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World Bank Declares Imported Petrol Cheaper than Dangote’s

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World Bank deploys $114.9 to finance global crises in 2022

The World Bank has alleged that the disparity in costs of imported Premium Motor Spirit (PMS), otherwise called petrol, the one supplied by the Dangote Petroleum Refinery, has potential to deepen inflationary pressures in Nigeria’s economy.

In its latest Nigeria Development Update, the World Bank revealed that imported petrol costs about 12 percent less than locally refined fuel from Dangote, exposing distortions in the country’s downstream pricing framework amid elevated global crude oil prices.

The report noted that the disparity comes despite Dangote refinery emerging as the dominant supplier of petrol in Nigeria following the halt in issuance of import licences earlier in 2026. It said the pricing gap underscores broader inefficiencies in the domestic fuel market at a time of heightened global oil volatility.

According to the bank, rising crude oil prices, driven largely by geopolitical tensions in the Middle East, are compounding pressures within Nigeria’s energy market and could further widen inflationary risks if sustained.

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It warned that an increase in global oil prices to about $80 per barrel could directly add roughly 3.1 percentage points to Nigeria’s headline inflation, assuming full pass-through to domestic fuel prices.

The World Bank explained that energy-related components, particularly transport, which accounts for about 10.1 per cent of Nigeria’s Consumer Price Index (CPI), serve as a key transmission channel for fuel price shocks across the broader economy.

Beyond fuel, the report highlighted the risk of rising food prices, linked to higher global costs of food and fertilisers stemming from the same geopolitical disruptions affecting oil markets.

Speaking during the report presentation in Abuja, World Bank Country Director for Nigeria, Mathew Verghis, acknowledged improvements in Nigeria’s macroeconomic outlook through 2025 and early 2026, driven by ongoing reforms. However, he cautioned that external shocks continue to pose serious risks to price stability.

He noted that higher global energy and shipping costs are already feeding into domestic prices, particularly within the fuel and transport sectors.

Verghis added that while rising oil prices may boost government revenues due to Nigeria’s status as a net oil exporter, the overall fiscal gains remain limited, stressing that curbing inflation is critical to protecting household incomes and purchasing power.

Also speaking, World Bank Lead Economist for Nigeria, Fiseha Haile, said petrol price increases have already transmitted across transport and logistics chains, amplifying cost pressures across sectors.

While acknowledging improvements in Nigeria’s external position, including stronger reserves and exchange rate unification, he warned that vulnerabilities persist due to volatile global financing conditions and weaker capital inflows.

Despite the easing in oil prices, the World Bank maintained that Nigeria’s economy remains vulnerable to external shocks, warning that persistent global uncertainties could sustain pressure on inflation and household welfare in the months ahead.

Meanwhile, global oil prices recorded a sharp decline following a ceasefire agreement between the United States and Iran, easing immediate supply concerns.

U.S. benchmark West Texas Intermediate crude for May delivery dropped over 17.3 per cent to $93.69 per barrel, while Brent crude for June fell 15.3 per cent to $93.03 per barrel, marking their steepest one-day declines since early 2020.

The price drop followed an announcement by Donald Trump that both countries had agreed to a temporary ceasefire, allowing the Strait of Hormuz to reopen for two weeks while hostilities are suspended.

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‘Celebrate This Poor Man’ – Shettima Defends Tinubu Over Economic Crisis

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Vice President Kashim Shettima has urged Nigerians to celebrate President Bola Tinubu, saying his leadership saved the country from a potential implosion.

Shettima said Nigeria’s economy had been teetering on the edge of collapse before Tinubu’s intervention, adding that the country could have faced a different situation.

“The economy was teetering on the edge of collapse, we were on a cliff edge,” the Vice President said.

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“So he literally saved the nation from an implosion. That could have been the scenario. So, instead of demonizing him, Nigerians ought to celebrate this poor man.”

Shettima also called for a return to the drawing board, expressing confidence in the leadership’s commitment and the prospects for the 2027 elections.

“I believe on the bottom of my heart that with this presentation I have seen, and with the commitment of our leadership, by the grace of God, we are going to win,” he said.

Speaking about the 2027 elections, the Vice President reminded his audience that social media platforms should not be mistaken for actual polling stations.

“There are no polling stations on Facebook or Instagram,” he said.

Shettima also expressed gratitude for the efforts made towards promoting the cause of the 2027 elections.

