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Nigerians May Pay More for Fuel as Global Oil Prices Surge Above $100 Per Barrel

Published

2 months ago

July 24, 2026

Nigerians May Pay More for Fuel as Global Oil Prices Surge Above $100 Per Barrel

Nigerians face the prospect of higher petrol prices, increased transport fares, and renewed inflationary pressure as global crude oil prices have surged above $100 per barrel for the first time since May amid escalating conflict in the Middle East.

The surge represents about a 6.77 per cent increase on Thursday following several days of gains as the United States stepped up military strikes against Iran. Brent crude, the international benchmark against which Nigeria’s oil is priced, climbed above $100 per barrel on Thursday, July 23, 2026, reaching $100.69 after surging more than seven per cent in a single day. By 4:40 p.m. WAT, Brent crude had risen 7.43 per cent to $101.10 per barrel, while U.S. benchmark West Texas Intermediate (WTI) gained 6.77 per cent to trade at $92.71 per barrel.

The latest price rally has been driven by threats to two of the world’s most strategic shipping routes: the Strait of Hormuz, through which roughly a fifth of the world’s oil supply passes, and the Bab el-Mandeb Strait in the Red Sea. The Iran-aligned Houthi militia in Yemen has opened a new front by targeting vessels carrying Saudi oil in the Bab el-Mandeb Strait after declaring a naval blockade on shipments from Saudi Arabia. The Houthi group claimed to have attacked two Saudi oil tankers, identified as ENCELIA and LAYLA, using ballistic and cruise missiles as well as drones. The attacks have lifted global benchmark prices by about 20 per cent over the past two weeks. Several oil tankers have altered their routes, with at least five changing course in the Red Sea. The disruption has been compounded by other supply constraints. Kazakhstan has reportedly begun cutting oil production after drone attacks disrupted tanker loadings at the Caspian Pipeline Consortium terminal on the Black Sea. Indian state refiners have suspended Iraqi crude loadings because of shipping risks around Hormuz, while Russian fuel exports remain constrained following months of attacks on refinery infrastructure. Strategic petroleum reserves released by several governments since the conflict escalated have reduced emergency stockpiles, commercial inventories have continued to decline, and China has increasingly relied on previously accumulated reserves rather than fresh imports. Goldman Sachs has warned that Brent crude could climb to as high as $120 a barrel by the end of the year if exports through the strategic waterway remain disrupted.

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The surge in crude oil prices has already translated into higher costs at Nigerian pumps. The impact is already beginning to reflect in Nigeria’s downstream market, with prices at filling stations in Lagos and its environs currently ranging between N1,300 and N1,400 per litre, depending on location. In Abuja, pump prices have increased from about N1,155 per litre to approximately N1,350 per litre, adding further pressure on households and businesses already grappling with elevated living costs. Dangote Petroleum Refinery resumed gantry loading of Premium Motor Spirit (PMS) in naira on Thursday after a week-long suspension, while raising its ex-depot petrol price to N1,215 per litre, up from the previous N1,075 per litre, representing a 13.02 per cent increase. The refinery had suspended gantry and coastal loading on July 15 after introducing a dollar-denominated pricing template for refined petroleum products, a move that disrupted fuel supply and forced marketers to source products from private depots. Fresh loading data obtained from petroleum marketers showed an upward movement in ex-depot prices across Lagos, Warri and Calabar. In Lagos, A.A. Rano increased its ex-depot price from N1,275 to N1,279 per litre, while African Terminal, Ascon, Gulf Treasure, Integrated and T.Time hiked their rates to N1,275. The spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that loading had resumed across depots, although it remains unclear whether purchases directly from the Dangote Refinery are now being settled in dollars.

The rise in crude oil prices presents a mixed picture for Nigeria. The 2026 Federal Government budget was benchmarked at a crude oil price of $64.85 per barrel**, daily production of 1.84 million barrels, and an exchange rate of N1,400 to the US dollar. At current prices, Nigeria is earning about **$35 more per barrel than projected, potentially generating billions of naira in additional revenue if production and exports remain stable. However, revenue gains may be moderated by lower-than-budgeted output. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), current oil production stands at about 1.7 million barrels per day, including condensate. More importantly, economists caution that the fiscal windfall may be outweighed by the rising cost of living, as Nigerians bear the burden of higher fuel prices under the deregulated downstream petroleum market. The Centre for the Promotion of Private Enterprise (CPPE) has warned that domestic refining alone may not significantly reduce petrol prices, as crude oil feedstock is priced using international benchmarks and denominated in US dollars.

Transport fares have already begun to rise across the country as a result of the fuel price increases. In Abuja, residents have expressed frustration over the latest increase, saying transportation costs now consume a significant portion of their earnings. A civil servant told Daily Trust: “My salary has not changed, but I now spend much more just getting to work and back. It is becoming impossible to survive in Abuja.” Any increase in petrol prices is expected to trigger fresh hikes in transport fares, with knock-on effects on the prices of food, manufactured goods, and other essential commodities across the country. The International Energy Agency (IEA) has warned that refined fuel markets remain tighter than crude supplies, meaning that markets for refined oil products, including diesel and gasoline, are considerably tighter than those for crude. IEA Executive Director Fatih Birol warned that a “full and unconditional reopening of the Strait of Hormuz” would be essential to prevent a further deterioration in global energy security.

