NNPC has increased crude oil allocations to the Dangote Refinery to seven cargoes for May 2026, up from the five cargoes supplied in previous months. A Reuters report said two trade sources and a refinery official made the disclosure on Tuesday. The increase was in response to record-high fuel prices in Nigeria and significant supply disruptions …
Global oil prices spiked sharply as tensions around the Strait of Hormuz raised fears of supply disruption. Brent crude rose to $118.2 per barrel, while WTI climbed to $102.5, creating a wide gap between the two benchmarks. The surge followed remarks by Donald Trump, who urged countries facing jet fuel shortages due to the disruption …
Nigeria could see short-term gains from surging global oil prices, but heightened geopolitical tensions and policy uncertainty may temper the upside, according to Lukman Otunuga, Head of Market Research at FXTM. In a statement on Tuesday, Otunuga said oil benchmarks are “heading for their best monthly gain since 1990,” driven by fears of supply disruptions …
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called on the World Bank to support efforts to mobilise an estimated $22 billion required to bridge Nigeria's gas infrastructure gap and extend gas development across Africa. The Authority Chief Executive of the NMDPRA, Engr. Saidu Mohammed made the call at the Decade of Gas Ministerial …
The United States significantly reduced its imports of Nigerian crude oil in January 2026, with volumes falling by 47.2 per cent compared to December 2025, reflecting a new trajectory of trade relationship between the advanced nation and the West African country. According to recent data released by the U.S. Census Bureau and the U.S. Bureau …
Global oil prices climbed sharply to nearly $117 per barrel on Monday as tensions in the Middle East intensified, with the United States reportedly considering ground military operations against Iran. The surge follows renewed missile exchanges between Israel and Iran, heightening fears of a broader regional conflict that could further disrupt global energy supplies. Iran …
For many Nigerians, the daily commute has become an exhausting test of endurance, as soaring fuel prices continue to reshape livelihoods, businesses, and basic mobility across the country. The Global Catalyst: Conflict and Crude Surges While parts of the Middle East are being ravaged by the ongoing conflict involving the United States, Israel, and Iran, …
Despite the windfall recorded in the last two months of 2026 due to a global oil price surge, Nigeria has, however, recorded a loss of about ₦2.2 trillion in projected oil revenue. While Brent crude prices have surged above $100 per barrel, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reveal that production fell …
Dangote Petroleum Refinery has announced a reduction in its gantry price of Premium Motor Spirit (petrol) from ₦1,275 to ₦1,200 per litre, reflecting a ₦75 cut. The refinery also adjusted its coastal price to ₦1,153 per litre. This downward adjustment comes despite heightened geopolitical tensions in the Middle East that have disrupted global crude oil supply, pushing …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has taken significant steps to boost the country's oil production, approving a major new exploration license while also streamlining the process for bringing idle wells back online. The Commission signed a Petroleum Exploration Licence (PEL) No. 5 agreement with a partnership led by SeaSeisGeophysical Limited and global data company TGS. According …
