As Nigerians contend with rising petrol prices, vessels carrying 129,000 metric tonnes of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) are expected to dock at Lagos Ports between March 14 and 17, 2026, The PUNCH reports.

This came as officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority explained why some importers were still importing PMS despite the agency’s position that no petrol import licence had been issued this year.

According to the Nigerian Ports Authority’s Shipping Position Daily obtained on Monday, a vessel, Mosunmola, carrying 20,000MT of PMS, arrived at Lagos Ports via the Bulk Oil Plant on Sunday, March 14, 2026. Another vessel, Kobe, with 22,000MT of AGO, docked at Kirikiri Lighter Terminal Phase 2, Tin Can Island Port, on the same day.

On Tuesday, March 17, Bora is scheduled to arrive at Kirikiri Lighter Terminal 3B with 27,000MT of PMS, while Ashabi will bring 30,000MT of AGO to the same terminal.

Additionally, Oluwajuwonlo offloaded 15,000MT of PMS at Calabar Ports through Ecomarine Nigeria Limited on Sunday, March 15. Mosunmola will also deliver 15,000MT of PMS to Calabar Ports via a North West Petroleum Gas Co Limited terminal on March 17.

The vessel arrivals coincide with ongoing fuel price hikes nationwide. Nigerians currently face surging petrol costs after Dangote Petroleum Refinery raised its gantry price for PMS to N1,175 per litre, pushing retail prices above N1,200 per litre. The increase has affected transport fares and driven up the cost of goods and services nationwide.

Economic analysts, labour unions, and private sector leaders have called on the Federal Government to provide relief measures, citing rising crude oil prices driven by escalating tensions between the United States and Iran. Some stakeholders suggested subsidising petrol to mitigate the impact on citizens and businesses, warning that continued price increases could exacerbate inflation.

Petrol prices have reached between N1,200 and N1,300 per litre in several areas, with projections suggesting costs could exceed N1,500 or approach N2,000 per litre if the Middle East crisis persists.

Marketers speak

The Independent Petroleum Marketers Association of Nigeria confirmed that independent marketers are prepared to lift imported products to ensure availability and competition.

IPMAN spokesperson Chinedu Ukadike said, “We, the independent marketers, are always on the receiving side. Wherever the product is coming from, and it is in the tanks of depot owners or NNPC, we will buy it. The most important thing is availability.

“If NMDPRA made a statement categorically that there is no import licence, I don’t know where this one is coming from. But we are ready to receive the products and sell. Maybe that will also breed competition, and this price volatility may have sustainability. So, I think it is also a welcome development.”

Ukadike added that the vessels might be operating under licences issued long ago and that delays at sea—particularly around the Strait of Hormuz—may explain their late arrival.

“It might also be an old importation licence issued since last year. It is acceptable. The imported products would not have any impact on prices unless the price of crude oil declines. The price depends on the volume and cost of the product because there is nothing like a reduction in prices when Brent is still selling for over $100,” he said.

NMDPRA explains imports

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has clarified that no import licences were issued in the first quarter of 2026, asserting that shortfalls in February were covered by leftover stocks from January and existing refinery output.

While IPMAN and other stakeholders supported the halt on fuel import licences, major dealers and importers argued that imports were still necessary to meet national demand. February figures show Dangote refinery produced an average of 36 million litres per day, while national consumption was about 56 million litres per day, leaving an apparent gap.

A source within NMDPRA, speaking on condition of anonymity due to the lack of authorisation to speak on the matter, explained that the refinery’s unsold stocks were rolled over due to weather-related export delays in Europe at the end of 2025, closing the supply gap in February.

“The shortfall rolled over from previous stocks. These things are simple. Our fact sheets are published monthly. There were rollover stocks. Dangote didn’t export for a long time towards the end of last year. So, it was those rolled-over stocks that it supplied. Both marketers and Dangote are only jostling for market shares. Has there been a shortage? No!” the source said.

