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.
Category : Oil Gas
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.
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.
Dangote Refinery Raises Petrol to ₦1,275, Halts Sales
Dangote Refinery increases petrol price to ₦1,275 per litre, suspends sales via PFI halt, sparking supply fears and potential fuel scarcity across Nigeria.
Dangote Raises Petrol Price to N1,275, Halts Sales
Dangote Refinery increases petrol ex-depot price by N75 to N1,275 per litre and suspends sales due to Proforma Invoice disruption, affecting downstream market.
Nigeria Petrol Price Falls 15.6% Year-on-Year: NBS
Nigeria's average petrol price fell 15.6% year-on-year to ₦1,051.47 in February 2026, but rose 1.62% month-on-month, according to the National Bureau of Statistics.
Tony Elumelu Nears Billionaire Status as Seplat Stake Hits $1B
Tony Elumelu's stake in Seplat Energy surges toward $1 billion amid a share price rally, strong financials, and strategic board appointment, fueling billionaire speculation.
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UAE exits OPEC after nearly 60 years in oil market shake-up
The United Arab Emirates announces its departure from OPEC and OPEC+ to pursue greater production flexibility, potentially reshaping global oil markets and weakening the cartel.
Petrol Prices Rise as Crude Oil Surpasses $100 per Barrel
Nigerians face potential petrol price hikes as depot operators adjust rates upward following global crude oil surge above $100 per barrel amid Middle East tensions.
Retrofitting Ageing Refineries Not Viable: ARDA VP
Evans Muata, ARDA VP, argues that retrofitting old state-owned refineries is not cost-effective; Africa needs new, modern refineries for energy sufficiency.
Waltersmith Expands Refinery Capacity to 10,000 bpd
Waltersmith Petroman Oil Limited expands its refinery in Imo State from 5,000 to 10,000 bpd, boosting local PMS and aviation fuel production.
Waltersmith Refinery Capacity Reaches 10,000 bpd
Waltersmith Petroman Oil Limited expands refinery capacity to 10,000 bpd, with plans for an industrial park. NMDPRA and NCDMB inspect Phase 2 facility.
Dangote Refinery Expansion to Create 95,000 Jobs
Dangote Group plans to expand its refinery to 1.4 million barrels per day, creating 95,000 jobs and surpassing Jamnagar as world's largest refinery.
Don Urges Integration of Illegal Refineries for Jobs
A professor advocates incorporating illegal refineries into Nigeria's oil industry to enhance local production, create jobs, and reduce poverty, alongside Waltersmith's refinery expansion.
NNPC Boosts Output, Expands Gas Infrastructure
NNPC Limited increased crude oil output to 1.71 million bpd and expanded gas infrastructure, including the AKK pipeline and Assa North gas plant, boosting domestic supply.
Petrol Drops to N1,295 in Abuja as Marketers Compete
Petrol prices in Abuja fall to N1,295 per litre as fuel marketers slash rates to attract customers, offering relief to motorists amid high living costs.
Top condom maker raises prices 30% due to Iran conflict
Karex Bhd, the world's largest condom producer, will increase prices by 20-30% due to supply chain disruptions from the Iran conflict, citing rising raw material and logistics costs.
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Dangote Plans New Refinery in East Africa After Nigeria Success
Aliko Dangote is planning a large-scale refinery in East Africa, potentially in Tanzania or Kenya, to reduce fuel import dependence and mirror his Nigerian facility.
NIPCO Gas Wins Gas Infrastructure Leadership Award
NIPCO Gas Limited receives Gas Infrastructure Leadership Award from Energy Times for its pioneering investments in natural gas infrastructure and advancing Nigeria's energy transition.
Dangote Refinery Supplies 95% of Nigeria's Aviation Fuel
Airlines Operators of Nigeria says Dangote Refinery provides over 95% of Jet A1 fuel, but price surges of up to 300% due to market manipulation threaten operations.
Dangote Offers to Build East Africa Mega Refinery
East African nations plan a joint refinery in Tanga to process regional crude and cut imports. Aliko Dangote signals readiness to lead investment, aiming for completion in 4-5 years.
Dangote Pledges 650,000bpd Refinery in East Africa
Aliko Dangote pledges to build a 650,000 barrels-per-day refinery in East Africa, urging regional support for industrial self-sufficiency and reduced import dependence.
Iran Gets First Hormuz Strait Tolls Revenue
Iran has collected initial revenue from tolls on ships passing through the Strait of Hormuz, marking a shift in the maritime standoff amid regional conflict.
Regulatory Clarity Vital for Nigeria's Gas Investment, Says NGA
Stakeholders at the Nigerian Gas Association's Legal Forum emphasize that regulatory clarity, disciplined implementation, and institutional alignment are essential to attract sustained investment in Nigeria's gas sector for a low-carbon future.
Delta Oil Communities Protest PIA Non-Implementation by Operators
Delta State host communities under OML 26 have expressed frustration over the failure of oil operators to implement the Petroleum Industry Act, citing short payments of N2.4 billion to development funds.
Refiners Warn of 483,000bpd Crude Shortage, Alleging Diversion
Local refiners under CORAN allege significant diversion of crude oil allocated for domestic processing, leaving plants underutilized and threatening Nigeria's energy security.
Oil Prices Rise Despite US-Iran Ceasefire Extension
Oil prices increased on Wednesday as markets reacted to Middle East uncertainty despite a ceasefire extension. Brent crude neared $100 per barrel amid supply concerns.
NNPC Boosts Crude Supply to Dangote Refinery in April
NNPC Trading supplied over 1.03 million metric tonnes of crude to Dangote refinery in April 2026, with eight cargoes from major Nigerian streams, supporting operations.
Dangote Refinery Starts Petrochemical Production, Reveals Uses
Dangote Refinery partners with Honeywell to produce propylene and LAB, targeting 750,000 tonnes of propylene and 400,000 tonnes of LAB annually.
Firm Claims 96% Oil Output in Niger Delta, Denies Sabotage
Abili Integrated Services Limited asserts it maintains 96% oil production in its operational areas, refuting sabotage allegations and calling for transparency in pipeline security management.
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