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Rising Oil Prices: PENGASSAN Calls Out Marketers Over Fuel Hike

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President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has criticised oil marketers for exploiting Nigerians through inflated fuel prices, insisting that petrol should sell between ₦700 and ₦750 per litre.

This comes after depots across Nigeria have increased the pump prices of Premium Motor Spirit (PMS) following a surge in global crude oil prices triggered by rising tensions in the Middle East. A parallel strike by tanker drivers along Lagos’ Lekki-Epe corridor has further compounded the situation.

Data from Petroleumprice.ng revealed that Dangote Petroleum Refinery raised its petrol price from ₦825 to ₦840 on Monday, while Rainoil increased its price from ₦850 to ₦900. Fynefield and Mainland adjusted their ex-depot prices to ₦930 and ₦920, respectively, marking increases of ₦51 and ₦63. Other reported prices included Sigmund at ₦920, Matrix Warri at ₦910, NIPCO at ₦895 (up from ₦827), and Aiteo at ₦840.

The rise in ex-depot prices suggests that petrol could approach ₦1,000 per litre in the coming days.

Clement Isong, Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), attributed the spike to rising crude prices. However, a depot operator who spoke anonymously said Monday’s halt in petrol loading—caused by tanker drivers’ protest over a ₦12,500 E-Call-Up fee—was a more immediate concern.

“If unresolved, this E-Call-Up issue could plunge the country into another fuel scarcity,” the operator warned.

Meanwhile, Nigeria’s crude grades—Bonny Light, Brass River, and Qua Iboe—climbed to $77 per barrel on Friday, continuing the upward trend into Monday due to Israel’s military actions against Iran. As of Monday, Bonny Light stood at $78.62 per barrel, according to Oilprice.com. These prices now exceed the Federal Government’s 2025 budget benchmark of $75, offering temporary fiscal relief but threatening domestic fuel stability.Music concert tickets

Energy experts caution that higher crude prices will raise the cost of refined products like petrol and diesel, due to the rising cost of feedstock.

On the E-Call-Up crisis, MEMAN’s Isong urged the Lagos State Government to engage stakeholders and resolve the issue quickly to prevent further disruptions. He echoed tanker drivers’ concerns that the ₦12,500 levy could spark additional fuel price hikes, noting that Nigerians are already under financial pressure.

At a press conference in Abuja, PENGASSAN President Festus Osifo claimed that the persistent shutdowns of Nigeria’s state-owned refineries are politically motivated rather than due to technical faults.

Despite over $2.5 billion invested in refinery rehabilitation, he lamented that facilities like the Port Harcourt Refinery remain largely unproductive. The facility is currently undergoing a 30-day maintenance shutdown and is expected back online next week.

“We are aware the Port Harcourt Refinery was recently shut for maintenance, but the deeper issue is that these refineries operate far below efficiency. Political interference, not just technical issues, has stalled their performance,” Osifo said.

He urged the Nigerian National Petroleum Company Limited (NNPCL) to revisit its refinery operations model and adopt long-standing recommendations from PENGASSAN, which has been advocating reforms for over 15 years.

On the disparity in fuel pricing, Osifo criticised the continued high cost of PMS despite falling global crude oil prices. “Crude has dropped from about $80 to between $62 and $65 per barrel, yet petrol still sells at ₦875 to ₦905 per litre nationwide,” he said.

He blamed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for failing to enforce fair pricing under the deregulated market system.

“NMDPRA must not allow marketers to exploit Nigerians under the guise of deregulation,” Osifo stated. “Crude price and exchange rate account for nearly 80% of the final retail price. With current international benchmarks, petrol should retail between ₦700 and ₦750 per litre.”

He urged the agency to start publishing transparent pricing templates to prevent arbitrary pricing practices.

Osifo also expressed concern over worsening insecurity in Nigeria’s oil-producing regions, particularly along the waterways. He warned that this is prompting multinational oil companies to divest, despite cost-saving incentives recently introduced by the Federal Government.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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LG Nigeria Begins Nationwide Search for Oldest Working TV, Rewards Loyalty with AI QNED Upgrade

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LG Electronics has announced the launch of a nationwide campaign aimed at celebrating decades of customer loyalty and technological heritage by searching for the oldest still-functioning LG television sets across the country.

