Millions of people in the United Kingdom are expected to benefit as the government begins consultations on suspending tariffs on more than 120 everyday essential items.

The UK government announced on Wednesday that the products covered under the proposed policy have been published, building on the tariff suspension initiative first introduced in April.

The list of 125 items includes garlic, avocados, mangoes, nectarines, vegetable oil, chocolate, sauces, soft drinks, fresh fruits and vegetables, olive oil and baked beans.

Authorities said the government would engage businesses and other stakeholders before implementing the plan, while also increasing mileage rates for about three million people who use their personal vehicles for work purposes.

The government is equally seeking public and industry input on whether suspending tariffs on certain fertilisers could help farmers manage rising production costs linked to the ongoing conflict in the Middle East.

Chancellor of the Exchequer, Rachel Reeves, said the administration was introducing measures to cushion the impact of global economic pressures and keep household prices under control.

According to Reeves, the fuel duty freeze, increase in mileage rate — the first adjustment in 15 years — and temporary VAT reductions form part of broader efforts to ease financial pressure on residents and businesses.

She noted that the relief measures recognise the exposure of farmers and transport operators to high fuel costs and their critical role in maintaining supply chains across the country.

“We are a government firmly on the side of drivers, and that means acting when hardworking people are being left out of pocket,” Transport Secretary Heidi Alexander said.

The government said the proposed tariff suspension is expected to lower import costs, reduce pressure on food prices and support economic stability amid global inflation concerns.

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Petrol price hike fears are growing in Nigeria after crude oil surged to $114 per barrel. The sharp increase has raised concerns about further fuel price adjustments across the country.

Reports show that petrol currently sells between ₦1,200 and ₦1,400 per litre in several locations. This trend reflects the direct impact of global oil price movements on the domestic market.

Middle East Crisis Drives Oil Price Surge

The latest spike in crude prices follows escalating tensions in the Middle East. Attacks on key energy facilities have disrupted supply and pushed global oil prices higher.

As a result, Brent crude rose above $114 per barrel, marking one of its highest levels in recent years. The surge highlights the strong link between geopolitical events and energy prices.

Fuel Prices Already Rising Across Nigeria

Fuel prices in Nigeria have shown steady increases since the conflict began. Earlier in the year, petrol sold between ₦730 and ₦880 per litre. However, prices have now climbed significantly due to global pressures.

In addition, marketers have adjusted pump prices multiple times in response to rising costs. This has created uncertainty for consumers and businesses.

Dangote Refinery and Market Reactions

The Dangote Refinery has also adjusted its pricing structure. The refinery recently increased its ex-depot petrol price to about ₦1,175 per litre, citing global crude price trends.

Although local refining was expected to stabilise prices, global market conditions continue to influence domestic costs. Therefore, fuel prices remain sensitive to international developments.

Cooking Gas Prices Show Mixed Trends

While petrol prices rise, cooking gas prices remain relatively stable in some areas. In cities like Lagos and Abuja, rates have not changed significantly.

However, other regions such as the South-East and South-South have recorded higher prices. This variation shows uneven market responses across the country.

Global Uncertainty Raises More Concerns

The ongoing crisis continues to create uncertainty in global energy markets. Analysts warn that further escalation could push oil prices even higher.

As a result, Nigerians may face additional pressure on fuel costs in the coming weeks. The situation highlights the country’s vulnerability to global supply shocks.

Petrol price hike fears remain high as crude oil prices continue to rise. The current trend suggests that fuel costs may increase further if global tensions persist.

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The revised pricing, effective immediately, reduces petrol prices by ₦15 per litre. Depending on the region, the new price now ranges from ₦875 to ₦905 per litre. The announcement was made via the refinery’s official social media platform on Thursday.

Under the updated pricing structure, petrol will now sell for ₦875 in Lagos, ₦885 in the South-West, ₦895 in the North-West and North-Central, and ₦905 in both the North-East and South-South/South-East regions.

The adjustment affects several fuel distribution partners of the refinery, including major marketers such as MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy.

The company attributed the reduction to the reintroduction of a customer refund policy and operational cost savings made possible by its naira-for-crude supply model. This deal, which allows for payment in local currency, has reportedly enabled Dangote Refinery to maintain competitive pricing despite global oil market volatility.

In a statement signed by the Group Chief Branding and Communications Officer, Mr. Anthony Chiejina, the company reaffirmed its goal of providing price stability in Nigeria’s fuel market. He noted that the refinery is committed to supporting the country’s economy and easing the financial pressure on end-users.

“Our refined petrol and diesel products are designed for better engine performance and environmental friendliness,” the statement read. The company also urged Nigerians to purchase fuel only from its verified partner stations and report any price discrepancies via its official helplines.

