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08024545197Global oil prices climbed sharply in early trading on Monday as the escalating military confrontation between the United States and Iran fuelled fresh fears over crude supply disruptions from the Middle East, pushing Brent crude above the critical $90 per barrel threshold for the first time in months.
Dangote Petroleum Refinery's decision to denominate petroleum product sales in U.S. dollars is supported by two key factors: its location within a designated Free Trade Zone (FTZ) and the dollar-based structure of the international crude oil market
Petrol pump prices have begun rising across Nigeria after private depot owners benchmarked Premium Motor Spirit (PMS) loading prices at around ₦1,200 per litre, with filling stations in Lagos and several other states adjusting retail prices upward in response to the higher wholesale costs
Nigeria recorded no imports of Automotive Gas Oil (AGO), commonly known as diesel, in June 2026, marking the second consecutive month that domestic refineries fully supplied the country's diesel market, according to the latest factsheet released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)
Dangote Petroleum Refinery's offshore marine terminal has recorded approximately 1,100 tanker calls since commencing operations, marking another major milestone for the 650,000 barrels-per-day facility as it continues to expand crude oil imports and refined petroleum exports across domestic and international markets.
Nigeria's downstream petroleum market witnessed one of its sharpest weekly price rallies in recent months as depot prices surged across Lagos, Warri, Port Harcourt and Calabar following Dangote Refinery's transition to dollar-denominated product sales and mounting uncertainty over the future of the Federal Government's naira-for-crude arrangement.
Nigeria's daily petrol imports surged by more than 207 per cent in June despite continued output from local refineries, as marketers significantly increased offshore purchases to complement domestic supply, the latest Midstream and Downstream Petroleum Statistics released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have shown.
The Federal Government has commenced high-level discussions with Dangote Petroleum Refinery over its recent decision to denominate petroleum product sales in United States dollars, with both parties working towards a framework that could see the refinery resume domestic sales in naira, Petroleumprice.ng has exclusively gathered.
Fresh cargoes of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Liquefied Petroleum Gas (LPG), butane and aviation fuel are scheduled to berth at key petroleum depots across Lagos, Warri and Port Harcourt between July 13 and July 17, as marketers move to replenish inventories amid rising global freight costs and continued uncertainty in international oil markets.
Nigeria's estimated landing cost of imported Premium Motor Spirit (PMS) increased by ₦47.78 per litre within six days, rising from ₦1,134.72 per litre on July 9 to ₦1,182.50 per litre on July 15, as higher international crude prices, rising freight charges and exchange rate pressures combined to increase the cost of fuel imports
A sharp rise in international shipping costs is piling fresh pressure on fuel importers across West Africa, but Nigeria has largely been shielded from the immediate impact as the Dangote Petroleum Refinery continues to keep domestic petroleum prices below import parity, according to the latest market intelligence from S&P Global Commodity Insights.
Private depot owners across Nigeria have begun benchmarking petrol loading prices around ₦1,200 per litre following the suspension of product loading at Dangote Petroleum Refinery, as marketers move to adjust to growing uncertainty in the downstream market, Petroleumprice.ng has exclusively gathered
Dangote Petroleum Refinery has suspended gantry loading of Premium Motor Spirit (PMS), forcing trucks already positioned for product lifting to leave the facility, while several marketers simultaneously halted petrol sales across their depots, Petroleumprice.ng market intelligence has gathered.
Dangote Petroleum Refinery has not received any dollar-denominated payments for petroleum product sales since introducing its new pricing framework, despite marketers already raising ex-depot petrol prices, a senior refinery source has told Petroleumprice.ng
Petroleumprice.ng has announced that nominations for the second edition of its 2026 Recognition Awards will officially open on August 1, 2026, inviting stakeholders across Nigeria's downstream petroleum industry to nominate individuals and organisations that have demonstrated outstanding leadership, innovation, and excellence in the sector
Dangote Petroleum Refinery-linked marketers have begun selling Premium Motor Spirit (PMS) at ₦1,125 per litre, ₦48 above the refinery's dollar equivalent gantry price of approximately ₦1,077 per litre, marking the first noticeable pricing gap since the refinery adopted dollar-denominated sales, Petroleumprice.ng has confirmed
The decision by Dangote Petroleum Refinery to begin pricing refined petroleum products in United States dollars has exposed a deeper structural challenge within Nigeria’s oil industry, highlighting the country’s inability to consistently supply enough locally produced crude to its largest refinery despite being Africa’s biggest crude oil producer.
Private depot owners have begun raising the loading prices of petroleum products across Nigeria following Dangote Petroleum Refinery's transition to U.S. dollar denominated sales, with Matrix Depot in Port Harcourt increasing the loading price of Premium Motor Spirit (PMS) by ₦113 per litre and Automotive Gas Oil (AGO) by ₦150 per litre
Dangote Petroleum Refinery has switched all sales of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Aviation Turbine Kerosene (ATK) to U.S. dollar payments, with the new policy taking effect immediately for both gantry and coastal transactions
Nigeria's crude oil production climbed to a six-year high in June, driven by improved operational stability and the absence of major pipeline outages across the country's producing assets.