economy

Dangote Petroleum Refinery has added four more states to its free petrol delivery scheme. Kano, Imo, Anambra and Nasarawa now join Lagos, Ogun, Rivers, Kaduna, Abuja and Delta, bringing the total to ten states.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has disclosed that negotiations to establish a unified fuel quality standard across the Economic Community of West African States have reached an advanced stage, as the region pushes towards a more integrated petroleum market.

Nigeria is facing renewed pressure from the global energy shock as governments in 94 countries introduce fuel subsidies, price caps and tax measures to shield consumers from soaring energy costs linked to the U.S.-Iran conflict and disruption around the Strait of Hormuz.

The global oil market is showing a widening disconnect between falling crude futures and increasingly tight physical fuel markets, as the prolonged disruption to shipping through the Strait of Hormuz continues to erode inventories and restrict supplies.

The Federal Government has said Nigeria will need substantially more refining capacity and supporting infrastructure to meet Africa’s growing demand for refined petroleum products, stressing that the Dangote Petroleum Refinery, despite its scale, cannot by itself satisfy the continent’s requirements.

Nigeria has revived its long-delayed plan to list Nigerian National Petroleum Company Limited (NNPCL) on the Nigerian Exchange Group (NGX), reopening a proposal that has remained largely dormant for about a decade and renewing expectations that the country’s state-owned oil giant could finally enter the public market.

Nigeria’s diesel market is showing a widening disconnect between benchmark replacement costs and actual depot selling prices, with some independent marketers and importers now offering Automotive Gas Oil (AGO) below Dangote Refinery’s latest price despite a higher reported landing cost. Checks by Petroleumprice.ng show that while Dangote Refinery reduced its AGO price from ₦1,650/litre to ₦1,570/litre, some private depots subsequently moved their prices to around ₦1,550/litre and below.

Africa's largest oil refinery, the Dangote Petroleum Refinery, is preparing to raise about $5 billion through an initial public offering (IPO) expected in October, according to a source familiar with the matter. The landmark listing is set to become one of the largest capital market transactions in Africa and will provide fresh funding to expand operations and strengthen the refinery's position as a leading supplier of refined petroleum products across the continent.

The Federal Government has unveiled plans to gradually phase out crude oil exports as Nigeria ramps up domestic refining capacity, signalling a major shift towards exporting higher-value refined petroleum products instead of raw crude.

The Federal Government has assured the Dangote Petroleum Refinery that it will receive adequate foreign exchange to pay for crude oil purchases after selling refined petroleum products in naira, in a move aimed at easing the refinery's growing forex burden and sustaining domestic fuel supply.

Oil prices fell sharply in early trading on Monday after United States President Donald Trump halted a planned military strike against Iran, easing immediate fears of a wider conflict in the Middle East and raising hopes of renewed diplomatic efforts to reopen the Strait of Hormuz.

Nigeria's downstream petroleum market extended its bearish momentum during the final trading week of July as depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) declined across most major supply hubs. The broad-based price moderation reflected improved product availability, increased competition among private depot owners and easing replacement cost pressures, despite international crude oil prices remaining relatively firm throughout the week.

The Nigerian National Petroleum Company Limited (NNPC Ltd.) posted a profit after tax of ₦535 billion in June 2026, representing a 15.8 per cent increase from the ₦462 billion recorded in May, despite a marginal decline in crude oil and condensate production during the period.

Nigeria's domestic refining capacity could rise to 2.64 million barrels per day (bpd) by the end of 2030 as 24 new refinery projects progress through various stages of development, reinforcing the country's ambition to become a leading refining hub in Africa.

The Federal Government has announced plans to publish a detailed report outlining savings realised from the removal of petrol and foreign exchange subsidies, following months of public demand for greater transparency over the use of the funds generated by the economic reforms.