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08024545197Petrol 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'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 Manufacturers Association of Nigeria has called on the Federal Government to reform Nigeria's crude oil allocation framework to guarantee local refineries priority access to domestic crude, after Dangote Petroleum Refinery purchased two cargoes of crude oil from the United Arab Emirates.
Libya's National Oil Corporation (NOC) and Austrian energy firm OMV have declared the "Essar" oil discovery in the Sirte Basin commercially viable, a decision that advances Libya's campaign to rebuild its upstream sector with the help of returning international oil majors.
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
OTL Africa Downstream Energy Week returns to Lagos for its 20th Anniversary edition, running from 25 to 30 October 2026 at the Oriental Hotel, Victoria Island. For two decades, the event has brought together the people who build, regulate and finance Africa's downstream and midstream energy sector, and this year's edition arrives as the continent works to close a refining investment gap OPEC estimates at $92 billion through 2050.
Nigeria's improving crude oil production and ongoing economic reforms may not be enough to sustain stronger economic growth if high borrowing costs and persistent inflation continue to weigh on businesses and households, the Organization of the Petroleum Exporting Countries (OPEC) has warned
The Senate Public Accounts Committee has given the external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd.) one week to produce documents explaining more than ₦210 trillion recorded as receivables and payables in the company's audited financial statements, insisting that figures of such magnitude cannot remain unreconciled after being certified by independent auditors.
The Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, has described the Dangote Petroleum Refinery & Petrochemicals as a source of national pride and one of Nigeria's most transformative industrial investments, saying the Federal Government will continue to provide the policy and regulatory support needed to maximise its contribution to the country's energy security, industrialisation and economic growth.
Optima Energy Resources Limited is marking two decades in Nigeria's oil and gas industry, the company announced on Monday, capping a journey that has taken it from a fledgling trading outfit to one of the country's recognised names in petroleum storage, distribution and logistics.
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.
The United States has rejected Iran's declaration that it has closed the Strait of Hormuz, insisting that commercial vessels continue to transit the strategic waterway despite renewed military exchanges that have intensified tensions across the Gulf
Nigeria has become the first member of the Organisation of the Petroleum Exporting Countries (OPEC) to join the International Energy Agency (IEA) as an associate member, deepening ties between the global energy watchdog and Africa's largest oil producer.
Tanzania's richest businessman, Mohammed Dewji, has indicated his willingness to commit $100 million to the proposed $17 billion Dangote refinery project in East Africa, adding fresh momentum to plans for what could become the continent's second-largest refining facility
Three major downstream petroleum marketers Matrix Energy Limited, AA Rano Limited and AYM Shafa Limited have applied to join the fresh ₦100 billion lawsuit filed by Dangote Petroleum Refinery against the Attorney General of the Federation (AGF), escalating the legal battle over petroleum import licences in Nigeria.
Dangote Refinery has unveiled a direct petrol distribution programme that could significantly reshape Nigeria's downstream petroleum market. Beyond eliminating transportation costs for qualified buyers, the initiative introduces a structured credit system, bulk purchase requirements and a direct supply model aimed at improving product availability across the country.
Retail cooking gas prices across Nigeria have remained elevated despite a gradual decline in depot prices and improved product availability, raising fresh concerns over the pace at which lower wholesale costs are reaching consumers.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Association of Road Transport Owners (NARTO) have reaffirmed their commitment to closer collaboration aimed at strengthening Nigeria's petroleum supply chain, improving operational efficiency and enhancing the country's energy security.
ExxonMobil and its partners have approved a $1 billion investment in the Usan Infill Project, a deep-water development expected to increase Nigeria's crude oil production by about 40,000 barrels per day, reinforcing fresh investment momentum in the country's upstream petroleum sector