The Commission gives idle oil licence holders October 31 deadline to clarify work impediments or face revocation The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to enforce the “Drill-or-Drop” provisions of the Petroleum Industry Act (PIA) 2021 by revoking licences awarded for oil exploration that have remained dormant and failed to meet …
Nigeria’s cost-of-living crisis may be deepening as the price of Premium Motor Spirit (PMS), popularly known as petrol, rises to about ₦1,500 per litre in parts of the country, raising fresh concerns over household budgets, transport costs and business operating expenses. The latest price surge follows recent adjustments of the ex-depot price of petrol by …
The petrol pricing landscape in Nigeria has undergone a significant shift in the past three years with the removal of subsidy policy and the resurgence of domestic refining championed by the Dangote Petroleum Refinery. While the return of local fuel refining is being celebrated as part of activities towards advancing Nigeria’s energy security drive, consumers …
The Federal Government has raised about ₦1.23 trillion through two series of bond issuances under the Power Sector Debt Reduction Programme in an effort to settle verified legacy obligations owed to electricity generation companies (GenCos) and strengthen liquidity across Nigeria’s electricity market. The latest Series II issuance of ₦728.979 billion, completed recently, followed the ₦501.021 …
Nigeria's formal admission as an Association Country with the International Energy Agency (IEA) is a significant milestone, marking a pivotal shift in the country's position within global energy markets. Vice President Kashim Shettima highlighted this during the recent signing of an agreement between Nigeria and the IEA for a Joint Work Programme to strengthen strategic …
Nigeria’s crude oil and condensate production rose marginally to 1.68 million barrels per day (mbpd) in August 2026, as improved operations at key assets helped the country sustain its recent production gains. According to a statement signed by the spokesperson of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Eniola Akinkuotu, the August output of 1,677,777 …
Nigeria’s crude oil production fell by 5,000 barrels per day (bpd) to 1.50 million bpd in August 2026, according to the latest data from the Organisation of the Petroleum Exporting Countries (OPEC). The figure, contained in OPEC’s September 2026 Monthly Oil Market Report, showed that output declined from 1.505 million bpd in July, marking the …
Foremost economist and Chief Executive Officer of Financial Derivatives Company (FDC) Limited, Mr Bismarck Rewane, has urged Nigerians to invest in the Dangote Refinery, stating that investment would offer more value in the long run than selling their Permanent Voter Cards (PVCs) during elections for quick financial gain. Pinnacle Daily had reported that Dangote Refinery …
The Nigerian Electricity Regulatory Commission (NERC) has raised the proportion of revenues that electricity Distribution Companies (DisCos) must channel into infrastructure upgrades. The move aims to accelerate network rehabilitation and improve electricity supply across the country. The directive is contained in a revised Order on the utilisation of earned Non-Administrative Operating Expenditure (Non-Admin OpEx), issued …
Dangote Petroleum Refinery has warned that a return of petrol subsidies or fuel price controls could squeeze its refining margins, disrupt demand and make revenue forecasting more difficult. The warning was contained in the refinery’s prospectus for its proposed initial public offering (IPO), released on Thursday, where the company identified uncertainty in government fuel-pricing policies …
