Middle East conflict.

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As of yesterday (Sunday), crude prices have rallied above $77 per barrel, slipping from $79 over the weekend. There are fears of further increases following US President Donald Trump’s decision to strike three nuclear facilities in Iran, even as Iran has vowed retaliation.

Fear of further spike as Iran vows retaliation

Iran-Israel war: Petrol nears N1,000/L, further hike imminent

Daily Trust

Bank of Agriculture gets FG’s N1.5trn

The Federal Government has recapitalized the Bank of Agriculture with N1.5 trillion as part of a broader strategy to enhance food security and support farmers across the country.

Additionally, more than N200 billion has been deployed toward agricultural initiatives, including the distribution of 2.15 million bags of fertilizer and the creation of a comprehensive farmer registry aimed at reaching over 42 million households.

This development was disclosed in a statement signed by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, on Sunday.

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The statement revealed that the Minister of Agriculture and Food Security, Senator Abubakar Kyari, made the announcement during a high-level meeting with officials from The Gambia’s Ministry of Agriculture in Abuja.

The minister reiterated Nigeria’s dedication to “sustainable mechanization, youth inclusion, and regional collaboration within ECOWAS.”

In response, The Gambia commended Nigeria’s strides in rice production and sought technical assistance to emulate the country’s success in that sector.

Also speaking, Nigeria’s Minister of State for Agriculture, Senator Aliyu Abdullahi, noted that the nation’s advancements in agriculture could serve as a blueprint for the continent. He stated, “Nigeria’s agricultural progress can serve as a guide for Africa in achieving food sovereignty.”

Bank of Agriculture gets FG’s N1.5trn

Dangote refinery raises petrol ex-depot price to N880/litre

Nigerians may soon pay more for Premium Motor Spirit (PMS) following a fresh hike in ex-depot prices by the Dangote Petroleum Refinery.

The refinery on Friday raised the rate to N880 per litre, up from N825, according to information obtained by Chronicle NG.

This N55 increase is expected to reverberate across the fuel supply chain, potentially pushing pump prices above N900/litre in some areas, particularly those distant from major depots.

The hike comes amid a global decline in crude oil prices. On Friday, Brent crude dropped by 3.02% to $76.47, WTI declined to $74.93, and Murban fell to $76.97. However, this price relief on the international market offers little benefit locally due to ongoing concerns about supply disruptions and exchange rate instability.

Dangote Group President Aliko Dangote attributed the price adjustment to operational costs and an increased reliance on imported crude oil. He disclosed that the refinery is now “increasingly” sourcing crude from the United States due to local shortages.

Reports show that the refinery is projected to import 17.65 million barrels of crude oil between April and July 2025, with 3.65 million barrels already received in the past two months. This development is taking place under the Federal Government’s naira-for-crude policy.

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Addressing the Technical Committee of the One-Stop Shop for the crude and refined products initiative, Dangote explained that the refinery continues to battle crude shortages, necessitating U.S. imports.

On Monday, Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), criticised fuel marketers for inflating prices despite global crude oil price drops.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre,”
he said.

Osifo argued that Nigerians should benefit from lower fuel prices when crude prices fall.

“If Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.”

The increase now appears to affirm Osifo’s warning, with many depot owners and distributors bracing for new pricing benchmarks. Sources indicate that fuel marketers have been on hold since Tuesday when Dangote paused sales and withheld new PFIs, triggering speculative pricing hikes.

As supply resumes at the new rate, downstream players anticipate widespread adjustments to retail pump prices, raising renewed concern over affordability and inflationary pressure.

Dangote refinery raises petrol ex-depot price to N880/litre