The downstream regulator says it does not fix prices of petroleum products under the Petroleum Industry Act The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has intensified surveillance along Nigeria’s border corridors to curb petrol smuggling and illegal cross-border diversion as rising Premium Motor Spirit (petrol) prices deepen pressure on households, transport operators …
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 …
Dangote Group will begin work on its proposed $17 billion oil refinery in Kenya by the end of September, as Africa’s biggest oil-refining business expands its operations from West Africa into East Africa. Aliko Dangote, President of Dangote Group, disclosed this on Monday during the opening of the initial public offering of Dangote Petroleum Refinery …
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 …
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 …
The Dangote Refinery’s planned initial public offering (IPO) will widen its shareholder base without significantly altering its ownership structure. As existing major shareholders will retain their holdings, the new public investors will take up a small stake in the enlarged company, Pinnacle Daily analysis shows. According to the Dangote Petroleum Refinery and Petrochemicals Free Zone …
Nigerian motorists may face another round of petrol price hikes as international crude oil prices surge above $100 per barrel, amid deepening tensions in the Middle East. The sharp rise in global oil prices is putting renewed pressure on Nigeria’s downstream petroleum market, where petrol prices are increasingly influenced by crude acquisition costs, foreign exchange …
