Business

President Bola Tinubu has given his approval for a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), commonly known as petrol. According to a letter dated October 21, 2025, the President’s private secretary, Damilotun Aderemi, informed the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of the decision. Read Also: Photos: Senate Confirms President Tinubu’s New Service Chiefs After Security Screening The approval follows a request by FIRS to apply the 15 percent duty on the cost, insurance, and freight (CIF) to align import costs with domestic realities. The President has also directed NMDPRA to issue relevant regulations to guide the policy, prioritizing local production before issuing import licenses. Additionally, he ordered a periodic review of the tariff rate and its necessity, including provisions for scaling or sunset measures as domestic refining capacity expands.

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, triggering fresh concern among motorists and consumers nationwide. As of the time of filing this report, the company has yet to release any official statement explaining the reason behind the sudden adjustment. During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new rate. Read Also: NNPCL Drills Four Oil Wells in Kolmani, Constructs Gas Plants in Kogi At the NNPC filling station along Ogunusi Road, Ojodu Berger, attendants confirmed they were instructed to update the pump price to ₦992 per litre. However, checks at Ibafo along the Lagos–Ibadan Expressway revealed that NNPC outlets in the area still displayed the old price of ₦875 per litre but were not dispensing fuel to motorists. Most NNPC stations visited in Lagos and Ogun States were also not selling fuel as of Sunday evening, sparking frustration among commuters and transport operators. Although NNPCL has not provided an official reason for the price hike, industry analysts speculate that rising global crude oil prices and foreign exchange volatility could be contributing factors. (The Nation)

Nigerians have expressed deep frustration over the sudden surge in the price of cooking gas, which now sells for as high as ₦2,000 per kilogram in some parts of the country. The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has attributed the hike to temporary supply disruptions and market exploitation by some operators. Speaking on Channels Television, NALPGAM President, Mr. Oladapo Olatunbosun, clarified that there had been no official increase in the price of Liquefied Petroleum Gas (LPG), blaming the situation on “opportunistic marketers taking advantage of supply gaps” caused by a recent strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which disrupted operations at the Dangote Refinery. Read Also: FCCPC Raises Alarm Over Chemically Ripened Fruits, Adulterated Foods “I sympathise with Nigerians because we never intended a situation like this,” Olatunbosun said. “Prices have not officially gone up, but some marketers are exploiting the shortage to make quick profits.” Before the increase, LPG sold for between ₦1,200 and ₦1,300 per kilogram, but it now ranges from ₦1,700 to ₦2,000 — and in some areas, up to ₦3,000 — according to market reports. Olatunbosun described the surge as “artificial and temporary,” assuring that supply would soon stabilise. He explained that the problem began when the Dangote Refinery — which had significantly improved domestic supply — suspended truck loading for maintenance. “Before the strike, Dangote sent out about 50 trucks daily, serving the South-West and parts of the North. When maintenance began, loading slowed, and marketers turned to Apapa depots. The strike then halted vessel discharges and inspections, leading to shortages,” he said. Although the strike has been called off and distribution has resumed, the NALPGAM president said it would take time to clear the backlog, particularly in the South-West, which accounts for the largest share of the country’s gas consumption. He further noted that Nigeria’s LPG demand has increased from 1.2 million metric tonnes three years ago to nearly two million tonnes, causing supply strain whenever disruptions occur. Olatunbosun advised consumers to buy gas only from registered and licensed plants to avoid inflated prices by third-party sellers, stressing that the recommended retail price should not exceed ₦1,300 per kilogram at certified outlets. He assured that NALPGAM is working closely with relevant authorities to stabilise supply and restore normal pricing nationwide.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the benchmark interest rate to 27.00 per cent, marking its first monetary policy adjustment of 2025. The decision was announced on Tuesday by CBN Governor, Olayemi Cardoso, at the end of the 302nd MPC meeting in Abuja. Read Also: Nigeria Pushes Blue Economy Agenda with Seabed Mapping, Hydrography Initiatives “The Committee decided to reduce the Monetary Policy Rate by 50 basis points to 27 per cent,” Cardoso said. The adjustment comes after three consecutive pauses in rate changes and follows six straight hikes recorded in 2024. Cardoso explained that the cut was influenced by consistent signs of disinflation in recent months.

The Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, has restated Nigeria’s commitment to collaborating with other African nations to secure sustainable energy for the continent. Speaking at the 7th African Petroleum Producers’ Organisation (APPO) National Oil Companies CEOs Forum, Ojulari stressed the urgency of accelerating Africa’s energy transition, citing declining European investments in fossil fuel refineries, most of which are expected to phase out by 2030. “Africa must take ownership of its resources and policies. Our policies should be designed by us. With our vast resource base and improved governance structures, I am confident the continent can secure its energy destiny,” he said. Read Also: NNPCL Nears Full Crude Production Capacity, Credits Security Agencies’ Collaboration Ojulari highlighted major infrastructure projects being undertaken by NNPC Ltd., including the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline and the Nigeria–Morocco Gas Pipeline Project, an expansion of the West African Gas Pipeline (WAGP) aimed at boosting regional integration and cross-border energy trade. He noted that despite initial challenges of alignment, payments, and collaboration, progress has been made. “The plan is to extend the pipeline to Côte d’Ivoire as the first phase, and ultimately to Morocco,” he explained. The GCEO also pointed to the investment opportunities unlocked by the Petroleum Industry Act (PIA) and disclosed that Nigeria has achieved 100 percent pipeline availability for the first time in two decades, thanks to strengthened partnerships with host communities and security agencies. Drawing parallels with global energy giants like Petrobras, Petronas, and Saudi Aramco, Ojulari reaffirmed NNPC Ltd.’s readiness to collaborate with African peers, share knowledge, and drive collective progress to unlock the continent’s full energy potential.

The National Bureau of Statistics (NBS) has revealed a significant increase in the price of cooking gas, with a 44.5% rise in one year. According to the NBS’s Liquefied Petroleum Gas (LPG) Price Watch Report for July 2025, the cost of refilling a 12.5 kg cylinder jumped from N14,261.57 in July 2024 to N20,609.48 in July 2025. This sharp increase poses a challenge for Nigerian households already struggling with energy costs. Notably, the current price surge contrasts with July 2024, when cooking gas prices had dropped by 9.37%. Read Also: NNPC Limited Appoints New Corporate Communications, Relations Chiefs In an effort to mitigate the rising costs, the Federal Government halted the export of locally produced gas in October 2024, effective November 1, 2024. Despite the yearly increase, the NBS report showed a slight month-on-month relief, with prices dropping by 1.91% from N21,010.56 in June 2025 to N20,609.48 in July 2025. Experts caution that this minor drop may not indicate a continued trend. For smaller households, the cost of refilling a 5 kg cylinder decreased by 0.96% month-on-month but increased by 37.98% year-on-year. Regional price differences were notable, with Adamawa having the highest average price for 5 kg cylinders at N9,011.36, while Yobe recorded the lowest at N7,612.00. For 12.5 kg cylinders, Adamawa topped the list with N22,528.39, while Yobe had the lowest average price at N19,030.00. By zones, the South-South region recorded the highest average prices for both 5 kg and 12.5 kg cylinders, at N8,511.26 and N21,278.14 respectively. The NBS’s findings were based on data from over 10,000 respondents across all 774 local government areas of Nigeria.