Dangote Petroleum Refinery has reduced the ex-depot price of its Premium Motor Spirit (PMS), also known as petrol from ₦799 to ₦774 per litre, reflecting a ₦25 cut. The refinery made this known in a notice sent to marketers on Tuesday, February 10. According to the refinery management, the price adjustment takes immediate effect. Pinnacle …
Competition in Nigeria’s downstream petroleum sector has intensified once more following a drop in the landing cost of imported Premium Motor Spirit (PMS), commonly known as petrol, below the ex-depot price offered by the Dangote Petroleum Refinery. The Widening Price Gap According to the Major Energies Marketers Association of Nigeria (MEMAN) Competency Centre Energy Bulletin, …
Dangote Refinery has revised its distribution policy, saying marketers are now free to choose between gantry and coastal loading of petroleum products from the refinery. It said the refinery does not impose restrictions on the evacuation modes chosen by marketers. Change in Distribution Policy In a statement released on Thursday night, the refinery, however, warned …
NIPCO Plc’s ownership stake in Savannah Energy Plc has increased above the key 30 per cent threshold. This follows the completion of Savannah’s on-market share buyback programme, despite NIPCO making no additional share purchases. In a statement on Thursday, Savannah Energy announced that it had repurchased 32.1 million ordinary shares at 6.8 pence per share, …
Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Saidu Mohammed, has stated that the country is moving towards ending fuel importation as ongoing reforms, such as deregulation, have brought stability. Mohammed revealed that the cumulative impact of deregulation of the downstream sector and other economic reforms, including foreign exchange harmonisation …
The Dangote Petroleum Refinery has again clarified its operations following allegations that it was importing finished fuel into Nigeria. It dismissed reports claiming that it imports finished petroleum products (petrol, diesel, or aviation fuel), describing them as false and rooted in a misunderstanding of the standard refinery's operations. According to a statement released by the …
Shell’s fourth-quarter net profit fell by 11% to $3.3 billion, missing analyst expectations of $3.5 billion, the lowest since early 2021, as weaker oil prices weighed on earnings. Losses in its chemicals and products unit were larger than expected, while integrated gas and marketing profits also lagged forecasts. Despite the shortfall, the company maintained its …
Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has called for support of the African Energy Bank (AEB), saying it would not only boost energy self-sufficiency but also guarantee economic sovereignty, industrialization, and inclusive growth on the continent. Lokpobiri stressed that for Africa to build its energy future, it must stem from conscious …
There are concerns that Nigeria may lose about 6.75 million barrels of crude oil in February as Shell Nigeria Exploration and Production Company (SNEPCo) embarks on turnaround maintenance on the Bonga Floating Production Storage and Offloading (FPSO) vessel. In a statement released on Sunday, February 1, Shell said it has commenced turnaround maintenance on the vessel …
Oando Plc posted a significantly higher income tax credit of ₦226.1 billion in 2025 from ₦163.7 billion the previous year, amid concerns over the company's weaker operations and financial position. A review of its 2025 audited financial statement released on Sunday, February 1, shows that the tax credit boosted Oando’s profit for the year, despite …
