Bitcoin surpassed the $91,000 mark for the first time on Wednesday, continuing its postelection momentum as traders digested the latest U.S. inflation data.

The cryptocurrency climbed over 2% in trading, reaching a high of $91,705.

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The surge came after the October Consumer Price Index (CPI) report showed prices increased by 0.2%, bringing the annual inflation rate to 2.6%, a result that was largely in line with analysts’ expectations.

The steady inflation data fueled investor confidence in assets like Bitcoin, which is often viewed as a hedge against inflation due to its limited supply.

Bitcoin’s recent rally has coincided with a broader uptick in risk assets since the U.S. presidential election.

Investors seem optimistic that fiscal policies under the new administration could drive further growth in the crypto market, though some remain cautious about inflationary pressures.

Other major cryptocurrencies followed Bitcoin’s upward trajectory.

Ether and Solana both saw gains of around 1%.

Dogecoin, meanwhile, soared by 8%, building on its postelection boost.

The meme-inspired token has seen increased attention following the news that Tesla CEO Elon Musk played a role in President-elect Donald Trump’s campaign and has join his administration,

Analysts say that this shift could continue as inflation and fiscal policy debates evolve in the months ahead.

In a major development for Nigeria’s oil market, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has secured an agreement with Dangote Petroleum Refinery to begin lifting petroleum products, directly, for distribution in the domestic market.

This agreement aims to stabilize and potentially lower pump prices for consumers by ensuring a consistent supply of refined products like Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Dual-Purpose Kerosene (DPK) directly from the refinery.

Announcing the deal, IPMAN’s National President, Abubakar Garima, highlighted the economic benefits of this collaboration. “The new arrangement with Dangote Refinery will ensure a steady and ceaseless supply of PMS products all over Nigeria at an affordable rate,” Garima stated at a press briefing in Abuja.

This move is expected to reduce the influence of middlemen, cut costs, and enhance price stability in the oil sector, a vital aspect of Nigeria’s economy.

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The agreement follows recent challenges faced by IPMAN, which, despite paying a substantial sum of N40 billion to the Nigerian National Petroleum Company Limited (NNPCL), struggled to source refined products. In response, Dangote officials had previously remarked that though the refinery held ample stock, marketers had yet to make adequate payments. However, Garima’s remarks reflect optimism that this direct deal will foster smoother operations.

Energy expert Kelvin Emmanuel has suggested the deal could significantly reduce overheads for IPMAN, potentially eliminating certain financing and margin costs previously incurred through NNPCL, bringing down the overall cost per metric tonne of petroleum.

Additionally, IPMAN’s support for the Federal Government’s Compressed Natural Gas (CNG) initiative signals a shift towards diversifying energy sources. The association has called on its members to prepare for CNG infrastructure at their stations, anticipating that CNG will play a vital role in rejuvenating Nigeria’s energy landscape.

With this new arrangement, IPMAN and Dangote aim not only to enhance petroleum accessibility but also to contribute to economic growth and job creation. Garima also emphasized the importance of IPMAN members backing this deal, aligning with the government’s broader goals for energy stability and affordability, especially as Nigeria seeks to lessen its reliance on imports.

Group CEO of the NNPC Ltd., Mele Kyari has reiterated the company’s commitment to resolving Nigeria’s energy trilemma, by ensuring energy security, sustainable growth and energy affordability.

This was contained in statement by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, issued on Monday evening on its verified handle on micro-blogging site, X.

According to the statement, Kyari disclosed this at the opening ceremony of the 42nd Nigeria Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition themed: “Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth and Affordability” in Lagos, on Monday.

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The GCEO, who was the Special Guest of Honour at the occasion, also said the company has perfected plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants soon, as part of efforts to boost the existing 1.6 billion standard cubic feet (bscf) of gas supply for domestic market.

“The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future. NNPC Ltd. is working tirelessly to improve our supply chain, develop new refining capacities and expand our retail network,” Kyari stated.

According to him, NNPC Ltd. is set to collaborate with private refineries to ensure affordable and sustainable petroleum products supply; Naira-for-crude transactions in order to stabilise the local currency and regulate forex markets.

This, he added, will bring about expansion of gas infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipelines projects and the development of cleaner energy options, such as Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG).

“Currently, NNPC Ltd. supplies over 1.6 bscf of gas per day to the domestic market through infrastructure we either own outrightly or operate with partners. This distribution network is entirely managed on NNPC Ltd.’s balance sheet,” Kyari added.

Explaining that the Company is expanding its efforts to enhance domestic energy access, the NNPC Ltd. helmsman said the next 3-6 months will see significant project launches, including CNG mother stations, mini-LNG plants, and additional CNG daughter stations.

Kyari, who commended President Tinubu’s efforts to relieve forex pressures by reducing fuel imports and strengthening Nigeria’s local refining capacity, emphasised the need for collaboration, innovation, and technology in achieving Nigeria’s energy goals.

“Resolving the energy trilemma requires bold ideas, shared knowledge, and collective determination. Together, let us build a Nigeria where energy is secure, sustainable, and affordable for all.”

On NNPC Ltd.’s mandate to guarantee energy security as stipulated by the Petroleum Industry Act, 2021, Kyari said the Company has fostered partnerships and investments aimed at enhancing local production and generating revenue for economic diversification.

Reacting to claims that NNPC Ltd. is sabotaging the efforts of domestic refineries, Kyari said the NNPC Ltd. is part-owners of the Dangote Refinery, stressed further that such an investment is a strategic move aimed at strengthening domestic fuel supply.