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Egypt has raised domestic fuel prices by up to 30 percent, citing “exceptional” global energy pressures linked to the ongoing Middle East conflict that has disrupted oil supplies and shipping routes. The increases were announced on Tuesday, March 10, by the Egyptian Ministry of Petroleum and Mineral Resources and apply to gasoline, diesel and natural gas used in vehicles. In a statement, the ministry said the price adjustments were driven by disruptions in global supply chains, rising geopolitical risks and increased maritime shipping and insurance costs, which have pushed petroleum product prices to levels not seen in years. Global oil markets have been volatile during the conflict involving Israel, Iran and the United States. Oil prices briefly climbed above $119 per barrel ...

Dollar to Naira Exchange rate What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 9th March, below. You can swap your dollar for Naira at these rates. How much is a dollar to naira today in the black market? Dollar to naira exchange rate today black market (Aboki dollar rate): The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1420 and buy at ₦1400 on Monday 9th March, 2026, according to sources at Bureau De Change (BDC). Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in&n...

The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Kuku, has confirmed that over 100,000 airport access cards have been issued across the country. This is part of the ongoing efforts to implement the Federal Government’s cashless policy at airport tollgates. Kuku revealed on Monday, that 62,000 of the cards were issued within just three days of enforcing the cashless policy at airports, a development that turned chaotic as the rollout of the policy at major airports triggered disruptions. The development comes as motorists have continued to enjoy free access into Nigerian airports for the past five days after President Bola Tinubu ordered that the airport gates be thrown open in response to the disruption caused by the policy’s enforcement. ...

The cost of goods and services across Nigeria is expected to rise further following a fresh increase in petrol prices after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within a week. The latest price revision comes hours after The PUNCH projected that petrol prices could rise for the third time within a week following the temporary suspension of petrol sales at the refinery on Sunday. The refinery announced the price hike to marketers on Monday, raising the gantry price of Premium Motor Spirit to N1,175 per litre from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days. It also revised the gantry price of Automotive Gas Oil, commonly...

Chinese state-run refiners are considering resuming crude imports from the United States after a nine-month suspension, driven by the ongoing supply crisis in the Middle East, S&P Global’s Platts reported on March 9. S&P Global reports that the additional 20% tariffs on US crude remain in place, but analysts and refinery sources indicate they may be temporarily overlooked if supply disruptions continue. “Beijing may even temporarily exempt the additional tariff on US energy if the supply crisis sustains, as this will be a national emergency. “US ethane is an example — it is exempt from the additional tariff because China almost fully relies on US supply,” a Beijing-based market analyst told Platts. Last Thursday, China told its largest oil refiners to suspend ex...

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Inflation in Venezuela surged to about 475 percent in 2025, the highest rate in the world, according to figures released by the country’s central bank. The sharp rise in prices was largely driven by economic pressure linked to tighter sanctions imposed by the United States during the final period of rule by former president Nicolas Maduro. Data published on Friday, March 6, by the Central Bank of Venezuela showed that full-year inflation far exceeded the International Monetary Fund forecast of 269.9 percent. The bank also reported that accumulated inflation during the first two months of 2026 had already reached nearly 52 percent, although it did not provide an outlook for the rest of the year. Venezuela’s economy was heavily affected by Washington’s “maximum pressure” campaig...

Long queues have begun reappearing at filling stations offering cheaper petrol, as motorists scramble to purchase Premium Motor Spirit (PMS) for less than ₦1,000 per litre. A market survey carried out on Saturday morning showed that private car owners and commercial drivers crowded stations owned by MRS Oil Nigeria Plc, especially along the Ibadan–Lagos Expressway, where petrol is currently selling for about ₦937 per litre. The development follows a fresh rise in petrol prices by several marketers after global crude oil prices increased and the Dangote Petroleum Refinery adjusted its price. According to a report by Channels Television, checks revealed that while motorists thronged MRS stations selling fuel at ₦937 per litre, many other filling stations along the same route had alr...

Global crude oil prices climbed sharply on Saturday, surpassing $90 per barrel and reaching their highest level in two years as tensions in the Middle East escalate and fears of supply disruptions grow. Market data showed that Brent crude rose to about $93 per barrel, while West Texas Intermediate (WTI) traded around $91 per barrel as of Saturday morning. The increase represents roughly a nine per cent jump in Brent crude prices, marking the highest level recorded since the autumn of 2023, according to a report by the BBC. Energy experts say the surge is being driven by concerns that ongoing hostilities in the Gulf region could disrupt oil and gas production in the Middle East, which supplies a large share of the world’s energy. The warning was also echoed by Saad al-Kaabi, Qat...

The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price to N995 per litre, marking a sharp N221 rise within four days, amid volatility in global crude oil prices and shipping costs. A senior official of the refinery confirmed the development to PUNCH Online on Friday, explaining that the latest price adjustment followed recent shifts in global oil market fundamentals. “Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official said. The new price represents an increase from N874 per litre, which itself was introduced earlier this week after the refinery raised its ex-depot price from N774 to N874 per litre. With the latest revision, the refinery’s petrol price has climbed from N774 to N995 per litre within four day...