Oando Plc ended 2025 with a ₦204.81 billion profit, but beneath the headline earnings lies a company grappling with mounting debt, a severe liquidity squeeze, negative shareholders' funds, and regulatory compliance issues that have raised questions about its financial resilience. The oil and gas group's audited financial statements for the year ended December 31, 2025, …
Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPC), Engr. Bayo Ojulari, has said efforts are being made to expand the capacities of the Warri and Port Harcourt refineries into the petrochemicals value chain for profitability. Ojulari stated this during a visit to the Warri Refining and Petrochemical Company (WRPC), where he …
The Nigeria National Petroleum Company Limited (NNPC) revenue fell by 12.8 per cent in May 2026, dropping from ₦4.971 trillion in April to ₦4.335 trillion despite a rise in crude oil and condensate production to a one-year high. According to the NNPC Limited Monthly Report Summary for May 2026 released on Wednesday, the profit after …
Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, cutting it by N50 per litre to N1,075, marking the fourth price cut by the refinery within a single month. The company confirmed the price cut in a statement released on Thursday, July 2. The …
Global crude oil prices have continued to decline, with Brent, the international benchmark, briefly selling at $70 before rising slightly to $71.57 per barrel on Wednesday, July 2, 2026. The U.S. West Texas Intermediate (WTI) fell to $68.44 per barrel, according to Oilprice.com. This is considered the lowest level in months. The primary driver …
Dangote Petroleum Refinery and the Republic of the Congo's national oil company, Société Nationale des Pétroles du Congo (SNPC), have begun discussions on a strategic partnership to strengthen the supply of refined petroleum products and deepen energy cooperation across Africa. The talks took place during a visit by an SNPC delegation to the Dangote Petroleum …
The easing of crude oil prices in the international market has raised expectations of a significant drop in petrol pump prices across retail stations in Nigeria; however, consumers groan over what they consider a “token” adjustment in prices by marketers. Crude oil had surged to a peak of $120 per barrel following geopolitical tensions in …
The Dangote Refinery has expanded its crude sourcing to include cargoes from the United Arab Emirates (UAE), marking a notable shift in its supply chain strategy. According to a report by S&P Global Commodity Insights, the $20 billion refinery recently imported two cargoes of crude oil from the UAE, marking its first-ever procurement of Middle …
Dangote Refinery has further cut its ex-depot price of Premium Motor Spirit (petrol) from ₦1,175 to ₦1,125 per litre, reflecting a ₦50 reduction. This was confirmed in a notice sent by the refinery to its customers, where it indicated that the gantry loading price has been reduced from ₦1,175 per litre to ₦1,125 per …
The Nigerian Content Development and Monitoring Board (NCDMB) and Nigeria LNG Limited (NLNG) have reaffirmed their commitment to deepen collaboration on local content, as the gas giant's Train 7 project reached 90 percent completion and pre-commissioning activities got underway. The renewed commitment was made on Wednesday when NLNG's Managing Director and Chief Executive Officer, Engr. …