The regulator also refuted online claims that new licences had been issued, noting that licences are granted quarterly. “Those that were issued towards the end of last year were still being used. A licence for importation is not like taking money to the supermarket. It takes time for vessels to arrive. We have not issued any import licence this year,” the official said.

Nigeria has historically relied on imported refined petroleum products due to limited domestic refining capacity. However, the operational Dangote refinery, producing 650,000 barrels per day, has shifted the downstream dynamics. NMDPRA confirmed that domestic refineries supplied 36.5 million litres per day in February 2026, with imports contributing just three million litres, representing roughly 92 per cent of the national daily supply.

Chief Executive of NMDPRA, Saidu Mohammed, warned against returning to heavy import dependence. “We have not issued a single licence for petrol importation this year. Some interests still push for large-scale importation despite our progress in domestic refining,” he said during a meeting with a PUNCH delegation at the agency’s Abuja headquarters.

The recent vessel arrivals, while ensuring availability, largely reflect past import licences and logistical delays, rather than new authorisations from NMDPRA.

Nigeria’s digital finance ecosystem recorded about $96bn in cryptocurrency and other virtual asset transactions, the Director-General of the Securities and Exchange Commission, Emomotimi Agama, has disclosed.

Agama revealed this during a Citizens and Stakeholders Engagement Session organised by the Federal Ministry of Finance in Abuja on Monday, stressing that the scale of activity in the digital asset market makes it necessary for regulators to place the sector under stronger oversight.

“As we speak today, it is a known fact from research and statistics that the virtual asset service providers and indeed the digital space, cryptocurrency operation is within the range of $96bn in transaction flow in Nigeria, and that is important for us to manage,” he said.

According to him, the regulatory framework governing the space has been reinforced with the enactment of the Investment and Securities Act 2025, which gives the commission powers to regulate digital assets and other emerging financial technologies.

He explained that the legislation also reaffirmed the SEC as the apex regulator of the Nigerian capital market while introducing provisions aimed at monitoring systemic risks and aligning the country’s market operations with global standards.

Agama stated that the capital market has continued to support investment across key sectors of the economy, noting that the commission approved about N3.68tn worth of new capital market issues in 2024, covering both equity and fixed income instruments.

He added that the market also played a major role in strengthening the banking sector during the recent recapitalisation exercise, with more than 31 banks raising funds through the capital market to meet new capital requirements.

The SEC boss noted that the overall performance of the market has improved significantly in recent years, with total market capitalisation rising from about N55tn in 2024 to roughly N127tn currently.

He further stated that the capital market’s contribution to the economy has increased, as the ratio of market capitalisation to gross domestic product rose from about 13 per cent to roughly 33 per cent.

Agama said the commission has also intensified efforts to strengthen investor protection and sustain confidence in the market. He disclosed that the SEC had issued more than 90 advisory notices warning Nigerians about suspicious investment schemes and risky financial offers.

According to him, the regulator has also stepped up its crackdown on fraudulent investment operations, including Ponzi schemes, while working with the Nigeria Police Force to investigate and prosecute offenders.

He warned that many victims of such schemes often invest through unregistered platforms promising unrealistic returns, advising investors to verify whether any investment opportunity has been approved by the SEC.

The SEC Director-General also noted that the capital market has helped support infrastructure development through bond issuances by state governments. He explained that several public projects, including markets, stadiums, and other infrastructure, have been financed through subnational bonds raised in the capital market.

Agama added that investors in state bonds are protected through the Irrevocable Standing Payment Order system, which allows repayments to be deducted directly from states’ allocations from the Federation Account.

He disclosed that the commission has established an Office of Municipal Fund Development to assist state and local governments in accessing capital market funding for development projects at the grassroots level.

Agama also said the SEC supported the launch of the Mortgage Refinancing and Infrastructure Fund to help address Nigeria’s housing deficit by providing long-term funding that enables Nigerians to obtain mortgages at single-digit interest rates.

