Business
MAY 1: Nigerians Buy Fuel at N1440 Per Liter as NNPCL
Petrol prices have climbed sharply across Nigeria, with several filling stations now dispensing fuel between N1,364 and N1,444 per liter, reflecting the growing impact of rising global crude oil prices on the domestic market.
Findings by DAILY POST on Thursday evening showed that major marketers, including the Nigerian National Petroleum Company Limited (NNPCL), MRS, BOVAS, AP (Ardova), and Mobil, adjusted their pump prices to between N1,364 and N1,370 per liter.
Other outlets such as AA Rano, Emedab, Empire Energy, and Ranoil are selling petrol at higher rates, ranging from N1,370 to N1,440 per liter.
This marks a steep increase from around N900 per liter recorded in February 2026.
The latest adjustment comes barely 24 hours after Dangote Refinery and depot owners raised their gantry and ex-depot prices to N1,275 and N1,320 per liter, respectively, attributing the hike to a surge in global crude oil prices.
Checks on Friday morning indicated that Brent and West Texas Intermediate (WTI) crude benchmarks climbed to $111 and $105 per barrel, driven by sustained tensions involving Iran, the United States, and Israel in the Middle East.
The situation has been further compounded by the recent exit of the United Arab Emirates from the Organization of Petroleum Exporting Countries (OPEC), adding to volatility in the global oil market.
Commenting on the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the rise in global oil prices is significantly affecting domestic fuel costs.
“Though Dangote Refinery has helped cushion the impact, global crude oil price volatility is impacting the domestic market,” he said.
The continued rise in gasoline prices has intensified calls for urgent government intervention, as Nigerians grapple with worsening economic conditions.
The development is coming at a critical time, as workers mark the May Day celebration, with the minimum wage at N70,000 and the cost of living continuing to rise alongside fuel prices nearing N1,500 per liter.
The Federal Government has called on marketers to reduce the pump price of petrol to reflect falling crude costs in the international market.
The Minister of state for Petroleum Resources (Oil), Heineken Lokpobiri, made the call on Monday at a stakeholders’ meeting with the marketers and other downstream petroleum sector operators.
The minister demanded that the sharp drop in Brent crude from about $118 a barrel earlier this year to below $70 must be reflected at the pumps.
“The price of fuel should reflect what is going on now,” he said, urging marketers to pass the cost reductions to consumers.
He queried why retail pump prices for Premium Motor Spirit, PMS, and other petroleum products have not fallen in line with lower international replacement costs.
According to him, deregulation did not mean allowing what he called ‘excessive profits’, stating that government preferred frank talks over heavy-handed enforcement
The minister added that the petroleum marketers must build consensus on how to lower pump prices without killing business viability.
“We would rather sit down with you and agree a practical framework than try to impose measures we cannot effectively enforce,” he said
The meeting, convened at the directive of the Ministry of Petroleum Resources by the sector regulator, had in attendance officials from the FCCPC, Dangote Refinery, MEMAN, DAPPMAN, IPMAN, NARTO, PETROAN among others.
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United Bank for Africa, UBA, Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026.
The announcement was made on Monday following a meeting of the bank’s board.
UBA explained that Elumelu’s exit follows the completion of the maximum 12-year tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance regulations.
The bank also confirmed that Emmanuel Nnorom, who currently serves as a non-executive director, has been appointed as the incoming Group Chairman. His appointment will take effect on August 21, the same day Elumelu officially leaves the board.
In a statement issued after the meeting, the bank said, “The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.
“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.
“The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”
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