On March 11, 2026, renowned Nigerian filmmaker Kunle Afolayan revealed the financial strain his production facility, KAP Film Village, is experiencing due to soaring diesel prices. Afolayan disclosed that he spends approximately N11 million on diesel every four to five weeks, a cost that has become increasingly burdensome.

The price of diesel has surged from about N995 to over N1,500 per liter, significantly impacting the sustainability of film production in Nigeria. Afolayan expressed his sadness regarding this situation, stating, “I have been sad because I can’t cope with the N1,500 per litre of diesel.”

Despite having a solar power system in place, Afolayan’s facility still relies heavily on diesel-powered generators. He has been purchasing diesel on credit due to the financial strain, which has forced him to manage payments over extended periods. “It’s not sustainable because even the diesel we have been buying was on credit and when we make small money we find a way to pay, and sometimes it takes two months to pay and then get another one on credit,” he explained.

Afolayan has called for public assistance to upgrade his solar power system, emphasizing the urgent need for support in light of the rising fuel costs. “We need a loan to upgrade our solar power. So if you can come to our aid, I will really appreciate it,” he added.

The surge in fuel prices is gradually driving up the cost of filmmaking in Nigeria, raising concerns among filmmakers about the future of the industry. Afolayan’s situation highlights the broader challenges faced by Nollywood as it grapples with increasing operational costs.

As the industry continues to adapt to these economic pressures, the reactions from fellow filmmakers and industry stakeholders remain to be seen. Afolayan’s candid remarks shed light on the pressing issues within the Nigerian film sector, prompting discussions about sustainability and financial viability.

Details remain unconfirmed regarding any potential support or initiatives aimed at alleviating the financial burdens faced by filmmakers like Afolayan.

Сообщение Kunle afolayan faces rising diesel costs impacting film production появились сначала на naijanewsreporters.

Kunle Afolayan, the prominent Nigerian filmmaker, has announced that he is facing significant financial challenges due to the soaring prices of diesel, which are impacting operations at his KAP Film Village. As of March 11, 2026, Afolayan revealed that he spends approximately N11 million on diesel every four to five weeks to keep his film production facility running.

The cost of diesel has surged dramatically, increasing from around N995 to over N1,500 per liter. This steep rise in fuel prices has left Afolayan feeling despondent, as he struggles to cope with the financial strain it places on his operations.

Afolayan has been forced to purchase diesel on credit, which adds to his financial burden. “It’s not sustainable because even the diesel we have been buying was on credit and when we make small money we find a way to pay, and sometimes it takes two months to pay and then get another one on credit,” he stated, emphasizing the precarious nature of his current situation.

Despite having a solar power system in place, Afolayan’s facility still relies heavily on diesel-powered generators. He has expressed a need for public assistance to upgrade his solar power system, stating, “We need a loan to upgrade our solar power. So if you can come to our aid, I will really appreciate it.” This plea highlights the urgent need for sustainable energy solutions in the film industry.

The rising fuel costs are not only affecting Afolayan but are also indicative of a broader trend impacting the sustainability of film production in Nigeria. The surge in fuel prices is gradually driving up the cost of filmmaking, making it increasingly difficult for filmmakers to operate effectively.

Afolayan’s situation reflects the challenges faced by many in the Nollywood industry, as they navigate the financial pressures brought on by fluctuating fuel prices. The filmmaker’s candid remarks about his struggles resonate with many who are similarly affected by the economic climate.

As the situation develops, Afolayan’s call for assistance may prompt discussions about the need for more robust support systems for filmmakers in Nigeria. The industry continues to grapple with the implications of rising operational costs, and Afolayan’s experience serves as a crucial reminder of the challenges faced by creatives in the region.

Details remain unconfirmed regarding any immediate solutions or support that may arise from Afolayan’s public appeal. However, his situation underscores the pressing need for sustainable practices in the film industry to mitigate the impact of rising fuel costs.

Сообщение Kunle afolayan faces rising diesel costs at KAP Film Village появились сначала на naijanewsreporters.