 

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FG Withdraws Charges Against ‘Fake Agency’ DG, Adeniyi Adeyemi

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Contempt: Four SANs to be Served by Courier

Following observed mis-steps, the Federal Government of Nigeria has withdrawn the eight-count criminal charge brought against the alleged fake Director General (DG) of the Presidential Foreign Intervention Promotion Council (PFIPC), Adeniyi Adeyemi.

Biztellers reports that the matter, in accordance with the counsel of the Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Olasunkanmi Fagbemi, (SAN), the matter will be filed at the High Court of the Federal Capital Territory (FCT), instead of the Federal High Court (FHC).

Consequently, upon an unopposed application for termination by the prosecution counsel and Director of the Public Prosecution of the Federation (DPPF), Rotimi Oyedepo (SAN), on Monday, Justice Mohammed Umar of a Federal High Court, Abuja on Monday, struck out the matter.

READ ALSO: Shell Identifies Keys to Nigeria’s Energy Future

In a motion for the termination of the charges, Oyedepo informed the court that the Attorney General of the Federation (AGF) and Minister of Justice has carried out a review of the case file of Adeyemi and the charge filed by the Inspector General of Police (IGP) and found some loopholes.

The DPPF added that the documents allegedly forged by Adeyemi during his operations of the fake agency are those that can be prosecuted by the High Court of the Federal Capital Territory (FCT).

He also informed the court that a new charge has been filed at the High Court of the FCT and that Adeyemi would be expeditiously arraigned afresh.

He therefore urged the judge to strike out the charge as required by law.

Following no objections from Ibrahim Angulu (SAN), who stood in for Adeyemi, Justice Umar subsequently terminated the charge.

Adeniyi, 38, was being tried alongside two others whose whereabouts are unknown, on charges bordering on conspiracy and forgery.

The two others said to be at large were identified as Femi (surname unknown) and Anu (surname unknown).

The charge marked: FHC/ABJ/CR/25/2025, was entered against the defendant by the DPPF.

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Shell Identifies Keys to Nigeria’s Energy Future

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To secure a bright energy for her teeming population, Nigeria must sustain the momentum of reform, accelerate investment, and deepen partnerships.

This view was expressed by Managing Director, Shell Nigeria Exploration and Production Company of Nigeria Limited (SNEPCo) Ronald Adams in Lagos at the weekend.

Delivering a keynote address at the Africa Energy Conference (AEC) of the Lagos Business School (LBS), Adams called for regulatory certainty through efficient execution of reforms, sustained investment appeal to enable projects to move more swiftly from opportunity to production and partnership by operators, regulators, NNPC Limited and communities to unlock the full value of Nigeria’s resources.

Adams cited Nigeria’s huge oil and gas resources as an advantage but pointed out: “Resources alone do not guarantee prosperity. Prosperity comes when resources are matched with investment, technology, sound policy and disciplined execution. Success will be determined not by the size of our resources, but by our ability to convert them into investment and economic growth.”

Adams pledged the support of Shell towards a bright energy future of Nigerians. He said: “For more than six decades, Shell has been part of Nigeria’s energy journey. Together with our partners, we have helped develop major energy infrastructure, supported Nigerian businesses, invested in talent, and contributed to economic development. Bonga remains a powerful example of what technology, partnership and Nigerian capability can achieve in deepwater operations. Today, that story continues through Bonga North.”

READ ALSO: ADF Targets 5 Million Students, 2 Million Vulnerable Women

Issuing a clarion call for action by all stakeholders, he added: “The world is not standing still. Capital is moving, technology is advancing and competition is intensifying. The countries that attract investment tomorrow are those that improve competitiveness today. Nigeria has begun that journey. Our task is to sustain the momentum and translate reform into projects, projects into growth, and growth into shared prosperity.”

The conference, the 4th in the series had at its theme; “Securing Nigeria’s Energy Future: Policy Reform, Capital Mobilisation, and Pathways to a Sustainable Power and Energy Market” and was attended by top government officials, industry captains, energy professionals, and students.

Lagos State Deputy Governor Obafemi Hamzat represented Lagos State Governor Babajide Sanwo-Olu as the guest of honour. SNEPCo was a principal sponsor of the Africa Energy Conference (AEC) and mounted a well-received exhibition on its deepwater operations and social investments across Nigeria.

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