nigeria

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given 31 companies that won 37 oil and gas blocks in the 2025 Licensing Round 60 days to complete their signature bonus payments or risk forfeiting their provisional awards.

Nigeria’s shift to compressed natural gas (CNG) has reduced fuel costs for some commercial transport operators, but the savings have yet to translate into cheaper fares for many commuters across the country.

Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price by ₦20 per litre, from ₦1,165 to ₦1,185 per litre, with the new price effective midnight, August 21, 2026. The revised price was gathered by Petroleumprice.ng.

The Federal Government has said that the Dangote Petroleum Refinery could not have operated commercially under Nigeria’s former petrol subsidy regime, arguing that maintaining pump prices at about ₦200 per litre would have made private refining investment virtually impossible.

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.

The Liberia Petroleum Products Retailers Union (LIPPRU) has confirmed its participation in the 20th anniversary edition of OTL Africa Downstream Energy Week, scheduled for 25–30 October 2026 at the Oriental Hotel, Lagos, under the theme "Secure Energy, Share Prosperity." LIPPRU joins other industry bodies expected at the event, including the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the Major Energies Marketers Association of Nigeria (MEMAN) and the Depot and Petroleum Products Marketers Association of Nigeria (DAPMAN).

The Federal Government has introduced a new fiscal incentive that could give fresh deepwater oil projects a significantly more attractive starting position, resetting the profit-oil sharing ratio to 70:30 in favour of contractors even when older production in the same contract area has already moved to a higher government share.

The Nigerian Upstream Petroleum Regulatory Commission is working on a domestic crude oil and gas swap arrangement aimed at reducing supply costs and improving feedstock availability for local refineries.

Nigeria’s latest push to revive its state-owned refineries must move beyond rehabilitation promises and commissioning ceremonies, the Petroleum Products Retail Outlets Owners Association of Nigeria has warned, as it calls for a binding agreement that makes contractors and technical partners accountable for actual production.

President Bola Tinubu has assured that Nigeria's refineries will be revived and repositioned to become profitable, rather than merely operational, as part of a broader structural and economic reset.

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.

Aradel Holdings Plc plans to begin producing petrol at its Ogbele modular refinery in 2027, following Nigeria's removal of fuel subsidies, which has made local petrol production more commercially viable.

Dangote Petroleum Refinery has responded to Nigerian Upstream Petroleum Regulatory Commission (NUPRC) data suggesting it rejected 15.5 million barrels of crude offered by local producers in the second quarter of 2026. NUPRC's disclosure did not specify which producers were involved or the grounds for rejection, and the commission had not responded to requests for comment as of press time.

Nigeria's Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it is working with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to resolve crude oil supply shortages to local refineries, as the government pushes toward refining all of the country's crude output domestically.