Business
Petrol price heads towards N1,500 per litre despite falling crude oil prices
Petrol price heads towards N1,500 per litre despite falling crude oil prices
The price of Premium Motor Spirit (PMS), popularly known as petrol, is heading towards N1,500 per litre as fresh increases by refiners, depots and filling-station operators push pump prices higher despite a decline in international crude oil prices.
The latest increase saw major downstream player MRS raise its retail price in Lagos and surrounding areas from N1,205 to N1,310 per litre, representing an increase of N105 per litre.
Checks also showed that other marketers adjusted their pump prices to between N1,315 and above N1,400 per litre, further narrowing the gap with the N1,500 mark.
The development came at a time when international crude oil prices moved in the opposite direction, with crude falling from about $92 per barrel to around $87.31 per barrel.
Brent crude was quoted at about $88.10 per barrel, while West Texas Intermediate (WTI) stood at approximately $83.40 per barrel.
However, the decline in international crude prices has not translated into lower petrol prices in Nigeria, with domestic depot and retail prices continuing to rise.
Nigeria’s domestic petrol depot prices remained elevated, reaching as high as N1,217 per litre in some locations on Friday, August 28, 2026.
Warri recorded the highest monitored PMS price at N1,217 per litre, followed by Port Harcourt at N1,214, Calabar at N1,204 and Lagos at N1,202 per litre.
The lowest reported PMS price was N1,203 per litre, recorded at Mainland and Soroman depots in Calabar.
In Warri, Liquid Bulk sold petrol at N1,215 per litre, Masters at N1,210, Matrix at N1,217, Sigmund at N1,215 and T.S.L at N1,215 per litre.
In Lagos, Aiteo and Dangote depots were both listed at N1,200 per litre.
The situation changed further on Saturday, August 29, when Dangote Petroleum Refinery increased its petrol gantry price to N1,265 per litre.
The latest adjustment represents another increase in the refinery’s petrol price within a short period and could put additional pressure on the wholesale and retail markets.
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The refinery had earlier raised its gantry price from N1,165 to N1,185 per litre before increasing it to N1,200 per litre. The latest adjustment therefore represents a significant upward movement in the cost of locally refined petrol.
The repeated price adjustments have become a major factor in the current movement of petrol prices, particularly because Dangote Refinery has emerged as one of the largest suppliers of locally refined petroleum products in Nigeria.
The increase in the refinery’s price means marketers buying directly from the facility may have to pay more for their products, with the additional cost potentially reflected in depot and filling-station prices.
The development also demonstrates why changes in international crude prices do not immediately translate into corresponding changes in Nigerian pump prices.
Although crude oil remains the major raw material for petrol production, several other factors influence the final price paid by consumers.
These include the cost of crude supplied to refineries, refining margins, product availability, exchange rates, transportation, marine logistics, storage and depot charges, financing costs, taxes, distribution expenses and marketers’ margins.
The structure of Nigeria’s downstream petroleum market has also changed significantly since the expansion of domestic refining capacity.
Locally refined petrol is now competing with imported products, while marketers have more than one source from which to obtain PMS.
This competition can influence prices depending on the cost at which each supplier makes its product available, the availability of supply and the cost of transporting the product to different parts of the country.
The latest developments have also raised concerns about the relationship between domestic refining and petrol imports.
Despite increased domestic refining capacity, imported petrol remains part of Nigeria’s supply mix. Changes in import volumes can affect competition and the amount of product available to marketers.
A sustained increase in imports could put pressure on local refiners, while stronger domestic production and competition among suppliers could potentially moderate prices if supply becomes more readily available.
For now, however, the direction of the market remains upward.
The widening gap between international crude prices and domestic petrol prices suggests that the Nigerian downstream market is increasingly being determined by local supply and demand conditions rather than crude oil benchmarks alone.
For motorists, the immediate concern is the impact of higher pump prices on transportation costs.
An increase in petrol prices generally raises the cost of operating vehicles, commercial transport and logistics services. This can subsequently affect the prices of food, agricultural produce, manufactured goods and other commodities moved by road.
Businesses that rely on petrol-powered vehicles and generators could also face higher operating costs, potentially adding to the pressure on the prices of goods and services.
The latest increase therefore has implications beyond the filling station, particularly for households already dealing with elevated living expenses.
If depot and refinery prices remain at their current levels, marketers may continue reviewing their pump prices to protect their margins.
However, the N1,500 per litre threshold should not yet be interpreted as a uniform nationwide pump price. Petrol prices continue to vary according to location, marketer, supply source, transportation costs and prevailing market conditions.
Some filling stations may therefore remain below N1,500 per litre, while others could approach or exceed the threshold depending on their acquisition and operating costs.
The direction of petrol prices in the coming weeks will likely depend on several factors, including international crude prices, domestic crude supply, refinery output, imported-product volumes, exchange-rate movements, depot prices and competition among petroleum suppliers.
