…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…

…to about $54.95 billion as of October 2, 2026.The increase has been linked to stronger crude oil production, a pickup in foreign portfolio investments and a slowdown in import-related outflows.The naira strengthens slightly against the dollar while external reserves move closer to the $55 billion mark. Photo: Bloomberg…

…at many filling stations across the country. The News Agency of Nigeria reports that Crude oil prices currently hover around 90 dollars per barrel for the U.S. benchmark West Texas Intermediate (WTI) and about 98 dollars per barrel for the international benchmark, Brent crude. Checks by NAN in Abuja on Sunday showed th…

…exposure to market movements. The DMO subsequently clarified that Nigeria did not pledge crude oil revenues, airports, ports or other strategic national assets as security for the transaction. Instead, the government provided naira-denominated Federal Government securities as collateral. According to the agency, collat…

…Nigerian Navy and the Inter-Agency Task Force discovered a 40,000-litre capacity illegal crude oil refinery in Rivers State. The discovery was made during a joint operation involving men of the Nigerian Navy and the Task Force at a creek in Bonny Local Government Area of the state on Friday. The discovery followed acti…

…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 shows reductions across Lagos, Port Harcourt, Calabar and Warri, with Dangote implementing one of the largest c…

…as crude, depot rates fallLegit.ng earlier reported that the latest decline in global crude oil prices is piling fresh pressure on Nigerian refiners and petroleum marketers to reduce petrol prices, raising expectations that motorists could see some relief at filling stations.Crude prices retreated at the weekend after…

…complete solution to the region’s supply deficit.The CORAN Summit 2026, organised by the Crude Oil Refinery-owners Association of Nigeria, is focused on “Refining for Value: Linking Upstream Supply to Downstream Demand,” with stakeholders examining feedstock security, refining capacity, infrastructure and Nigeria’s com…

…Google.Add Punch on Google Iyovwaye said Delta had abundant natural resources, including crude oil, gas, the sea and fertile land, as well as a large pool of skilled people. He, however, said the state had not adequately translated its resources into improved living conditions for its residents. “We see a rich state, b…

…of derivatives-based sovereign borrowing.The Federal Government has maintained that no crude oil revenues or strategic national assets were pledged as collateral for the facility.Tinubu's government borrows more as Nigeria's 2026 budget carries a N31.46trn deficit. Photo: DMOpublic debt crosses N166 trillionThe rise in…

…market could also have implications for Nigeria’s foreign exchange position because crude oil remains a major source of dollar earnings.Oil traded around $100.19 per barrel, while US West Texas Intermediate hovered near $95 per barrel.The naira hits a new high against major currencies in all markets. ImagesGold, meanwh…

…in profit after tax, to N7.2tn in 2025, despite a decline in revenue amid falling crude oil prices and reduced product volumes. The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, disclosed this on Tuesday in Abuja during a media interaction to present the company’s 2025 audited financial results, achievem…

…in Lagos.The proposed Lamu Refinery is designed to process up to 700,000 barrels of crude oil per day.

Crude oil prices rose to $107 per barrel on Monday from $104, before retreating to $105 as Qatar planned fresh talks between the United States and Iran in a renewed effort to end the war and reopen the Strait of Hormuz. According to Reuters, the proposed diplomatic engagement comes amid continued disruptions to oil shi…