Nigeria could stand to gain from the sharp surge in global oil prices triggered by escalating conflict involving Israel, the United States and Iran, according to senior market analyst Matthew Anthony. Oil prices spiked to just above $120 over the weekend as the conflict intensified and key energy installations were targeted, tightening supply and pushing …
The Nigerian National Petroleum Company (NNPC) Limited recorded a significant drop of 46.7 per cent in revenue from ₦4.824 trillion in December 2025 to ₦2.571 trillion in January 2026. The national oil firm, however, recorded a marginal increase in profit after tax of ₦385 billion in January from ₦351 billion in December, representing a 9.7 …
Dangote Refinery has further increased the price of Premium Motor Spirit (petrol) at its gantry by ₦180 to ₦1,175 per litre, from ₦995. This latest increase marks the third price increase in one week, following the escalating conflict in the Middle East, which has led to the disruption of crude oil supply and the consequent …
Rising global crude oil prices triggered by the escalating U.S.–Iran war are putting renewed pressure on domestic fuel prices in Nigeria, raising concerns about inflation and the cost of living across the country. Global oil benchmark has surged past the $100 per barrel mark for the first time in years as conflict in the Middle …
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, has explained why the existence of domestic refineries does not automatically guarantee cheaper petrol and other petroleum products. Yusuf explained the rationale in a policy brief released on March 9, stressing that global crude oil prices remain the dominant …
Dangote Refinery has halted loading of Premium Motor Spirit (PMS), also known as petrol, fueling speculations of a further increase in its ex-depot price of the product. Tanker drivers who had reportedly queued at the facility have been asked to leave the premises, as all operations are currently suspended. The fear comes from a similar …
Qatar’s Energy Minister, Saad Al-Kaabi, has issued a stark warning that oil prices could hit $150 per barrel if the ongoing conflict in the Middle East continues to disrupt vital energy supplies. This warning comes after conflicts sparked by a joint military attack on Iran led by the U.S. and Israel escalated, spreading through the …
The refinery says Nigerian crude oil more expensive than Brent crude Dangote Petroleum Refinery has explained why it increased its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by ₦100 recently. The refinery had earlier in the week, the refinery had raised its ex-depot price of petrol from ₦774 to ₦874 …
President Bola Tinubu, on Thursday, presided over a meeting that led to the resolution of a dispute between the Nigerian government, multinational oil giant ENI, and the Nigerian Agip Exploration Limited (NAEL) on the Prospecting Licence (OPL) 245. The resolution was sealed with a historic settlement agreement between the Federal Government, ENI, and Agip. According …
The recent escalation of conflict in the Middle East, involving US-led strikes on Iran and subsequent retaliation, has caused a notable surge in crude oil prices in the global energy markets. The surge in crude oil prices in the international market has caused a hike in the prices of Premium Motor Spirit (PMS), also known …
