In a significant shift for Nigeria's energy market, the price of Premium Motor Spirit (PMS), also known as petrol, has fallen sharply to ₦739 per litre ahead of the Yuletide season. Motorists in Lagos have formed long queues in some MRS filling stations in Lagos as they seek to buy petrol. The pump price drop …
President Bola Tinubu has asked the Senate to approve the nominations of two new chief executives for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The requests followed the sudden resignation of Engineer Farouk Ahmed of the NMDPRA and Gbenga Komolafe of the NUPRC. Both officials …
Oil prices climbed more than 2% on Wednesday after U.S. President Donald Trump ordered a full blockade of sanctioned oil tankers operating in and out of Venezuela, triggering fresh concerns over supply disruptions. Brent crude futures rose $1.41, or 2.4%, to $60.33 a barrel by 10:18 GMT. U.S. West Texas Intermediate (WTI) gained $1.42, or …
Nigeria recorded ₦12.81 trillion as revenue from crude oil exports in the third quarter (Q3) of 2025. This is according to the National Bureau of Statistics (NBS) Foreign Trade Statistics report for Q3 2025, released last week. The report revealed that crude oil exports accounted for 56.14 per cent of total exports. The NBS data …
China’s oil market is expected to remain largely insulated from recent disruptions in Venezuelan crude exports, at least in the near term, thanks to pre-arranged shipments, abundant floating storage, and subdued seasonal demand, analysts and traders say. The disruption follows the U.S. seizure of a tanker off Venezuela’s coast last week, coupled with new sanctions …
Nigerian indigenous oil company, Seplat Energy Plc, has reported a N3.36 trillion revenue growth for the third quarter (Q3) of the year. The revenue growth represents a 204 per cent increase compared to the N1.07 trillion the company posted in the same period in 2024. According to its nine-month financial statement released on Monday, December …
President of the Dangote Group, Aliko Dangote, has said the pump price of premium motor spirit (PMS), also known as petrol, will come down to N740 per litre at filling stations across the country. Dangote, who spoke during a media briefing in Lagos on Sunday, said the new price will take effect on Tuesday, December …
As the festive season approaches, Dangote Refinery has announced another slash of its gantry price of Premium Motor Spirit (PMS), also known as petrol to ₦699. This reflects a ₦129 or 15.58 per cent reduction when compared to ₦828 per litre sold previously. In a statement, the refinery said the new price takes effect on …
Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, has said the newly unveiled digital platform for Gas Trading Licence, and the Clearing House & Settlement Authorisation will enhance transparency of Nigeria’s gas market and offer a framework that aligns with global best practices. Ekperikpo stated this during the official unveiling of the GTL platform on Thursday, …
Nigeria’s crude oil production recorded a slight increase from 1.401 million barrels per day (bpd) in October to 1.436 million bpd in November 2025. This reflects a 35,000 bpd month-on-month increase. This is according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (MOMR) released on Thursday, December 11. OPEC said the …