Looking ahead, he said the commission plans to deepen the capital market by increasing the market capitalisation-to-GDP ratio from about 30 per cent towards levels seen in emerging markets such as India, where the ratio stands at about 92 per cent.

Also speaking at the session, the Permanent Secretary of the Federal Ministry of Finance addressed concerns about the implementation of the federal budget.

He explained that several factors have affected budget performance, including Nigeria’s difficulty meeting its oil production benchmark of about 2.1 million barrels per day and fluctuations in global crude oil prices.

According to him, the budget benchmark was set at $75 per barrel, but oil prices at some point dropped below $60 per barrel, reducing government revenue. He added that rising debt servicing obligations and increased salary commitments have also placed pressure on available funds.

The Permanent Secretary said the government is taking steps to address the situation through closer monitoring of revenue and expenditure. He disclosed that the ministry now holds weekly cash management meetings every Monday to review government finances and identify measures to improve revenue performance.

He added that budget implementation is expected to improve once Nigeria returns to operating a single budget cycle, noting that efforts are underway to collapse overlapping budgets so that the country will run only one national budget from 2026 onward.

Transcorp Energy Limited has emerged as the successful bidder for selected lots in the Federal Capital Territory under the World Bank–supported Utility Enabled Projects coordinated by the Rural Electrification Agency.

According to a statement on Monday, Transcorp Energy, the integrated energy development and services subsidiary of Transnational Corporation Plc, will deploy renewable energy solutions through interconnected mini-grids designed to integrate with existing distribution networks and deliver reliable electricity to underserved communities across Abuja, the Federal Capital Territory of Nigeria.

The initiative forms part of REA’s broader strategy to accelerate sustainable energy access through innovative public–private sector collaboration.

The Utility Enabled Projects programme, supported by the World Bank, is designed to catalyse private sector participation in delivering decentralised renewable energy solutions that complement the national grid, improve reliability of supply, and expand electricity access for businesses and households.

Speaking on the development, the Managing Director/Chief Executive Officer of Transcorp Energy, Chris Ezeafulukwe, said, “This renewable energy project marks a significant milestone for Transcorp Energy as we continue to expand access to clean and reliable energy across Nigeria. It demonstrates our commitment to driving renewable energy growth while supporting economic development and environmental sustainability.

“Through this initiative and in collaboration with our consortium partners, we are confident that we will deliver impactful energy solutions that strengthen local economies and improve livelihoods.”

In his remarks, the Managing Director/Chief Executive Officer of the Rural Electrification Agency, Dr Abba Aliyu, congratulated Transcorp Energy on its successful bid and reaffirmed the agency’s commitment to enabling credible private sector participation in Nigeria’s electrification drive.

“The Utility Enabled Projects are a critical component of REA’s strategy to empower capable private sector developers to deliver sustainable electricity solutions at scale.

“Transcorp Energy’s emergence as a successful bidder reflects the strength of this programme in attracting strong partners who share our commitment to accelerating Nigeria’s electrification and energy transition goals through innovative solutions such as interconnected mini-grids,” Aliyu stated.

The statement added that the deployment of interconnected mini-grids in the FCT will support Nigeria’s broader efforts to modernise its power sector by integrating renewable energy systems with existing distribution infrastructure, reducing reliance on expensive self-generation, lowering energy costs for consumers, and improving power reliability.

Transcorp Energy said it remains committed to investing in sustainable energy solutions and building strategic partnerships that expand access to electricity while contributing to Nigeria’s socio-economic development.

Cash held outside Nigeria’s banking system fell by N197.68bn in one month to N5.21tn in January 2026, even as the amount of money circulating in the economy remained broadly flat, and bank reserves dropped sharply, according to the latest Money and Credit Statistics released by the Central Bank of Nigeria.

