World oil prices soared on Monday as tensions escalated in the Middle East after Iran appointed Mojtaba Khamenei as new supreme leader and launched fresh military strikes across the region, rattling financial markets.
Dangote Refinery has increased its ex-depot petrol price to N995 per litre, marking a second hike in days due to rising global crude oil prices, with Brent crude reaching $93.26 per barrel.
Private fuel depots in Lagos have increased petrol prices to N1,000 per litre, driven by global crude oil reaching $90 per barrel and Dangote Refinery's temporary loading suspension, raising concerns about nationwide price hikes.
Retail petrol prices surged significantly as MRS Oil Nigeria Plc and NNPC Limited increased pump prices by N100 per litre, following Dangote Refinery's adjustment. This move reflects global crude oil price fluctuations and higher replacement costs.
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Nigeria's Dangote Petroleum Refinery has raised its Premium Motor Spirit ex-depot price from N774 to N874 per litre, citing rising global crude oil costs and replacement expenses. The adjustment may trigger nationwide fuel price increases.
Military attacks on Middle Eastern energy facilities have triggered a sharp rise in global oil and gas prices, with Brent crude climbing 10% and natural gas surging nearly 50%. The crisis is impacting European markets and Nigerian fuel prices.
Nigeria's Bonny Light crude oil price surged to $80 per barrel, its highest since July 2025, following US-Israel strikes on Iran. Global benchmarks rose sharply, potentially boosting Nigeria's revenues but risking higher domestic fuel prices.
Environmental organizations demand President Tinubu and the National Assembly review Executive Order 9, arguing gas flaring penalties should fund Niger Delta remediation, not government revenue.
President Bola Tinubu has signed an executive order mandating direct remittance of oil and gas revenues to the Federation Account, eliminating key deductions and sparking debates on transparency and job losses.
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Nigeria's NNPC will begin exporting its new light, sweet Cawthorne crude oil grade in March 2026, aiming to boost production capacity and strengthen its position as Africa's leading crude exporter.
The Federal Government has introduced conditional petrol import permits to prevent artificial shortages while supporting domestic refining. This comes as Dangote Refinery announces new Premium Motor Spirit prices at N774 per litre, capturing 62% market sh
The Petroleum and Natural Gas Senior Staff Association of Nigeria warns President Tinubu's Executive Order restructuring oil revenue remittances could lead to significant job cuts in the sector.
An oil industry analyst examines the potential risks of President Tinubu's executive order on direct oil revenue remittance, citing impacts on NNPC's investment capacity and investor confidence.
Dangote Refinery has resumed Premium Motor Spirit sales at N774 per litre under a revised distribution framework that restricts direct access to approved major marketers and depot owners nationwide.
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Petrol prices at Lagos private depots have risen sharply, with Dangote-linked fuel now selling at N800 per litre. The increase follows Dangote Refinery's suspension of gantry sales and global crude oil prices climbing above $72 per barrel.
President Bola Tinubu has signed an executive order requiring all oil and gas revenues to be paid directly into the Federation Account, aiming to strengthen public finances and curb revenue leakages in Nigeria's petroleum sector.
The Nigerian Content Development and Monitoring Board (NCDMB) has reiterated that all upstream oil and gas companies must pay a mandatory 1% levy and obtain a compliance certificate to access regulatory services.
Nigeria lost an estimated N1.76 trillion in potential crude oil revenue after failing to meet its OPEC production quota between January 2025 and January 2026, highlighting persistent structural challenges in the oil sector.
Dangote Refinery suspends gantry sales to negotiate with fuel importers and marketers as new depot pricing emerges around N777 per litre, aiming to stabilize Nigeria's fuel market through coordinated supply framework.
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Eterna Plc partners with Fuelmetrics Limited to deploy self-service fuel terminals across Nigeria, enabling digital payments and real-time tracking to enhance efficiency and transparency in fuel retailing.
Dangote Group has signed a $400 million construction equipment agreement with China's XCMG to support the expansion of its refinery from 650,000 to 1.4 million barrels per day, with polypropylene and urea production also set to increase significantly.
AMNI International Petroleum Development Company Limited has dismissed reports of receivership, clarifying that a Federal High Court order pertains only to limited administrative functions in the Cenroc dispute.
Ogun State has officially joined Nigeria's oil-producing states following the commencement of drilling operations at the Eba oil well. President Tinubu's approval accelerated the project, which promises economic growth and diversification beyond the Niger
NNPC filling stations in Lagos have reduced petrol pump prices to N815 per litre, a N25 decrease from previous rates. This adjustment follows Dangote Refinery's price cut and reflects broader market dynamics.
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Dangote Petroleum Refinery achieves full operational capacity of 650,000 barrels per day, marking a historic milestone for Nigeria's oil industry and boosting domestic fuel supply.
Newly released Jeffrey Epstein documents reveal he backed out of Nigerian crude deals over fraud fears tied to NNPC, highlighting persistent governance concerns in Nigeria's oil sector as Dangote Refinery demonstrates alternative transparency.
A recent report reveals convicted financier Jeffrey Epstein considered a multi-million dollar Nigerian crude oil deal but withdrew due to scam concerns, sparking reactions from Nigerians on social media.
NNPC Limited's Group CEO Bayo Ojulari reveals the corporation lacks operational capacity for profitable refinery management, citing Port Harcourt Refinery's $1.5bn rehabilitation as wasteful.
Newly released FBI documents show Jeffrey Epstein discussed lucrative Nigerian crude oil brokering opportunities in 2010 email correspondence, expressing both interest and skepticism about potential fraud.
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Nigeria exported 306 million barrels of crude oil in 10 months, with 69% of production going abroad while local refineries face severe feedstock shortages and shutdowns.
