The global oil market was rattled on Monday, March 2, as crude prices surged toward $80 per barrel, driven by escalating tensions across the Middle East and fears of broader supply disruptions. According to data published by OilPrice.com, Brent Crude rose sharply on Monday, reaching $79.85 per barrel. The U.S. counterpart, West Texas Intermediate (WTI), …
Fresh concerns have emerged following a new increase in the retail price of cooking gas, adding further strain on households already grappling with high living costs. Latest report released by the National Bureau of Statistics (NBS) show that the average price for refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG), commonly known as cooking …
Residents of Cross Rivers State apparently spent more on Premium Motor Spirit (PMS), also known as petrol, in January 2026. Data released by the National Bureau of Statistics shows that the state recorded the highest average retail price of petrol in January 2026. The latest NBS Petrol Price Watch for January 2026 indicates that Cross …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that registration and submission of applications for pre-qualification for the Nigeria 2025 Licensing Round will close on Friday, February 27, 2026. The Commission made this known in an update shared via its X handle on Wednesday. According to the statement, NUPRC said the portal for the …
Nigeria is set to begin exporting a new crude oil grade called 'Cawthorne' in March 2026. This new stream is part of the country's broader strategy to boost its crude production and expand its presence in the global oil market. A Reuters report said a spokesperson of the Nigeria National Petroleum Company Limited (NNPC) confirmed …
Dangote Petroleum Refinery & Petrochemicals has reassured the Nigerian public of its capacity and commitment to supply a substantial volume of petrol to meet the nation's daily needs. The refinery, which recently hit its full capacity of 650,000 barrels per day after a major turnaround maintenance, said it will supply between 60 and 65 million litres of Premium …
Professor Wumi Iledare, a renowned expert in petroleum economics and Professor Emeritus at Louisiana State University, has reacted to President Bola Tinubu’s Executive Order 9 of 2026, directing the restructuring of oil and gas revenue remittances to the Federation Account. The order signed by President Tinubu on February 13 but announced on February 18, 2026, …
Economists, industry experts and public finance analysts have hailed President Bola Tinubu’s latest executive order stripping the Nigerian National Petroleum Company Limited (NNPC) of the power to retain portions of oil and gas revenues before they reach the Federation Account. They said the order would help to strengthen revenue remittance compliance and enhance transparency, adding …
In a major move to centralise national earnings, President Bola Tinubu has signed an Executive Order that effectively strips the Nigerian National Petroleum Company Limited (NNPC) of the power to withhold significant portions of oil and gas revenues before they reach the Federation Account. The Executive Order, signed on February 13, and officially gazetted and …
Despite sweeping reforms that ended Nigeria’s long-standing fuel subsidy regime, many citizens are yet to feel the full economic impact of the policy shift, an economist and energy expert, Kelvin Emmanuel, has said. Mr Emmanuel, who is the co-founder and CEO of Diary Hills, said even though the removal of the fuel subsidy was a …
