Petrol pump prices jumped to N1,395 per litre on Saturday as filling stations adjusted to the Dangote Petroleum Refinery’s latest pricing regime, which raised its gantry price to N1,350 per litre.

Checks by our correspondent showed that the Dangote-backed MRS filling station in Alapere, Lagos, changed its price from N1,310 to N1,395 on Saturday.

The price was N1,385 at the Mobil filling station on the same axis.

The Matrix filling station at Kara, Ogun State, sold petrol at N1,360 per litre, while Nigerian National Petroleum Company retail stations in Ibafo dispensed the product at N1,380 a litre.

It was also observed that some filling stations had yet to adjust their pump prices as of 6pm on Saturday.

Bovas sold petrol to motorists at N1,280.

The Dangote refinery increased the gantry price of premium motor spirit from N1,265 to N1,350 per litre, effective Saturday, 12 September 2026.

The PUNCH had earlier predicted that there could be a fresh hike in fuel prices following the rise in oil costs.

The latest adjustment is the fourth upward review of the Dangote refinery’s petrol gantry price since August 21.

Dangote had increased the price from N1,165 to N1,185 per litre on August 21 before raising it to N1,200 on August 26.

It subsequently increased the price to N1,265 on August 29 and has now added another N85 per litre, taking the gantry price to N1,350 in three weeks.

The successive increases have raised the refinery’s petrol price by N185 per litre, or about 15.9 per cent, in 22 days.

In a circular issued late on Friday by the Group Commercial Operations office of the Dangote refinery, the company notified customers of the revised prices.

Petroleumprice.ng also confirmed that the new gantry price stands at N1,350 per litre, while the coastal delivery price was also adjusted from N1,669,545 to N1,783,530 per metric tonne.

Customers were directed to return all existing Authority to Collect documents for repricing. A new volume contract will be issued to allow immediate resumption of loading.

The circular advised customers to contact the company for any further clarification.

The adjustment comes against the backdrop of elevated international crude oil prices.

Brent crude recently climbed above $104 a barrel and had earlier surged past $107 as the prolonged confrontation between the United States and Iran continued to disrupt oil supplies through the Strait of Hormuz.

Oil flows through the strategic waterway have fallen sharply in recent weeks, with volumes dropping well below the levels recorded during the earlier recovery period.

Attacks on tankers and restricted shipping have intensified supply concerns, keeping global benchmarks firm and placing upward pressure on refined product costs worldwide.

Officials of the Dangote refinery did not respond to messages seeking further details about the new hike.

The latest rally in oil prices has increased pressure on domestic petrol prices, which have now climbed from about N830 per litre before the Middle East crisis to N1,395 or more, depending on location.

Before the crisis began on February 28, crude oil traded below $69 per barrel. However, the subsequent disruption to global oil supplies pushed international prices sharply higher, prompting the Dangote refinery and fuel importers to adjust their pricing.

Mobile network operators in Nigeria have deployed 8,526 of 12,179 committed coverage and capacity sites across the country, as fibre cuts continue to disrupt telecommunications services, the Nigerian Communications Commission said.

The deployment represents about 70 per cent of the commitments made by operators and marks a significant increase from the approximately 5,000 sites reported at the previous meeting of the commission’s board.

In a statement signed by its Director of Public Affairs, Nnenna Ukoha, on Sunday, the telecom regulator said the progress was recorded at the 110th board meeting held on September 9.

“The board further noted that 8,526 out of the 12,179 committed coverage and capacity sites have now been deployed across the country, representing approximately 70 per cent of the communicated commitments

“This reflects accelerated progress from the approximately 5,000 sites reported at the last meeting”, the commission said.

The increase comes as operators continue to expand network capacity to improve coverage and service quality, although damage to fibre infrastructure has emerged as a growing threat to network reliability.

The NCC said fibre cuts contributed to a sharp rise in network disruptions in June, highlighting the need to protect existing infrastructure alongside efforts to expand the network.

“Despite this progress, the board noted that fibre cuts contributed to a sharp rise in network disruptions in June, underscoring the need for infrastructure expansion to be matched by stronger protection of critical communications infrastructure,” it stated.

Fibre optic networks carry large volumes of telecommunications traffic and damage to the infrastructure can disrupt voice and data services across affected areas.

The NCC had previously raised concerns over thousands of fibre cuts linked to road construction and excavation activities. More than 5,000 fibre cuts were recorded in the first half of 2026, according to earlier warnings from the regulator.

At its previous board meeting, the NCC reported that operators had deployed more than 5,000 of the over 12,000 sites committed for network expansion, putting implementation at more than 40 per cent. The latest figure indicates that about 3,500 additional sites have been deployed since then.

