By Adedapo Adesanya 

The Dangote Petroleum Refinery said it has strengthened Nigeria’s presence in the regional energy market with the successful sales of 12 cargoes, by traders, totalling 456,000 tonnes of refined petroleum products.

The shipments by traders, destined for countries such as Cote d’Ivoire, Cameroon, Tanzania, Ghana, and Togo, represent the refinery’s export of Premium Motor Spirit (PMS) since achieving 650,000 barrels a day capacity in February, according to a statement by the Refinery.

The products were sold on a FOB (Free on Board) basis to the end international traders for deliveries to the above-identified countries of export.

This accomplishment, the Refinery noted, underscores its capability not only to meet but to exceed Nigeria’s domestic fuel demands.

“It also demonstrates the refinery’s growing role in supplying high-quality Euro 5 gasoline and diesel to West Africa — a region long underserved and historically regarded as a dumping ground for lower-quality fuels, and other regions which have become destinations of exports.

“By supplying neighbouring and other economies, the Dangote Refinery is expected to contribute to enhancing energy security in West, East, and Central Africa, reducing logistics and supply chain delays associated with long-distance fuel imports, lowering cost pressures on regional fuel markets through proximity sourcing, and as well as building stronger trade relations between Nigeria and key African economies”, the statement added.

The sale comes amid widening global worries about fuel supplies as the tanker traffic through the Strait of Hormuz, which serves as the critical chokepoint for roughly 20 per cent of global oil and LNG trade, has slowed sharply amid escalating military activity in the Gulf.

The conflict in the region has sent oil prices above $113 per barrel in recent weeks and has made economies worry about inflationary worries.

President Bola Tinubu expressed concerns over the negative impact the crisis in the Middle East would have on the Nigerian economy, noting that efforts are being made to ensure the citizens, especially the vulnerable, are catered to by the government.

Western economies could release additional volumes of crude from storage should the need arise after it released 400 million barrels of crude from OECD reserves to cushion the blow to oil markets.

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.”