Economists, industry experts and public finance analysts have hailed President Bola Tinubu’s latest executive order stripping the Nigerian National Petroleum Company Limited (NNPC) of the power to retain portions of oil and gas revenues before they reach the Federation Account. They said the order would help to strengthen revenue remittance compliance and enhance transparency, adding …
In a major move to centralise national earnings, President Bola Tinubu has signed an Executive Order that effectively strips the Nigerian National Petroleum Company Limited (NNPC) of the power to withhold significant portions of oil and gas revenues before they reach the Federation Account. The Executive Order, signed on February 13, and officially gazetted and …
Despite sweeping reforms that ended Nigeria’s long-standing fuel subsidy regime, many citizens are yet to feel the full economic impact of the policy shift, an economist and energy expert, Kelvin Emmanuel, has said. Mr Emmanuel, who is the co-founder and CEO of Diary Hills, said even though the removal of the fuel subsidy was a …
In a historic shift for Nigeria's downstream oil sector, the Dangote Petroleum Refinery has overtaken importers to become the country's dominant supplier of petrol. In January, the refinery supplied nearly 62 per cent of Nigeria's Premium Motor Spirit (PMS), also known as petrol, significantly reducing the nation's long-standing reliance on imported fuel. The Fact Sheet released by …
The Nigeria National Petroleum Company Limited (NNPC) has declared that it generated ₦60.517 trillion in revenue and ₦5.76 trillion as profit after tax in 2025. The national oil firm made this known in the NNPC Limited Monthly Report Summary for December 2025, released on Thursday, February 12. According to the report, crude oil and condensate …
Nigeria’s crude oil production rose to 1.459 million barrels per day in January 2026, up by 37,000 bpd when compared to December 2025 production of 1.422 million bpd. This is according to the Organisation of the Petroleum Exporting Countries’ (OPEC) February 2026 Monthly Oil Market Report (MOMR) released on Wednesday, February 11. While the output …
Nigeria’s long-standing quest for fuel self-sufficiency has received a significant boost as the Dangote Refinery successfully ramps up its Crude Distillation Unit (CDU) and Motor Spirit production block to a full capacity of 650,000 barrels per day (bpd). This followed a period of scheduled maintenance and technical stabilisation. The refinery made this known in a …
Dangote Petroleum Refinery has reduced the ex-depot price of its Premium Motor Spirit (PMS), also known as petrol from ₦799 to ₦774 per litre, reflecting a ₦25 cut. The refinery made this known in a notice sent to marketers on Tuesday, February 10. According to the refinery management, the price adjustment takes immediate effect. Pinnacle …
Competition in Nigeria’s downstream petroleum sector has intensified once more following a drop in the landing cost of imported Premium Motor Spirit (PMS), commonly known as petrol, below the ex-depot price offered by the Dangote Petroleum Refinery. The Widening Price Gap According to the Major Energies Marketers Association of Nigeria (MEMAN) Competency Centre Energy Bulletin, …
Dangote Refinery has revised its distribution policy, saying marketers are now free to choose between gantry and coastal loading of petroleum products from the refinery. It said the refinery does not impose restrictions on the evacuation modes chosen by marketers. Change in Distribution Policy In a statement released on Thursday night, the refinery, however, warned …
