Oil prices have further surged as the ongoing conflict in the Middle East continues to disrupt supply chains, particularly through the Strait of Hormuz. After a brief dip on Monday, March 16, prices rebounded sharply on Tuesday, March 17, as attacks ravaged parts of the Gulf region, raising more fears of supply disruption. According to …
The recent escalation of conflict in the Middle East, involving the US, Israel, and Iran, has highlighted the vulnerability of Nigeria to global energy shocks despite being a major oil producer, as fuel prices. The conflict has once again highlighted a significant paradox in the Nigerian economy: while a rise in global crude prices (now …
The Centre for the Promotion of Private Enterprise (CPPE) has outlined measures businesses and government can adopt to cushion the impact of rising petroleum product prices. CPPE Chief Executive Officer Muda Yusuf made the recommendations in an advisory note issued on Sunday, March 15. He warned that the escalating cost of energy could further strain …
In a significant shift in Nigeria’s energy consumption landscape, Automotive Gas Oil (AGO), also known as diesel, recorded an increase in consumption, while the usage of Premium Motor Spirit (PMS), commonly known as petrol, saw a notable decline in February 2026. This is according to the latest Factsheet released by the Nigeria Midstream and Downstream …
Nigeria’s oil sector faced a significant gross oil revenue shortfall of approximately ₦24.47 trillion over the 2024 and 2025 fiscal years, Pinnacle Daily’s analysis has shown. This gap stems from the disparity between the ambitious revenue projections set in the national budgets of 2024 and 2025 and the actual receipts collected by the federation. The …
As the Middle East conflict continues to cause global disruption of crude oil supply and prices hovering around $100 per barrel, there have been calls for the Nigerian government to stop crude exports and prioritise supply to Dangote Refinery to boost domestic supply of refined products. Energy expert and chief economic strategist, ECOWAS Commission, Prof …
President Bola Tinubu has approved the Final Investment Decision (FID) on the Bonga Southwest deepwater project, estimated to attract about $20 billion in Foreign Direct Investment into Nigeria. This marks a significant step in Nigeria’s quest to attract strategic investments and accelerate sustainable economic growth. According to a statement by Andy Odeh, Chief Corporate Communications …
Nigerians are grappling with renewed economic pressure after oil marketers raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to as high as ₦1,330 per litre at some filling stations, intensifying the burden on commuters and transport operators already struggling with rising cost of living. The ripple effects of regional conflicts …
Dangote Refinery has cut its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by ₦100 to ₦1,075 per litre from the earlier price of ₦1,175 per litre. The refinery also stated that the price of PMS for coastal supply will now be set at ₦1,050 per litre, which accounts for a minor …
As the world continues to experience global supply disruptions and surging crude oil prices, Dangote Petroleum Refinery has reassured its commitment to a steady fuel supply in Nigeria, emphasising that the nation's domestic refining capacity provides a crucial buffer against international market shocks. The refinery's Managing Director, David Bird, who spoke in a media chat …
