Nigeria’s crude oil industry is showing renewed strength as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country has the capacity to produce as much as 1.9 million barrels of crude oil per day. The announcement comes at a time when global oil prices have climbed to about $77 per barrel, a level that […]
Category: Energy
Petrol Imports Surge 59.5% in May as Nigeria Balances Local Refining Growth and Fuel Demand
Nigeria’s petrol imports recorded a surprising rebound in May 2026, climbing by 59.5% compared to April despite continued growth in domestic refining capacity. Fresh data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that average daily imports of Premium Motor Spirit (PMS), commonly known as petrol, increased to 5.9 million litres […]
Oil Prices Crash by Over $7 Per Barrel as Brent Drops Below $80 Amid Global Easing Tensions
Global oil markets experienced a sharp downturn this week as crude prices fell by more than $7 per barrel, marking one of the steepest short-term declines in recent months. The drop reflects easing geopolitical tensions and renewed expectations of improved global oil supply stability. International benchmark Brent crude, which had traded at $87.33 per barrel […]
Nigeria Rules Out New Taxes on Fuel and Telecom Services Amid IMF Report Backlash
The Federal Government has firmly dismissed reports suggesting that new taxes could soon be introduced on fuel and telecommunications services in Nigeria, following reactions to the latest International Monetary Fund (International Monetary Fund) Article IV Consultation Report. Officials say the claims circulating in the media misrepresented the IMF’s recommendations and do not reflect government policy. […]
Dangote Refinery Slashes Diesel and Jet Fuel Prices as Falling Crude Oil Costs Ease Market Pressure
The Dangote Petroleum Refinery has announced another round of fuel price reductions, cutting the gantry prices of diesel and aviation fuel by N100 per litre. The latest adjustment sees diesel prices drop from N1,700 to N1,600 per litre, while jet fuel prices fall from N1,550 to N1,450 per litre. The development comes barely hours after […]
Petrol Price May Fall to N1,200 as Dangote Refinery Slashes Rates Amid Global Oil Decline
Nigeria may soon witness a fresh reduction in petrol prices, with marketers projecting that pump prices could fall to as low as N1,200 per litre following a major price cut by the Dangote Petroleum Refinery. The development comes as global crude oil prices continue to decline after the United States and Iran reached a peace […]
Mission 300 Lights Up Africa: Over 50 Million People Gain Electricity Access in Two Years
The World Bank and the African Development Bank (AfDB) have announced a major milestone under Mission 300, revealing that more than 50 million Africans across 40 countries have gained access to electricity since the initiative was launched in 2024. The achievement represents nearly one-fifth of the programme’s ambitious target of connecting 300 million people to […]
Global Gas Price Volatility Persists as World Bank Warns of Prolonged Market Instability
The World Bank has warned that global natural gas markets are heading into a prolonged period of instability, with prices expected to remain highly volatile due to ongoing geopolitical tensions, supply disruptions, and shifting global energy demand. In its latest Commodity Markets Outlook analysis, the institution said the energy market is becoming increasingly unpredictable, with […]
Dangote Refinery Cuts Petrol Price by N75 Amid Global Oil Price Drop
Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit (petrol), slashing it by N75 per litre in a move that is expected to ease pressure on fuel costs across Nigeria. The decision, announced in a circular to marketers, takes effect from midnight on June 16, 2026, and reflects recent […]
US–Iran Peace Deal Sends Shockwaves Through Global Markets — What It Means for Nigeria’s Economy
Global relief as US–Iran peace deal calms energy markets A newly announced peace agreement between the United States and Iran has begun to reshape global economic expectations, following months of tension that disrupted energy flows and rattled financial markets. U.S. President Donald Trump confirmed the deal in a post on his Truth Social platform, describing […]
Nigeria Power Crisis: World Bank $3.653bn Funding Exposes Deep Structural Failures in Electricity Sector
