The price of Premium Motor Spirit, popularly known as fuel, has recorded a significant increase in the past days, which may worsen the economic hardship Nigerians face.

MRS, a filling station partner of Dangote Refinery, kicked off the latest fuel price increase when it adjusted its petrol pump to between N925 and N950 per litre in Lagos and the Federal Capital Territory, Abuja.

Similarly, other fuel marketers such as Empire Energy, Recoil, Juda Oil, Total, Emedab, and others also increased their fuel pump to between N950 and N970 per litre.

On Wednesday, the Nigerian National Petroleum Company Limited retail outlets also jacked up their fuel price to N950 per litre from N880 in Abuja.

Summarily, Ekwutosblog observed motorists will have to pay N70 more to buy a litre of petrol in the coming days.

The development comes amid the suspension of petrol product sales in Naira by Dangote Refinery. This follows the initiation of the naira-for-crude sale deal between Dangote Refinery and the federal government through NNPCL.

On Wednesday, President Bola Ahmed Tinubu announced a reshuffling of NNPCL.

Meanwhile, local oil prices are increasing in Nigeria, despite the decline in global crude prices. As of the time of this report, United States West Texas Intermediate was at $62.15 per barrel, down from above $65, while Brent crude stood at $65.42 per barrel, down from $72 last week.

In a significant setback, the world’s wealthiest individuals collectively lost over $65 billion in net worth today, as key market sectors experienced a sharp downturn.

This decline affected prominent figures in technology, finance, and other industries, sending shockwaves through financial markets.

Ekwutosblog reports that the downturn occurs amidst cautious optimism that new US policies may not be as severe as initially feared.

However, the immediate impact has already been felt, leading to a decline in the net worth of billionaires such as Elon Musk, Warren Buffett, and Jeff Bezos, amongst others  who have significant stakes in tech, finance, and other industries.

The global billionaire population has been growing, with over 2,850 individuals representing almost $15 trillion in wealth.

Despite this growth, the market downturn serves as a reminder of the volatility and risks associated with wealth concentration.

Sterling Bank has taken a groundbreaking step to ease the financial burden on Nigerians by eliminating transfer fees and other charges for local online transactions.

This move is a significant stride towards financial inclusion and customer-centric banking, particularly during a time when economic pressures are high.

Ekwutosblog gathered that this initiative has been commended by Mohammed Bello El-Rufai, Chairman of the House Committee on Banking Regulations, who praised Sterling Bank’s commitment to creating a more accessible and equitable banking system.

El-Rufai encouraged other financial institutions to follow Sterling Bank’s example, emphasizing that a competitive banking sector prioritizing Nigerians’ interests will strengthen the economy and rebuild public trust in financial services.

Sterling Bank’s decision to scrap transfer fees is expected to benefit individuals and small business owners who frequently make online transactions. The bank’s customers can now perform local transfers via the mobile app without incurring any charges. Obinna Ukachukwu, Growth Executive at Sterling Bank, stated that access to one’s own money shouldn’t come with a penalty, highlighting the bank’s values-driven approach to customer-centric banking.

This move has sparked widespread public approval, with many calling on other banks to adopt similar policies.

As policymakers, El-Rufai reiterated their commitment to fostering a regulatory environment that encourages pro-customer initiatives while ensuring sustainability within the banking sector.