The price cut comes amid renewed petrol importation by independent marketers, with over 496 million litres of fuel reportedly delivered to Nigerian ports between May 11 and May 20, 2025. Data sourced from the Tanker Position Report compiled by Blue Sea Maritime shows that more than 370,000 metric tonnes were discharged at key depots during this period.

Despite increased import activity, Dangote Refinery continues to anchor domestic fuel supply through its 650,000-barrel-per-day facility based in Lekki, Lagos. The company has reiterated its commitment to stable pricing as it expands its supply reach nationwide.

The post Dangote Refinery Announces Nationwide Petrol Price Reduction appeared first on Housing TV Africa.

The adjustment, which took effect earlier this week, reflects shifting dynamics in the international oil market, where prices are now trending downward due to increased supply and weakening demand projections.

Two outlets operated by A.Y.M Shafa along Airport Road led the drop, followed closely by Matrix Energy, which made similar adjustments. Other stations followed suit, with NIPCO cutting prices to N925 and Conoil selling at N935 per litre.

Industry observers link the decline to falling crude oil prices, which dipped below Nigeria’s fiscal benchmark of $75 per barrel on Monday. While Nigeria’s Bonny Light still traded at $78.62, other major crude grades like Qua Iboe and Brass River slipped to the mid-$60s—well below expectations for sustaining national revenue.

The implications are mixed. On one hand, lower crude prices could provide short-term relief for businesses and households grappling with high energy costs. On the other, analysts warn it could spell trouble for government finances.

“It’s a double-edged sword,” explained energy analyst Olatide Jeremiah, CEO of Petroleumprice. “Yes, inflation might ease, and petrol could even dip to N800 if the trend continues. But the budget risks unraveling if crude stays this low. We’re looking at a tough fiscal year if prices remain in the $60 range.”

He emphasized the potential domino effect on everything from public services to capital projects, given Nigeria’s heavy reliance on oil revenue.

Petroleum marketers have confirmed that pricing remains tightly tied to global crude benchmarks and currency exchange rates. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, reiterated that fuel prices in Nigeria fluctuate based on the international cost of crude and the strength of the naira.

He also noted a potential game-changer: the federal government’s move to supply crude to the Dangote Refinery in naira. “This could ease pricing pressures further,” Ukadike said. “Once it reflects at the loading depots, we expect lower prices to become more consistent at the retail end.”

Currently, the landing cost of imported petrol is down to N849.27 per litre—just shy of the N835 reportedly offered by Dangote’s facility. Industry sources say if this pricing stability holds, Nigerian consumers may finally begin to feel real relief from the weight of high fuel costs.

The post Petrol Price Falls to N915 in Abuja as Global Oil Market Softens appeared first on Housing TV Africa.

A member of IPMAN’s Board of Trustees, Debo Ahmed, confirmed the development, warning that urgent action is needed to prevent market destabilisation.

Fuel Prices Surge as Supply Shortage Worsens

The price of Premium Motor Spirit (PMS) surged by ₦70 per litre, with major filling stations adjusting pump prices. MRS and Heyden stations, previously selling at ₦860 per litre, now dispense petrol at ₦930 per litre. Conoil and Northwest have also raised prices to ₦930 per litre, reflecting the growing supply crisis.

Dangote Refinery Suspends Sales Over Naira-for-Crude Policy

Dangote Petroleum Refinery recently halted local fuel sales, citing concerns over currency mismatch in crude procurement. The refinery’s statement confirmed that naira sales had exceeded naira-denominated crude receipts, prompting a temporary shift to dollar transactions.

Stakeholders Debate Impact of Naira-for-Crude Policy

The Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) has urged the government to discontinue the naira-for-crude policy, warning of risks to forex stability.

Executive Secretary Olufemi Adewole argued that crude oil transactions should remain dollar-denominated to attract investment and maintain global trade relations.

Government Defends Policy, Citing Currency Stability Goals

The Federal Government launched the naira-for-crude policy in October 2024 to ease pressure on the dollar and support local refineries. Finance Minister Wale Edun stated that the policy aims to stabilise the naira while ensuring domestic fuel security. However, critics warn that the volatile exchange rate could deter foreign investors and disrupt trade.

Calls for Sustainable Solutions in Nigeria’s Oil Sector

As fuel prices soar and supply disruptions persist, industry experts stress the need for balanced policies that protect both market stability and investment confidence. The ongoing debate underscores the urgent need for reforms to ensure sustainable growth in Nigeria’s downstream petroleum sector.

The post Fuel Prices Hit ₦930/Litre as Marketers Boost Imports Amid Supply Shortage appeared first on Housing TV Africa.

This price hike follows the company’s decision to terminate its exclusive purchase agreement with Dangote Refinery.

