•As diesel prices rises across major depots

By Udeme Akpan

The Dangote Petroleum Refinery on Wednesday trimmed its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by ¦ 1 per litre, even as diesel prices climbed across several petroleum depots in Lagos, reflecting mixed trends in Nigeria’s downstream petroleum market.

Meanwhile, the global crude oil prices suddenly surged sharply on Wednesday, with international benchmark Brent crude climbing close to the $80 per barrel mark, signalling renewed strength in the oil market amid heightened geopolitical tensions and expectations of tighter supply.

Latest market data showed that Brent crude rose by $5.43, or 7.32 per cent, to $79.59 per barrel, while West Texas Intermediate (WTI) gained $4.78, or 6.79 per cent, to $75.22 per barrel, showing that the prices of petroleum products could rise again if the crude oil prices continue to rise in the global market.

The latest mid-day depot price report showed that Dangote reduced its petrol loading price to N1.075 per litre from N1,076 per litre, joining a handful of marketers that lowered prices marginally to remain competitive.

Similarly, MRS Oil Nigeria reduced its petrol depot price by N2 per litre,  to N1,074 per litre from N1,076 per lire, making it one of the cheapest suppliers in the Lagos market.

However, most other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, maintained their previous petrol prices, signalling relative stability in the petrol segment despite increasing competition among suppliers.

In Lagos, depot prices for petrol remained largely within a narrow band of N1,074 to N1,075 per litre, indicating a stable wholesale market despite fluctuations in international crude oil prices.

Unlike petrol, diesel, the market recorded widespread increases across Lagos depots.

African Terminal increased its diesel price from N1,410 to N1,450 per litre, while Duport, Ibachem, Ibeto and T-Time implemented similar N40 per litre increases to N1,450.

In contrast to Lagos, the Port Harcourt market witnessed a notable reduction in diesel prices.

Matrix Depot reduced its AGO price by N50 per litre, from N1,550 to N1,500, providing some relief to industrial users and transport operators.

Sigmund also adjusted its diesel price downward by N3 per litre, from N1,463 to N1,460.

Petrol prices in Port Harcourt, however, remained stable, with Matrix maintaining its PMS price at N1,100 per litre.

In Warri, competition also resulted in slight petrol price reductions. Nepal and Optima each reduced petrol prices by N2 per litre to N1,083, while Parker lowered its price by N1 to N1,084.

Other marketers, including Matrix, Rain Oil, Prudent and A.Y.M Shafa, maintained prices at N1,085 per litre.

On the diesel side, Prudent raised its diesel price sharply by N70 per litre, from N1,480 to N1,550, while A.Y.M Shafa maintained its diesel price at N1,435 per litre.

In Calabar, Soroman held its PMS price steady at N1,100 per litre, while Fynfield increased its diesel price by N30 per litre, from N1,450 to N1,480.

By Rosemary Iwunze

Commissioner for Insurance, National Insurance Commission, NAICOM, Mr. Olusegun Ayo Omosehin, has charged the Nigerian Insurers Association, NIA, to lead the rebuilding of public trust in insurance as the industry enters a new phase of transformation.

He gave the charge at the Investiture Ceremony of Mrs. Ebelechukwu Nwachukwu as the 27th Chairman of the NIA in Lagos on Tuesday. Nwachukwu is also the first woman to lead the Association in its history.

Describing her emergence as historic and timely, Omosehin said the new leadership is coming at a defining phase following the signing of the Nigerian Insurance Industry Reform Act, NIIRA 2025, and the impending close of the recapitalisation exercise on 31st July 2026.

“The foundation is set. NIIRA 2025 gave us the legal framework. Recapitalisation is giving us stronger, better capitalised institutions. Now, leadership must build,” he stated.

He outlined three key responsibilities for the NIA under the new leadership, which are: Leadership in Trust: to make claims excellence a market-wide culture. Publish claims ratios and compete on service. Leadership in Enforcement:  compliance with the six classes of compulsory insurance in partnership with state governments and law enforcement agencies. As well as Leadership in Innovation: Scale digital channels, microinsurance, Takaful, and parametric covers to grow penetration beyond 1%.

Omosehin reaffirmed NAICOM’s commitment to risk-based supervision, stronger governance, and consumer protection under NIIRA 2025.

He charged the new Chairman to unite the market, raise the bar, and expand the pie by taking insurance to the over 100 million Nigerians who have never owned a policy.

“The Nigerian insurance industry stands at a defining inflection point. The laws have changed. The capital base is changing. Now we must transform how we serve the Nigerian people,” he concluded.

•Says Nigeria’s development hinges on gas utilisation

By Ediri Ejoh

The Federal Government has reaffirmed its commitment to expanding gas utilisation, saying it is targeting five million households to transition from firewood, kerosene and other biomass fuels to Liquefied Petroleum Gas (LPG) as part of efforts to cut carbon emissions and improve public health.

Speaking at the 2026 Nigeria Oil and Gas (NOG) Conference and Exhibition, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria’s economic development depends largely on harnessing its vast gas resources.

According to him, “Nigeria sees gas as its transition fuel. We are not opposed to the global energy transition, but every country must transition based on its available resources. For Nigeria, that resource is natural gas.”

He added, “Gas is essential because its utilisation cuts across power generation, industrialisation, fertiliser production, household energy and transportation. Gas is the solution for Nigeria. That is why Mr. President created the office of the Minister of State for Gas and provided incentives under the Petroleum Industry Act (PIA) to deepen gas utilisation.”

Ekpo said, “In the past, gas was undervalued, but today it has become central to addressing climate change. We are intentionally deploying technologies that reduce carbon emissions through greater gas utilisation.”

He further stated, “Under the Decade of Gas Initiative, we have identified key projects that will bring gas closer to Nigerians. We are targeting about five million homes to switch from firewood, kerosene and biomass to LPG. This will improve household health while reducing carbon emissions. We are driving this because Nigeria has enormous gas reserves.”

Also speaking, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said ongoing fiscal and sector reforms have strengthened investor confidence.

He said, “Nigeria is strategically positioned for growth. Investors can be assured that their capital is safe and will generate returns. We are positioning the country for global competitiveness.”