…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 650,000-barrels-per-day refinery, althoug…

Depot prices for petrol rise by approximately ₦45 per litre amid global crude oil surgeAnalysts warn that rising import costs will increase fuel prices, straining consumers already facing inflationIPMAN calls for urgent reassessment of fuel import licences to prevent further price hikes and naira pressureFind it fast w…

…the general price level. Energy prices feed strongly into inflationary pressures, and crude oil prices have risen above $84. The inflation outlook is looking very disturbing,” Yusuf said. He added, “It is unlikely there will be a rate cut. It is also not likely that there will be a further increase because the last inf…

…for June 2026 offers the clearest evidence yet that the direction is holding. Combined crude oil and condensate output reached 1.735 million barrels per day, 104 per cent of Nigeria’s Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.5 million bpd, and the highest crude figure recorded since Ap…

…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 industry Five months after the US-Iran war began, how would you evaluate its impact on global crude oil prices and the broader petroleum industry? The last five mo…

…in Lagos, Warri and Port Harcourt, even as operators continue to monitor global crude oil prices, freight charges and developments affecting regional shipping routes.

…on imports to supplement local production. The June data also showed that the country’s crude oil receipts by domestic refineries improved during the month. Crude oil receipt by domestic refineries rose from 0.578 million barrels per day in May to 0.632 million barrels per day in June, an increase of 0.054 million barr…

…it dismantled 48 illegal refinery 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 Informat…

…the development of their assets to support the Federal Government’s target of increasing crude oil production to two million barrels per day by 2027. The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, gave the charge on Friday in Abuja during the signing ceremony for the second batch of winners of the 2022/2023…

By Kingsley Omonobi The Nigerian Navy has thwarted an attempted act of crude oil theft targeting critical oil infrastructure in Bonny, Rivers State, reinforcing its commitment to safeguarding Nigeria’s strategic oil and gas assets under Operation Delta Sentinel. Director of Information, Navy Captain Abiodun Folorunsho,…

…many of the structural challenges that SAP was intended to address—dependence on crude oil, weak industrialisation, unemployment, poverty, inequality, external vulnerability and fragile State institutions,” four decades after the reform began. Olukoshi outlined eight lessons from the experience, chief among them that “…

…said exchange-rate stability, moderating inflation, stronger external reserves, improved crude oil production and resilient financial markets have significantly reduced macroeconomic vulnerabilities and strengthened investor confidence. He noted that government revenues also improved on the back of higher oil receipts…

…Upstream Petroleum Regulatory Commission (NUPRC) showed that Nigeria’s average daily crude oil and condensate production rose by 2.3 per cent to 1.74 million barrels per day (mbpd) in June from 1.70mbpd in May. The post Oil price reverses gains, falls 0.8% despite escalating US-Iran hostilities appeared first on Vangua…

…decade had been constrained by structural rigidities, policy missteps, dependence on crude oil, and repeated external shocks, leaving millions trapped in poverty. It stated that about 139 million Nigerians currently live below the national poverty line, with poverty concentrated largely in the northern part of the coun…

A fall in global crude oil prices would ordinarily be expected to ease the cost of aviation fuel and, by extension, reduce airline ticket prices. However, that has not happened in Nigeria, and according to an energy strategist and entrepreneur, Dr. Thomas Ogungbangbe, the reason lies in how the country’s Jet A1 market…

…cash flows.While the refinery continues to receive a significant volume of its crude oil feedstocks from local and international suppliers under dollar-denominated contracts, a substantial portion of its refined output was being sold domestically in naira.This mismatch, coupled with international crude price volatility…

…States was “reinstating” a naval blockade on Iran, further raising fears over global crude oil supplies and energy markets. According to oilprice.com, Brent crude rose from about $76 to above $80 per barrel following a fresh exchange of missile and drone attacks between the two countries, with both sides accusing each…

…export routes and a partial easing of Iran’s restrictions on maritime traffic, crude oil exports from the Middle East have averaged around 14 million barrels per day, down sharply from approximately 20 million barrels per day before the conflict began. The continued disruption to shipping activity has kept a geopolitic…

…its OPEC-mandated production ceiling for the second consecutive month, with June crude oil output soaring to an average of 1.56 million barrels per day (mbpd). This production volumes represents a 104 percent of the country’s 1.5 mbpd OPEC quota and marks Nigeria’s highest strict crude production level in over six year…

…reflecting mixed trends in Nigeria's downstream petroleum market. Meanwhile, the global crude oil prices suddenly surged sharply on Wednesday, with international benchmark Brent crude climbing close to the $80 per barrel mark, signalling renewed strength in the oil market amid heightened geopolitical tensions and expec…

…Island. CENTCOM made no mention of Kharg Island, from which Iran exports 90% of its crude oil. The incidents marked the latest threat to the fragile ceasefire brokered by the United States and Iran last month, which temporarily halted the conflict triggered by US and Israeli strikes across the Islamic Republic. by Lind…

…US-Iran agreement, the US Treasury 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 nego…

…cancelled a licence announced in June that had allowed Iran to produce, sell and deliver crude oil and related products through August 21. “Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences,” a US official told AFP. The official, speaking on condition of anonym…

…The fight against illicit alcohol should be viewed alongside efforts to combat crude oil theft, counterfeit pharmaceuticals, illegal mining, and fuel smuggling. These are not isolated crimes; they are different manifestations of the same institutional weakness-organised criminal networks exploiting gaps in state capaci…

…would replicate the company's refinery in Lagos and process about 700,000 barrels of crude oil per day when completed. The report read, "A new mega-refinery to be built at the Kenyan coast by Africa's richest person will cost as much as $17bn, a spokesman for Dangote Industries Ltd. has confirmed. "Billionaire Aliko Da…