…market, extending its recent losses despite rising external reserves and elevated global crude oil prices.Data released by the Central Bank of Nigeria (CBN) showed that the local currency weakened to ₦1,367.61 per dollar on Monday, October 26, 2026, compared with ₦1,361.84 recorded at Friday's close.The naira falls…

…short of its budget target in the first 10 months of 2026, despite a sharp increase in crude oil prices triggered by the United States-Iran war, raising questions about the extent to which the country has converted the global oil market rally into stronger government revenue. Figures from the Federation Account income…

…and petroleum production to attract investment and expand employment. He disclosed that crude oil and condensate production reached 1.735 million barrels per day in June 2026, while emphasising the need to increase domestic refining, manufacturing and non-oil exports. The Vice President maintained that economic growth…

…aboard a speedboat reportedly drowned when a firm was pulling out its 200,000-capacity crude oil vessel, named Anambra Basin, from the Kula coastal waters after concluding operations in the area amid unresolved issues with the host communities. Seven persons lost their lives in the incident, while eight were rescued al…

…vandalism, particularly tapping into oil wellheads, flowlines and pipelines to steal crude oil now helps to hasten the ageing of pipelines beyond manufacturers’ set lifespan. “The lines suffer repeated cuts from oil thieves. Over time, assets operators get overwhelmed by repeated repairs and ultimately forced replaceme…

Global crude oil prices surged on Saturday after United States President Donald Trump threatened Iran with another “Epic Fury” military operation.A market survey on Saturday morning showed that Brent crude and West Texas Intermediate, WTI, rose by 3.82 per cent and 3.14 per cent to $116 per barrel and $103 per barrel,…

…a decade.Nigerians could face another round of petrol price increases as international crude oil prices surged to $115.18 per barrel, raising concerns that Dangote Petroleum Refinery and other depot owners may review their selling prices.The latest development comes as Dangote Refinery and several petroleum depot opera…

…trial of vaccine candidates against the Bundibugyo strain. Meanwhile, rising global crude oil prices, fuelled by tensions in the Middle East, threaten another petrol price hike, as the Lagos State Government blames alleged negligence by a developer for a building collapse in Fadeyi that killed one person and injured th…

…Menal allegedly failed to pay hire fees for an extended period.The company said the crude oil stored in the vessel had been removed before the retrieval operation, citing inspection reports issued in September 2026.It added that its agreement placed responsibility for the “vessel’s operations, security and community-re…

•As crude oil rises to $108.90 per barrel By Ediri Ejoh The landing cost of imported Premium Motor Spirit, PMS, also known as petrol, has dropped marginally to N1,283.81 per litre from N1,292.88 per litre. The latest figure was disclosed by the Major Energies Marketers Association of Nigeria, MEMAN, in its energy bulle…

…$16 billion refinery in Kenya’s Lamu port, with a planned capacity of 700,000 barrels of crude oil per day The investments will strengthen Dangote’s presence in petroleum refining and distribution beyond NigeriaPAY ATTENTION: Find it fast with our new search feature at Legit.ng! Legit.ng journalist Victor Enengedi has…

…Progressives Congress, APC-led government of mortgaging a sizeable portion of Nigeria’s crude oil to take foreign loans “to the extent that we are unable to supply Dangote refinery the needed crude oil to satisfy domestic consumption and demand.” Osa Director said: “The most important aspect of the subsidy conversation…

…loyal to him to join an inspection visit to a parcel of land reportedly earmarked for a crude oil tank farm by an unidentified oil company. However, the youths were allegedly confronted by another faction loyal to His Highness Baratuaipre Amaene, described by sources as a rival traditional ruler in the community. The d…

…loans, purchase imported materials and spare parts and meet foreign obligations. “Like crude oil, gas is priced in US dollars based on international benchmarks. But the misalignment across the gas-to-power value chain is chaotic,” he said. Ife also cited poor transportation, transmission and storage infrastructure, hig…

…Dangote and other modular refineries can be subsidized through reduction in the price of crude oil sold to them, and these refineries should equally be compelled to key into the modulated price scheme. There is no assurance that the war causing this problem will end soon, implying that this policy will be extended beyo…

…us to your Preferred Sources The NESG identified agricultural disruptions, crude oil theft and infrastructure vandalism as major security challenges weakening economic performance. It noted that banditry, terrorism and farmer-herder conflicts had displaced millions of agricultural households, particularly across the No…

…per cent in 2027 and 2028, driven largely by non-oil activities. The minister said that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May. Oyedele said that increased domestic refining was reducing refined petroleum product imports and demand for foreign exchange. Average infla…

…of Finance and Coordinating Minister of Economy, Taiwo Oyedele, has said Nigeria’s crude oil production constraints remain a major challenge to meeting domestic refining needs, despite President Bola Tinubu’s decision to remove the petrol subsidy in 2023. Oyedele said the country did not have enough freely available cr…

…Minister of the Economy, Taiwo Oyedele, has said Nigeria does not currently have enough crude oil to supply the Dangote Petroleum Refinery with its daily requirement of 700,000 barrels. Oyedele explained that the country was yet to reach a production level that would enable it to meet the refinery’s entire crude oil de…

…information on the factors behind significant price adjustments, including crude oil prices, foreign exchange movements, refining costs, logistics and supply conditions. Beyond demanding transparency, the association proposed the establishment of a Dangote Education Petroleum Trust Fund, known as DEPT-FUND, to provide…

…Trump’s “ambivalence.”See more Punch stories on Google.Add Punch on Google The rise in crude oil prices has also been fueled by persistent tensions in the Strait of Hormuz — a strategic chokepoint for the global oil trade — as well as hostilities between Yemen’s Iran-backed Houthis and Saudi Arabia. In a recent sign of…

…would not constitute a return to fuel subsidy. Other proposals include forward sales of crude oil to domestic refiners as production increases, with the aim of improving supply certainty and reducing exposure to global market fluctuations.Oyedele said the government would work with state authorities to remove illegal l…

…of crude to local refineries The government said it would increase forward sales of crude oil to domestic refineries as production rises. According to Oyedele, this would free up committed crude supplies and help shield domestic petrol prices from fluctuations in the international market. 3. N1,350 ceiling on petrol la…

…fund any subsidy. Instead, it would create a policy that fixes a lower price for crude oil sold within Nigeria compared to the international market rate.Amaechi outlines Atiku’s plan to lower fuel prices by selling crude to Nigerian refineries below international market rates. Photo Amaechi/ADC>The former Rivers state…

…costs, not international market ratesThe former Cross River governor outlined a crude oil allocation strategy he said would make his proposed pricing model possiblePAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!Legit.ng journalist Ridwan Adeola Yusuf has over…