Nigeria’s persistent electricity crisis continues to raise tough questions, even as the country benefits from billions of dollars in international support. A former General Manager at the Transmission Company of Nigeria (TCN), Mr. Rasheed Abolomope, has said that over $3.653 billion in World Bank-backed funding has failed to deliver reliable electricity, proving that money alone […]
Oil Price Drops to $83 as US–Iran Peace Deal Sparks Global Market Shift
Crude oil prices slid sharply on Monday, falling to around $83 per barrel after the United States and Iran signed a ceasefire agreement aimed at ending hostilities and reopening the strategic Strait of Hormuz. The development immediately calmed global supply fears that had previously pushed energy markets higher. Brent crude, the global benchmark, dropped from […]
Nigeria Gas Production Hits 7.93bcf/d in May 2026 as Output Strengthens
Nigeria’s natural gas sector recorded a modest but steady growth in May 2026, with average daily production rising to 7.93 billion standard cubic feet per day (bcf/d). This represents a 0.63% increase year-on-year, compared to 7.88bcf/d in May 2025, according to fresh data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The figures highlight […]
Nigeria’s Fuel Import Bill Crashes 96% to N87bn in Q1 2026
Nigeria’s expenditure on fuel imports dropped sharply in the first quarter of 2026, signaling a significant shift in the country’s energy trade landscape. Fresh data released by the National Bureau of Statistics (NBS) showed that only N87.4 billion was spent on fuel importation between January and March 2026, compared to N2.27 trillion recorded during the […]
Nuclear Energy Comeback Gains Momentum as Nations Turn to “All-of-the-Above” Power Strategy
A global shift in energy strategy is underway as nuclear power stages a strong comeback, driven by rising concerns over energy security, fuel price volatility, and the urgent demand for reliable low-carbon electricity. Governments and major tech companies are increasingly embracing an “all-of-the-above” approach, with nuclear energy now back at the center of long-term planning […]
US–Iran Peace Deal Could Crash Petrol Price to N900 as Global Oil Market Slumps
The price of petrol in Nigeria may soon see a major relief, with industry operators suggesting that Premium Motor Spirit (PMS) could drop to as low as N900 per litre if a proposed peace agreement between the United States and Iran is successfully concluded. The expectation follows a sharp decline in global crude oil prices […]
Dangote Refinery Slashes West Africa Fuel Imports as Regional Energy Trade Reshapes
West Africa’s fuel supply chain is undergoing a major shift as the ramp-up of the Dangote Petroleum Refinery sharply reduces the region’s dependence on imported refined products. New industry data shows that cleaner petroleum imports dropped significantly, signaling a turning point in how fuel moves across the Atlantic Basin. The change is already disrupting long-established […]
Crude Oil Prices Fall After US–Iran Peace Deal Reopens Strait of Hormuz | Global Markets Rally
Global oil prices fell sharply on Monday while stock markets surged after the United States and Iran announced a landmark peace deal aimed at ending months of conflict and reopening the Strait of Hormuz, one of the world’s most critical energy shipping routes. The agreement, confirmed after mediation efforts led by Pakistan, is expected to […]
US-Iran Peace Deal Sends Oil Prices Tumbling as Global Markets React to Surprise Truce
A major geopolitical shock has rippled through global markets after reports that the United States and Iran have reached a peace agreement aimed at ending months of escalating tensions. The announcement, made by US President Donald Trump on his social media platform, signals a potential turning point in a conflict that had disrupted energy flows […]
N279bn petrol cargoes arrive amid Dangote-NNPC legal battle
Six fuel-laden vessels valued at approximately N279 billion have begun arriving at Nigerian ports, intensifying attention on the ongoing legal dispute between Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited over the continued importation of refined petroleum products into the country. The shipments, comprising petrol and diesel, are scheduled to discharge across terminals […]
