Nigeria’s electricity distribution companies (DisCos) recorded a total revenue of N196 billion in February 2026, reflecting a slight dip from the previous month, according to the Nigerian Electricity Regulatory Commission (NERC). The figure, published in the commission’s latest commercial performance report, signals ongoing fluctuations within the country’s power sector. The report shows that revenue fell […]
Category: Energy
Dangote Refinery Reverses Petrol Price Hike, Returns Ex-Depot Rate to N1,275 per Litre
The Dangote Petroleum Refinery has reversed its earlier decision to increase the ex-depot price of Premium Motor Spirit (PMS), bringing the rate back down to N1,275 per litre from N1,350. The adjustment, which had only just been announced, was rolled back within hours, effectively cancelling the price hike. The development means the previous pricing structure […]
Oil Prices Plunge Nearly 10% on US-Iran Deal Hopes as Global Markets Rally
Oil prices fell sharply on Wednesday, dropping close to 10%, as investors reacted to growing optimism that the United States and Iran may be moving toward easing tensions. The possibility of a preliminary agreement between both countries sparked a wave of selling in crude markets while boosting global equities. Brent crude slid 8.58% to $100.40 […]
Oil Prices Slide Below $100 as Trump Pauses Strait of Hormuz Escort Plan Amid De-escalation Hopes
Crude oil prices extended their decline on Tuesday after U.S. President Donald Trump announced a temporary pause in the plan to escort commercial vessels through the Strait of Hormuz. The decision came just days after the security operation was introduced, easing immediate fears of an escalation in the region. Following the announcement, traders began pricing […]
Crude Oil Offtake Stalls in Nigeria as Pricing Gaps Disrupt Local Refinery Supply Chain
Nigeria’s domestic refining sector is facing a major supply challenge as over 40.2 million barrels of crude oil made available by international and independent producers were not taken up by local refiners, including the Dangote Refinery. The Nigerian National Petroleum Company Limited (NNPCL) disclosed the development, highlighting growing inefficiencies in the crude allocation system. According […]
Nigeria Crude Supply Gap Widens as Refineries Receive Only 36–46% of Allocated Oil – NUPRC Report
Nigeria’s domestic crude oil supply chain is under renewed pressure after refineries received only 28.5 million barrels of crude oil in the first quarter of 2026, significantly below the 61.9 million barrels allocated for the period. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in its latest update on the Domestic Crude Supply Obligation […]
NNPC-China Refinery Deal: Marketers Back Equity Partnership to Revive Port Harcourt, Warri Plants
Fuel marketers in Nigeria have expressed strong support for the Nigerian National Petroleum Company Limited’s (NNPC) new partnership with two Chinese firms aimed at reviving the long-dormant Port Harcourt and Warri refineries. They believe the deal could finally unlock years of idle investments and restore local refining capacity. The agreement, signed through a Memorandum of […]
NNPC Remits N2.89 Trillion to Federation Account in Q1 2026 as Oil Revenue Surges
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a strong financial performance, remitting a total of N2.89 trillion to the Federation Account in the first quarter of 2026. The figure was disclosed in its latest operational performance report for March 2026, highlighting improved revenue flows from Nigeria’s oil and gas sector. This performance […]
California Gas Prices Surge Past $6 Per Gallon Amid Oil Supply Crunch
California motorists are facing a sharp spike in fuel costs as gas prices in the state have climbed to an average of $6.114 per gallon, marking the highest level recorded since 2023. The increase is being driven by tightening global oil supplies and growing pressure on California’s already fragile fuel supply chain. A significant portion […]
NNPC Signs New China Deal to Revamp Warri and Port Harcourt Refineries in Major Technical Partnership Push
The Nigerian National Petroleum Company Limited (NNPC Ltd) has taken a fresh step toward reviving Nigeria’s long-troubled refineries, signing a new agreement with two Chinese firms to accelerate the rehabilitation of the Port Harcourt and Warri facilities. The deal is part of a broader strategy to improve efficiency, restore production capacity, and reduce Nigeria’s dependence […]
