Business
Nigeria Fuel Prices May Rise as Middle East Crisis Deepens
Nigeria Fuel Prices May Rise as Middle East Crisis Deepens
Growing Middle East tensions triggered by ongoing military actions involving the United States and Israel against Iran may soon lead to higher fuel prices in Nigeria, following a surge in global crude oil prices to $72.87 per barrel.
The escalation followed a coordinated strike across multiple locations in Iran, including Tehran, significantly heightening geopolitical instability and fuelling fears of supply disruptions in global oil markets.
For Nigeria—where crude oil accounts for over 85 percent of export earnings and nearly half of government revenue—the implications are far-reaching. While higher oil prices could boost government income, analysts warn that Nigerians may soon face increased petrol (PMS) prices, especially in the current post-subsidy era.
Energy experts say the oil price surge presents a mixed outlook. Oil and gas analyst Ayodele Oni explained that while Nigeria could benefit from increased foreign exchange inflows, higher crude prices typically lead to higher landing costs for petrol, which are eventually passed on to consumers.
Similarly, energy expert Kelvin Emmanuel noted that Nigeria’s 2026 budget benchmark of $64.85 per barrel means the government stands to earn more revenue from rising oil prices. However, he warned that refineries will be forced to adjust fuel prices in line with market realities.
This includes domestic refiners such as the Dangote Refinery, which operates in a deregulated downstream environment where petrol prices are tied to crude oil costs, exchange rates, and operational expenses.
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Economic analyst Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said geopolitical conflicts in the Middle East often trigger oil price spikes due to fears of supply disruptions—particularly around key shipping routes such as the Strait of Hormuz.
According to Yusuf, Nigeria could benefit from:
- Higher crude export earnings
- Improved foreign exchange inflows
- Stronger external reserves
- Increased FAAC allocations
However, he cautioned that Nigeria’s current oil production level of about 1.4–1.6 million barrels per day remains below capacity and is constrained by oil theft, pipeline vandalism, underinvestment, and infrastructure challenges. Without resolving these issues, the country may fail to fully capitalise on higher oil prices.
Yusuf also warned of inflationary pressures, noting that rising fuel costs could increase transport fares, food prices, manufacturing costs, and logistics expenses, worsening the cost-of-living crisis for Nigerian households.
Offering a more cautious outlook, energy economist Professor Wumi Iledare said the current oil rally may be temporary, explaining that modern oil markets operate on real-time data and rational expectations. He noted that unless the Middle East crisis leads to a sustained disruption in oil supply, prices may stabilise.
Energy law expert Professor Dayo Ayoade echoed this view, stating that many countries maintain strategic crude oil reserves, which could limit extreme price spikes. He added that even if prices approach $80 per barrel, Nigeria must remain cautious due to its debt obligations and oil-backed loans.
Ademola Henry Adigun, Chief Executive Officer of AHA Consultancies, said the crisis could further destabilise global energy markets, simultaneously boosting government revenue while raising petroleum product prices domestically.
Analysts stressed that to maximise potential benefits and minimise economic pain, Nigeria must:
- Strengthen anti-oil theft and pipeline protection measures
- Boost upstream oil production and investment
- Expand domestic refining capacity
- Save excess oil revenue during price surges
- Protect vulnerable households from inflation shocks
- Accelerate economic diversification beyond oil
Ultimately, experts describe the deepening Middle East crisis as a double-edged sword for Nigeria—offering short-term fiscal gains while posing serious risks of fuel price hikes, inflation, and economic hardship if not carefully managed.
Nigeria Fuel Prices May Rise as Middle East Crisis Deepens
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Auto
Jetour G700 PHEV Lands in Abuja for 3-Day Luxury Mobility Showcase
Jetour G700 PHEV Lands in Abuja for 3-Day Luxury Mobility Showcase
Jetour Nigeria is taking its premium mobility campaign to the Federal Capital Territory, with the flagship G700 Plug-in Hybrid Electric Vehicle (PHEV) set to headline a three-day luxury automotive showcase in Abuja from September 22 to 24, 2026.
The Abuja experience, coming on the heels of the brand’s major showcase in Lagos, is part of Jetour Nigeria’s aggressive drive to deepen its presence in the country’s premium automotive market while introducing consumers to a new generation of electrified mobility.
The G700 PHEV, positioned as Jetour’s flagship luxury SUV, combines executive-class comfort with advanced hybrid technology and serious off-road capability.
