The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by N101, raising the ex-depot rate from N774 to N875 per litre.

The new pricing, which took effect on Monday, is expected to spark fresh concerns over a possible rise in pump prices nationwide as marketers adjust to the revised benchmark.

A senior official of the refinery confirmed that the adjustment followed recent volatility in global crude oil prices. According to the official, changes in international crude fundamentals and rising replacement costs made the review necessary.

Industry sources indicated that the updated rate has already been reflected on downstream pricing platforms, signalling an immediate impact on product lifting and depot transactions.

The development comes shortly after the refinery suspended petrol loading operations effective midnight on March 2, 2026, amid a surge in global crude prices, which reportedly climbed above $80 per barrel.

Data from industry trackers showed that PMS loading halted at exactly midnight, with the issuance of Proforma Invoices temporarily paused. However, Automotive Gas Oil (diesel) loading operations were said to have continued without disruption.

The situation also prompted several private depot owners to suspend petrol sales during the trading day to avoid selling below replacement cost in a volatile market environment.

Energy analysts have warned that sustained geopolitical tensions  particularly in the Middle East  could drive crude oil prices even higher.

Should crude exceed the $90 per barrel mark, experts say Nigeria may witness further increases in petrol and diesel prices despite the country’s growing local refining capacity.

Stakeholders across the downstream sector are closely monitoring global oil market trends and domestic supply dynamics as the situation unfolds.

A Nigerian court has ordered Oriental Energy Resources Limited to pay $43.51 million to twins Ameena and Zara Indimi following a long-running dividend disagreement involving their father, Muhammadu Indimi.

The ruling stems from a dispute in which the twin sisters alleged that their combined 10% shareholding in the oil company was reduced without their consent, effectively denying them access to dividends from a distribution pool estimated at about $435 million.

Court documents indicated that the share adjustment prevented the sisters from receiving their rightful earnings linked to the company’s offshore operations.

The decision, delivered by a Federal High Court, marked a significant development in the family business conflict, which had largely remained private until the high-value financial dispute became public.

While the precise breakdown of the $43.51 million award and the payment timeline were not disclosed, the judgment confirmed that the company owes the amount.

The case has drawn widespread attention in Nigeria’s business community, highlighting governance issues in privately owned firms where ownership structures and dividend arrangements are often not transparent.

Observers say the dispute could continue if an appeal is filed or if enforcement proceedings are pursued, though the ruling has already shifted the internal dynamics within the family-controlled enterprise.

History has been recorded in the Etche Local Government Area of Rivers State as several communities have begun receiving electricity from Aba Power, a distribution company based in Aba, Abia State.

Residents say the development marks the first time in over 10 years that they are enjoying a stable electricity supply.

Speaking to a crowd of supporters at his office, the Chairman of Etche LGA, Hon. Chima Njoku expressed excitement over the breakthrough.

“My joy knows no bounds as my people now have constant, quality and affordable electricity for the first time in years,” he said, likening his experience to that of the biblical Simeon who rejoiced after witnessing a long-awaited promise fulfilled.

A resident and fish farmer in the Umuola community, Mrs. Bernadette Obi said the communities had endured years of darkness before the intervention. She credited the council chairman for fulfilling his campaign promise to address the electricity challenge.

According to her, Njoku procured distribution transformers for several communities to ensure widespread access once supply was restored. She added that the chairman personally approached Aba Power because of its service reputation.

Confirming the development, Aba Power’s Senior Brand and Communication Manager, Edise Ekong, said the company initially hesitated since Etche falls within the jurisdiction of the Port Harcourt Electricity Distribution Company (PHEDC).

However, following engagements involving PHEDC and the Nigerian Electricity Regulatory Commission (NERC), all parties reached an agreement allowing Aba Power to supply electricity to the affected communities.

Ekong said residents have expressed satisfaction with both the stability and pricing of the electricity.

“It has been a week now without any interruption in supply,” he said, adding that service continuity would depend largely on steady gas supply and protection of infrastructure from vandalism.

He further disclosed that other state governments, communities, and major manufacturers outside Aba Power’s ring-fenced area are currently in talks with the company for potential supply arrangements.

Aba Power is Nigeria’s 12th electricity distribution company.