The Chief Executive Officer and Managing Director of the Dangote Petroleum Refinery, David Bird, has again raised concerns about the shortage of domestic supply of crude oil to the refinery. Bird said the 650,000-barrels-per-day refinery is only getting about 30 per cent of the expected crude supply for its feedstock under the Naira-for-crude deal. Bird, …
The Central Bank of Nigeria (CBN) has removed its cash pooling requirement for International Oil Companies (IOCs), allowing them unrestricted access to their export earnings in a move aimed at boosting liquidity in the foreign exchange market. In a statement issued on Wednesday and signed by the Director of the Trade and Exchange Department, Musa …
The Dangote Petroleum Refinery has reached a major export milestone, shipping 456,000 tonnes of refined petroleum products to five African countries. This development follows the achievement of full production capacity of 650,000 barrels per day (bpd) in February by the refinery. Twelve cargoes of petroleum products were delivered to Côte d’Ivoire, Cameroon, Tanzania, Ghana, and …
Dangote Refinery has again raised its ex-depot price of fuel as crude oil surges above $110 per barrel in the international market. The continuous increase in prices signals more pressure in Nigeria’s fuel market. The 650,000 barrels per day refinery announced an increase in its ex-depot price of Premium Motor Spirit (PMS), also known as …
The ongoing escalation of the crisis in the Middle East, specifically the conflict involving the U.S., Israel, and Iran, has pushed Brent crude prices above $100 per barrel. While this exceeds Nigeria’s budget benchmark of $64.85 per barrel, several structural and economic factors suggest the country may not fully reap the rewards of this surge. …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it is conducting an investigation into the gas bubbling incident within the OML 18 area in Bille Community, Rivers State. It urged residents to remain calm and await the outcome of the findings. The Commission empathised with the community and acknowledged the concerns that the unfortunate development …
Major Energies Marketers Association of Nigeria (MEMAN) has highlighted a framework for ensuring fair pricing and a steady supply of fuel. The association’s recommendation focuses on maintaining a balance between local production and strategic imports, all underpinned by strong regulation and market-driven competition. Speaking at a quarterly webinar organised by MEMAN, the association’s Executive Secretary/CEO, …
Nigeria’s oil production declined by nine per cent month-on-month to 1.483 million barrels per day (bpd) in February 2026, down from 1.627 million bpd recorded in January. This is according to the latest report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which tracks crude oil and condensate production. On a year-on-year basis, output also …
Nigeria’s supply of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, declined by 8.5 per cent month-on-month to 4.7 metric tonnes per day in February 2026, down from 5.1 metric tonnes recorded in December 2025. This is according to the latest factsheet released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the completion of the pre-qualification stage of the 2025 Licensing Round and shortlisted bidders for the 50 oil blocks offered by the Commission. It said it has notified successful pre-qualified applicants. NUPRC made this known in a statement released on Tuesday, March 17, signed by the …