The price of fuel in Nigeria has been influenced by global crude oil prices and the ongoing conflict in the Middle East. Recently, the Dangote Refinery announced a reduction in petrol prices, lowering the cost to N1,075 per litre from N1,175 per litre. This change marks a significant shift in the market, as the price of diesel was also reduced to N1,430 per litre from N1,620 per litre.

Additionally, petrol supplied through coastal distribution will now sell at N1,050 per litre. In contrast, petrol prices in Abuja currently range between N1,260 and N1,280 per litre, while in Lagos, prices are between N1,200 and N1,300 per litre. Prior to these adjustments, petrol prices were between N809 and N835 per litre.

The recent price reductions have been welcomed by consumers, but they come amidst a backdrop of fluctuating global oil prices and regional instability. President Bola Tinubu has also ordered the deployment of 100,000 CNG conversion kits, a move aimed at diversifying fuel options and potentially stabilizing prices further.

Key industry players and observers are closely monitoring the situation. The adjustments in fuel prices are expected to have a ripple effect on the economy, influencing transportation costs and overall inflation rates. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is likely to play a crucial role in overseeing these changes and ensuring compliance with new pricing structures.

As the market adjusts to these new prices, stakeholders are optimistic about the potential for greater stability in fuel costs. However, the ongoing geopolitical tensions and their impact on global oil supplies remain a concern. Observers are keen to see how these factors will influence future pricing and availability of fuel in Nigeria.

Сообщение Price of fuel in nigeria today появились сначала на naijanewsreporters.

On March 9, 2026, crude oil prices saw significant fluctuations as geopolitical tensions in the Middle East escalated. Just before the market opened, Brent crude briefly surged to $119.50 per barrel, while West Texas Intermediate (WTI) soared to $119.48 per barrel. This spike in prices was largely attributed to the ongoing conflict involving Iran, which has disrupted oil production and shipping through the Strait of Hormuz, affecting approximately 15 million barrels of crude oil daily.

Price Dynamics

Prior to the conflict, crude oil was selling for around $70 per barrel. The situation changed dramatically after the U.S. and Israel launched military operations against Iran on February 28, 2026. Following the initial surge, oil prices fell to under $90 later in the day, reflecting a volatile market response to the ongoing crisis.

Impact on Consumers

The fluctuations in crude oil prices have also impacted consumers directly. As of March 9, 2026, the average price of a gallon of regular gasoline in the U.S. rose to $3.48, while diesel prices reached $4.66 per gallon. These increases are a direct consequence of the rising crude oil prices and the disruptions in supply chains.

Refinery Operations

The Dangote Petroleum Refinery, one of the largest in Africa, operates at full capacity, processing about 650,000 barrels per day. However, the refinery is also affected by the rising costs of crude oil, which have led to increased prices for refined products. The gantry price of Premium Motor Spirit (PMS) was raised to ₦1,175 per litre, while the price of Automotive Gas Oil (AGO) increased to ₦1,620 per litre.

Freight Costs Surge

Freight costs have surged dramatically due to the heightened tensions, with tanker costs rising from about $800,000 to roughly $3.5 million per shipment. This increase in shipping costs further exacerbates the situation for consumers and businesses reliant on oil imports.

Expert Opinions

Experts have weighed in on the current state of the oil market. Nicholas Mulder remarked, “In economic terms, this is already the largest oil supply shock ever.” Meanwhile, French Finance Minister Roland Lescure stated, “We’re not there yet,” indicating that the situation may evolve further. President Donald Trump described the conflict as “very complete,” highlighting the seriousness of the geopolitical landscape.

Future Uncertainties

As the situation develops, uncertainties remain regarding future price trends of crude oil. The duration of the current energy crisis is also unclear, leaving consumers and businesses to navigate a turbulent market. Details remain unconfirmed regarding the long-term implications of these events on global oil supply and pricing.

Сообщение Crude Oil Price Today: A Surge Amidst Geopolitical Tensions появились сначала на naijanewsreporters.