The figures showed that currency outside banks declined from N5.41tn in December 2025 to N5.21tn in January 2026, representing a month-on-month drop of N197.68bn. This came as total currency in circulation slipped marginally by N1.74bn to N5.731tn in January 2026 from N5.732tn in the preceding month.

Despite the monthly decline in cash held outside the banking system, the data indicated that a very large share of Nigeria’s physical cash remained outside deposit money banks. The proportion of currency in circulation that was held outside banks stood at 90.91 per cent in January 2026.

This means that more than nine-tenths of cash in circulation was still outside the vaults of banks during the month under review, although the ratio was lower than the 94.33 per cent recorded in December 2025.

The latest reading suggests that while some cash returned to the banking system between December and January, the broader structure of cash usage in the economy remained heavily tilted towards cash retention outside formal banking channels.

A comparison with the same period last year showed that cash outside banks was still significantly higher on an annual basis. In January 2025, currency outside banks stood at N4.74tn, compared with N5.21tn in January 2026. This translates to a year-on-year increase of N473bn.

Similarly, currency in circulation rose by N495.68bn year-on-year from N5.24tn in January 2025 to N5.73tn in January 2026, indicating that the stock of physical cash in the economy expanded over the 12-month period.

The data also showed that the share of currency in circulation outside banks was 90.48 per cent in January 2025, slightly below the 90.91 per cent posted in January 2026. This suggests that although the ratio eased on a monthly basis from December, it remained marginally higher than the level recorded a year earlier.

The PUNCH also observed that Nigeria’s broad money supply declined by N1.05tn to N123.36tn in January 2026, largely driven by a drop in the country’s net foreign assets.

Data published on the Central Bank of Nigeria website showed that the broad money supply, commonly referred to as M3, fell from N124.41tn in December 2025 to N123.36tn in January 2026.

M3 represents the broadest measure of money circulating in an economy. It includes cash in circulation, bank deposits, and other highly liquid financial instruments held by households, businesses, and financial institutions.

The January decline represents a month-on-month contraction of N1.05tn in overall liquidity within the financial system. Despite the monthly drop, the data showed that money supply expanded significantly compared with the same period last year. Broad money stood at N111.11tn in January 2025, indicating a year-on-year increase of N12.26tn.

An analysis of the underlying components of money supply suggests that the contraction in January was largely triggered by a decline in Nigeria’s net foreign assets. According to the CBN data, net foreign assets fell to N29.61tn in January 2026 from N31.51tn recorded in December 2025, representing a month-on-month decline of N1.90tn.

Net foreign assets refer to the foreign holdings of the banking system, including the Central Bank and commercial banks, such as foreign reserves, foreign currency deposits, and other overseas financial assets, minus their external liabilities.

The year-on-year comparison also showed a decline. In January 2025, net foreign assets stood at N33.19tn, meaning the January 2026 level reflects a drop of N3.58tn. The reduction in foreign assets occurred during a period when the naira strengthened in the official foreign exchange market.

The naira ended January 2026 on a stronger footing in the official market, closing at N1,391 to the dollar, compared with its opening rate of N1,431 to the dollar at the start of the month.

Data from the Central Bank of Nigeria showed that the currency largely traded below the N1,425 to the dollar mark throughout January, reflecting relative stability in the foreign exchange market amid improved liquidity conditions.

When the naira appreciates against the dollar, the naira value of foreign assets held by the monetary authorities may decline when converted from foreign currency.

While foreign assets declined, the data showed that domestic liquidity conditions expanded. Net domestic assets increased to N93.76tn in January 2026 from N92.90tn recorded in December 2025, representing a month-on-month increase of N850.76bn.

Net domestic assets represent the financial claims within the domestic economy, including credit to the Federal Government, lending to the private sector, and other domestic financial assets held within the banking system.

On a year-on-year basis, domestic assets recorded a stronger increase, rising from N77.92tn in January 2025 to N93.76tn in January 2026, indicating a growth of N15.83tn over the period.

