By Modupe Gbadeyanka

President Bola Tinubu on Sunday expressed concerns over the negative impact the crisis in the Middle East would have on the Nigerian economy.

While addressing the Vice President, Mr Kashim Shettima, and 23 state governors who visited him in Lagos at the weekend, he said efforts are being made to ensure the citizens, especially the vulnerable, are catered to by the government.

“I know this Middle East crisis will spike inflation and affect our purchasing power. The labour union and others will be gearing to ask us to support more due to the effect of the Middle East war and crisis,” Mr Tinubu was quoted as saying in a statement issued by his Special Adviser on Information and Strategy, Mr Bayo Onanuga.

The President also disclosed that his administration was intensifying efforts to tackle the challenges of insecurity across various parts of the country, assuring that the safety and well-being of citizens featured at the meetings held in the United Kingdom.

President Tinubu returned to Nigeria from a two-day state visit to the UK. He moved to Lagos for Eid al-Fitr, where the delegation went for a courtesy visit.

“Your presence here today and the number show your sincerity, commitment and value for friendship and togetherness.

“The next phase of our struggle is staring us in the face, and that is the challenge of insecurity in the country.

“I am making all the efforts to ensure that we collectively share the joy of our victory over tyranny. Insecurity is an enemy of development, progress, and prosperity. I am glad you are all mindful of the challenge.

“For me, I have committed to strengthening further the contacts and networks that are necessary. One of the major discussions in the United Kingdom was on equipment and support.

“I can report to you that yesterday, again, I had a lengthy discussion with French President Emmanuel Macron. They are collaborating with us for equipment and support. I am also making frantic efforts to contact other nations,” Mr Tinubu further stated.

He urged the state governors to remain steadfast and resilient in translating their ideas and visions into policies and programmes that directly impact citizens’ livelihoods, and to support the government in tackling the “tyranny” of criminals, advising them to provide further incentives to cushion the inflationary impact of the war in the Middle East on energy and transportation prices.

The President thanked Mr Shettima for the condolence visit to Borno State, assuring the people of the state of stronger protection through new technology.

In his remarks, the Chairman of the Nigerian Governors Forum and Governor of Kwara State, Mr AbdulRahman AbdulRazaq, lauded the President for his intervention in the states with the visionary Renewed Hope Agenda.

Speaking on state police, the Governor said discussions were ongoing with various security agencies led by the National Security Adviser (NSA), Mr Nuhu Ribadu, and the NGF has made its contributions, noting that the document will be taken to the National Assembly for “a legislative framework for the state police.”

Governors at the meeting were Hope Uzodinma of Imo State, Alex Otti of Abia State, Umo Eno of Akwa Ibom State, Douye Diri of Bayelsa State, Hyacinth Alia of Benue State, Bassey Otu of Cross River State, Sheriff Oborevwori of Delta State, Francis Nwifuru of Ebonyi State, Monday Okpebholo of Edo State, Peter Mbah of Enugu State, Mohammed Inuwa Yahaya of Gombe State, and Umar Namadi of Jigawa State.

Others were Abba Kabir Yusuf of Kano State, Dikko Umaru Radda of Katsina State, Ahmed Usman Ododo of Kogi State; Babajide Sanwo-Olu of Lagos State, Abdullahi Sule of Nasarawa State, Caleb Mufwang of Plateau State, Siminalayi Fubara of Rivers State, Agbu Keffas of Taraba State, Mai Mala Buni of Yobe State, and Lucky Aiyedatiwa of Ondo State, while the deputy Governor of Borno State, Umar Usman Kadafur, was also present.

By Dipo Olowookere

The decision of the Dangote Petroleum Refinery to increase the price of Premium Motor Spirit (PMS), otherwise known as petrol, for the fourth time in March 2026, has forced retailers to sell to consumers above N1,300 per litre in Lagos.

Business Post reports that one of the major partners of Dangote Refinery, MRS Oil Nigeria Plc, dispenses the product to customers at N1,327 per litre, while a few others adjusted their pumps to N1,320 per litre.

At the weekend, the private refinery based in Lagos raised its ex-depot price by N70 to N1,245 per litre from N1,175 per litre.

The increment was due to attacks on Iran by the duo of the United States and Israel. The Middle East crisis has pushed the price of crude oil on the global market above $100 per barrel.

At the beginning of this month, the gantry price of PMS at Dangote Refinery was N774 per litre, but it was later moved higher to N875 per litre, then to N995 per litre, before hitting N1,175 per litre, and now N1,245 per litre.

The 650,000 barrels per day facility blamed the war for the price instability, assuring consumers of the availability of the product.

In the notice of marketers on Friday night, Dangote Refinery said, “The PMS gantry and coastal prices have been reviewed and updated” because of the escalating “current global geopolitical situation.”

“The refinery raised its coastal price from N1,512,648 per metric tonne to N1,606,518 per metric tonne, while the gantry price increased from N1,175 per litre to N1,245 per litre.

“Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12 am on March 21, 2026,” parts of the disclosure said.

However, it noted that, “For customers with a valid Bank Guarantee with DPRP, loading will continue with existing ATCs/PRN (if any), provided the BG credit balance covers the price change differential.

“The corresponding debit note will be passed in your trading account with DPRP. Payment evidence for the price change differential will be required by Monday, March 23, 2026.”

By Adedapo Adesanya

The two major crude oil grades jumped 3 per cent on Friday and settled at their highest in nearly four years, with Brent futures up by $3.54 or 3.26 per cent to $112.19 a barrel, the highest since July 2022, while the US West Texas Intermediate (WTI) crude futures appreciated by $2.18 or 2.27 per cent to $98.32 per barrel.

Prices continued to be influenced by the crisis in the Middle East as Iraq declared force majeure on all oilfields developed by foreign oil firms.

The Iran war has escalated with the US set to deploy thousands of additional Marines and sailors ‌to the crisis-hit region.

The continued extension shows there are no signs of abating with attacks on key energy infrastructure in Iran and strikes by that nation on its neighbours, including Saudi Arabia, Qatar and Kuwait.

The oil market is starting to build in expectations of longer supply shut-ins following attacks, and several weeks before the crucial Strait of Hormuz is reopened.

Analysts said prices will remain elevated as long as traffic through the Strait of Hormuz is disrupted and likely even after. Around 20 per cent of the world’s oil and Liquified Natural Gas (LNG) transits through the strait.

US President Donald Trump claimed there are no leaders left in Iran to talk to about the war as military strikes continue to target Iranian officials. He also reiterated demands that Iran have no nuclear weapons.

Israel and Iran traded fresh attacks on Friday, following a hit on an oil refinery in Kuwait.

To help ease worries, ⁠the US said removing oil sanctions on stranded waterborne Iranian cargoes would get supplies to Asia in three to four days. With the closure of the Strait, it is difficult to get supplies to Asia from the Middle East.

The US government also said further release of crude from the Strategic Petroleum Reserve was possible. It is part of the nations that are releasing 400 million in stockpiled fuels to ease crisis woes.

It was reported that the Trump administration is considering plans to occupy or blockade Iran’s Kharg Island to pressure Iran ⁠to reopen the Strait of Hormuz.

Meanwhile, Russia attacked Ukrainian oil and gas facilities in ⁠Poltava and Sumy regions, adding to geopolitical worries.

Data from energy services firm Baker Hughes said US energy firms increased the oil rig count by two to 414 this week, the highest since mid-December.