For Nigerian consumers, the key question is whether increased domestic refining capacity will eventually translate into more stable and affordable petrol prices.
For now, however, the latest increases indicate that petrol prices are moving closer to N1,500 per litre, even as international crude oil prices have fallen from their recent highs.
Petrol price heads towards N1,500 per litre despite falling crude oil prices
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Auto
Jetour W Motors Celebrates Customers, Unveils Nigeria Owners Club After Brazil Promo
Jetour W Motors Celebrates Customers, Unveils Nigeria Owners Club After Brazil Promo
Jetour W Motors Nigeria is stepping up efforts to strengthen customer loyalty and build a vibrant community of vehicle owners with the successful conclusion of its #WinYourWayToBrazil campaign and the official establishment of the Jetour Nigeria Club.
The twin initiatives mark a new phase in the Chinese automotive brand’s engagement with Nigerian customers, extending its relationship with vehicle owners beyond sales and after-sales services to include shared experiences, lifestyle activities, adventures and community-building programmes.
The campaign climaxed with a live raffle draw on Friday, September 25, 2026, at the Jetour W Motors showroom on Adeyemo Alakija Street, Victoria Island, Lagos, where eligible customers gathered for an evening of entertainment, refreshments, networking and the eagerly anticipated announcement of the winner.
The promotion offered customers who ordered and purchased any Jetour vehicle between August 18 and September 20, 2026, the opportunity to win a trip to Brazil for the Jetour Brazil Fan Festival.
The event also featured the distribution of branded Jetour Owners Club gifts, adding to the celebratory atmosphere as customers interacted with one another and members of the Jetour team.
Beyond the excitement surrounding the raffle draw, the occasion provided a platform for Jetour W Motors to unveil the Jetour Nigeria Club, an initiative designed to bring owners of the brand’s vehicles together through a structured calendar of activities and shared experiences.
The club, officially established for the first time in Nigeria, is expected to create opportunities for members to participate in organised adventures, social gatherings and other community initiatives while strengthening their connection with the brand.
Registration for membership will open soon, with all Jetour owners invited to join the emerging community.
The development reinforces Jetour W Motors Nigeria’s strategy of building lasting relationships with customers in a competitive automotive market where ownership experience, customer engagement and brand loyalty are becoming increasingly important.
The #WinYourWayToBrazil campaign follows the successful Jetour Africa Expedition — Nigeria Edition, which brought together Jetour owners, influencers, media professionals and members of the company’s team for a distinctive experience combining driving, adventure and Nigerian culture.
The expedition was the brand’s first major activation specifically designed to bring Jetour owners together in Nigeria, providing an opportunity for participants to connect beyond their individual vehicle ownership experiences.
With the Brazil campaign and the launch of the national owners’ club, Jetour W Motors is building on that foundation by creating more opportunities for customers to interact, participate in brand-led activities and develop relationships with fellow owners.
The approach reflects a broader effort to position vehicle ownership as an experience that extends beyond the showroom, encompassing lifestyle, recreation and a sense of belonging to a growing community.
Jetour W Motors Nigeria is the authorised distributor of Jetour vehicles in the Nigerian market, where the brand continues to expand its presence through customer-focused initiatives and engagement programmes.
The planned opening of membership registration for the Jetour Nigeria Club is expected to provide the next opportunity for owners to become part of the community and participate in activities designed to deepen their connection with the brand.
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Auto
FRSC hands over Safeline Bank to ROBOPAY, targets digital financial transformation
FRSC hands over Safeline Bank to ROBOPAY, targets digital financial transformation
The Federal Road Safety Corps (FRSC) has handed over ownership of Safeline Microfinance Bank to ROBOPAY NIG. LTD., paving the way for a major recapitalisation and technology-driven transformation of the financial institution.
The divestment, which took place on Monday, October 5, 2026, at the bank’s premises in Abuja, is expected to reposition Safeline Microfinance Bank for stronger competitiveness, improved service delivery and sustainable growth in Nigeria’s rapidly evolving financial services sector.
The development, according to a statement by the Corps Public Education Officer, Osondu Ohaeri, is part of the strategic efforts under the leadership of the Corps Marshal, Shehu Mohammed, to reposition the institution for greater efficiency and competitiveness.
Safeline Microfinance Bank was established by the FRSC to provide financial services and opportunities to members of the Corps and other stakeholders.
Speaking at the handover ceremony, Chairman of the Board of Safeline Microfinance Bank, Ibrahim Babagana, a Deputy Corps Marshal (Rtd.), said the decision to divest the bank followed a careful assessment of the prevailing regulatory environment and emerging government policies affecting the microfinance banking industry.
Babagana said sustaining the bank under the changing financial landscape would require substantial additional capital, greater investment in technology and enhanced human capital.
He explained that the Board therefore resolved to transfer ownership to an investor with the capacity, resources and commitment to make the required investments and place the bank on a sustainable growth trajectory.