Oil Prices Tumble as Trump Signals Iran Peace Deal, Easing War Fears in Global Markets
Global oil prices fell on Thursday after U.S. President Donald Trump signaled a possible breakthrough in tensions with Iran. His comments suggested that a peace agreement could be close, immediately shifting market sentiment from fear to cautious optimism. The sudden change in tone triggered an instant reaction across global energy trading floors. Following Trump’s statement, […]
Nigerian Gas Exports Surge 57% to $3.38bn as Europe Demand and Global Energy Crisis Boost LNG Trade
Nigeria’s liquefied natural gas (LNG) exports have recorded a major boost, surging by 57% to $3.38 billion in the first quarter of 2026, compared to the same period in 2025. The increase highlights Nigeria’s growing importance in the global energy market, especially across Europe where demand for stable energy sources continues to rise. According to […]
Nigeria Surpasses OPEC Oil Quota as Crude Production Hits 15-Month High
Nigeria has recorded its strongest crude oil production performance in over a year, surpassing its Organisation of the Petroleum Exporting Countries (OPEC) quota for the first time in months. Fresh data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the country produced an average of 1.53 million barrels of crude oil per […]
Nigeria’s Oil Production Climbs to 1.53 Million bpd, Highest Level Since July 2025
Nigeria’s oil production rose to an average of 1.53 million barrels per day (bpd) in May 2026, marking its highest output level since July 2025 and signaling renewed momentum for the country’s energy sector. According to the latest Monthly Oil Market Report released by the Organization of the Petroleum Exporting Countries (OPEC), crude oil production […]
Dangote Refinery Poised to Gain as Russia Extends Jet Fuel Export Ban
The Dangote Petroleum Refinery may be set for another boost in the international aviation fuel market following Russia’s decision to extend its jet fuel export ban until November 30, 2026. The move, announced by Moscow this week, is aimed at safeguarding domestic fuel supplies as continued Ukrainian drone attacks disrupt several of the country’s refining […]
Standard Bank Backs Dangote Refinery IPO, Pledges Support for Expansion Across Africa
Africa’s largest financial institution, Standard Bank Group, has thrown its weight behind the planned Dangote Refinery IPO, reaffirming its commitment to support the growth ambitions of Dangote Industries Limited across Africa. The pledge was made during a high-level visit by Standard Bank Group Chief Executive Officer, Sim Tshabalala, and other senior executives to the Dangote […]
FG Sets June 12 Deadline for Oil Bids in 2025 Licensing Round as Nigeria Pushes Upstream Investment
The Federal Government has set Friday, June 12, 2026, as the final deadline for the submission of technical and commercial bids in the ongoing 2025 Nigeria Oil Licensing Round. The directive, issued through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), signals a crucial phase in Nigeria’s push to unlock fresh investments in the upstream oil […]
Oil Prices Drop Sharply as Iran–US Peace Talks Ease Global Supply Fears
Oil prices fell sharply on Tuesday after renewed optimism over a possible diplomatic breakthrough between Iran and the United States triggered a wave of selling across global crude markets. Brent crude slid toward the $91 per barrel range, reflecting a sudden shift in investor sentiment driven by easing geopolitical tensions. According to market reports, Brent […]
Nigeria Petrol Imports Crash by N2.18 Trillion in Q1 2026 as Local Refining Reshapes Energy Market
Nigeria’s petrol import bill has taken a dramatic nosedive, falling by a staggering N2.18 trillion in the first quarter of 2026, according to fresh data from the National Bureau of Statistics (NBS). The sharp decline signals a major turning point in the country’s fuel supply chain as local refining continues to gain ground. The data […]
Nigeria’s Crude Oil Exports Hit N11.2 Trillion in Q1 2026 Despite Market Swings
Nigeria’s crude oil exports climbed to N11.20 trillion in the first quarter of 2026, reinforcing the country’s dependence on oil as its biggest foreign exchange earner, even amid fluctuating global market conditions. Fresh data from the National Bureau of Statistics (NBS) shows that despite month-to-month volatility, crude shipments ended the quarter on a strong note, […]