gbn_editor

Lagos, March 12, 2026 – The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday reduced its petrol price to N1,165 per liter from N1,260 per litre. The price reduction has been reflected by all NNPCL filling stations in Abuja and environs. The NNPC price reduction followed the Dangote Refinery price reduction on Tuesday which  reduced its ex-gantry price of petrol to ₦1,075 per litre ₦1,175 per litre. Anthony Chiejina, the Dangote Group Chief Spokesman, said the company had also reduced the price of diesel to ₦1,430 per litre from ₦1,620 …

Washington, March 12, 2026 – The Iran war is causing unprecedented turmoil in oil markets, hitting 7.5% of global supply and an even bigger swath of exports, the International Energy Agency said. “The war in the Middle East is creating the largest supply disruption in the history of the global oil market,” the IEA said in its monthly report on Thursday. The previous day, its members agreed to release an unprecedented 400 million barrels from emergency reserves to counterract the chaos. The most immediate impact of the war on energy …

Kentucky, March 12, 2026 – President Donald Trump said the massive release of emergency oil reserves approved by the International Energy Agency would ease energy price pressures while the US seeks to “finish the job” in its campaign against Iran. Speaking in Kentucky on Wednesday evening, Trump said the move would “substantially reduce oil prices as we end this threat to America and this threat to the world.” The confirmation did little to calm volatile markets. Brent crude jumped above $100 a barrel after Oman cleared all vessels from its …

Lagos, March 12, 2026 – Union Bank of Nigeria says it has reaffirmed its commitment to gender equity through a focused initiative centred on women living with disabilities and women raising children with disabilities in observance of International Women’s Month 2026. Aligned with the global theme “Give to Gain,” the Bank’s campaign “Give to Gain: Creating Pathways for Inclusion and Endless Opportunities” centres the lived experiences of women living with disabilities and underscores the need for intentional systems of support for social and economic advancement. Throughout March, Union Bank will …

Abuja, March 12, 2026 – Wale Edun, the Minister of Finance says the federal government will not regulate current high petrol prices caused by the Middle East crisis. He said rather the federal government is introducing some palliatives to cushion the effects of the higher petrol prices on Nigerians. The minister said this on Wednesday while speaking on “Politics Today”, a programme of Channels Television. He said the president had ordered the provision of 100,000 additional compressed natural gas (CNG) conversion kits to enable vehicles switch to CNG fuel which …

Beijing/Singapore, March 12, 2026 – Oil prices rose on Thursday as Iran stepped up attacks on oil and transport facilities across ‌the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz. Brent futures were up $4.47, or 4.86%, to $96.45 a barrel at 0733 GMT, having hit $100 per barrel in earlier trading, while U.S. West Texas Intermediate crude climbed $4.05, or ​4.64%, to $91.30. Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after U.S. President Donald Trump …

Lagos, March 11, 2026 – Dangote Refinery has reduced its ex-gantry price of petrol to ₦1,075 per litre ₦1,175 per litre. Anthony Chiejina, its Chief Spokesman, said on Tuesday that the company would now sell petrol at ₦1,050 per litre across its coastal distribution channels. He said the company had also reduced the price of diesel to ₦1,430 per litre from ₦1,620 per litre to reflect the global trend. “Under the revised pricing structure, the gantry price of PMS has been reduced from ₦1,175 to ₦1,075 (₦100) per litre, while …

Abuja, March 11, 2026 – Nigeria’s government is monitoring escalating ​tensions in the Middle East as ‌it assesses potential risks to the country’s economic stability, the finance ministry said on ​Wednesday. Finance Minister Wale Edun convened the ​Economic Management Team to review how ⁠the U.S.-Israeli conflict with Iran could ​affect oil prices, capital flows and logistics ​costs. The ministry said volatility in global energy markets, including possible disruptions around the Strait of Hormuz, ​is already pushing up crude prices ​and could raise domestic costs for fuel, diesel, ‌cooking ⁠gas and …

Beijing, March 11, 2026 – As the war in Iran sent oil prices soaring, one market holding up unexpectedly well is that of the world’s largest crude importer: China. Chinese stocks have fallen less than global peers since the conflict began, the yuan has held steady against the dollar and government bond yields have barely moved. Together, this amounts to surprising resilience in a crisis that, at first glance, appeared likely to leave the country vulnerable. For decades Beijing has sought to insulate its economy from precisely this kind of shock. …