Global Oil & Digital Shake-Up: UAE Exit from OPEC, Showmax Shutdown and Key Business Updates to Watch
This week’s global business landscape is shaping up with major developments across energy, media, and economic policy. From oil market disruptions to digital platform restructuring and transport innovations in Nigeria, several key stories are expected to influence markets between May 4 and May 9, 2026. Investors and analysts are closely monitoring shifts that could impact […]
Seplat Energy Targets Production Boost as Yoho Platform Restart Nears Completion
Seplat Energy Plc is preparing for a major production increase in 2026 as it moves closer to restarting its Yoho offshore platform, a key asset expected to return to service by the end of June after extensive maintenance work. The company says the restart will strengthen output across its portfolio and support full-year production guidance. […]
NERC Shifts Electricity Complaints to State Regulators in 15 States
Nigeria’s power sector is entering a new phase as the Nigerian Electricity Regulatory Commission (NERC) has asked electricity consumers in 15 states to take their complaints directly to state regulators. The directive follows the ongoing implementation of the Electricity Act 2023, which is reshaping how electricity issues are handled across the country. In a statement […]
MTN Nigeria Faces N140bn Margin Threat as Diesel Hits N2,000/L, Accelerates Shift to Gas
MTN Nigeria is facing mounting financial pressure as soaring diesel prices, now hovering around N2,000 per litre, threaten to erase an estimated N140 billion from its margins. The telecom giant is urgently accelerating its transition to gas-powered energy as it struggles to keep its vast network running in Nigeria’s unreliable electricity environment. The company warns […]
Global Asset Freeze Hits Nigerian Oil Trader Over $40m Debt Dispute
An English High Court has imposed a sweeping global asset freeze on Nigerian oil trader Abdulrahman Musa Bashar after he failed to settle a $40 million judgment debt, escalating a high-stakes legal battle that now spans multiple jurisdictions. The order, issued on March 30, restricts Bashar and his UAE-based firm, Ultimate Oil and Gas FZCO, […]
Nigeria Oil Revenue Windfall: BMI Projects N6.8 Trillion Gain as GDP Growth Hits 4.4% in 2026
Nigeria is expected to record a significant boost in oil earnings in 2026, with new projections suggesting an additional N6.8 trillion windfall driven by rising global crude prices. The outlook is supported by escalating geopolitical tensions in the Middle East, particularly the US–Iran conflict, which has pushed oil prices higher and strengthened Nigeria’s fiscal position. […]
Big Oil Returns to Canada as Energy Crunch Reshapes Global Supply Chains
After nearly a decade of divestment, major oil companies are once again turning their attention to Canada’s oil and gas industry. Once seen as too costly and politically constrained, the country is now regaining appeal as global energy security concerns reshape investment priorities. Rising instability in key producing regions has pushed companies to reconsider Canada […]
Nigeria to Gain FX Windfall as Crude Oil Surges Above $105 Amid Global Tensions
Nigeria is on track to record stronger foreign exchange inflows as global crude oil prices climb above $105 per barrel, driven by escalating geopolitical tensions in the Middle East and tightening global supply conditions. The rally has boosted expectations of improved oil revenues and greater stability for the naira. The surge in Brent crude prices—well […]
OPEC+ Approves 188,000 bpd Oil Production Increase Amid UAE Exit and Market Uncertainty
OPEC+ has agreed to increase oil production by 188,000 barrels per day (bpd) starting in June, even as the United Arab Emirates (UAE) officially exits the oil-producing alliance. The decision was reached during a virtual meeting on Sunday, reflecting the group’s attempt to maintain balance in a market currently shaped by uncertainty and geopolitical tensions. […]
Jet Fuel Price Drops to N1,820 as Dangote Offers Direct Airline Supply Amid Aviation Cost Crisis
The Dangote Petroleum Refinery has announced it will begin direct supply of aviation fuel to airlines in Nigeria at N1,820 per litre. The move comes amid rising concerns over soaring operational costs in the aviation sector and growing pressure on the Federal Government to intervene. A senior official of the refinery confirmed that airlines can […]
