Category: Energy & Oil
Petrol depot prices eased across Nigeria’s main supply hubs as marketers implemented fresh cuts, with depots in Lagos, Warri, Calabar and Port Harcourt either lowering or holding rates and none recording an increase. In Lagos, Dangote Petroleum Refinery held its ex-depot price at ₦1,216 per litre, the lowest among major suppliers, with Pinnacle matching it […]
Esso Exploration and Production Nigeria Limited, an ExxonMobil affiliate, has declared force majeure after equipment damage at the floating buoy serving the Erha FPSO export facility. The Erha deepwater field sits on OML 133 roughly 100 kilometres offshore in the western Niger Delta and produces around 200,000 barrels per day, making it one of the […]
Thirteen West African nations have approved the Nigeria-Morocco gas pipeline, a 27 billion dollar project agreed by the ECOWAS Authority at its 69th Ordinary Session in Lungi, Sierra Leone. The pipeline is designed to run roughly 6,900 kilometres and carry 30 billion cubic metres of natural gas a year. The next phase covers establishing the […]
The Independent Petroleum Marketers Association of Nigeria has questioned whether fuel import licences are achieving their purpose, after imported petrol emerged priced above supply from the Dangote refinery. National Publicity Secretary Chinedu Ukadike put imported product at around N1,350 per litre, roughly 20 per cent above what marketers pay for Dangote supply. The point he […]
Dangote Petroleum Refinery has ended naira-based pricing for Premium Motor Spirit (petrol), fixing its gantry ex-depot price at $0.779 per litre under a new dollar-denominated framework for refined products effective July 13, 2026. At the official exchange rate of N1,380.50 to the dollar, the new reference price translates to roughly N1,075.61 per litre — but […]
Nigeria’s crude oil production averaged 1.56 million barrels per day in June 2026 — the country’s highest monthly output in 74 months, and enough to push it past the production quota assigned by the Organisation of the Petroleum Exporting Countries (OPEC). Crossing the OPEC quota is a symbolic and practical milestone. For years, Nigeria chronically […]
The Nigerian National Petroleum Company Limited (NNPC Ltd) remitted N6.961 trillion to the Federation Account between January and May, up from N5.583 trillion recorded through April — underlining the company’s central role in funding federal, state and local governments. Its monthly report summary for June also declared a profit of N905 billion for the month, […]
Private depot owners across Nigeria’s downstream sector raised loading prices for petrol and diesel sharply after Dangote Refinery ended naira-denominated pricing — with petrol jumping by about N113 per litre. The increase is the first concrete market reaction to the refinery’s new dollar-based framework, which pegged its gantry price at $0.779 per litre. With the […]