Business
Petrol Prices Could Hit N1,500 per Litre by December, Oil Marketers Says
Oil marketers have highlighted the uncertainty surrounding Nigeria’s petrol prices, explaining that predicting the future cost of Premium Motor Spirit (PMS) is nearly impossible.
Bill Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), shared insights into this in a recent discussion, expressing concerns over rising fuel costs and the challenges within the oil and gas sector.
With growing speculation that petrol prices could soar to N1,500 per litre by December, Gillis-Harry emphasized that price fluctuations in Nigeria’s deregulated oil market make it hard to project any stable figures.
He pointed out that the pressing issue shouldn’t just be the price but rather the country’s energy security and ensuring a steady supply of petroleum products.
“Nothing remains the same,” he remarked, underscoring the constant shifts in the industry.
“We can’t pinpoint a specific figure for December’s fuel prices; instead, we must ensure we have enough stock to maintain our energy security.”
The unpredictability has added pressure to an already strained market, with petrol prices now exceeding N1,030 per litre in several areas nationwide.
The situation has been challenging for Nigerians, who are facing steep costs at the pump.
On October 9, the Nigerian National Petroleum Company Limited (NNPC) raised its pump price in Abuja to N1,030 per litre, up from N897, while other locations saw prices ranging from N1,080 to N1,300 per litre, based on demand and supply in those regions.
In response to the mounting crisis, oil marketers are seeking government intervention to avoid a potential collapse of the petroleum industry.
They recently requested a N100 billion support package from the federal government, aimed at stabilizing operations and mitigating the financial pressures on petroleum businesses.
This request, they argue, is critical to sustain operations, maintain job security, and manage the ever-changing landscape of Nigeria’s oil sector.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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