The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the completion of the pre-qualification stage of the 2025 Licensing Round and shortlisted bidders for the 50 oil blocks offered by the Commission. It said it has notified successful pre-qualified applicants. NUPRC made this known in a statement released on Tuesday, March 17, signed by the …
Oil prices have further surged as the ongoing conflict in the Middle East continues to disrupt supply chains, particularly through the Strait of Hormuz. After a brief dip on Monday, March 16, prices rebounded sharply on Tuesday, March 17, as attacks ravaged parts of the Gulf region, raising more fears of supply disruption. According to …
The recent escalation of conflict in the Middle East, involving the US, Israel, and Iran, has highlighted the vulnerability of Nigeria to global energy shocks despite being a major oil producer, as fuel prices. The conflict has once again highlighted a significant paradox in the Nigerian economy: while a rise in global crude prices (now …
In a significant shift in Nigeria’s energy consumption landscape, Automotive Gas Oil (AGO), also known as diesel, recorded an increase in consumption, while the usage of Premium Motor Spirit (PMS), commonly known as petrol, saw a notable decline in February 2026. This is according to the latest Factsheet released by the Nigeria Midstream and Downstream …
IEA Warns of historic supply shock as Middle East refineries, oil terminals face persistent attacks The Middle East energy landscape, long considered a major contributor to the global economy, is systematically being dismantled as the war between the United States, Israeli and Iran enters its third week. What began as a campaign targeting military …
Minister of Aviation and Aerospace Development Festus Keyamo has firmly stated that there is "no going back" on the implementation of the Federal Airports Authority of Nigeria (FAAN) cashless policy at airports across the country. This declaration comes after President Bola Tinubu temporarily suspended the full enforcement of the cashless system due to the significant …
Nigeria’s oil sector faced a significant gross oil revenue shortfall of approximately ₦24.47 trillion over the 2024 and 2025 fiscal years, Pinnacle Daily’s analysis has shown. This gap stems from the disparity between the ambitious revenue projections set in the national budgets of 2024 and 2025 and the actual receipts collected by the federation. The …
As the Middle East conflict continues to cause global disruption of crude oil supply and prices hovering around $100 per barrel, there have been calls for the Nigerian government to stop crude exports and prioritise supply to Dangote Refinery to boost domestic supply of refined products. Energy expert and chief economic strategist, ECOWAS Commission, Prof …
As global oil prices remain volatile and Nigerian commuters grapple with soaring petrol costs, the Federal Government's push for Compressed Natural Gas (CNG) has emerged as a compelling alternative. President Bola Tinubu’s recent order for the immediate deployment of 100,000 CNG conversion kits further highlights the urgency to wean the country off expensive imported fuel. …
Nigerian carriers are bleeding cash and flying at a loss as the ongoing Middle East conflict has pushed up aviation fuel prices by about 80 per cent, airline operators have disclosed. The crisis, triggered by the escalation of hostilities between US-Israeli forces and Iran since February 28, has disrupted shipping through the strategic Strait of …