The model’s arrival in Abuja also comes at a time the brand is gaining increasing recognition in Nigeria’s automotive industry. Jetour Nigeria was recently honoured by the Nigeria Auto Journalists Association (NAJA) as the Fastest Growing Auto Brand of the Year, underscoring its expanding market presence.
At the heart of the G700 is Jetour’s Kunpeng Super Hybrid system, paired with dual electric motors. The powertrain delivers a claimed combined driving range of up to 1,400 kilometres, offering a response to one of the major concerns surrounding electrified vehicles—range anxiety.
The flagship SUV also comes equipped with adaptive suspension, triple differential locks and up to 970mm wading capability, giving it the muscle to handle demanding terrain while retaining the refinement expected of a luxury vehicle.
Inside, the six-seat G700 delivers a premium cabin experience, featuring Nappa leather upholstery, massage seats, a 35.4-inch 3K panoramic display, an 18-speaker Lexicon sound system and an onboard refrigerator.
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The Abuja showcase is expected to attract government officials, corporate executives, fleet managers, motoring enthusiasts and members of the media. Participants will have the opportunity to experience the G700 through an exclusive vehicle reveal, hands-on demonstrations and VIP test drives.
Jetour Nigeria promises ownership support
Beyond the vehicle itself, Jetour Nigeria is highlighting its after-sales support as a key component of the ownership proposition.
Customers purchasing through its authorised network will benefit from a five-year or 150,000-kilometre manufacturer warranty, access to genuine spare parts, software upgrades and certified technical support.
The company currently operates through seven accredited dealerships, including Elizade Nigeria Limited, New Era AutoVehicle Services, Kojo Motors, Germaine Auto Centre, Tab Autos, R.T. Briscoe Motors and Mandilas Motors.
Jetour Nigeria is inviting prospective customers and automotive stakeholders to register for the Abuja experience and secure VIP test-drive slots.
Registration, vehicle specifications and event updates are available through www.jetournigeria.com, Instagram @jetour_nigeria and @Jetourngofficial, or via info@jetournigeria.com.
Jetour G700 PHEV Lands in Abuja for 3-Day Luxury Mobility Showcase
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Business
IPMAN Plans Petrol Price Review as Dangote Refinery Raises Depot Cost
IPMAN Plans Petrol Price Review as Dangote Refinery Raises Depot Cost
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said filling stations across the Federal Capital Territory will begin reviewing petrol pump prices in the coming days as new products enter the market. The National Publicity Secretary of IPMAN, Chinedu Ukadike, disclosed this in an interview with the News Agency of Nigeria on Thursday in Abuja. He said marketers were preparing to adjust their pricing and sales strategies in response to changes in the cost of petroleum products. Ukadike, however, said the exact timing of the adjustment remained uncertain because marketers were yet to receive a definite date for the arrival of the new products. “Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” he said. He added that purchases could commence within the next few days, depending on when the process officially begins, and assured that the adjustments would be made in line with existing rules and regulations.
The development follows a series of adjustments to the gantry, or ex-depot, price of Premium Motor Spirit by the Dangote Refinery. According to the News Agency of Nigeria, the refinery raised its petrol ex-depot price from N1,165 per litre to N1,185, then N1,200 and subsequently N1,265 within the last week. The latest adjustment, which took effect on August 29, represented a N65 per litre increase from the previous N1,200 price. It was the third price adjustment by the refinery in eight days, adding N100 to the price of petrol at the refinery’s gantry—an 8.6 per cent increase within just eight days. The repeated adjustments have created uncertainty for both marketers and consumers, as the cost of replacing products could change substantially within a short period.
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The increases have already been reflected in pump prices across filling stations in the FCT. Checks in Abuja showed NNPC Retail stations increased their price from N1,250 to N1,270 per litre, while TotalEnergies and Bovas stations adjusted to about N1,275 per litre. In some areas, petrol prices have reportedly climbed to between N1,310 and N1,350 per litre. In parts of Lagos and Ogun, petrol has been reported at about N1,310 per litre, while prices in some northern states and areas farther from the refinery have climbed to N1,350 and above. IPMAN had previously explained that marketers could not continue selling petrol below their replacement cost, particularly amid frequent changes in the cost of replenishing their stocks. “Every time Dangote increases his price, our price will also rise,” Ukadike said. He noted that the volatility was making it difficult for both marketers and consumers to plan, as the cost of replacing products could change substantially within a short period.