Earlier on Monday, NNPC ended the agreement, allowing other marketers to directly purchase petrol from the refinery.

As a result, NNPC is no longer the sole off-taker, and marketers are now free to negotiate prices directly with Dangote Refinery.

This shift aligns with the current practices of fully deregulated products, enabling refineries to sell to marketers on a “willing buyer, willing seller” basis.

The post JUST IN: Again, NNPCL increases fuel pump price appeared first on Housing TV Africa.

Following the latest fuel price hike announced by the Nigerian National Petroleum Company Limited (NNPCL) last week, residents of Abuja, Nigeria’s capital have joined millions of Nigerians to lament the increase, saying that it is negatively affecting their lives.

NNPCL has announced the increase just as the Dangote refinery, built by Africa’s richest man, Aliko Dangote, finally began offloading of the fuel last week.

However, as Nigerians were happy with this development, with a full hope that the price will be even lower, the news of the new increment just hit them.

When Africa Housing TV toured the major streets of Abuja, our reporter observed many people opting for trekking as transport fare has become even more exorbitant.

Some residents who spoke to our reporter expressed their concern with the increase, saying that it has further pushed inflation forward.

John Adebayo, a civil servant who lives around Apo mechanic village and has to commute to work around federal secretariat with his car everyday now says he has since dropped the car as he cannot fuel it.

According to him, “Before this latest increase, we were managing life, now, it is almost impossible to carry my car to work as the rate of the fuel it will consume every month is almost 70 percent of my salary. So you see that is not realistic any more.

“What of other basic needs of life such as rent payment, buying food for the family, offsetting children’s school fees and paying for their medication when they fall seek? To be honest, some of my colleagues are already considering resigning to pursue some things instead,” Adebayo added.

READ ALSO: Fuel Subsidy Reforms: What Nigeria Can Learn from Indonesia’s Strategy

Similarly, Aishatu Musa, a businesswoman in the popular Wuse market in the city said prices of commodities have already increased and their sales have dropped significantly.

“The volume of sales we use to have has dropped significantly, people’s purchasing power has reduced as they only buy basic necessities. Most of the time, we just sit here and gist until it is closing time. Nigerians are really suffering,” she lamented.

In the Gudu construction materials market, the story is not different from that of Wuse as people no longer buy building materials as they used to do before the latest increase.

Uche Arinze, who sells cement at the market, said the new increase may likely push its price even higher and the volume of their sales has also decreased.

Africa Housing TV also noted a lot of people trekking, which according to them, they are doing so to save cost and cope with the reality of the increment.

“My transport fare has increased by almost 300 Naira on top of the 700 that I used to pay before and my salary has not increased. So my only option now is to trek in order to save the cost,” said Aliyu Umar, a civil servant.

Our reporter observed that aside the NNPCL filling stations that sale at N904, other commercial filling station jerked up their price to as much as N1,000 in some areas.

However, there is still hope that the price may decrease in October as hinted by NNPCL the current price is due to the fact that Dangote Refinery bought crude oil in US Dollar, while from October first, they will start buying it in Nigerian Naira.

This, according to analysts, is due to the fact that buying it in Naira will save the price from the foreign currency’s constant fluctuation.

The post How new price of fuel is affecting residents of FCT appeared first on Housing TV Africa.

Specifically, the price of PMS increased from N670 per litre to N897 per litre on September 3, with some stations offering a litre of PMS for N1,100. Jane was really anxious about this raise to the extent of worrying how it would affect her business, which has been operating in the red for several months now.

She stated that they had to purchase 20 litres of petrol today at N1,100 per liter; this cost was estimated at N24,000, adding that they made such purchases at least 10 times a month, meaning they could spend close to N240,000 on fuel alone. She also expressed her concerns regarding the high tariffs on electricity as well as the issue of double billing that are making her financial situation worse.

READ ALSO: Revealed: New NNPCL fuel prices for Lagos, Abuja, others *Full list, State by State

According to Jane, the situation was not sustainable anymore with her lamentation, “I have been incurring losses for months now and the taxation system compounded our woes and recent pressures from FCT-IRS for proof of Withholding Tax complicated our future.

Another local businessman, Emmanuel John also shared similar sentiments of Jane, adding that he would have to lay off some of his employees given increasing costs. “If costs continue to rise, I will be forced to let people go; petrol and electricity costs are rising rapidly and I can barely sustain the business,” John revealed.

READ ALSO: Fuel Price Hike Causes a Surge in Housing Costs in Nigeria

With fuel prices still high, small business people such as Jane and John are pulling out all the stops to deal with rising costs that threaten to shut down their businesses in the face of a strained economy.

The post Small Businesses in Abuja Struggle as Fuel Prices Surge to N1,100 per Litre appeared first on Housing TV Africa.