Dangote Refinery has explained that the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, is a direct result of a sharp increase in global crude oil prices.

In a statement released on Sunday, the refinery emphasized that fluctuations in international oil prices inevitably affect the cost of finished products like petrol. This week, Dangote raised the depot price of petrol by 5%, bringing it from N899.50 to N950 per litre.

Despite this increase, Dangote pointed out that the 5% rise is much lower than the 15% hike seen in global crude oil prices.

Over a short period, Brent Crude has jumped from $70 to $82 per barrel, while Nigerian crude has an additional premium of about $3 per barrel in international markets.

Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, has assured the public that telecom operators will not be allowed to raise tariffs by 100 percent, despite their ongoing calls for increases.

In a recent interview on Channels Television’s Politics Today, Tijani addressed the telecom companies’ request for higher tariffs, which they attribute to rising operational costs, inflation, and the devaluation of the naira.

While acknowledging the need for a tariff hike, Tijani emphasized that any increase should be manageable for the people.

“I think it should not exceed 30 to 60 percent,” he stated.

“We are not going to approve a 100 percent increase,” Tijani clarified. “The companies are asking for it, believing it is what they need to stabilize. But as a government, we must ensure the growth of the sector does not come at the expense of the people.”

He also mentioned that the Nigerian Communications Commission (NCC) is still evaluating the tariff increase, working carefully to balance the needs of the telecom sector with the economic impact on Nigerians.

According to Tijani, this will involve closely examining the figures and considering how the increase might affect consumers while ensuring the sustainability of the telecom industry.

The Central Bank of Nigeria (CBN) has imposed hefty fines on nine Deposit Money Banks for failing to ensure cash availability through their ATMs during the festive season.

The total fines amount to N1.35 billion, with each bank penalized N150 million for breaching the CBN’s cash distribution guidelines.

The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.

According to a statement by CBN’s acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the sanctions reflect the apex bank’s zero-tolerance stance on cash flow disruptions, especially during high-demand periods.

Spot checks conducted on the banks’ branches revealed their non-compliance with guidelines aimed at ensuring the seamless availability of naira notes across ATMs during the yuletide season.