The frequent price movements have raised concerns among motorists, who have urged the Federal Government to take steps to stabilise petrol prices. The impact extends beyond motorists, as higher petrol prices could increase transportation and operating costs for households and businesses, potentially putting additional pressure on the prices of goods and services. IPMAN’s latest position indicates that further price adjustments could occur once marketers begin taking delivery of new products, with the final pump prices expected to vary depending on supply costs, transportation and other distribution expenses.
Beyond the planned price review, IPMAN has also appealed to the Federal Government to intervene in the operations of Dangote Refinery to help reduce retail fuel prices. The National President of IPMAN, Abubakar Maigandi, urged the government to broker a deal with Dangote Refinery as part of its intervention to reduce fuel pump prices nationwide. He stressed that government intervention in the downstream petroleum sector should not be seen as a return to fuel subsidy. “We are appealing to the Federal Government to broker a deal with Dangote Refinery to reduce fuel prices. The government should intervene with Nigerian refiners, and this will lead to a reduction in fuel prices. It is different from fuel subsidy. In a situation where there is difficulty, the government should step in,” Maigandi said.
The development has also attracted criticism from the Nigeria Labour Congress (NLC) , which condemned the latest price hike, describing it as “avoidable and unacceptable.” The acting General Secretary of the NLC, Benson Upah, questioned why the Federal Government has not done more to ensure that the Dangote Refinery receives adequate supplies of Nigerian crude. “The latest increase is avoidable and unacceptable in light of falling prices in the international market and our local capacity to sell more crude oil to Dangote. Why are we not doing so?” he said. The debate comes as figures from the Nigerian Upstream Petroleum Regulatory Commission showed that oil producers offered 68.1 million barrels of crude to Dangote Refinery in the second quarter of 2026, against the refinery’s requirement of 63 million barrels, but the refinery accepted only 52.6 million barrels, highlighting the complexity of the domestic crude supply debate.
The price changes have continued to generate debate because they occurred alongside a decline in international crude oil prices in the period under review. The development underscores the sensitivity of Nigeria’s downstream petroleum market to changes in product acquisition and replacement costs, even as consumers continue to monitor pump prices across the country. Ukadike expressed optimism that the Dangote Refinery’s free transportation initiative for petroleum marketers could reduce distribution costs and eventually ease pump prices if sustained. He also welcomed the inclusion of Imo and Anambra states in the initiative, describing the two states as important gateway markets in the South-East.
IPMAN Plans Petrol Price Review as Dangote Refinery Raises Depot Cost
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Auto
Uber exits Nigeria after 12 years
Uber exits Nigeria after 12 years
By Rasheed Bisiriyu
Global ride-hailing giant, Uber, has pulled out of Nigeria, ending its 12-year operation in the country and bringing to a close a major chapter in the evolution of app-based transportation in Africa’s most populous nation
The company announced the decision on Wednesday, saying it would wind down its Nigerian operations effective September 2, 2026.
Uber said the decision followed a “thorough review” of its business in the country.
“We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Nigeria, effective 2 September 2026,” the company said in a message to its customers.
The development marks the end of Uber’s 12-year presence in Nigeria, which began with its launch in Lagos in 2014.
Its arrival transformed the urban transportation landscape, particularly in Lagos, by popularising app-based ride-hailing and providing commuters with an alternative to conventional taxis and other forms of commercial transportation.
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Through its platform, passengers could request rides using their mobile phones and connect with independent drivers, while vehicle owners and drivers gained access to a new source of income.
Over the years, Uber became a familiar part of the daily commuting experience of many Nigerians, particularly in major urban centres.
The company, while announcing its exit, thanked Nigerians for allowing it to become part of their daily lives.
“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers,” Uber said.
“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely.”
Uber also apologised to customers for the disruption its departure might cause.
“We know this may cause disruption to your routine, and we sincerely apologise for the inconvenience,” it said.
The company’s exit comes as Nigeria’s ride-hailing market has become increasingly competitive, with several local and international platforms offering app-based transportation services to commuters.
The sector has also faced challenges linked to rising vehicle operating costs, fuel prices, regulatory requirements and changing market conditions.
Uber said its Help Centre would remain available until September 23 to assist customers with final account-related enquiries.
“Thank you for welcoming us into your city,” the company said.
Uber’s departure brings to an end a significant chapter in Nigeria’s digital transportation story, following its role in changing how millions of commuters booked and paid for rides over the past decade.
Uber exits Nigeria after 12 years
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