Nigerians are bracing for another fuel price hike after Dangote Petroleum Refinery temporarily halted the sale of refined petroleum products in naira, citing currency mismatches in crude oil purchases. The refinery announced that its sales in naira had surpassed the value of naira-denominated crude received, making it necessary to suspend local currency transactions. “To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result,...

Nigeria’s inflation rate dropped to 23.18 per cent in February 2025, down from 24.48 per cent in January, according to the National Bureau of Statistics (NBS). This marks the second consecutive month of decline following the rebasing of Nigeria’s Consumer Price Index (CPI) in January 2025. The rebasing updated the base year from 2009 to 2024 and expanded the number of goods and services tracked from 740 to 960, providing a more accurate picture of...

Dangote Petroleum Refinery has slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to ₦825 per litre. The Head of Media Relations and Branding Communications at Dangote Group, Esan Sunday, announced the price adjustment in a statement on Wednesday. The latest reduction follows a previous cut from ₦950 to ₦890 per litre, marking a total decrease of ₦125 within a few weeks. “This recent price reduction will also ensure that Nigerians...