…in August, representing a reduction of about 32 per cent. In contrast, imports by oil marketing companies increased from 0.9 kilotonnes daily to 1.3 kilotonnes over the same period, a rise of approximately 44 per cent. The shift meant that imports accounted for a larger share of August’s LPG receipts as local deliverie…

…petrol pricesLegit.ng earlier reported that the Dangote Petroleum Refinery and major oil marketers have reduced petrol prices across several Nigerian depots following a decline in international crude oil prices, raising expectations of cheaper fuel at filling stations. The latest depot price report by Petroleumprice.ng…

The Federal High Court in Abuja ruled against the NMDPRA after three major oil marketers challenged the regulator's handling of their import licencesJustice Inyang Ekwo found that the NMDPRA's conduct put it in direct conflict with the Petroleum Industry Act 2021Petroleum dealers pushed back on the ruling, raising conc…

…Nigeria.Dangote crashed petrol prices below landing costsLegit.ng earlier reported that Oil marketers are increasingly lifting petroleum products from the Dangote Petroleum Refinery as the cost of importing petrol and diesel remains above the refinery’s selling prices. The widening price advantage comes as some filling…

…convert, transport and distribute energy reliably and affordably to consumers.As global oil markets remain volatile, countries that combine domestic production with strong refining and distribution systems will be better positioned to withstand external shocks. The post Syria fuel crisis exposes risks for Nigeria, othe…

…The development has raised fresh concerns over the impact of the sanctions on global oil markets, particularly as the conflict has disrupted energy supplies and shipping through the Strait of Hormuz. While some energy continues to flow through the strategic waterway, the US blockade of Iranian oil exports has effective…

…per barrel after US strikes on Iranian targets near the Strait of Hormuz rattled global oil marketsDangote Refinery raised its petrol gantry price three times in nine days, bringing the cumulative increase to N100 per litreNNPCL is now selling petrol at N1,299 per litre in Lagos and up to N1,345 per litre in parts of A…

…route through which about one-fifth of the world's oil previously passed. Global oil markets have remained volatile since the conflict began, with any confirmed attack on Kharg Island potentially adding further pressure to energy markets.Earlier on Sunday, August 30, a multinational coalition overseen by the US Navy sa…

…economic sanctions over direct military action. Following news of the strikes, global oil markets reacted immediately, with Brent crude rising 2.8% to $90.57 a barrel and US crude climbing 2.7% to $85.64 a barrel. Trump in recent weeks has focused on increasing economic pain for Iran rather than military actions, claim…

…planned exit from the Organisation of the Petroleum Exporting Countries, OPEC. A crude oil market survey showed that Brent and West Texas Intermediate, WTI, dropped to $88.10 and $83.40 per barrel, respectively, on Saturday morning. This means that Brent and WTI prices dropped by 0.47% and 0.16%, respectively, at the t…

…urgently needs, […] The post Why Atiku’s subsidy arithmetic cannot survive contact with oil market appeared first on Tribune Online.

…that were not delivered. “During the subsidy regime, a lot of funds allocated to oil marketers were not going to the designated areas. “Funds were allocated to bogus marketers to transport oil tankers, but they ended up collecting the money without transporting any oil,” he alleged. ‘Transparent subsidy regime will red…

…the economic disruptions associated with the COVID-19 pandemic and developments in the oil market. The distributable revenue, however, recovered to N8.12tn in 2021 and increased to N9.18tn in 2022. The document put the average annual growth rate for the pre-reform period at eight per cent. But the sharpest increase cam…

…drop in petrol prices in as many weeks, following recent changes in the global crude oil market.In Lagos, the price of petrol was reduced from N1,210 to N1,170 per litre, while, motorists in Abuja are now paying N1,210 per litre, down from the previous price of N1,260 per litre at NNPCL stations.

…in recent memory. This redirection has restored Nigeria’s credibility in international oil markets, allowing Nigeria to reclaim market share lost to Angola and Libya. “Economic stability follows predictability. When crude flows are secure, refineries can plan feedstock intake with assurance. Export commitments can be m…

…price increase flows through to the retail level.The adjustment comes as global crude oil markets remain under pressure. Brent crude has recently traded above $93 a barrel, driven by geopolitical tensions linked to Iran and disruptions around the Strait of Hormuz. Movements in international crude prices typically feed…

…retail stations offer the cheapest petrol in Nigeria at N1,205 per litre, amid rising oil market volatilityDangote-affiliated stations sell petrol above N1,200, highlighting competition in Nigeria's deregulated fuel marketRising depot prices and crude oil tensions signal potential pump price increases for motorists in…

…and has advocated private-sector involvement. Aside from Obasanjo, stakeholders like oil marketers, manufacturers and the organised private sector have also requested that the facilities be sold off. But Tinubu’s latest statement suggested that he is with the NNPC boss, Bayo Ojulari, who recently announced a memorandum…

…made little changes to their petrol prices as they monitored developments in the global oil market.Data obtained from Petroleumprice.ng showed that PMS prices ranged from N1,215 to N1,225 per litre across major depots, with Dangote, Aiteo and Pinnacle selling at N1,215 per litre, while Nepal, Optima and Rain Oil quoted…

…that between June 2025 and June 2026, there was no recorded import of aviation fuel by Oil Marketing Companies, making domestic refineries the exclusive source of supply throughout the period. The development marks a significant shift for Nigeria’s aviation fuel market, which had relied heavily on imported Jet A-1 for…

…continue to climb.The latest adjustment underscores the growing influence of global oil market developments on domestic fuel pricing, even as the refinery continues its strategy of selling petroleum products in naira.Dangote increases petrol price Legit.ng earlier reported that Dangote Petroleum Refinery has resumed co…

…of petroleum products in our country?” Ukadike said.With depot prices rising and crude oil markets remaining volatile, Nigerians may face another round of fuel price increases in the days ahead.Depots hike petrol prices, release new rates nationwideLegit.ng earlier reported that Petroleum product depots across Nigeria…

…particularly from the Dangote Refinery, Nigerians are still vulnerable to global oil market shocks. What does this tell us about the country’s energy security? Despite increased domestic refining capacity, particularly from the Dangote Refinery, Nigerians are still vulnerable to global shocks. What does this tell us ab…

…costs when determining depot prices, amid ongoing uncertainty in the international oil market.Dangote loading disruption influences depot pricesThe inflow of new cargoes coincides with market reactions to the Dangote Refinery's temporary suspension of product loading earlier in the week. The development contributed to…

…that traditionally determine jet fuel prices. He said despite movements in the global oil market, domestic aviation fuel prices have not adjusted in line with international market realities. According to him, “It is still not in line with global Platts that dictates the aviation fuel cost build-up. Dangote Refinery is…