The presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, has said petrol would sell for no more than ₦605 per litre under an Accord administration, with the possibility of reducing the price to between ₦200 and ₦300 if production costs and the exchange rate are brought under control. Hashim said the ₦605 price would be …
Daily consumption of Premium Motor Spirit (PMS), also known as petrol, dropped by 25 per cent from 47.4 million litres per day in June to 35.7 million litres per day in July 2026 in Nigeria. This is one of the lowest daily demand levels since mid-2025 and sits well below the regulatory daily demand benchmark …
…Project expected to become one of Nigeria’s largest deep-water developments, targeting 175,000 barrels of oil per day at peak production The Nigerian National Petroleum Company Limited (NNPC) and the contractor parties to Oil Mining Lease (OML) 118 have executed key contractual agreements to advance the Bonga Southwest/Aparo (BSWAp) deep-water project towards Final Investment Decision …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued a deadline to 31 companies that won bids for 37 oil and gas blocks in the 2025 Licensing Round, warning that failure to pay signature bonuses on time will result in the immediate forfeiture of their provisional awards. In an official compliance update, the regulator confirmed …
At a recent meeting with the board and management of the Nigerian Exchange Group (NGX) on August 7, President Bola Tinubu promised that the Nigerian National Petroleum Company Limited (NNPC) would be reformed and listed on the Nigerian Exchange, reviving decade-old talks about taking the national oil company to the capital market. For years, the …
The Dangote Petroleum Refinery has increased prices for both Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (diesel), following a surge in global crude oil prices above $93 per barrel. The refinery raised its gantry price by ₦20 per litre, from ₦1,165 to ₦1,185 per litre. This represents a partial reversal of a …
A new executive order signed by President Bola Tinubu is set to unlock an additional one million barrels per day (mbpd) of crude oil and condensate from Nigeria’s deep offshore fields, alongside $50 billion in investments, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Engineer Enorense Amadasu, NUPRC’s Executive Commissioner for Development and Production, …
Dangote Petroleum Refinery has expanded its free petrol delivery scheme to four additional states as of August 2026, bringing the total to 10 locations nationwide. States now Covered The scheme now includes the original six locations—Lagos, Ogun, Rivers, Kaduna, Delta, and the FCT (Abuja)—and has added Kano, Imo, Anambra, and Nasarawa. The company stated that …
Aradel Holdings Plc has announced plans to commence production of Premium Motor Spirit (PMS), also known as petrol at its modular refinery located in Rivers State in 2027. The move is driven by the deregulation of Nigeria's downstream petroleum market in recent years under the current administration. According to an interview published by Bloomberg on …
Nigeria has maintained its oil production momentum for the third consecutive month, surpassing its Organization of Petroleum Exporting Countries, OPEC, quota despite a 4 per cent month-on-month decline in July 2026. Latest data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows that the country produced an average of 1.505 million barrels per day …
