Lagos Estates Face Soaring Electricity Costs as Poor Grid Supply Forces Heavy Dependence on Expensive Diesel
Residents of gated housing estates across Lagos are experiencing a sharp rise in electricity costs, with monthly bills more than…
Category: Energy
Iran Cuts Oil Output Amid Storage Crisis as Geopolitical Tensions Shake Global Oil Markets
Iran has begun reducing its oil production as its storage facilities near full capacity, following a sharp slowdown in crude…
U.S. Oil Export Surge Under Scrutiny as Gas Prices Jump Across All 50 States
The United States is facing growing scrutiny over its rising oil and fuel exports as gasoline prices climb sharply across…
Oil Prices Drop 11% as US–Iran Peace Deal Nears, Easing Global Supply Fears
Global oil prices experienced a sharp decline on Wednesday as Brent crude dropped about 11 percent, slipping below $100 per…
Dangote Refinery Exports Over 57 Million Barrels of Jet Fuel as Global Demand Surges
Dangote Petroleum Refinery has exported an estimated 57 million barrels of jet fuel between April 2024 and April 2026, marking…
Nigeria DisCos Revenue Drops to N196bn in February 2026 Amid Power Supply Decline
Nigeria’s electricity distribution companies (DisCos) recorded a total revenue of N196 billion in February 2026, reflecting a slight dip from…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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,…
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…
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…
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…
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…
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…
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…
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…