Petrol prices in Nigeria may rise further as international crude oil prices surged to $107 per barrel on Thursday from about $100 the previous day.

The latest rally has increased pressure on domestic petrol prices, which have already climbed from about N830 per litre before the Middle East crisis to N1,310 or more in some locations.

Before the crisis began on February 28, crude oil traded below $69 per barrel. However, the subsequent disruption to global oil supplies has pushed international prices sharply higher, prompting the Dangote Petroleum Refinery and fuel importers to adjust their pricing.

With Brent crude now above $107 per barrel and the US-Iran conflict continuing to disrupt tanker movements through the Strait of Hormuz, marketers and analysts warned that another petrol price increase could be imminent.

According to Oilprice.com, Brent crude surged to $107 per barrel on Thursday as the prolonged military confrontation between the United States and Iran continued to disrupt oil supplies through the Strait of Hormuz, raising concerns over a sustained reduction in global crude availability.

The international benchmark gained more than five per cent in early trading, extending the rally that pushed it above the $100 mark earlier in the week.

West Texas Intermediate also climbed above $100 per barrel, reflecting growing global concerns that the conflict may continue to constrain crude supplies.

The latest increase was driven largely by a sharp decline in oil flows through the Strait of Hormuz. Oilprice.com reported that volumes, which had recovered to between six million and nine million barrels per day in previous weeks, had fallen sharply, with recent estimates putting daily outflows below two million barrels.

Shipping trackers also reported that no very large crude carriers had exited the strait since early September, a significant decline from the higher tanker traffic recorded during the brief period of relative calm.

The escalation of attacks on tankers and commercial vessels in the Persian Gulf and surrounding waters has further heightened uncertainty in the oil market.

Iran claimed to have struck several ships, while the United States confirmed the destruction of some Iranian oil tankers. Officials from both sides have given no indication of an imminent ceasefire, with their statements suggesting that the confrontation could continue for weeks or longer.

Analysts said the absence of a clear path towards de-escalation had forced traders to reassess global supply risks.

Physical crude benchmarks had already moved above $100 in recent sessions, while the futures market followed as inventories tightened and alternative export routes faced increased exposure to attacks.

For months, reports of recovering tanker traffic through the Strait of Hormuz had helped to limit upward pressure on crude prices. That outlook has now changed.

With oil flows sharply reduced and no clear diplomatic resolution in sight, global markets are increasingly pricing in the possibility of prolonged disruption to one of the world’s most important energy transit routes.

For Nigeria, sustained increases in international crude prices could continue to feed into the domestic petrol market, particularly as refiners and importers adjust their prices to reflect changes in global crude and related supply costs.

Nigeria has commenced local production of next-generation dual-active ingredient insecticide-treated mosquito nets as part of efforts to strengthen malaria prevention and domestic manufacturing of essential health products.

Federal Ministry of Health and Social Welfare announced the development in a statement issued Thursday and signed by its Assistant Director, Information and Public Relations, Ado Bako.

The new facility, Health Textiles Nigeria FZE, wholly owned by Vestergaard Sàrl, is the first in Nigeria to manufacture dual-active ingredient insecticide-treated nets, according to the ministry.

The facility will produce PermaNet Dual, a mosquito net manufactured by Vestergaard to address the growing challenge of insecticide resistance and prequalified by the World Health Organisation in 2023.

“At full scale, the facility is expected to produce approximately 10 million nets annually and create more than 600 jobs.

“About 80 employees have already been recruited and are undergoing training in manufacturing excellence, product quality, occupational health and safety, and regulatory compliance,” the statement read.

The Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, said the development aligned with the Nigeria Health Sector Renewal Investment Initiative and its focus on unlocking the healthcare value chain through investment, local production and stronger domestic capacity.

“This investment demonstrates what is possible when government policy, private-sector investment and technology transfer come together to unlock Nigeria’s healthcare value chain. The commencement of local production also strengthens our capacity to produce essential health products and supports a more resilient health system,” the minister said.

The establishment of Health Textiles Nigeria followed a 2024 Memorandum of Understanding between Vestergaard and the Presidential Initiative for Unlocking the Healthcare Value Chain to strengthen local production capacity for essential health products.