Commenting on the development, Managing Director of Petroleumprice.ng, Jeremiah Olatide, said the downstream sector has become increasingly volatile. “With the resumption of loading by Dangote Petroleum Refinery in naira at N1,215 per litre on Wednesday, we expected fuel importers to reduce prices, and some actually did. However, the sudden spike in crude oil prices due to the Middle East crisis has disrupted that trend. We should expect more price instability in the coming weeks,” he told Vanguard. National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, noted that while depots and filling stations had yet to implement widespread price increases, the impact could soon be felt across the economy. “The implications will be far-reaching for households, businesses and the wider economy once operators across the value chain adjust their prices,” he warned. Energy experts say the current situation reflects the realities of Nigeria’s deregulated petroleum market under the Petroleum Industry Act (PIA). Professor Dayo Ayoade, an energy law expert at the University of Lagos, explained that local petrol prices are now tied directly to international crude oil prices and exchange rate movements. The exposure of Nigeria’s local PMS markets to the vulnerabilities of an oil shock and increasing prices due to the US-Iran war will be ongoing. So long as the conflict continues, the price will go up, and Nigeria will be unable to protect itself against that higher cost.

Nigerians May Pay More for Fuel as Global Oil Prices Surge Above $100 Per Barrel

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Kaduna to Lead Govt Patronage of Local Vehicles as Sani Unveils Peugeot 5008

Published

5 hours ago

September 7, 2026

Trends Admin

Kaduna to Lead Govt Patronage of Local Vehicles as Sani Unveils Peugeot 5008

Kaduna State Governor, Uba Sani, has pledged to lead a fresh push for government patronage of vehicles assembled by Dangote Peugeot Automobile Nigeria (D-PAN), promising to make a strong case for the company at the National Economic Council (NEC).

Sani, who made the commitment while unveiling the new Peugeot 5008 2026 model at the D-PAN plant in Kaduna on Friday, said increased patronage by Federal and state government Ministries, Departments and Agencies (MDAs) was critical to sustaining local vehicle assembly, protecting jobs and strengthening Nigeria’s automotive value chain.

The governor’s intervention comes amid renewed efforts to revive Nigeria’s automotive manufacturing industry by increasing local vehicle production and reducing dependence on imported completely built units.

Industry stakeholders have consistently identified government fleet procurement as a major instrument for creating sustained demand for locally assembled vehicles and encouraging investment in assembly plants.

With government agencies operating large vehicle fleets nationwide, stronger preference for locally assembled automobiles could provide the market certainty required by assemblers to expand production, develop local suppliers and deepen technology and skills transfer. It could also support the broader objective of increasing local content in Nigeria’s automotive industry.

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Against this background, Sani said government patronage remained crucial to ensuring the sustainability of local assembly operations and encouraging further investment in the sector.

“I will make a strong presentation at the National Economic Council, urging both the Federal and state governments to patronise the products of this company because that is the only way they can survive,” Sani said.

He also announced that the Kaduna State Government would procure some vehicles from D-PAN, saying the state would lead by example and encourage other governments to patronise locally assembled automobiles.

“As a government, Kaduna State will order some of the vehicles, so that we can show the example for others to follow by patronising this very important company,” the governor added.

Sani pledged continued support and collaboration between the Kaduna State Government and D-PAN, stressing the importance of strengthening local manufacturing as part of efforts to grow Nigeria’s industrial base.

He said D-PAN had made significant contributions to Kaduna’s economy through job creation, skills development and business opportunities for communities within and around its operating environment.

The governor also urged the company to consider employing graduates of the Kaduna State Institute of Vocational and Skills Development, who, according to him, recently completed intensive training in partnership with the National Board for Technical Education (NBTE).

Sani commended D-PAN for its Corporate Social Responsibility (CSR) initiatives in communities around its plant, while urging the company to further expand its support for the host communities.

He said the peaceful relationship between D-PAN and its host community was important to the sustainability of the company’s operations, stressing that continued investment in the welfare and development of surrounding communities would help preserve the harmony.

Kaduna to Lead Govt Patronage of Local Vehicles as Sani Unveils Peugeot 5008

Auto

NAJA 19th Auto Awards: Industry’s best to battle for honours December 3

Published

2 days ago

September 5, 2026

Trends Admin

NAJA 19th Auto Awards: Industry’s best to battle for honours December 3

The battle for recognition among Nigeria’s automobile brands, executives and industry players will reach its climax on December 3, 2026, as the Nigeria Auto Journalists Association (NAJA) stages the grand finale of its 19th annual automotive awards.

The prestigious ceremony, scheduled for the Civic Centre, Victoria Island, Lagos, is expected to bring together leading automobile manufacturers, distributors, dealers, financial institutions, policymakers, motoring enthusiasts and other major stakeholders in the automotive industry.

