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Nigeria’s petrol market long depended almost entirely on imports, leaving prices exposed to foreign exchange volatility, freight costs, and global supply shocks. After the subsidy removal in mid-2023, average pump prices jumped from ₦176 per litre in June 2022 to ₦546 per litre by June 2023, a 210% year-on-year increase. The rise continued to ₦672 per litre in December

Nigeria’s petroleum retail network dates back several decades, with a handful of service stations still operating on sites established during the country’s early oil era. These outlets offer a rare physical link between Nigeria’s modern fuel market and its petroleum history. 1. Total Nigeria Plc – Yaba, Lagos Total Nigeria opened Nigeria’s first modern petrol

Nigeria’s oil and gas industry recorded a year of recovery and repositioning in 2025, marked by stronger midstream activity, rising domestic refining capacity, and renewed upstream investment. While production remained below government targets, structural reforms, infrastructure progress, and improved market dynamics reshaped the sector’s trajectory. Below is an itemised review of the industry’s performance across

In a sector traditionally dominated by men, Juliana Terzungwe Iorzaa is breaking new ground for women in Nigeria’s logistics and petroleum distribution industry. At just 28, the Benue-born driver has become a symbol of resilience, skill, and progress, earning recognition as one of Dangote Oil’s newly assigned petroleum truck drivers in 2025. A native of

As Nigeria marks its 65th anniversary of independence, the petroleum sector remains central to the country’s economic and political narrative. From the first filling station in Lagos to the commissioning of Africa’s largest refinery, the industry has significantly shaped national development, fiscal policy, and the country’s global standing. Here are 15 key dates and milestones

President Bola Ahmed Tinubu marked Nigeria’s 65th Independence Day with a broadcast that projected confidence in his reforms. He cited higher crude oil output, subsidy removal, and foreign exchange unification as proof that the country is “on the path of renewal.” He urged citizens to endure short-term pain for long-term gain. But fresh disruptions in

The ongoing strike by the National Union of Petroleum and Natural Gas Workers (NUPENG) has revived an old debate: does the union fight for its members’ welfare, or does it primarily protect the interests of its leaders? For decades, NUPENG and its Petroleum Tanker Drivers (PTD) branch claimed to champion drivers’ rights. Yet many drivers

Petrobras, Brazil’s state-controlled oil giant, is one of the most influential companies in the global energy market. While its name is widely recognized for oil production and political debates, there are many lesser-known facts about its innovations, achievements, challenges, and global reach. 1. Petrosix Oil-Shale Innovation Since 1953, Petrobras has invested heavily in unconventional oil

Nigeria’s downstream oil and gas sector is often viewed as male-dominated. Yet, an exclusive analysis by Petroleumprice.ng shows that a growing number of women now head some of the industry’s most prominent companies. These leaders blend professional expertise with strategic vision, enabling their firms to remain strong players in fuel distribution, trading, retail, lubricants, and

A major point of contention is quietly reshaping Nigeria’s downstream oil market: gantry loading at the Dangote Refinery. Traditionally, a refinery’s role has been to process crude oil and sell refined products in bulk to depot owners or marketers, who then distribute to truck operators and retail stations. Depot owners, therefore, serve as a critical

Bayo Bashir Ojulari, the new Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), faces one of the toughest jobs in Nigeria’s energy industry. Beyond running the country’s largest state-owned enterprise, he must also change the narrative of a sector where failed government-owned refineries have long symbolized national decline. For decades,

Nigeria’s flagship crude streams, Brass River and Qua Iboe, have slipped below the $70 per barrel mark, even as the country ramps up production to secure its 2025 budget targets. Market data show Brass River trading at $68.69 per barrel, while Qua Iboe stood at $68.74, both down by 0.07% on a one-day delay. The

Dangote Petroleum Refinery’s ambitious plan to supply fuel directly across Nigeria is as bold as it is complicated. Analysis by Petroleumprice.ng shows that behind the promise of cheaper and more accessible products, Dangote himself must contend with a labyrinth of operational, logistical, and competitive hurdles that could bear down on the success and longevity of

Nigerians are paying a steep price for cooking gas, even as retailers enjoy profit margins of up to 35% on every truckload sold in Lagos and Ogun States. This exclusive analysis by Petroleumprice.ng reveals how depot pricing, logistics, and retailer markups combine to deepen the burden on households. Depot Price vs. Retail Reality At depots

In June 2023, President Bola Tinubu ended Nigeria’s decades-old fuel subsidy. Pump prices jumped overnight from about ₦185 per litre to between ₦350 and ₦550. By late 2024, petrol in major cities sold for as much as ₦1,050 per litre as the government scrapped state-controlled pricing and let market rates prevail. The reform aimed to