The Federal Government is negotiating with Dangote Refinery to reverse dollar pricing for petroleum products, aiming to restore naira sales through increased crude supply under a naira-for-crude arrangement.
Nigerian fuel importers struggle as Dangote Refinery caps petrol prices, closing arbitrage and raising freight costs, squeezing profitability.
The Petroleum Minister hails Dangote Refinery as a national pride and catalyst for Nigeria's energy future, boosting local refining and reducing imports.
Dangote Refinery introduces dollar pricing for petrol, diesel, and aviation fuel amid global oil volatility, while exempting cooking gas to ease household burdens.
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Petrol depot prices in Nigeria surged over N100 per litre after Dangote Refinery switched to dollar sales, with some depots hitting N1,230 per litre, raising consumer costs.
Nigeria's crude oil production averaged 1.56 million bpd in June 2026, surpassing its OPEC quota of 1.5 million bpd for the first time in 74 months, driven by improved pipeline security and operational stability.
Cooking gas depot prices in Nigeria have fallen to as low as N980 per kilogram amid fierce competition, offering relief to households after months of soaring costs.
Dangote Group confirms a $17 billion oil refinery on Kenya's Lamu Island, with 700,000 bpd capacity, to reduce East Africa's fuel import dependence.
Oil prices fell for a third consecutive session on July 2, dropping about 1%, after Qatar signaled progress in US-Iran talks over the Strait of Hormuz and ahead of a likely OPEC+ output hike.
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Dangote Refinery dismisses claims of exporting fuel to Lomé, Togo, for re-importation into Nigeria, calling them false and commercially indefensible.
The US issued a 60-day license allowing Iranian oil sales as Washington and Tehran negotiate a final peace deal in Switzerland, easing decades-old sanctions.
Dangote Refinery reduces jet fuel price by N100 per litre to N1,450, sparking hope for lower airfares. PETROAN urges further cuts amid declining global crude oil prices.
Dangote Refinery reduces diesel price by N100 to N1,500 per litre amid competition and falling crude oil prices, offering relief to manufacturers and transporters.
Dangote Refinery reduces diesel price by N100 to N1,600 per litre, and jet fuel to N1,450, offering relief to transport, logistics, and aviation sectors in Nigeria.
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Dangote Refinery reduces petrol ex-depot price to N1,175/litre, marketers predict pump prices could fall to N1,200/litre in Lagos within days as crude oil prices decline.
Nigeria's petrol import bill fell 96% in Q1 2026 to N87.4 billion, as Dangote Refinery increased domestic fuel supply, reducing foreign exchange demand.
Dangote Refinery reduces petrol ex-depot price by N75 to N1,175 per litre, citing easing Middle East tensions and lower crude oil prices, boosting hopes for lower pump prices.
Nigeria failed to meet oil production targets for the fifth time, recording a $3.6 billion shortfall for the 2026 budget despite rising output and favorable prices.
Nigeria's oil production averaged 1.7 million bpd in May 2026, meeting OPEC quota and marking an 11-month high, driven by stable operations and completed maintenance.
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Russia extends jet fuel export ban until November 2026, tightening global supplies. Dangote Refinery emerges as key alternative supplier, exporting 1.1 billion litres to Europe.
Standard Bank Group commits to support Dangote Industries' refinery expansion and IPO, praising the project's impact on Nigeria's economy and energy security.
IPMAN says Dangote Refinery helped Nigeria avoid petrol prices of N5,000-N6,000 per litre by reducing import dependence and stabilizing domestic supply.
Energy marketers release fresh petrol depot prices in Nigeria as crude oil rises amid US-Iran tensions, raising concerns over transport costs and living expenses.
European countries increased jet fuel purchases from Nigeria in May, driven by Dangote refinery supplies amid Middle East disruptions, according to a Kpler report.
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ARDA and Algeria push for stronger refining capacity and collaboration to reduce import dependence, enhance energy security, and drive industrialization across Africa.
Nigeria's cooking gas crisis deepens with prices surging past N2,400/kg, forcing households to revert to charcoal and firewood amid supply shortages.
Nigeria's power debt to GenCos hits N7tr, FG and generation companies disagree on settlement plan, APGC warns of sector instability.
Petrol pump prices fall across Nigeria after Dangote Refinery reduces ex-depot price by N25. Lagos stations sell between N1,272 and N1,295 per litre.
Nigeria's petrol imports surged in May, reversing net export gains as Dangote Refinery maintenance disrupted local production, prompting marketers to turn to cheap foreign fuel.
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Cooking gas prices hit N2,000 per kg in Abuja and Lagos, forcing households and small businesses to switch to charcoal and firewood amid affordability crisis.