The initiative, themed “The Oldest LG TV”, seeks to honour long-time customers whose LG screens have stood the test of time, while introducing them to the future of home entertainment through LG’s advanced AI QNED TVs.

For generations, LG televisions have been more than an electronic device in Nigerian homes, they have been silent witnesses to family milestones, cultural moments and shared memories.

This campaign bridges nostalgia with innovation, acknowledging the emotional connection Nigerians have built with the brand while showcasing LG’s leadership in AI-powered display technology.

The campaign features a storytelling -driven narrative that highlights community, heritage and the evolution of viewing experiences. Participants are invited to share the stories behind their long-serving LG TVs, transforming everyday screens into symbols of trust, resilience and innovation.

In creative twist, the campaign also introduces LG’s AI-enabled televisions as responsive companions that understand viewer preferences, recommend content and enhance picture quality in real time. This shift from nostalgia to futuristic interactivity underscores LG’s continued commitment to delivering smarter, more personalized entertainment solutions.

To participate, simply visit https://lgsearchcampaign.vercel.app/, upload a photo or video of your old LG TV and share the story behind it – how long you’ve had it and the memories it holds.

The winner walks away with a brand-new LG AI QNED TV, effectively trading legacy for luxury.

At its core, this campaign reminds us that technology is not only about pixels and processors, but about people. It’s about the laughter in the living rooms, the silence during tense match moments and the comfort of family routines.

By celebrating the oldest TVs still standing strong, LG is celebrating the people who kept the on, families who trusted the brand through changing times and evolving technologies. In doing so, LG isn’t just upgrading television, it’s upgrading memories into the future.

According to Mr. Choongbae Seok, General Manager, Media Entertainment Solutions, LG Electronics Nigeria, “The journey from our classic CRT Televisions to today’s AI QNED technology reflects how far both our customers and our innovation have come. Those early sets were built to last, and many are still functioning today, a testament to durability and consumer trust. This initiative allows us to honour that legacy while introducing a new era of intelligent viewing, where the screen does more than show content; it adapts, learns and enhances every moment”.

LG Display 2026 TV Models at InnoFest

LG Electronics (LG), a leader in AI-powered solutions for the home, outlined plans to accelerate growth in emerging markets at LG InnoFest 2026 MEA. The event, held in Abu Dhabi, provided a forum to share LG’s strategic direction and market outlook with regional partners. At the exhibition, LG displayed its premium 2026 AI TV lineup focusing heavily on advanced processing power, smarter picture and sound technologies. The flagship OLED evo G6 and 100-inch Micro RGB evo TVs are powered by the new Alpha 11 AI processor Gen 3 enabling faster and more intelligent performance. The OLED evo W6 Wallpaper TV, an ultra-slim television designed to sit flush against the wall like artwork uses true wireless connectivity, reducing cable clutter and creating a cleaner, minimal setup.


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African Leaders Highlights Africa’s AI Ambitions

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African leaders used the AU Summit in Addis Ababa over the weekend to sharpen the continent’s technology agenda, with Ethiopia positioning artificial intelligence (AI), digital infrastructure and connectivity as pillars of Africa’s economic future.

Opening the 39th African Union Summit, Ethiopian prime minister Abiy Ahmed outlined an ambitious vision to place Africa at the forefront of the global AI race, anchored by Ethiopia’s plan to launch what he described as Africa’s first AI-focused university.

“In 2020, Ethiopia established Africa’s first Artificial Intelligence Institute. Building on this foundation, we are preparing to launch an AI university anchored in the philosophy of Medemer, purposeful collaboration, to unite human values with machine intelligence and position Africa as a global leader in the age of intelligence,” Abiy told delegates. “

He framed AI not as a standalone sector, but as a cross-cutting enabler for governance, industry and social development. “Every river we manage, every city we design, and every digital platform we deploy must generate resilience, opportunity and dignity,” Abiy said. He further linked digital transformation to Agenda 2063’s long-term prosperity goals.

