Court upholds $100m award against CNPC in OPL 471 case
Federal High Court in Port Harcourt reaffirms $100 million damages against China National Petroleum Corporation in favour of Cutra International over OPL 471 dispute.
Category : Oil Gas
NUPENG Demands Transparency in Warri, PH Refinery Revamp
NUPENG calls for transparency, accountability, and timely execution in the Federal Government's deal with Chinese firms to revive Warri and Port Harcourt refineries.
Cooking Gas Price Jumps N100 as Dangote Refinery, Dealers Release New LPG Rates
Nigerian households face another cooking gas price hike as Dangote Refinery and other dealers adjust LPG rates, pushing retail prices up by N100 to N150 per kilogramme.
Dangote Refinery Suspends Petrol Price Hike Amid Falling Oil
Dangote Refinery reverses planned petrol price increase, restoring rate to ₦1,275 per litre as crude oil prices fall sharply, bringing relief to Nigeria's downstream sector.
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Dangote Refinery Hikes Petrol Price to ₦1,350 Per Litre
Dangote Refinery increases petrol ex-depot price to ₦1,350 per litre, pushing pump prices toward ₦1,400. Government rules out subsidy return.
Dangote Refinery Reverses Fuel Price Hike to ₦1,275
Dangote Refinery reversed its ₦75 fuel price hike, returning PMS depot price to ₦1,275 per litre after briefly raising it to ₦1,350.
Dangote Refinery Hikes Petrol Price by N75 to N1,350
Dangote Refinery increased petrol ex-depot price by N75 to N1,350/litre, the second hike in a week, due to supply constraints and rising global oil costs, impacting Nigerians.
Nigeria Lets Dangote Set Fuel Price as Cost Hits N1,500
Nigeria rules out fuel subsidy and price controls, leaving Dangote Refinery and market forces to set prices as petrol surges to N1,500 per litre.
N1,330/L: Top 10 States With Highest and Lowest Petrol Prices
NBS reports average petrol price hit N1,288.54 in March 2026. Anambra has highest at N1,441.22, Lagos lowest at N1,162.71. North-East zone highest, South-West lowest.
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FG's Chinese refinery deal splits experts
The Federal Government's deal with a Chinese firm to rehabilitate Port Harcourt and Warri refineries has divided experts, with some calling for transparency and others urging scrapping.
Nigeria faces oil risks after UAE exits OPEC, institute warns
CRMI warns Nigeria faces significant oil market risks after UAE exits OPEC, citing potential volatility, supply disruption, and geopolitical tensions.
Petrol Prices Hit N1,300 Per Litre in Nigeria
Petrol depot prices in Nigeria have crossed N1,300 per litre due to high global crude oil costs and supply tensions, prompting filling stations to adjust pump prices amid rising energy costs.
NNPC Signs Deal with Chinese Firms to Revive Refineries
NNPC Ltd signs a Technical Equity Partnership with two Chinese firms to rehabilitate and ensure long-term profitability of Port Harcourt and Warri refineries.
NNPC Signs MoU with Chinese Firms for Refinery Revival
NNPC Ltd signs MoU with two Chinese companies to restart and expand Warri and Port Harcourt refineries under a technical equity partnership framework.
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Oil Surge Adds N5trn to Nigeria Revenue, Fuels Hardship
Nigeria gains N5trn extra oil revenue from US-Iran conflict price surge, but petrol costs rise to N1,400 per litre, worsening citizens' hardship.
NNPC Adjusts Petrol Prices Across Nigeria: New Rates Emerge
NNPC has adjusted petrol pump prices nationwide, with Lagos at N1,320, Abuja at N1,364, and Yobe highest at N1,395. Regional disparities persist.
Marketers Adjust Depot Petrol Prices After Dangote Hike
Oil marketers have raised depot prices for petrol and diesel across Nigeria following Dangote Refinery's N75 per litre increase. Prices surge in Lagos, Warri, Port Harcourt, and Calabar.
NNPCL Hikes May Crude Oil Prices by $7, Petrol Up in Lagos Abuja
NNPCL increases crude oil prices by up to $7 per barrel for May 2026, raising petrol costs to ₦1,320 in Lagos and ₦1,364 in Abuja amid global tensions.
Seplat Energy Posts $840.7M Revenue, Declares 9 Cents Dividend
Seplat Energy reported $840.7 million Q1 revenue and $37.9 million profit, declaring a 9 cents per share dividend, a 96% year-on-year increase.
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Dangote Refinery Recalls Redeployed Engineers
Dangote Refinery recalls engineers redeployed after disciplinary actions, offering a second chance following appeals and internal review.
Middle East Crisis Drives 12.6% Surge in Cooking Gas Prices
Cooking gas price in Nigeria rose 12.6% month-on-month in March 2026 due to Middle East crisis. Kaduna recorded highest price at N9,212.21.
Oil Price Hits $125 Per Barrel, Highest Since 2022
Brent crude briefly reached $125.60, the highest since 2022, driven by US-Iran tensions and UAE's OPEC exit, before easing to $116.50.
NNPC Hikes Petrol Prices to N1,320 in Lagos, N1,364 in Abuja
NNPC raises petrol prices to N1,320 per litre in Lagos and N1,364 in Abuja, citing rising supply costs. Other marketers follow suit.
NNPC Completes OB3 River Niger Crossing, Unlocks Gas Flow
NNPC subsidiary NGIC completes the River Niger crossing of the OB3 gas pipeline, unlocking 500 million scf/d of gas supply to boost electricity and industry.
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Petrol Costs Near N1,400/Litre in Nigerian Cities
Petrol prices in Nigeria are nearing N1,400 per litre due to the US-Iran crisis and rising crude oil costs, with Dangote Refinery adjusting prices and supply disruptions worsening the situation.
Tinubu Sacks NMDPRA CEO, Nominates Umar as Replacement
President Tinubu removes NMDPRA CEO Saidu Mohammed in public interest, nominates Rabiu Abdullahi Umar as successor pending Senate confirmation.
NNPCL Crude Price Hike Sparks Oil Glut Concerns
NNPCL increases crude prices by $6.15 per barrel for May, raising fears of a global oil glut. Dangote refinery also hikes petrol price to N1,275 per litre, putting pressure on consumers.
Nigeria Raises Crude Prices as Oil Glut Fears Grow, Dangote Hikes Petrol
Nigeria increases crude prices amid oil glut fears. Dangote refinery raises petrol depot price to N1,275 per litre, sparking concerns of retail pump prices hitting N1,500.
Cooking Gas Prices Surge in Nigeria: NBS March 2026 Data
The average cost of cooking gas in Nigeria rose sharply in March 2026, with 5kg cylinders hitting N7,655.73 and 12.5kg at N19,652.83, driven by global tensions and inflation.
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Dangote Jet Fuel Exports Surge as Airlines Lament Shortage
Dangote refinery capitalizes on strong global jet fuel margins, exporting to Europe, while Nigerian airlines struggle with soaring prices and supply shortages.
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