*NNPCL, Dangote Increase Fuel Prices
The United States is pressing ahead with plans for an international coalition to open the Strait of Hormuz, according to a State Department cable seen by Reuters, as oil prices surge on fears of lengthy disruptions to global fuel supplies.
Two months into the war that started with U.S.-Israeli strikes on Iran, the vital sea channel remains closed, choking off 20% of the world’s supplies of oil and gas.
That has sent global energy prices surging and heightened concerns about the risks of an economic downturn.
In Nigeria, constant increases in prices of fuel have continued to disrupt lives and livelihoods, with the attendant rise in hardship.
As at Thursday, Aoril 30, the Nigerian National Petroleum Company Limited has increased the premium motor spirit price after Dangote Refinery raised its gantry price.
Metrobusinessnews.com survey showed NNPCL outlets in Abuja and its environs have adjusted their petrol pump price to N1,364 per liter from N1,295. This means that the state-owned oil firm hiked petrol by N69 per liter.
“We adjusted our pump price to N1364 per liter from N1295 this morning, an attendant said.
Filling stations in Abuja, such as MRS, BOVAS, and others, have raised their petrol price to between N1365 and N1370 per liter.
Dangote Refinery had on Wednesday, April 29, increased its fuel gantry price by N75 to N1,275 per liter from N1,200 due to a hike in crude oil price to above $115 per liter.
Specifically, Dangote Refinery’s action involved the ex-depot price of Premium Motor Spirit (PMS) or petrol and Automotive Gas Oil (diesel) following a sharp upward movement tied to international crude market pressure.
From $105 per barrel on Monday, Brent crude jumped to $118 on Wednesday, and to $125 per barrel as of the time of filing this report.
As a result, the Dangote Petroleum Refinery jerked up its petrol gantry price from N1,200 to N1,275 per litre, while coastal supply prices climbed to N1,215 per litre, according to price data obtained from Petroleumprice.ng.
Diesel price has been increased to ₦1,800 per litre, up from ₦1,750, as the Refinery has also suspended loading operations at the facility, the report quoted sources, including those at the Refinery.
However, efforts to resolve the conflict have hit an impasse, with a ceasefire in place since April 8 but Iran still blocking the strait in response to a U.S. naval blockade of Iran’s oil exports, the country’s economic lifeline.
U.S. President Donald Trump is slated to receive a briefing on Thursday on plans for a series of fresh military strikes on Iran in hopes of making Iran more flexible on nuclear issues in negotiations, Axios news site reported late on Wednesday.
That spurred big gains in oil prices, with the benchmark Brent crude contract hitting more than $126 a barrel at one point, its highest level since March 2022 after Russia’s invasion of Ukraine.
MEDIATOR PAKISTAN SEEKS TO AVOID ESCALATION
Brent prices have doubled since the U.S.-Israeli attack on Iran began on February 28, fuelling inflation and sending pump prices to politically painful levels worldwide.
Tehran warned on Wednesday of “unprecedented military action” against continued U.S. blockading of Iran-linked vessels, which, together with the possibility of further U.S. military strikes, signalled there could be more Middle East oil supply disruptions from a conflict that has killed thousands.
Another plan to be shared with Trump involves taking over part of the Strait of Hormuz to reopen it to commercial shipping, the Axios report added, saying such an operation may involve ground forces.
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In a sign the U.S. was also envisaging a scenario where hostilities cease, the State Department cable invited partner countries to join a new coalition called Maritime Freedom Construct (MFC) to enable ships to navigate the strait.
“The MFC constitutes a critical first step in the establishment of a post-conflict maritime security architecture for the Middle East,” said the cable, which was due to be delivered orally to partner nations by May 1.
France, Britain and other countries have held talks on contributing to such a coalition but said they were only willing to help open the Strait when the conflict ends.
Ships and boats in the Strait of Hormuz, Musandam, Oman, April 29, 2026. REUTERS/Stringer Purchase Licensing Rights, opens new tab
Mediator Pakistan was trying to avoid escalation while the two sides exchange messages on a potential deal, a Pakistani source said on Wednesday. Trump has said Iran cannot have a nuclear weapon, while Tehran says its nuclear ambitions are peaceful.
Iran’s latest offer for resolving the war, suspended since April 8 under a ceasefire deal, would set aside discussion of its nuclear program until the conflict is formally ended and shipping issues resolved.
That did not meet Trump’s demand to tackle the nuclear issue at the outset.
The Pakistani source said the United States had shared “observations” on the Iranian proposal and it was now up to Iran to respond.
“(The) Iranians asked for time till the end of the week,” the source told Reuters.
Iran wants U.S. acknowledgment of its right to enrich uranium for what it says are peaceful, civilian purposes. It has a stockpile of about 440 kg (970 lbs) of uranium enriched to 60%, which could be used for several nuclear weapons if further enriched.
CONFLICT HAS COST U.S. $25 BILLION SO FAR
The war has cost the U.S. military $25 billion so far, a senior Pentagon official said on Wednesday, providing the first official estimate of the price tag for the conflict.
In Iran, the currency fell to a record low on Wednesday, and inflation stood at 65.8% for the month to April 20.
Iran has executed at least 21 people since the start of the war and arrested more than 4,000 on charges related to national security, U.N. human rights chief Volker Turk said on Wednesday.
Iran’s parliament speaker and top negotiator, Mohammad Baqer Qalibaf, said on Wednesday that Trump was trying to divide Iranians and force Iran to surrender through the blockade.
Trump on Tuesday discussed with U.S. oil companies how to mitigate the impact of a possible extension of the U.S. blockade on Iranian ports for months if needed, the White House said on Wednesday.
U.S. intelligence agencies, tasked by senior administration officials, are also studying how Iran would respond if Trump were to declare a unilateral victory, two U.S. officials and a person familiar with the matter said this week.
