The United States significantly reduced its imports of Nigerian crude oil in January 2026, with volumes falling by 47.2 per cent compared to December 2025, reflecting a new trajectory of trade relationship between the advanced nation and the West African country. According to recent data released by the U.S. Census Bureau and the U.S. Bureau …
Global oil prices climbed sharply to nearly $117 per barrel on Monday as tensions in the Middle East intensified, with the United States reportedly considering ground military operations against Iran. The surge follows renewed missile exchanges between Israel and Iran, heightening fears of a broader regional conflict that could further disrupt global energy supplies. Iran …
For many Nigerians, the daily commute has become an exhausting test of endurance, as soaring fuel prices continue to reshape livelihoods, businesses, and basic mobility across the country. The Global Catalyst: Conflict and Crude Surges While parts of the Middle East are being ravaged by the ongoing conflict involving the United States, Israel, and Iran, …
Despite the windfall recorded in the last two months of 2026 due to a global oil price surge, Nigeria has, however, recorded a loss of about ₦2.2 trillion in projected oil revenue. While Brent crude prices have surged above $100 per barrel, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reveal that production fell …
Dangote Petroleum Refinery has announced a reduction in its gantry price of Premium Motor Spirit (petrol) from ₦1,275 to ₦1,200 per litre, reflecting a ₦75 cut. The refinery also adjusted its coastal price to ₦1,153 per litre. This downward adjustment comes despite heightened geopolitical tensions in the Middle East that have disrupted global crude oil supply, pushing …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has taken significant steps to boost the country's oil production, approving a major new exploration license while also streamlining the process for bringing idle wells back online. The Commission signed a Petroleum Exploration Licence (PEL) No. 5 agreement with a partnership led by SeaSeisGeophysical Limited and global data company TGS. According …
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 …