The regulator said the latest discussions also focused on network resilience, digital trust, inclusive connectivity, consumer protection, fair competition and the sustainable growth of Nigeria’s digital economy.

The NCC’s latest position suggests that while operators are making progress with network expansion, protecting fibre and other critical telecommunications infrastructure remains essential to translating new capacity into more reliable services for consumers.

Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, reducing their physical footprint by 8.8 per cent in three years, according to data from the Central Bank of Nigeria.

Figures contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector showed that the number of bank branches and cash centres across the country declined from 5,410 in 2022 to 4,934 in 2025.

The decline occurred despite an increase in the number of banks operating in the country over the period, pointing to a gradual contraction in physical banking locations.

An analysis by The PUNCH showed that the number of branches fell by 37 from 5,410 in 2022 to 5,373 in 2023. The pace of contraction accelerated in the following year, with 229 locations disappearing as the total dropped to 5,144 in 2024. Banks closed another net 210 locations in 2025, bringing the number down to 4,934.

Consequently, about 92 per cent of the 476 net reduction recorded over the three-year period occurred in 2024 and 2025. The CBN explained that the figures cover branches and cash centres operated by commercial, merchant and non-interest banks. The data were sourced from the apex bank and the Nigeria Deposit Insurance Corporation.

The reduction in physical banking locations came even as the number of banks increased from 32 in 2022 to 33 in 2023 and 35 in 2024, before declining slightly to 34 in 2025. The number of branches operated abroad remained unchanged at two throughout the period.

A state-by-state analysis showed that Lagos recorded the largest decline in absolute terms. The country’s commercial hub had 1,602 branches and cash centres in 2022, but the figure fell to 1,532 in 2023 and 1,521 in 2024 before dropping further to 1,444 in 2025.

This meant banks closed a net 158 locations in Lagos within three years, representing a 9.9 per cent reduction. The state alone accounted for about one-third of the net decline recorded nationwide.

Despite the reduction, Lagos remained the dominant location for physical banking operations, accounting for about 29 per cent of the country’s 4,934 branches and cash centres in 2025.

The Federal Capital Territory also recorded a decline. The number of locations in Abuja stood at 400 in both 2022 and 2023 before falling to 391 in 2024 and 362 in 2025. This represented a net reduction of 38 branches and cash centres, or 9.5 per cent, over the three-year period.

Ekiti suffered one of the steepest contractions, with its branch network almost halving from 107 locations in 2022 to 57 in 2025, representing a decline of 50 locations or 46.7 per cent.

Enugu followed with a reduction of 44 locations from 162 to 118, while Oyo lost 41, declining from 237 to 196. Other states that recorded sizeable declines included Ondo, where the number fell from 127 to 105; Plateau, from 80 to 61; Osun, from 113 to 96; Cross River, from 83 to 67; and Rivers, from 290 to 275.

The decline was also evident in some of the major commercial centres in northern Nigeria. Kano increased its physical banking locations from 164 in 2022 to 175 in 2023 and 183 in 2024. However, the number fell sharply to 157 in 2025, leaving the state with seven fewer locations than it had three years earlier.

Kaduna followed a similar pattern, rising from 148 locations in 2022 to 156 in 2023 and 164 in 2024 before dropping to 146 in 2025.

Some states, however, recorded an expansion in their banking networks. Delta added 23 locations, with its total increasing from 173 in 2022 to 196 in 2025. Edo also rose from 155 to 165, while Jigawa increased from 31 to 37 and Kogi from 63 to 68.

The data further showed wide disparities in the distribution of physical banking infrastructure across the country. While Lagos alone had 1,444 locations in 2025, Yobe had 23, Taraba 26 and Zamfara 28. Bayelsa and Gombe had 31 each, while Ebonyi recorded 32.

For instance, Lagos alone accounted for more than 29 per cent of all branches and cash centres nationwide in 2025, highlighting the concentration of physical banking infrastructure in the country’s major economic centre.

The latest figures indicate that the contraction in the industry’s physical footprint has accelerated in recent years, underscoring how rapidly banking is migrating from brick-and-mortar to electronic platforms.

The PUNCH recently reported that the Central Bank of Nigeria called for greater adoption of alternative payment channels to expand access to financial services and stimulate economic activity.

Acting Director, Corporate Communications and Investor Relations Department of the CBN, Hakama Sidi-Ali, made the call at the 2026 CBN Fair in Lokoja, Kogi State.

Represented by Zubairu Salihu, Branch Controller of the CBN Lokoja Branch, she said alternative payment channels were particularly important for farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.