Further breakdown of the CBN data showed that the narrower measure of liquidity in the financial system, known as M2, also declined during the month. M2 stood at N123.35tn in January 2026, compared with N124.40tn recorded in December 2025, representing a month-on-month drop of N1.05tn.

M2 is a slightly narrower measure of money supply than M3. It typically includes currency in circulation, demand deposits, savings deposits, and time deposits held in banks, but excludes certain institutional or large financial instruments captured under M3.

Meanwhile, narrow money, which represents the most liquid form of money in the economy, increased during the period. Narrow money rose to N42.33tn in January 2026 from N42.14tn recorded in December 2025, reflecting a month-on-month increase of N190.76bn.

Narrow money generally consists of physical currency in circulation and demand deposits in banks that can be easily accessed for transactions. The figure also showed a strong annual increase compared with N36.77tn recorded in January 2025, representing a year-on-year rise of N5.57tn.

Overall, the January figures suggest that while domestic credit and transactional money expanded within the economy, the decline in the value of Nigeria’s foreign assets played a decisive role in pushing down the country’s broad money supply during the month.

The movement in monetary aggregates comes amid the Central Bank of Nigeria’s continued efforts to manage liquidity conditions in the financial system through tight monetary policy aimed at curbing inflation and stabilising the foreign exchange market.

With the decline in money supply and inflation rate, the Monetary Policy Committee (MPC) of the CBN reduced the benchmark interest rate to 26.5 per cent. This was the second time the MPC cut rates under the current leadership of the apex bank.

The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 304th meeting in Abuja. Cardoso said, “The Committee decided to reduce the monetary policy rate by 50 basis points to 26.5 per cent.”

He added that the MPC also resolved to “retain the Standing Facilities Corridor around the MPR at +50/-450 basis points” and to “retain the Cash Reserve Requirement for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and 75.00 per cent for non-TSA public sector deposits.”

This marks the second rate cut under the current leadership of the apex bank, following a similar 50-basis-point reduction in September 2025 and a hold at the November 2025 meeting.

Cardoso said the decision was based on “a balanced evaluation of risks to the outlook,” which indicates that “the ongoing disinflation trajectory would continue, largely supported by the lagged transmission of previous monetary tightening, sustained exchange rate stability, and enhanced food supply.”

He noted that headline inflation eased to 15.10 per cent in January 2026 from 15.15 per cent in December 2025, marking the eleventh consecutive month of year-on-year decline.

According to the governor, “Food inflation declined markedly to 8.89 per cent from 10.84 per cent,” while “core inflation declined to 17.72 per cent from 18.63 per cent.”

On a month-on-month basis, headline inflation fell to -2.88 per cent in January from 0.54 per cent in December, which the committee said signalled “a continued softening of price pressures.”

He reaffirmed the MPC’s commitment to “an evidence-based policy framework, firmly anchored on the Bank’s core mandate of ensuring price stability, while safeguarding the soundness and resilience of the financial system.”

Analysts backed the decision of the MPC to cut the rate by 50 basis points, as stakeholders affirmed that the rate cut to 26.5 per cent is mostly viewed as a credibility-building signal rather than the start of rapid easing.

Banks and telecommunications companies must deepen their collaboration and share intelligence to combat the growing threat of artificial intelligence-driven fraud, according to a new report from Pricewaterhouse Coopers.

The professional services firm noted that the rapid adoption of AI is reshaping the fraud landscape in the telecommunications sector, enabling criminals to automate scams, impersonate victims through deepfake technologies, and scale fraudulent schemes with unprecedented speed.

The 16-page report, titled ‘AI’s Dual Role in Telecom Fraud’, noted that while AI is helping fraudsters launch more sophisticated attacks, the same technology can also serve as a powerful defensive tool for telecom operators and financial institutions.

