Brent crude futures rose $4.10 to $107.18 a barrel by 4.09 pm Nigerian time, while US West Texas Intermediate gained $3.66 to $95.82. Both figures were intraday prices, according to Reuters.
Dangote Petroleum Refinery and several petroleum marketers have reduced petrol prices at major depots following a decline in international crude oil prices.
Nigeria is getting a major boost from crude oil prices trading above $100 per barrel, but the windfall could come with high costs for households and businesses.
The development triggered a fresh surge in crude prices, with Brent crude futures jumping $3.62, or 3.46 per cent, to $108.23 per barrel as of 2214 GMT, while US West Texas Intermediate (WTI) futures rose $3.15, or 3.15 per cent, to $103.20 per barrel.
The figures, contained in OPEC’s September 2026 Monthly Oil Market Report, showed that Nigeria’s crude production averaged 1.50 million barrels per day (mbpd) in August, compared with 1.505mbpd in July.
Brent crude climbed towards $100 per barrel as US sanctions and disruptions to Iranian oil exports tightened global supply concerns.
Iranian crude loadings have plunged to about 260,000 barrels per day from 1.7 million bpd a year ago,...
The decline reversed much of the strong earnings improvement recorded between March and June, when monthly profit rose from N276 billion to N481 billion in April, N462 billion in May and N535 billion in June.
The acting General Secretary of the NLC, Benson Upah, said the latest increase would further worsen the economic pressure facing workers and low-income households already struggling with high transportation, food and living costs.
Brent crude, the global benchmark, rose 3.4 percent to $91.10 a barrel, while US West Texas Intermediate (WTI) gained 3.6 percent to $86.40, according to the latest market report.
Nigerian businessman, Tony Elumelu, said oil theft losses at his company's assets have fallen from 97% to 2%, saying the turnaround has restored profitability and made it easier for the company to obtain dollars without relying on personal connections at the central bank.
An Akwa Ibom State High Court sitting in Uyo has dismissed a petition seeking the dissolution of a marriage that has lasted over 43 years, ruling that lack of love and mutual respect between spouses does not, on its own, constitute sufficient legal grounds for divorce.