Oil Price Surge Adds N5.13 Trillion Windfall to Nigeria’s Revenue, but Fuels Rising Cost of Living
Nigeria has recorded a major fiscal boost after a sharp rise in global crude oil prices pushed government oil earnings above projections by more than N5.13 trillion within just two months. The surge, triggered by geopolitical tensions involving the United States and Iran, has lifted Nigeria’s revenue outlook far beyond its 2026 budget assumptions. Global […]
NNPC Completes OB3 River Niger Crossing, Unlocks 2bcf/d Gas Capacity
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the successful completion of the River Niger crossing on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, a major milestone expected to unlock an additional 2 billion standard cubic feet of gas per day. The update, shared on Thursday by the company’s Chief Corporate Communications Officer, Andy Odeh, […]
Petrol Nears N1,400/Litre as Dangote Raises Price Amid Global Oil Shock and Middle East Crisis
Petrol prices are edging dangerously close to N1,400 per litre across Nigeria as global oil market tensions push costs higher and local refiners adjust prices. The latest increase comes after the Dangote Petroleum Refinery raised its ex-depot petrol price from N1,200 to N1,275 per litre, triggering fresh hikes at filling stations nationwide. The surge in […]
Brent Crude Surges Past $126 Amid Trump’s Iran Strike Consideration, Raising Global Supply Fears
Global oil markets rallied sharply on Thursday as Brent crude surged past $126 per barrel, driven by rising geopolitical tensions between the United States and Iran. The spike follows indications that Donald Trump is considering fresh military strikes, heightening fears of supply disruptions in an already fragile energy market. Market data showed Brent crude climbing […]
Africa Must Unite to Unlock Global Solid Minerals Market — Dele Alake
Nigeria’s Minister of Solid Minerals Development, Dele Alake, has called for stronger regional cooperation among African countries to unlock the continent’s full potential in the global solid minerals market. Speaking at a mining investment conference in Kenya, Alake stressed that Africa must act collectively to benefit from growing global demand driven by clean energy, digital […]
Brent Oil Surges Above $123 Amid Reports of Possible U.S. Military Action on Iran
Global oil markets rallied sharply on Thursday, with Brent crude rising above $123 per barrel following reports that the United States is weighing military options against Iran. The development has heightened fears of further supply disruptions in the Middle East, a region already grappling with constrained exports due to ongoing geopolitical tensions. Brent crude futures […]
Cooking Gas Prices in Nigeria Rise as 5kg Hits N7,655 Amid March 2026 Inflation Pressure
Cooking gas prices in Nigeria recorded another sharp increase in March 2026, placing additional pressure on households already struggling with rising living costs. According to the latest Liquefied Petroleum Gas (LPG) Price Watch from the National Bureau of Statistics (NBS), the average cost of refilling a 5kg cylinder rose to N7,655.73, while a 12.5kg cylinder […]
Oil Supply Shock: Strait of Hormuz Closure Triggers Historic Crude Crisis and Global Economic Risk
The global oil market is facing what analysts are calling the most severe supply shock in history, after the prolonged closure of the Strait of Hormuz cut off more than 10 million barrels of crude oil per day from global supply. The disruption has sent energy prices soaring and raised growing fears of a global […]
NUPRC Board Resumes Duties, Pledges Oil Sector Reforms Amid Global Energy Uncertainty
The newly inaugurated board of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially resumed duties, pledging to drive key reforms in Nigeria’s oil and gas sector. The move comes at a time when global energy markets are experiencing significant uncertainty, prompting renewed focus on stability and investor confidence in Nigeria’s upstream petroleum industry. Speaking […]
Inefficient Refineries Should Be Phased Out to Boost Energy Efficiency – Dangote Refinery CEO
The Managing Director and Chief Executive Officer of Dangote Petroleum Refinery, David Bird, has called for the gradual shutdown of inefficient refineries worldwide, arguing that the global oil and gas industry is undergoing a structural shift toward cleaner, more efficient energy production systems. He made the remarks in Lagos during the Nigerian Association of Energy […]