The United States sharply reduced its imports of Nigerian crude oil in January 2026, with volumes dropping by 47.16 per cent month-on-month, according to data from the U.S. Census Bureau and the Bureau of Economic Analysis. Figures from the U.S. International Trade in Goods and Services report showed that crude imports from Nigeria fell to…
NNPCL pumps raise petrol prices following Dangote Refinery’s increase Nigerian National Petroleum Company Limited (NNPCL) retail stations have increased petrol prices above one dollar per litre in Abuja and nearby areas, following the latest adjustment by Dangote Refinery. NNPCL outlets now sell petrol at N1,367 per litre, up from N1,261, marking a N106 rise. At…
Fresh petrol price hike looms as crude oil hits $70 (about ₦112,000) per barrel Nigerians may face another round of petrol price increases following a sustained rise in global crude oil prices, barely three days after pump prices were adjusted nationwide. Nigeria’s Bonny Light crude climbed to $70.30 per barrel (about ₦112,000), up from $64…
Chevron and Quantum Energy Partners Prepare $22B Bid for LukoilIn a significant potential shift in the global energy landscape, U.S. oil major Chevron has joined forces with private equity firm Quantum Energy Partners to prepare a joint bid worth $22 billion for the international assets of Russian oil giant Lukoil, according to the Financial Times…
Nigeria Prioritises Gas as Key Economic Driver The Nigerian government has intensified efforts to accelerate gas development as part of its broader economic recovery and diversification strategy ahead of 2026. With global demand shifting towards cleaner energy sources, Nigeria is positioning natural gas as a bridge fuel to reduce dependence on crude oil and strengthen…
NNPC, Independent Marketers Raise Petrol Price to ₦955/Litre Petrol pump prices across Nigeria witnessed a sharp increase on Monday, June 24, with retail outlets operated by the Nigerian National Petroleum Company Limited (NNPC) and independent marketers adjusting their rates upwards amid supply disruptions and rising international oil costs. In the Federal Capital Territory (FCT), NNPC…
Dangote Confirms U.S. Crude Dependency Amid Supply Gaps The President of Dangote Group, Aliko Dangote, has revealed that his $20 billion, 650,000-barrels-per-day refinery is “increasingly” depending on the United States for crude oil, due to persistent domestic supply shortages. This comes as findings show the Dangote Petroleum Refinery is set to import 17.65 million barrels…
PENGASSAN Condemns Marketers Over Rising Petrol Prices Petrol prices in Nigeria have skyrocketed, with pump prices now between N850 and N900 per litre, prompting strong criticism from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). During a press conference in Abuja on Monday, PENGASSAN President Festus Osifo accused petroleum marketers of exploiting…
Nigerians May Pay ₦1,000 per Litre as Fuel Crisis Brews Over NARTO Strike, Global Oil Tensions Nigerians may be heading for another round of fuel scarcity and price hikes, with petrol potentially soaring to around ₦1,000 per litre, as multiple developments threaten the country’s energy stability. Amid surging global oil prices triggered by renewed Middle…
Oil Prices Surge After Israel Strikes Iran Tensions in the Middle East escalated sharply on Friday after the Israel Defence Forces (IDF) launched an attack on Iran’s nuclear facility, prompting an immediate spike in global crude oil prices. Iran responded with a counterattack, fuelling fears of a prolonged regional conflict and disruption to global energy…
IPMAN Urges Dangote Refinery to Reduce Petrol Prices Below N825 Marketers Say Nigerians Should Pay Less Than N750 Per Litre The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Dangote Petroleum Refinery to reduce the price of Premium Motor Spirit (PMS), also known as petrol, below the current rate of N825 per…
An anti-corruption advocacy group, Concerned Citizens Against Corruption, has publicly commended the achievements of the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, particularly in reviving Nigeria’s major refineries in Warri, Port Harcourt, and Kaduna. Speaking at a press conference in Abuja, the group, led by Comrade…
Nigeria’s power sector is facing a critical reckoning, with systemic failures rooted in poor governance now too big to ignore. Minister of Power, Bayo Adelabu, has placed the blame squarely on weak corporate governance within government-owned enterprises. At the inaugural corporate governance forum hosted by the Ministry of Finance Incorporated (MOFI) in collaboration with the…
In a landmark decision, President Bola Ahmed Tinubu has appointed Bashir Bayo Ojulari as the new Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL). This follows the removal of Mele Kyari, who had led the state-owned oil giant since 2019. Ojulari’s appointment signals a new direction for Nigeria’s oil and…
photo: Mele/X In a sweeping restructuring of Nigeria’s state-owned oil company, President Bola Ahmed Tinubu has dismissed the entire board of the Nigerian National Petroleum Company Limited (NNPCL), including Group Chief Executive Officer (GCEO) Mele Kyari. The decision is part of a broader effort to revitalize the oil sector, improve efficiency, and attract investment into…
