President Bola Tinubu has approved fiscal incentives to enable the Final Investment Decision on the Bonga Southwest deepwater oil project, which could attract $20 billion in foreign direct investment.
Oil marketers warn that petrol prices in Nigeria could have soared to N1,500 per litre without local refining capacity from Dangote Refinery, citing global oil volatility and exchange rate pressures.
Nigeria's Federal Government has suspended petrol import licenses for major marketers, strengthening Dangote Refinery's position as it now supplies 64% of national demand and plans a $750 million expansion.
New NMDPRA data reveals Nigeria's average daily petrol consumption declined to 56.9 million litres in February 2026, down from 60.2 million litres in January, with domestic supply dropping sharply to 39.6 million litres daily.
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Dangote Petroleum Refinery has announced a significant reduction in petrol and diesel prices, lowering petrol by N100 per litre and diesel by N190 per litre, offering potential relief to consumers and marketers.
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Dangote Petroleum Refinery reduces petrol to ₦1,075 per litre and diesel to ₦1,430 per litre following global crude oil price decline, offering potential relief to Nigerian consumers.
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Global crude oil prices have declined to $83 per barrel after recent spikes, raising questions about potential reductions in Nigeria's petrol prices following recent hikes.
Dangote Petroleum Refinery CEO David Bird explains that petrol prices may not drop even with full refinery operation due to global oil market volatility and supply chain costs. Nigerian crude accounts for 30-35% of feedstock.
Global oil prices dropped sharply after Donald Trump suggested the Iran conflict could end soon, easing supply fears. This may lead to petrol price cuts in Nigeria from Dangote Refinery and other suppliers as crude prices decline significantly.
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Dangote Refinery has increased petrol prices to ₦1,175 per litre, marking the third hike in seven days due to global oil price surges and geopolitical tensions affecting Nigeria's energy market.
Nigeria faces potential fuel price hikes to N2,000 per litre as global crude oil surges to $117 per barrel due to Middle East tensions. Analysts warn of severe economic strain on households and businesses.
Oil prices soared to nearly $120 per barrel following Iran's appointment of a new supreme leader, raising fears of supply disruptions in the Strait of Hormuz. Prices later eased to around $106 after G7 reserve talks, but global markets and fuel costs rema
The Nigerian National Petroleum Company Limited is sourcing crude oil from international traders to sustain Dangote Refinery operations while petrol prices exceed N1,000 per litre across Nigeria.
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.
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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.
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.
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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.
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
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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.
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.
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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.