“AI has tremendous potential to drive positive change across sectors, but it also enables fraudsters to create and disseminate scams quickly and at scale,” PwC said, warning that the expanding digital ecosystem linking telecom networks and financial services is creating new vulnerabilitie

Fraud has long posed a significant challenge for telecom operators worldwide, resulting in financial losses, reputational damage, and regulatory scrutiny. Globally, telecom fraud was estimated at approximately $38.95 bn in 2023, highlighting the scale of the problem. In Nigeria, the sector has also faced rising risks.

According to the Nigerian Communications Commission, citizens lost approximately N12.5 bn to telecom-related financial crimes between 2019 and January 2023.

PwC said the growing integration between telecom networks and financial services, such as mobile money platforms and digital banking, is further complicating the fraud landscape.

“When fraud occurs across interconnected platforms, both telecommunications and financial services providers face regulatory scrutiny and erosion of customer trust,” the report said.

The firm added that telecom operators are increasingly becoming critical infrastructure for digital financial services, exposing them to greater risk as criminals target the ecosystem. Despite these risks, PwC said telecom companies have a unique advantage in the fight against fraud due to the vast amount of network and customer data they possess.

By deploying advanced AI systems, telcos can detect suspicious activity patterns, flag unusual call behaviour, and identify fraudulent transactions in real time. For example, AI-driven pattern recognition can analyse large datasets to detect irregular call durations, unusual call frequencies, or activity occurring at odd hours, indicators that may signal fraudulent activity. Machine learning models trained on historical fraud cases can also help identify subtle warning signs that traditional detection systems might miss.

PwC noted that some telecom operators are already deploying AI-powered spam detection tools capable of analysing hundreds of behavioural parameters to determine whether a message is fraudulent. Real-time data analysis, the firm added, can allow companies to block fraudulent activities before they cause major financial damage.

Beyond fraud detection, AI can also help organisations respond more effectively to incidents. Using natural language processing, generative AI systems can convert technical security data into simplified reports tailored for regulators, executives, and compliance officers.

However, PwC said technology alone will not be enough to curb the growing threat. The firm stressed that stronger collaboration between telecom operators, financial institutions, and regulators is essential to prevent fraud from spreading across digital platforms. Telecom companies, it said, possess sophisticated tools capable of monitoring call patterns and network behaviour, which could help banks detect suspicious activities such as SIM swap attempts.

At the same time, banks have developed advanced fraud detection algorithms that could enhance telecom operators’ ability to identify suspicious activity across their networks. “By sharing insights and real-time threat intelligence, both sectors can strengthen their individual and collective defences,” PwC said.

The firm cited international examples where such collaboration has improved fraud detection and response times, including initiatives in the United Kingdom, Singapore, Australia, and the Philippines. PwC also emphasised the importance of closer engagement with regulators such as the Central Bank of Nigeria and the Nigerian Communications Commission to ensure clear and responsive regulatory frameworks that support innovation while protecting consumers.

NOVA Bank Limited has announced the appointment of Jude Anele as its Managing Director and Chief Executive Officer following the approval of the Central Bank of Nigeria.

A statement from the bank on Sunday stated that the appointment comes at a significant stage in the bank’s development, shortly after its transition from a merchant bank to a commercial bank and the successful completion of its recapitalisation programme ahead of the March 31, 2026, regulatory deadline.

Anele brings more than 33 years of banking experience spanning West and Central Africa, with expertise covering retail and commercial banking, corporate banking, risk management, institutional transformation, and executive leadership. Throughout his career, he has overseen complex banking operations, strengthened governance frameworks, delivered sustainable revenue growth, and built high-performing teams.

According to the bank, the appointment underscores the Board’s strategic commitment to strengthening NOVA Bank’s commercial banking platform while accelerating growth across its Corporate, Commercial, and Retail segments, as well as key priority markets.

Speaking on his appointment, Anele said he was honoured to assume leadership of the bank at a defining stage in its growth journey.

“Nova Bank has built a strong institutional foundation defined by regulatory compliance, capital strength, disciplined governance, and a clear commercial mandate.

