BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

ECOWAS Bloc Achieves 4.6% Growth Amid Global Economic Headwinds – Dr Omar—-ECOWAS President, Dr Omar Touray, says the bloc recorded 4.6 per cent economic growth in 2025, in spite of global economic challenges, and envisages 5 per cent growth in 2026.

Touray disclosed this on Thursday in Abuja during a meeting with development partners, while highlighting the commission’s 2025 Annual Report.

He said that ECOWAS outperformed the continental average in 2025 through structural reforms, rising investment in mining and energy, improved regional trade facilitation, and a strong rebound in services, transport and tourism.

“This robust performance is driven by structural reforms, rising investment in mining and energy, improvement in regional trade facilitation and a strong rebound in services, transport and tourism,” he said.

According to him, inflation, though still elevated in some member states, has declined in others due to coordinated monetary policies and improved food supply conditions.

“Our fiscal deficits have narrowed significantly as governments strengthen revenue mobilisation and rationalise public expenditure,” Touray said.

“Our debt-to-GDP ratio has also declined modestly, reflecting strong nominal growth and improved macroeconomic management,” he said.

He noted that the sub-region’s external position remained sound, with a strengthened current account surplus, which is supported by high export earnings from oil, gold and bauxite.

“We are meeting at a time when the global economy is undergoing profound transformation.

“Geopolitical tensions, restructuring of supply chains and the rapid acceleration of digital and green transitions continue to reshape the global economic system,” he said.

He further noted that global growth slowed in 2025 and uncertainty remained high, even as inflation eased slightly, but said Africa had continued to demonstrate resilience.

“Yet in the midst of these global headwinds, Africa continues to demonstrate remarkable resilience.

“Growth is recovering, inflation is declining, and political stability has improved in a number of countries,” the commission’s president said.

Touray said that peace and security remained at the core of the bloc’s mandate, adding that ECOWAS intensified preventive diplomacy, mediation and democratic support across the region in 2025.

“Peace and security remain at the heart of our mandate, because insecurity in parts of the region remains a major concern,” he stressed.

He said that ECOWAS would continue to manage the implications of the withdrawal of its three Sahel State members Burkina Faso, Mali and Niger, while keeping channels open for constructive engagement.

Touray disclosed that the ECOWAS Committee of Chiefs of Defence Staff completed the rotation of the Standby Force and reinforced preparations for both the Standby Force and the 1,650 strong Counterterrorism Brigade.

He said progress was made in combating organised crime and terrorism, with ECOWAS formally taking over the West Africa Police Information System after 12 years under Interpol.

He, however, noted that the reduced cooperation with the Alliance of Sahel States owing to their exit had complicated counterterrorism efforts.

“While attacks declined slightly, fatalities increased due to the rising use of improvised explosive devices,” Touray said.

On governance, Touray said ECOWAS supported several member states, including Côte d’Ivoire, Guinea and Guinea-Bissau, in electoral preparations, transitions and reforms.

He said the bloc recorded steady progress in economic integration, including the launch of the second phase of the pre-movement and migration project and validation of the ECOWAS Visa Online approach.

“Seven of our member states are now implementing the ECOWAS National Biometric Identity Card, and the most recent one is the Federal Republic of Nigeria,” he said.

Touray said ECOWAS’ support for women and youth yielded results, with more than 1,300 small-scale cross-border traders and 50 women-led SMEs benefiting from capacity-building programmes, while digital skills training expanded opportunities for rural women.

According to him, the commission committed about 8 million dollars to humanitarian emergencies and disaster risk reduction, while drug rehabilitation services expanded to 10 centres across the region.

On regional infrastructure and energy, the commission’s president said ECOWAS mobilised over $42 million for regional road network preparatory studies and advanced preparations for the Praia–Dakar–Abidjan Corridor, supported by the African Development Bank.

He reaffirmed ECOWAS’ zero tolerance for unconstitutional changes of government.

“There is now zero tolerance for anti-constitutional behaviour in the region.

“ECOWAS stands for no coups, and we will continue to maintain that position,” he said.

On recent political developments in Guinea-Bissau, he called for a short transition led by an inclusive government with a limited mandate to undertake constitutional and electoral reforms.

Touray also announced that sanctions on the Republic of Guinea had been lifted following satisfactory elections in country.

“This is the first time since my arrival in ECOWAS that I am sitting in front of the Ambassador of Guinea in an ECOWAS meeting.

“Guinea has been welcomed back as a full-fledged member of ECOWAS,” he said.

While expressing satisfaction with developments in the sub-region, Touray said it was gratifying to note that the bloc remained on course, in spite of the formidable challenges it faced in 2025,.

“The progress outlined reflects the resilience, determination and unity of our community.

“The vision of a peaceful, prosperous and fully integrated West Africa remains within reach,” he added.(NAN)