economy

The Dangote Petroleum Refinery may be heading for another petrol gantry price review as international crude prices surge, barely days after the refinery’s third price increase in eight days. The latest rally has intensified concerns across Nigeria’s downstream market, with crude prices gaining about 5 per cent within 24 hours, while some depot owners in Lagos have stopped sales yesterday in anticipation of a possible upward adjustment.

President Bola Ahmed Tinubu has set October 1 as the target date for the Federal Government’s plan to reduce intra-state transport fares by expanding the use of Compressed Natural Gas (CNG) and electric vehicles.

Nigeria’s average daily petrol consumption fell by 25 per cent to 35.7 million litres in July 2026, from 47.4 million litres per day in June, according to the latest monthly report of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Kenya, Ethiopia and Rwanda have expressed interest in taking equity positions in Dangote Industries’ proposed refinery project in Kenya, with the Nigerian industrialist offering East African countries a combined 30% stake in the planned $17 billion facility

The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), commonly known as diesel, valued at ₦4.485 billion, from Ibafon Oil and Gas in Lagos following allegations of theft and unlawful conversion of petroleum products.

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.