Raises Archives - Citybuzz News

Dangote Refinery Raises Petrol Price to N875

March 2, 2026 by admin

The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price by N101, raising the ex-depot rate from N774 to N875 per litre, heightening concerns over fresh fuel price increases across the country. A senior official at the refinery confirmed the development to The PUNCH on Monday, noting that the adjustment followed recent volatility in global crude oil prices. “Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said. Checks by The PUNCH on petroleumprice.ng confirmed that the revised price had already been reflected, indicating a shift in downstream pricing benchmarks. The price increase came shortly after the refinery suspended petrol loading operations effective midnight on March 2, 2026, following a sharp surge in international crude oil prices, which crossed the $80 per barrel threshold overnight. Data obtained from industry sources showed that Premium Motor Spirit loading stopped at exactly midnight, halting product lifting and the issuance of Proforma Invoices, an indication that fresh transactions were temporarily paused. However, the suspension applied strictly to petrol, as Automotive Gas Oil, popularly known as diesel, continued to load. The refinery’s action also triggered a coordinated response across the downstream sector, as several private depot owners nationwide halted petrol sales during the trading day. “Several depot owners suspended PMS sales because of the crude rally. The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator said. The development comes amid heightened global oil market volatility linked to tensions between the United States and Iran, which have raised concerns about supply disruptions, particularly in the strategic Strait of Hormuz. Five energy experts, in separate interviews with The PUNCH on Sunday, warned that Nigeria could witness further increases in petrol and diesel prices if crude oil prices climb above $90 per barrel. They said sustained hostilities in the Middle East could disrupt global supply chains, increase shipping and insurance costs, and raise import and refining costs for products despite Nigeria’s growing local refining capacity.

Man Utd raises profit forecast between £180m, £190m

June 6, 2025 by admin

Manchester United on Friday raised its estimate for annual core profit to between £180 million ($244 million) and £190 million after a run to the final of the Europa League boosted club coffers. The adjusted earnings before interest, taxes, depreciation, and amortisation figures, which exclude items such as profits on player sales and finance costs, are up from an earlier projection of between £145 million and £160 million. Ruben Amorim’s side reached the Europa League final, where they lost 1-0 to Tottenham. But United endured their worst top-flight campaign in more than 50 years, finishing an embarrassing 15th in the table. Nevertheless, driven by the Europa League run, United’s total revenue increased 17.4 percent to £160.5 million in the quarter to March 31 from a year previously. Matchday revenue for the third quarter of fiscal 2025 was £44.5 million, an increase of more than 50 percent, due to more home games. Total operating costs were down 20.4 percent, sparked by a reduction in the wage bill due to United’s involvement in the Europa League instead of the Champions League, plus the January loan exits of Marcus Rashford and Antony. A redundancy programme affecting non-playing staff, which began last year under minority owner Jim Ratcliffe, also helped cut costs. Chief executive Omar Berrada said in a statement that there was a “clear expectation of improvement” next season. “We were proud to reach the final of the UEFA Europa League but ultimately we were disappointed to finish as runner-up in Bilbao,” he said. “We had a difficult season in the Premier League, which we all know fell below our standards and we have a clear expectation of improvement next season.” Amorim has started what is expected to be a significant squad rebuild at Old Trafford that will likely involve several high-profile arrivals and the exits of some key players. United have acted quickly during this month’s transfer window. They agreed the £62.5 million signing of Wolves forward Matheus Cunha and are reported to have a firm interest in Brentford winger Bryan Mbeumo. Punch

Lagos State Government Raises Boarding Fees for Public Secondary Schools by 186%

September 15, 2024 by admin

Starting from September 15, 2024, the Lagos State government will implement a 186 percent increase in boarding fees for all public secondary schools across the state. This adjustment will take effect as the 2024/2025 academic session begins. This was made known in a letter signed by Olufemi Asaolu, director of the basic education services in the Lagos State Ministry of Basic and Secondary Education on behalf of the permanent secretary sighted by BusinessDay to all boarding school principals of the state. “I have the directive of the honourable commissioner to inform all public boarding house schools in Lagos State that the government has approved the review of boarding fees payable in all public boarding house schools in Lagos State. “The new approved fee is N100,000. I’m further directed to inform you that no additional fees of any form should be collected by the schools,” the statement reads in part. Before the new fees, secondary schools in Lagos State were charging N35,000 as boarding fees, hence with the reviewed N100,000 per term, the increase amounts to 186 percent. Some of the concerned parents voiced against the new fees for boarding students in Lagos State citing the prevailing economic hardships ravaging the country. A parent confirmed receiving the news from a brother who has two children in Midel College but wondered where the government expects parents to raise such an amount amid the prevalent rising cost of living. “I don’t know where Lagos State wants parents to see such money at this minute. Instead of the government to be a relief to people, they are now becoming a burden,” she said. Another parent wondered what and how the government intends to reconcile those who had already paid for the new session before the upward review. “What happens to parents who have paid the initial amount,” she asked. Nigerian parents are getting frustrated going through tough times occasioned by hikes in school fees, transportation, and books as schools resume, amidst a surging cost of living crisis further orchestrated by the recent petrol pump price increase. In an apparent reflection of the high cost of living in the country without a commensurate rise in salaries, parents are faced with herculean tasks coping with the rising cost of living and having their children in school.

Dangote Refinery Raises Petrol Price to N875

Man Utd raises profit forecast between £180m, £190m

Lagos State Government Raises Boarding Fees for Public Secondary Schools by 186%

Stay Informed. Stay Ahead

Get the Morning Briefing

LEGAL

SECTIONS