Nigeria faces the world's second-highest petrol price increase at 39.5%, driven by geopolitical tensions and limited refining capacity, exacerbating inflation and economic strain nationwide.
MRS Oil Nigeria Plc and Ardova have raised petrol pump prices nationwide after Dangote Refinery increased its ex-depot cost. The adjustments come amid surging global crude oil prices, with Brent crude hitting $112.19 per barrel.
The United States has issued a temporary authorization permitting the sale of approximately 140 million barrels of Iranian crude oil already loaded on ships at sea. This move aims to alleviate global supply shortages and stabilize rising energy prices, wi
The Federal Government declares Nigeria's readiness to act as a reliable oil supplier to stabilize global energy markets, addressing Gulf tensions and domestic security.
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Nigeria has escalated discussions in London on a transcontinental gas pipeline project to supply European markets, with investments exceeding $20 billion anticipated. Key stakeholders, including Minister Ekperikpe Ekpo and NNPC officials, highlighted the
Dangote Petroleum Refinery has increased petrol prices twice within 24 hours, reaching N1,275 per litre, as global crude oil prices surge above $110 due to Middle East tensions.
Nigeria has experienced the world's sharpest petrol price increase at 39.5% between February and March, driven by Middle East tensions disrupting global oil markets and surpassing increases in Laos, Australia, and the United States.
Global oil prices have surged above $119 per barrel due to escalating Middle East tensions, pushing Nigeria's petrol depot prices higher and increasing economic pressure on consumers.
Malabu Oil and Gas Limited has rejected the Federal Government's claim of resolving the OPL 245 dispute, threatening a N1 trillion lawsuit and legal action to halt any agreement made without its consent.
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Nigeria's downstream oil sector sees a N94.53 per litre price gap favoring imports, with 249,000 metric tonnes of fuel recently arriving. Retail prices remain high, sparking debate over import policies and local refining capacity.
MJD Oilfield Services Ltd., in partnership with NCDMB and Renaissance Africa Energy, has launched a 12-month training programme for 33 Nigerian engineering graduates in pipeline pigging and corrosion control.
Nigeria's oil licensing round enters a decisive phase as NUPRC completes pre-qualification for 50 oil blocks, with only qualified firms proceeding to bid submission.
Maritime lawyer Olisa Agbakoba reveals Nigeria loses N22 trillion annually from offshore oil rig tax evasion and foreign dominance in marine services, urging urgent legal reforms.
IESL Group has launched IESL Oilfield Development Services Limited, a new subsidiary approved by the CAC, to expand its former OSS Business Unit. The move aims to drive growth and sustainability across the oil and gas value-chain.
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The Federal Government has launched an investigation into gas seepage reported in Bille Community, Rivers State, with regulatory agencies and operators working to determine the source and ensure safety.
Mixed reactions emerge as Nigeria faces a global oil price surge. Senator Magnus Abe sees strategic opportunities for revenue, while economist Dr. Chijioke Ekechukwu warns low production limits gains, citing OPEC data and budget impacts.
Global crude oil prices have skyrocketed above $100 per barrel as Middle East tensions escalate, with Brent crude reaching $114. Experts analyze four critical factors driving this surge and potential impacts on Nigeria's economy.
A new list of the world's largest crude oil producers in 2026 has emerged, with Nigeria notably absent. The top 10 countries, led by the US and Saudi Arabia, dominate global supply, highlighting Nigeria's declining role in the oil market.
President Bola Tinubu has approved a high-level Presidential Petroleum Reform and Value Optimisation Task Force to coordinate structural reforms in Nigeria's oil and gas industry, aiming to attract investment and enhance global competitiveness.
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A Nigerian man reveals he purchased fuel at N1,250 per litre at an NNPC filling station, attributing price moderation to Dangote Refinery while calling for an end to the Iran conflict.
Seplat Energy has announced plans to drill 17 new wells in 2026, aiming to increase production to between 135,000 and 155,000 barrels of oil equivalent per day. The company also revealed capital expenditure projections and discussed a potential stake sale
NNPC Ltd is in discussions with international and local oil producers to increase crude oil production, aiming to enhance supply for domestic refining, particularly at the Dangote Petroleum Refinery, amid global market volatility.
International Energy Agency members agree to largest-ever emergency oil stock release of 400 million barrels to combat supply disruptions from Middle East tensions and stabilize volatile global markets.
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.
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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.
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.
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.