The organisers said the 19th edition is being designed to surpass previous editions in scale, organisation and glamour, without compromising the credibility and professional standards for which the awards have become known.

Chairman of the 2026 NAJA Awards Planning Committee, Frank Kintum, said the committee was determined to deliver a ceremony that would reflect the growing importance of the automotive industry to Nigeria’s economy.

According to him, the awards have evolved beyond a mere celebration of popular brands to become a platform for identifying and rewarding individuals, companies and products that have made measurable contributions to the development of the sector.

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Kintum said the 19th edition would be “bigger and more glamorous” than previous editions, adding that the committee was working to ensure that every aspect of the ceremony reflects the quality, innovation and achievements of the industry.

He said products, brands and personalities would be assessed across relevant segments of the automotive sector, with winners emerging through the approved NAJA awards modalities.

Also speaking on the awards, NAJA Chairman, Theodore Opara, said the association was focused on rewarding genuine excellence rather than simply celebrating the biggest players in the market.

Opara said the objective was to recognise individuals and organisations that had demonstrated measurable excellence and made meaningful contributions to the growth and transformation of Nigeria’s automotive industry.

He noted that the awards had continued to gain relevance among industry stakeholders because of the credibility attached to the judging and evaluation process.

The 2026 edition comes at a critical period for Nigeria’s automotive industry, which is undergoing significant transformation driven by emerging technologies, electric mobility, local vehicle production, changing consumer preferences and evolving government policies.

Against this backdrop, NAJA said the awards would provide an opportunity to celebrate companies and individuals at the forefront of these changes and those contributing to the future direction of the industry.

The association urged automobile manufacturers, distributors, dealers and other stakeholders to participate actively in the awards process as preparations gather momentum for the December 3 grand finale.

NAJA 19th Auto Awards: Industry’s best to battle for honours December 3

Auto

Jetour Takes Rely R8 Premium Pickup to Abuja in Major FCT Debut

Published

2 days ago

September 5, 2026

Trends Admin

Jetour Takes Rely R8 Premium Pickup to Abuja in Major FCT Debut

Jetour Nigeria is taking the battle for Nigeria’s premium pickup market to Abuja with the debut of the all-new RELY R8, a heavy-duty pickup that combines rugged off-road capability with the comfort, technology and refinement of an executive SUV.

The premium pickup will headline the Jetour Experience in the Federal Capital Territory from September 22 to 24, 2026, following the strong reception recorded during the showcase in Lagos.

The Abuja edition is expected to attract government officials, corporate executives, fleet operators, business owners, automobile enthusiasts and members of the media, with prospective customers given an opportunity to experience the R8 first-hand.

The RELY R8 is positioned as a versatile workhorse designed to serve demanding sectors including agriculture, construction, logistics and security, while offering the level of comfort and sophistication increasingly demanded by premium pickup buyers.

Unlike conventional work-oriented pickups, the R8 seeks to bridge the gap between utility and executive motoring, combining heavy-duty capability with a refined cabin and advanced technology.

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Its off-road credentials are underpinned by high ground clearance, a reinforced chassis and an All-Terrain Management System featuring dedicated driving modes for mud, sand and asphalt.

The configuration is designed to give the pickup the versatility to move from challenging work environments to recreational adventures without compromising its rugged character.

Inside, Jetour has given the R8 a spacious five-seat cabin with SUV-inspired ergonomics, targeting drivers and passengers who spend long hours on the road.

The smart cockpit is powered by a high-performance processor and supports Level 2+ intelligent driving assistance. It also comes with a 12.3-inch HD touchscreen, Apple CarPlay, Android Auto and remote engine-start functionality.

For Jetour Nigeria, however, the R8’s appeal goes beyond performance and technology, with the company putting considerable emphasis on ownership support.

The automaker currently operates through seven accredited dealerships across the country, including Elizade Nigeria Limited, New Era AutoVehicle Services, Kojo Motors, Germaine Auto Centre, Tab Autos, R.T. Briscoe Motors and Mandilas Motors.

The network is expected to provide customers with access to authorised service facilities, genuine spare parts and manufacturer-backed warranty protection.

The company is also leveraging its growing presence in the Nigerian market, following industry recognition from the Nigeria Auto Journalists Association.

Jetour was recently named Fastest Growing Auto Brand of the Year by NAJA, while the Jetour Dashing won the Car of the Year award at the NAJA International Auto Awards.

The latest Abuja showcase is therefore expected to provide Jetour with another opportunity to strengthen its footprint in the premium and commercial vehicle segments, particularly among fleet operators and corporate users.

Jetour Nigeria is inviting prospective customers, automotive stakeholders and enthusiasts to register for test drives and obtain updates on the Abuja experience through its website, social media platforms or email.

With its combination of heavy-duty capability, off-road technology, premium cabin appointments and intelligent driving features, the RELY R8 is expected to be one of the major attractions of the Abuja automotive calendar this month.