Our focus now is execution — deepening customer relationships, expanding responsibly across priority markets,

The Chairman of the bank, Phillips Oduoza, also expressed confidence in the new leadership.

“The Board is pleased to welcome Mr Jude Anele as Managing Director and Chief Executive Officer. His depth of experience, strategic clarity, and proven leadership record align strongly with NOVA Bank’s growth ambitions,” Oduoza said.

He added that with the bank’s recapitalisation completed ahead of the regulatory deadline, the institution is entering a new phase characterised by scale, stability, and structured expansion.

NOVA Bank also confirmed that it has met the recapitalisation requirements set by the Central Bank of Nigeria ahead of the regulatory deadline, reinforcing its capital adequacy and long-term financial stability. The capital raise, supported by both new and existing shareholders, has further strengthened the bank’s balance sheet and positioned it for disciplined growth.

In 2025, Global Credit Rating reaffirmed NOVA Commercial Bank’s national scale long- and short-term issuer ratings of BBB(NG) and A3(NG) respectively, while Agusto & Co. reaffirmed the bank’s “Bbb” rating with a stable outlook, reflecting its strong capital base, sound liquidity position, and resilient asset quality relative to its risk profile.

The bank currently operates in Lagos, Abuja, Owerri, and Port Harcourt, with plans to establish eight additional branches across key commercial hubs in 2026 as part of its expansion strategy.

The commissioning of the bank’s regional office in Owerri marked a major milestone in its South-East and South-South growth strategy. The event drew government officials, business leaders, and Nigerians in the diaspora and underscored NOVA Bank’s commitment to supporting enterprise development and economic growth.

The Dangote Petrochemical Refinery has raised the ex-depot price of Premium Motor Spirit to N1,175 per litre, reversing an earlier reduction of N100 announced earlier in the week, as a fresh surge in global crude oil prices pushes up refining costs.

A senior official who spoke with our correspondent anonymously because he was not authorised to speak, confirmed on Friday that the refinery adjusted the price upward after briefly reducing the ex-depot price to N1,075 per litre on March 10, 2026, a move that had triggered increased buying activity among depot operators.

The official confirmed the latest adjustment during a telephone conversation.

“Yes, it is true,” the official said when asked about the upward price review.

Checks on Petroleumprice.ng also confirmed the development, indicating that the price revision had disrupted trading activities across several petroleum depots.

According to market sources quoted by the platform, the sudden upward adjustment prompted depot operators in multiple hubs to temporarily suspend sales as they awaited clarity on the new pricing structure.

“Depot owners across multiple hubs have temporarily halted transactions following the refinery’s upward review of the ex-depot price,” a market source familiar with the development said.

Similarly, loading operations at the refinery were also temporarily suspended to allow for stock reconciliation and alignment with the new pricing framework.

A refinery source explained that the decision was largely driven by rising global crude prices, which directly affect refining costs.

“The revision reflects the surge in global crude oil prices. Brent crude moved from around $91 per barrel to about $100 per barrel, and that increase feeds directly into the cost of refining,” the source said.

PUNCH Online reports that global oil prices have risen sharply in recent hours following escalating tensions in the Middle East involving the United States, Iran and Israel.

The geopolitical crisis has heightened fears of disruptions to global crude supply, particularly around the strategic Strait of Hormuz, one of the world’s most critical oil transit routes through which roughly 20 per cent of global oil shipments pass daily.

Concerns about possible disruptions in the chokepoint have pushed global oil benchmarks higher, with Brent crude trading above $100 per barrel during the week.

Nigeria’s flagship crude grade, Bonny Light, also surged above the psychological $100 per barrel threshold amid the volatility in global energy markets.

The rally reflects a growing “war premium” in global oil prices as traders factor in the risk of supply disruptions in the Middle East.

At the peak of the market rally earlier in the week, Nigerian crude prices briefly climbed to about $120 per barrel before easing to around $100 per barrel as markets entered a consolidation phase.