By Modupe Gbadeyanka

The price of premium motor spirit (PMS), otherwise known as petrol, has been increased by the Dangote Petroleum Refinery and Petrochemicals.

The Lagos-based oil facility raised its gantry price to N799 per litre, while MRS retail outlets are expected to dispense the product to consumers at N839 per litre, instead of the old rate of N739 per litre.

In a statement on Monday night, Dangote Refinery noted that this price hike was to “support long term market stability and affordability.”

It explained that the price of the petrol was brought down “during the recent festive period” to cushion Nigerians at a time of heightened household spending.

According to the company, it “absorbed significant costs in the national interest, including logistics support in 2024 and a price reduction in 2025 to promote affordability and market calm.”

The chief executive of Dangote Petroleum Refinery, Mr David Bird, stated that the refinery continues to supply the domestic market with approximately 50 million litres of PMS daily, with nationwide evacuation and distribution operating normally.

He noted that the private refinery’s design flexibility allows it to process a wide range of crude and intermediate feedstocks, enabling continued PMS supply during planned maintenance activities, adding that this capability ensures that domestic supply remains stable and uninterrupted.

As a domestic producer, Dangote Petroleum Refinery says it continues to shield the Nigerian market from import related volatility and external supply disruptions, while remaining a stabilising force in the downstream petroleum sector, promising to remain focused on delivering energy security, price stability, and long-term value for Nigerians.

By Adedapo Adesanya

Oil prices settled slightly lower on Monday as investors assessed the impact on output in crude-producing regions in the United States from winter storms and the impact of any tensions between the US and Iran.

Brent crude futures depleted by 29 cents or 0.4 per cent to sell at $65.59 a barrel and the US West Texas Intermediate (WTI) crude futures decreased by 44 cents or 0.7 per cent to $60.63 per barrel.

US oil producers lost up to 2 million barrels per day or roughly 15 per cent of national production over the weekend as a winter storm swept across the country, straining energy infrastructure and power grids.

The occurrence which peaked on Saturday eased on Monday with Reuters reporting that Permian shut-ins were estimated at about 700,000 barrels per day from 1.5 million barrels per day and production set to be fully restored by January 30. There were around two dozen reports of upsets at natural gas processing plants and compressor stations in Texas, according to regulatory filings over the weekend.

Meanwhile, Kazakhstan is poised to resume production at its biggest oilfield, the energy ministry said on Monday. The Caspian Pipeline Consortium, which operates Kazakhstan’s main exporting pipeline, said on Sunday that its Black Sea terminal had returned to full loading capacity after maintenance was completed at one of its three mooring points.

The market continue to weigh tensions between the US and Iran with the US sending an armada toward Iran but President Donald Trump said he hoped he would not have to use it, renewing warnings to Iran against killing protesters or restarting its nuclear programme.

Iran, which is a top producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would treat any attack “as an all-out war against us”.

OPEC and allies (OPEC+) is expected to hold oil production flat in March and reiterate the first-quarter pause in supply hikes when the group meets on February 1 to discuss output level.

The group has not yet held discussions ahead of next Sunday’s online meeting, but it does not see any need of changing the policy despite the expected oversupply and the geopolitical developments that could influence supply from OPEC members Iran and Venezuela.

Early this month, the eight OPEC+ members that have been implementing cuts since 2023 – Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman – reaffirmed the decision to pause monthly increments during the first quarter of the year.

Bloomberg cited OPEC+ delegates sources saying that there is no indication that the February meeting would change that course.

By Adedapo Adesanya

The Nigeria Customs Service (NCS) said it beat its projected revenue collections for 2025 by 12 per cent as it stood at N7.28 trillion.

This was disclosed by the Comptroller General of the Service, Mr Adewale Adeniyi, who gave the scorecard at an event to mark the 2026 World Customs Day on Monday, explained that the reported revenue exceeded earlier projected N6.5 trillion.

Mr Adeniyi noted that last year showed very clearly what “protecting society” looks like in the real world, noting that officers of the Command uncovered 16 containers of contraband goods in the period under review.

“Across our Commands, officers working with sister agencies disrupted multiple criminal supply chains before they ever reached our communities.

“At Apapa, we uncovered 16 containers of prohibited goods worth over N10 billion — a single operation that combined narcotics, expired pharmaceuticals, and concealed firearms.

“At the airports, officers intercepted over 1,600 exotic birds being trafficked without CITES permits, stopping a wildlife crime operation that would have harmed both biodiversity and Nigeria’s international obligations”, the statement said, adding that across land borders, its teams seized illicit narcotics and counterfeit medicines worth hundreds of millions of Naira, along with ammunition and other prohibited items moving through covert routes.

“These operations do not make headlines for long, but their impact is enduring as fewer young people exposed to harmful drugs; fewer weapons reaching criminal networks; fewer counterfeit medicines reaching patients; fewer endangered species removed from the ecosystem”.

The Service also said it recorded over 2,500 seizures, with an aggregate value of more than N59 billion in prohibited and harmful goods removed from circulation nationwide.

These seizures, it noted, cut across narcotics, counterfeit pharmaceuticals, wildlife products, arms and ammunition, petroleum products, vehicles, and substandard consumer goods.

“This most certainly prevented real harm — addiction, unsafe treatment, violent crime, subsidy, exploitation, environmental degradation, and treaty violations and funerals before they occur”, he stated.

The NCS also said vigilance coexists with facilitation.

“A modern Customs administration must be able to detect high-risk consignments without suffocating lawful trade”, it said, adding that the launch of the Time Release Study is significant.

“The TRS marks a major step toward making Nigeria’s trade gateways secure, efficient, predictable, and globally competitive.

“It signals our commitment to move from opinion-driven reforms to evidence-based reforms, and from complaints-driven policy to data-driven policy”.

The Study conducted at Tincan Island Port provides the most comprehensive measurement of clearance performance in our recent history. It reveals encouraging realities and uncomfortable truths.

It shows, on the one hand, that examination times themselves are relatively efficient, and that Nigeria has the capacity to clear goods quickly.

“It shows, on the other hand, that excessive idle periods—often due to fragmented scheduling, manual documentation, and poor coordination—extend clearance times unnecessarily and erode competitiveness. In other words, our challenge is not that we cannot move goods fast; it is that goods are not allowed to move fast.”

“We now have validated clearance timelines covering more than 600 declarations, combining manual timestamps and platform data.

“We now know with precision how long it takes from booking for examination to physical gate exit, and where bottlenecks concentrate. Armed with such evidence, we are now able to say: the fastest way to protect Nigerian traders and our economy is both through border security and procedural reform”, the service added.