Beyond AI, the high-powered AU summit discussions highlighted digital identity, cross-border connectivity and telecom expansion as critical building blocks for an integrated African market. Ethiopia’s Digital Ethiopia 2030 roadmap, including its Faida digital ID ecosystem, was cited as a model for secure, interconnected public services.

Abiy pointed to aviation and telecom infrastructure as key accelerators for economic development across the continent. “Through Ethiopian Airlines, we connect people and markets. Ethio Telecom is expanding partnerships across Africa to bridge the digital divide,” he said.

The Ethiopian leader added that large-scale infrastructure projects are designed to anchor Africa deeper into global value chains.

The broader summit tech agenda also touched on regulatory harmonisation, digital trade and data governance, with leaders emphasizing that continental cooperation is essential to avoid fragmented digital markets.

UN Secretary-General António Guterres underscored the need for inclusive innovation, telling delegates that Africa’s digital rise must be “people-centered and opportunity-driven,” while African Union Commission Chair Mahmoud Ali Youssouf stressed coordinated policy frameworks to accelerate adoption.

“AI capability, digital infrastructure and unified regulation are no longer optional ambitions, but strategic imperatives shaping the continent’s competitiveness in the intelligence era,” he said.

 


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NITDA Explores Partnership with Trust Stamp on Digital Trust and Innovation

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By Naeemah Junaid

The National Information Technology Development Agency (NITDA) has held strategic discussions with representatives of Trust Stamp, a NASDAQ-listed global technology company, to explore potential areas of partnership aimed at strengthening Nigeria’s digital trust framework and advancing innovation within the digital economy.

The meeting, chaired by NITDA Director General, Kashifu Inuwa Abdullahi, focused on identifying collaborative opportunities aligned with Nigeria’s digital transformation agenda and the Agency’s strategic priorities for building a secure, inclusive, and innovation-driven digital ecosystem.

Inuwa emphasised that trust remains a critical foundation for the growth of the digital economy, noting that secure systems and strong cybersecurity frameworks are essential for driving innovation, economic growth, and national development. He stated that building trust in digital platforms and services is key to accelerating adoption and unlocking opportunities across sectors.

He reiterated NITDA’s mandate as a regulator to create an enabling environment through forward-looking policies and regulatory frameworks that support innovation rather than promote specific technologies. According to him, government interventions are designed to stimulate markets, create opportunities, and empower both businesses and citizens to participate fully in the digital economy.

The Director General further reaffirmed Nigeria’s openness to investments that strengthen digital infrastructure and enhance digital services, stressing that sustainable national development is best driven by private sector participation under supportive regulatory and policy frameworks. He called for continued engagement to ensure alignment with national priorities and effective integration into Nigeria’s digital ecosystem.

In his remarks, Trust Stamp Vice President, Jonathan Pasha, highlighted the company’s global experience in secure verification and trust technologies, describing its approach as partnership-oriented and focused on delivering long-term value within local ecosystems. He noted that the company prioritises collaboration with governments and private sector stakeholders to address local challenges and expand access to secure digital services.

Pasha referenced Trust Stamp’s ongoing operations in Nigeria, including its collaboration with a telecommunications provider to enhance SIM swap prevention and fraud detection capabilities. He also outlined the firm’s biometric tokenisation technology, which converts biometric data into secure, privacy-preserving representations, enabling verification processes without exposing sensitive information.

He explained that the technology supports secure verification, fraud prevention, financial inclusion initiatives, and the tokenisation of real-world assets, while being designed to function effectively in low-connectivity environments and on low-specification devices to expand access to digital services.

Both parties expressed interest in advancing technical-level discussions to identify specific areas of collaboration aligned with national priorities and Nigeria’s digital transformation objectives.

NITDA reaffirmed its commitment to fostering a secure and trusted digital economy through strategic partnerships, robust regulatory frameworks, and initiatives that promote innovation, inclusion, and sustainable growth.


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