After more than a week of rallies, oil prices have fallen below $90 per barrel following the pause in attacks between the United States and Iran over the weekend. The attacks that have lasted for nearly two weeks have led to the collapse of an earlier 60-day ceasefire. The suspension of the latest hostilities has, …
Beyond the Stopgap measure: import surges haven’t relieved pressure on Nigeria's LPG market For Mrs Esther Akpan, who runs a small-scale restaurant in the Ilasa area of Lagos, it is not yet time to return to using cooking gas, despite the slight drop in prices in recent weeks. Mrs Akpan, who has been cooking …
Despite windfalls recorded by many oil-producing nations in recent months following the tension in the Middle East, Nigeria lost an estimated N5.1 trillion in expected oil revenue in six months. The 2026 federal budget has a target of 1.84 million barrels per day (bpd), but the data published by the Nigerian Upstream Petroleum Regulatory Commission …
Dangote Petroleum Refinery has reversed its recent dollar-pricing policy, resuming the sale of petrol in naira and setting a new ex-depot gantry price of ₦1,215 per litre. The decision, announced on Wednesday, provides a measure of relief to marketers and consumers by eliminating foreign exchange exposure that had complicated planning and squeezed margins for local …
Thirty one companies have emerged winners in the Nigerian Upstream Petroleum Regulatory Commission's (NUPRC) 2025 Licensing Round, with frontier basins capturing unprecedented investor attention for the first time in the nation's oil and gas history. The keenly contested bidding process, which concluded at the Transcorp Event Center in Abuja on Tuesday, saw 143 companies submit …
NUPRC targets 300,000 bpd production boost as 143 companies submit 200 bids for 37 oil and gas assets The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated that the ongoing 2025 licensing round could add about 500 million barrels to the nation's hydrocarbon reserves, marking a significant step toward achieving the government's target of …
For much of 2026, Nigeria's fuel story was one of quiet triumph: a country that had spent decades importing the bulk of the petrol it consumed was steadily weaning itself off foreign supply, thanks largely to the Dangote Petroleum Refinery. In January, domestic refineries supplied 40.1 million liters of Premium Motor Spirit (PMS) per day, …
The Commission charges new PPL licence winners to drive Nigeria's 3 million bpd production target The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has charged the latest recipients of Petroleum Prospecting Licences (PPLs) to develop the assets quickly or face the risk of forfeiture under the "drill or drop" provisions of the Petroleum Industry Act …
The Dangote Petroleum Refinery has shielded Nigerian consumers from rising global fuel prices by keeping domestic petrol prices stable despite increasing international gasoline prices, higher freight costs, and tightening global fuel supplies. This was contained in the latest market intelligence by S&P Global Commodity Insights. According to the report, fuel importers supplying the Nigerian market are …
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Federal Government to immediately restore full commercial production at the state-owned refineries. It warned that relying on a single dominant refinery poses risks to fuel pricing, currency stability, and Nigeria's energy security. It made the call in a statement issued on …