The development comes as Nigeria continues to bear a substantial share of the global malaria burden.

The World Health Organisation estimates that malaria caused 282 million cases and 610,000 deaths globally in 2024, with the African Region accounting for the overwhelming majority of cases and deaths.

With production now underway, Health Textiles Nigeria is expected to fulfil its first commercial orders in the coming months, expanding Nigeria’s capacity to produce malaria prevention commodities locally, the ministry said.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

The children of the late Alhaji Ganiyu Busari and the management of Constancy Farms in Fere Village, Jibowu, Obafemi/Owode Local Government Area of Ogun State, have appealed to Governor Dapo Abiodun and President Bola Tinubu to intervene in an alleged move by the state government to reallocate their 11-acre poultry farm to a Chinese-owned company.

The family claimed that the proposed takeover had subjected them and their workers to constant threats and intimidation, while alleged attempts to demolish parts of the farm had resulted in damage to their property and losses to their poultry business.

However, the Special Adviser to the Governor on Information and Strategy, Kayode Akinmade, told our correspondent that the reallocation of the land housing the poultry farm had the backing of the government and was in accordance with the law.

Akinmade said the government revoked the family’s earlier acquisition of the land because they failed to pay the assessment fee within the stipulated time.

He said the law permitted the government to revoke land under such circumstances and allocate it to another investor willing to pay the required fees.

He explained, “The truth is that the land was acquired by this family some years back, but they failed to pay up the acquisition fees that the government asked them to pay within the stipulated time, and because they have defaulted, the government has the right to revoke their acquisition and give it to an investor who is willing to pay.

“And in this particular case, the new investor who got the land has also, on the grounds of magnanimity, built a new poultry pen for this family to use on the new land that has been re-allocated for them, but they are not willing to move and have rather resorted to the media to blackmail the government.”

Speaking earlier with journalists on Thursday, one of the late Busari’s children, Azeez Busari, alleged that officials of the Ogun State Government and representatives of the Chinese company had been pressuring the family to vacate the property despite what he described as valid documents supporting their ownership and acquisition of the land.

According to him, the dispute dated back to 2023 when representatives of the Chinese firm approached the family seeking four acres and a plot of land to create an access route to another parcel of about 40 acres owned by the company in the area.

He said the family agreed to release the requested portion, leaving them with about 11 acres on which they operate the poultry farm.

However, Busari said the family was informed in 2025 by the Ogun State Surveyor-General, Oladele Ewulo, that the remaining land had been reallocated to the Chinese company and that they were expected to vacate the premises.

“We asked him if the government now does double allocation, but he said nothing,” Busari alleged, adding that the family had documents relating to the land assessment duly signed by the state government and had commenced payment of the assessed fees.

He said the family subsequently requested official documents confirming the alleged reallocation but had yet to receive any.

Busari further alleged that, earlier in 2026, some individuals demolished part of the farm’s perimeter fence.

According to him, the farm represents an investment of more than N1bn, with facilities capable of housing 27,000 laying birds and a 10,000-capacity rearing pen.

He said the business also provides direct and indirect employment to several people whose livelihoods depend on the farm.

“It’s our father’s legacy, it’s a community to us, and we don’t have anything else that we can do apart from this poultry business,” Busari said.

He questioned the alleged decision to favour a foreign investor over a local agricultural business, noting that the Chinese company was also involved in poultry production.

“How can the same government that claims to be encouraging us to go into agriculture be backing foreign investors to undermine local investors and send us packing for no just cause?” he asked.

Busari appealed to Abiodun and Tinubu to intervene, saying the family’s investment was largely financed through loans and that the collapse of the farm could have serious financial consequences for the family.

Another member of the family, Olatunji Busari, corroborated the allegations and appealed to the state government to allow the family to continue operating the farm.

“We don’t want any re-allocation. We don’t want anything that will destroy our business,” he said, adding that the farm was a family legacy being operated with borrowed funds.

“So, we beg Governor Abiodun to please come to our rescue because he is the father of all of us in the state,” he said.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM