…figure of ₦210 trillion dominated public discussion around the Nigerian National Petroleum Company Limited, creating an impression in some quarters that an almost unimaginable sum of public money had simply disappeared. The post NNPCL’s ₦210 trillion: When facts finally cut through the noise appeared first on Tribune O…
In this interview with DAMILOLA AINA, the Chief Executive Officer of petroleumprice.ng, Jeremiah Olatide, discusses how the five-month conflict involving the United States and Iran, along with disruptions to the Strait of Hormuz, affected global crude oil prices, Africa’s fuel supply chain and Nigeria’s petroleum indus…
…also reported a June headline inflation rate of 15.91%, as food prices continue to rise, petrol sells above ₦1,100 per litre, transport costs remain high, and the ₦70,000 minimum wage cannot sustain a family anywhere in the country. The address reads in part, “Nigeria’s 2026 flood outlook compounds this, as the Federal…
…Russian regions have experienced fuel supply disruptions since June, with long queues at petrol stations becoming increasingly common despite Russia being one of the world's largest oil producers.Russian officials said more than 370 Ukrainian drones were launched toward the Moscow region overnight, while Moscow Mayor S…
…earlier reported that former Bayelsa state governor and ex-Minister of State for Petroleum Resources under the late Muhammadu Buhari, Timipre Sylva, lost his elder brother, Chief Johnbull Anagha Sylva.His death came amid the allegation that the All Progressives Congress (APC) chieftain funded a failed coup plotted to s…
…into billions of naira. The former vice president also cited the Nigerian National Petroleum Corporation NNPC Limited’s audited 2024 financial statements, which he said showed ₦7.13 trillion spent on “Energy Security Expenses” — what NNPC itself identifies as petrol subsidy — despite claims that subsidy had been remove…
…young Nigerians to equip them with technical and professional skills for careers in the petroleum industry. The programme, which targets graduates in mechanical, electrical and instrumentation engineering, comprises three months of classroom instruction and nine months of on-the-job training with partner oil and gas se…
Fresh shipments of petrol, diesel, cooking gas, butane and aviation fuel are arriving at depots in Lagos, Warri and PH to boost fuel supplyImporters are facing higher costs after global freight rates increased by about 25% due to disruptions in the Middle EastThe recent temporary loading suspension at Dangote Refinery…
Nigeria’s petrol importation surged by 207 per cent in June 2026, even as domestic Premium Motor Spirit supply fell by 22 per cent, according to the latest data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The development marked a sharp reversal from the pattern recorded at the begi…
…sites, recovered about 4.698 million litres of stolen crude oil and illegally refined petroleum products, and arrested more than 91 suspects involved in crude oil theft, pipeline vandalism, militancy and related offences during the second quarter of 2026. The Director of Naval Information, Captain Abiodun Folorunsho, d…
By Obas Esiedesa, Abuja The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged newly awarded holders of Petroleum Prospecting Licences (PPLs) to fast-track the development of their assets to support the Federal Government’s target of increasing crude oil production to two million barrels per day by 202…
Nigerian fuel importers are under growing pressure as rising international petrol prices increase landing costsDangote Refinery's pricing has effectively set a price ceiling in Nigeria, leaving importers unable to pass on higher costs to marketersS&P Global Commodity Insights said arbitrage opportunities from Lomé have…
…energy markets. “I do not expect any major upward review in the local pump price of petrol because oil price is still significantly lower than the level we had during the war,” he said. For Nigeria, the elevated crude prices come as the country records its strongest oil production performance in more than six years, ra…
…reviewed reforms introduced by the Bola Tinubu administration, including the removal of petrol subsidy, exchange rate liberalisation, tighter monetary policy and tax reforms. According to the Bank, the reforms have begun to improve macroeconomic indicators. Economic growth increased from 3.5 per cent in the first half…
…several major revenue sources. It stated, “In June 2026, Companies Income Tax, CGT, SDT, Petroleum Royalties, Gas Flared, Rental & MOR, Value Added Tax, Import Duty and CET Levies increased significantly while Petroleum Profit Tax, Hydrocarbon Tax, Mineral Royalties and Fees decreased considerably. Excise Duty increase…
…several major revenue sources. It stated, “In June 2026, Companies Income Tax, CGT, SDT, Petroleum Royalties, Gas Flared, Rental & MOR, Value Added Tax, Import Duty and CET Levies increased significantly while Petroleum Profit Tax, Hydrocarbon Tax, Mineral Royalties and Fees decreased considerably. Excise Duty increase…
…most difficult economic reforms over the past three years, including the removal of petrol subsidies, exchange rate unification and comprehensive tax reforms, noting that the next phase was ensuring that Nigerians experienced their benefits. “We want to move from reform to results,” he said. The minister acknowledged t…
…Shifts to Dollar-denominated pricing for Fuel In a major commercial shift, the Dangote Petroleum Refinery has suspended its naira-based transaction model and officially transitioned to a dollar-denominated pricing framework for all refined products.The new policy effectively ends the naira payments initially establishe…
…including Imeko, Ilara, Ilaro, Idiroko, and Seme-Badagry.” “In addition to the seized petroleum products, five vehicles used in conveying the products were also intercepted. The combined duty-paid value of the seized PMS and the vehicles was estimated at N38m,” Aliyu added. Aliyu stated that the service continues to up…
…crude production level in over six years. According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the daily average production was 1.74 Million barrels per day, comprising of both Crude oil (1.56 Million bpd) and condensate (0.18 Million bpd), while lowest and peak combined crude oil and c…
…State has reportedly rescued two kidnap victims after intercepting 10 jerrycans of petrol allegedly being taken to bandits as ransom. The development was disclosed in a post accompanied by a video shared on X by security analyst Bakatsine on Sunday. “Nigeria Police Force in Zamfara have rescued two kidnap victims after…
By Udeme Akpan, Energy Editor The persistent gridlock caused by petroleum tankers along the Apapa and Kirikiri corridors of Lagos has once again exposed deep-rooted structural deficiencies in Nigeria’s downstream petroleum logistics chain, despite years of government interventions aimed at restoring order to the nation…
…against a relatively stable prices for Premium Motor Spirit (PMS) otherwise known as petrol despite fears of pressure from a renewed hostility in the Middle-east war between US and Iran, the main source of previous pump price increases. In Lagos, African Terminal increased its diesel loading price by N50 per litre to N…
…supplies in parts of Russia, leading to restrictions in some regions and long queues at petrol stations. Ukraine has also claimed responsibility for a drone strike on Moscow's Kapotnya oil refinery, one of the capital's main fuel suppliers.Ukrainian President Volodymyr Zelensky said the attacks demonstrate Ukraine's gr…
…19.63 percent, reflecting continued reliance on imported raw materials, machinery and petroleum products. Food products accounted for 10.57 percent of total FX utilisation, while the transport sector represented 5.25 percent. The minerals and agricultural sectors accounted for 1.04 percent and 0.57 percent, respectivel…