…subsidies by N1 trillion annually.” He said the elimination of subsidies on white petroleum products has improved economics for alternative power sources relative to self-generation (now 1,700 MW of solar panels imported into Nigeria annually, adding that recent reforms in oil and gas have resulted in $10 billion in FI…

…availability, shorten supply chains and reduce the country’s dependence on imported petroleum products. The development also aligns with the Federal Government’s broader objective of achieving energy security through increased domestic refining capacity while conserving foreign exchange previously spent on importing re…

…watching closely to see whether Dangote Refinery will review the prices of other refined petroleum products if crude oil prices remain elevated and replacement costs continue to climb.The latest adjustment underscores the growing influence of global oil market developments on domestic fuel pricing, even as the refinery…

…Editor The Dangote Petroleum Refinery has significantly increased exports of refined petroleum products as inadequate domestic crude oil supply and persistent foreign exchange constraints continue to hamper its operations. This comes as rising global crude oil prices are expected to increase feedstock costs for the 650…

…comes as global crude oil prices climb sharply, pushing up the cost of refined petroleum products and intensifying pressure on Nigeria’s downstream sector.Marketers hike fuel prices nationwide as crude oil surges; Dangote suspends loading. prices surge nationwideSeveral major private depots announced new petrol prices,…

…and, for Africa, with the exception of Nigeria, 80 per cent of the continent imports petroleum products. The continent depends more on imports, so the conflict had greater effects on other importing African countries, and it was so negatively impactful that Brent crude hit $120 per barrel; the last time we experienced…

…rates have climbed by about 25%, significantly raising the cost of importing refined petroleum products. The higher logistics expenses have added to the financial burden on marketers, many of whom are already facing stiff competition from the pricing strategy of the Dangote Refinery.The situation has also forced many d…

…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…

…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…

…conveying Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), aviation fuel and other petroleum products converge on the Apapa axis, resulting in severe traffic congestion that disrupts business activities, port operations, residential communities and the movement of commuters. Investigations by Vanguard showed that…

…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…

…(WTI) gained $4.78, or 6.79 per cent, to $75.22 per barrel, showing that the prices of petroleum products could rise again if the crude oil prices continue to rise in the global market. The latest mid-day depot price report showed that Dangote reduced its petrol loading price to N1.075 per litre from N1,076 per litre,…

…issued a Jun 22 general license to allow the sale of crude oil and petrochemical and petroleum products of Iranian origin through Aug 21. In revoking that license on Tuesday, it gave Iran until Jul 17 to wind down any transactions. Trump added that US representatives can continue negotiations but he cast doubt on the o…

…Kenyan coast, is expected to take about three years to complete and will supply refined petroleum products to Kenya and neighbouring countries, reducing East Africa's dependence on imported fuels. The development comes as Bloomberg reported on Tuesday that President of the Dangote Group, Aliko Dangote, plans to build t…

…N34.538 trillion qualified for revenue concessions in 2025, comprising 56.40 percent petroleum products, 40.52 percent military imports, and 3.08 percent IDEC and other items. The Customs boss added that global trade disruptions arising from the Russia-Ukraine war also affected imports, particularly wheat shipments fro…

…showed that the Dangote refinery exported an estimated 1.66 billion litres of refined petroleum products in April 2026. This was during the mounting tensions in the Middle East that caused disruption to global fuel supply routes. An analysis of the NMDPRA's April 2026 fact sheet showed that the country exported about 5…

…dismantled 12 illegal refining sites and recovered over 464,268 litres of stolen petroleum products during the second quarter. The Director of Defence Media Operations, Maj.-Gen. Michael Onoja, disclosed this while briefing journalists on the Armed Forces' operational activities for the second quarter on Wednesday in A…

…we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products. However, that has not yet happened. "While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue f…

…allegedly involved in transporting illicit substances and hazardous materials such as petroleum products and gas. Some were also found conveying school children in unsafe conditions. He stated that a total of 278 motorcycles were seized during the operation, adding that the crackdown is aimed at enforcing compliance ac…

…were found using motorcycles to transport illicit substances and hazardous items such as petroleum products and gas, while others were seen conveying schoolchildren and toddlers in unsafe conditions on major roads." The Task Force spokesperson revealed that: "At the conclusion of the weeklong operation, a total of 278…

"This indicated an organised effort to move illicit petroleum products from remote creek locations into commercial distribution channels." The Navy said the operation also exposed a suspected supply route used by oil thieves and illegal refiners to move products from hidden refining camps in the creeks to buyers and di…

…Gillis-Harry, expressed concern that in some instances, the landing cost of imported petroleum products appears to be lower than the prices offered by domestic refiners. He noted that the development highlights the need for a more competitive downstream petroleum market where consumers can access products at the most a…

The Nigerian Ports Authority, NPA, has disclosed that 24 ships are currently discharging petroleum products and other commodities at the Apapa, Lekki Deep Sea and Tin-Can Island ports in Lagos State. According to the authority, the vessels are offloading various consignments, including bulk wheat, bulk salt, general ca…