The former FRSC chief expressed confidence in ROBOPAY, saying the company had demonstrated the competence, commitment and vision required to build on the foundation established by the Corps and take Safeline Microfinance Bank to a new level.
He identified strengthening the bank’s capital base, deploying modern technology and investing in human resources as critical priorities for its survival and competitiveness in the increasingly digital financial services market.
Responding on behalf of ROBOPAY NIG. LTD, Malam Aliyu Abiodun thanked the Board and management of Safeline Microfinance Bank for the confidence reposed in the company, describing the acquisition as a significant milestone and an opportunity to unlock the institution’s considerable potential.
Abiodun said the bank already had valuable assets, structures and an institutional foundation which the new owners would build upon through strategic investments in financial technology, capital and human resources.
He said ROBOPAY would deploy FinTech solutions to modernise the bank’s operations, improve customer experience, expand its service offerings and strengthen its competitive position within Nigeria’s financial services industry.
According to him, the new ownership would retain and leverage the institutional foundation created by the FRSC while introducing innovative technology-driven solutions capable of opening new growth opportunities for the bank.
The transaction thus signals more than a change in ownership, as it ushers Safeline Microfinance Bank into a new phase anchored on recapitalisation, digital innovation and professionalised financial services.
Both parties expressed commitment to ensuring a seamless transition, with the ultimate objective of building a stronger, more competitive and sustainable institution capable of delivering greater value to its customers and stakeholders.

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Business
Tantita Operations Push Oil Export Earnings to $9.39bn in Q2
Tantita Operations Push Oil Export Earnings to $9.39bn in Q2
Nigeria’s crude oil export earnings rose to $9.39 billion in the second quarter of 2026, with improved pipeline security, higher production and greater stability in the Niger Delta supporting the stronger performance.
Provisional Balance of Payments (BOP) data showed that Nigeria’s total goods exports increased to $20.08 billion in Q2, up from $15.56 billion in the first quarter.
Crude oil exports increased by 15.78 per cent to $9.39 billion, while natural gas exports climbed by 40.15 per cent to $3.63 billion.
The improvement has renewed attention on the role of pipeline security in protecting Nigeria’s oil production and ensuring that crude reaches evacuation points and export terminals.
Among the companies involved in pipeline surveillance in the Niger Delta is Tantita Security Services Nigeria Limited (TSSNL), which was engaged by the Federal Government to protect oil pipelines and other critical petroleum infrastructure.
Tantita’s operations, carried out alongside government security agencies, have focused on tackling oil theft, illegal bunkering and pipeline vandalism and improving the security of facilities used to transport crude oil.
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Industry stakeholders have linked the improved operating environment in the Niger Delta to increased crude production and stronger export performance. However, the rise in export earnings cannot be attributed to Tantita alone, as production volumes, international oil prices, investments, operational efficiency and wider government measures also influence export receipts.
The broader export figures also showed significant improvements across other sectors of the petroleum industry.
Refined petroleum product exports increased by 66.24 per cent to $3.94 billion, while non-oil exports rose by 25.30 per cent to $3.12 billion during the quarter.
At the same time, Nigeria’s crude oil imports fell sharply from $1.39 billion in Q1 to $580 million in Q2, further strengthening the country’s external position.
The stronger export performance helped push Nigeria’s current account surplus to $7.54 billion, representing a 67.93 per cent increase from the $4.49 billion recorded in Q1. The figure was also higher than the $5.17 billion recorded in Q2 2025.
The increase in the current account surplus was driven largely by higher export earnings and an improved goods account.
The rise in crude earnings also coincided with stronger production, with Nigerian crude output reaching about 1.56 million barrels per day in June 2026, excluding condensates.
The development is significant for Nigeria, which has struggled in recent years to consistently meet its production potential because of crude oil theft, pipeline vandalism, ageing infrastructure and underinvestment in the upstream sector.
Improving security around oil-producing assets has therefore become a key part of efforts to raise output and increase foreign-exchange earnings.
Tantita, led by High Chief Government Oweizide Ekpemupolo, popularly known as Tompolo, has been at the centre of the Federal Government’s pipeline surveillance arrangement in the Niger Delta.
Stakeholders, however, say sustained growth in oil earnings will require more than surveillance operations. They have called for continued investment in exploration and field development, improved infrastructure, enhanced recovery from mature fields and faster development of major deepwater projects.
The Federal Government has also been pursuing measures aimed at attracting fresh investment into Nigeria’s upstream sector, including fiscal incentives for deepwater oil and gas projects.
For Nigeria, the latest export figures offer a boost at a time when the country is seeking stronger foreign-exchange inflows, increased oil production and greater fiscal revenues.
The challenge now is to sustain the improvement by keeping petroleum infrastructure secure, reducing crude losses and ensuring that higher production translates into consistent export earnings and broader economic benefits.
Tantita Operations Push Oil Export Earnings to $9.39bn in Q2
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