The latest oil, gas and energy news, industry trends, market analysis, expert commentary and energy insights shaping the Nigerian and global energy sector.
Dangote Petroleum Refinery has announced a significant reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N835 to N825 per litre. The new pricing, effective immediately, comes as a relief amid Nigeria’s ongoing efforts to stabilise fuel supply and reduce dependence on imported petroleum products. Industry analysts suggest the […]
Oil prices rocketed more than three per cent on Monday after China and the United States agreed to suspend sweeping mutual tariffs. Brent climbed +2.44 or 3.82% to $66.35 at 12:44 PM WAT on hopes that a pullback in tensions will support the global economy and boost demand for the commodity. West Texas Intermediate jumped […]
The President and Chief Executive Officer of Dangote Group, Aliko Dangote, on Thursday said there is no rivalry between his organisation and the Nigerian National Petroleum Company Limited (NNPCL), reaffirming a shared commitment to collaboration in Nigeria’s energy sector. Dangote made the remarks during a courtesy visit to the Group Chief Executive Officer of the NNPC Ltd, Bashir Ojulari, at the NNPC Towers […]
The Federal Government on Wednesday directed the management of the Nigerian National Petroleum Company Ltd. to increase oil production beyond current levels by the end of the year. The Minister of State for Petroleum Resources, Mr Heineken Lokpobiri, said this in an interview with the News Agency of Nigeria at the Africa Energy Forum in […]
Oil gained more than $1.50 per barrel on Tuesday, rebounding on technical factors and bargain hunting. Although concerns about a market surplus persisted, the increase was fueled after a decision by OPEC+ to boost output sent prices down in the previous session, Brent crude futures rose $1.67, or 2.8%, to $61.90 a barrel by 0927 […]
Eight members of the OPEC+ alliance have announced plans to increase oil production by 411,000 barrels per day in June 2025, as part of a gradual move to unwind recent output cuts. This move follows a virtual meeting between Saudi Arabia, Russia, and six other oil-producing nations within the group, including Iraq, UAE, Kuwait, Kazakhstan, […]
Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied reports claiming he is in the custody of the Economic and Financial Crimes Commission (EFCC), describing the rumours as “clear mischief” and “a calculated attempt” to tarnish his image. In a statement posted late Saturday on his X […]
The Nigerian National Petroleum Company Limited (NNPCL) has reduced its retail price of Premium Motor Spirit (PMS) to N910 per litre, a drop of N20 from the previous N935. This adjustment was observed at NNPCL retail outlets along Kubwa Expressway, Zone 4 Abuja, and Gudu in the Federal Capital Territory. A correspondent from DAILY POST […]
The Economic and Financial Crimes Commission (EFCC) has arrested the sacked managing directors of Nigeria’s three state-owned refineries over the alleged mismanagement of $2.9 billion meant for refinery rehabilitation, with N80 billion reportedly discovered in the personal bank accounts of one of the ex-MDs. The arrests, confirmed by senior EFCC officials, target former heads of […]
Seplat Energy Plc., a leading Nigerian independent energy company, has grown its revenue to N1.228 trillion from the N268.6 billion recorded in the first quarter of 2025. The indigenous energy giant on Monday, while announcing its audited results for the three months ended March 31, 2025, also revealed that its gross profit soared to N535.4 […]
The Nigerian Export Promotion Council has announced a remarkable 24.75 per cent increase in the value of the country’s non-oil exports, reaching a total of 1.791 billion in the first quarter of 2025. It stated that the amount surpassed the $1.436 billion generated in the first quarter of 2024. The Executive Director of the council, […]
Introduction Nigeria’s oil and gas sector has long been the backbone of its economy, contributing significantly to government revenue and export earnings. At the heart of this sector are influential figures—collectively termed “Petrotitans”—who wield substantial power and influence over the nation’s energy landscape. As Nigeria navigates the complexities of global energy transitions, understanding these key […]
Nigeria and Morocco have officially unveiled a joint venture to manage a $25 billion pipeline aimed at transporting natural gas to Europe. The ambitious project, which was first agreed upon in 2017, will span 5,300 kilometers, connecting Nigeria to Morocco and then onward to Europe. Morocco’s Minister of Energy Transition, Leila Benali, confirmed the project’s […]
Minister of State for Petroleum (Oil), Heineken Lokpobiri, has called on more Nigerian firms to acquire onshore assets from International Oil Companies (IOCs), following the recent takeover of Shell by Renaissance Africa Energy and ExxonMobil by Oando. During a visit from Renaissance CEO Anthony Attah in Abuja, Lokpobiri said Nigerian ownership will keep oil wealth […]
Nigeria’s natural gas production rose significantly in March 2025, recording a 15.6% month-on-month increase to reach 227,931.65 million standard cubic feet (mscf). This marks a substantial improvement from the previous month’s figures. Compared to the same period last year, the data also reflects positive growth. March 2025’s output of 227,931.65 mscf exceeded the March 2024 […]
The Nigerian National Petroleum Company Limited (NNPCL) generated N336.37bn from crude oil sales in Q1 2025, with the Dangote Refinery alone accounting for over N107bn—more than 32% of total earnings. This follows the naira-for-crude policy, a Federal Government initiative launched to conserve foreign exchange and prioritize local refining. Under the deal, NNPCL supplied 915,821 barrels […]
Dangote Refinery has slashed its petrol ex-depot price to N835 per litre—undercutting importers by N33.33. Importers now face daily losses of N466.62 million, totalling nearly N14 billion monthly, as cheaper local fuel edges them out. “It’s good for Nigerians, but old-stock marketers will bleed,” said IPMAN’s Chinedu Ukadike. PETROAN’s Dr. Billy Gillis-Harry slammed the move […]
The Federal Government has taken a significant step towards strengthening its gas sector regulatory framework through a strategic partnership with the United Kingdom’s Office of Gas and Electricity Markets (Ofgem). Besides, the government also seeks to draw insights from OfGEM’s practices in promoting investor confidence and consumer protection. The partnership was sealed during a meeting […]
Fuel importers in Nigeria may soon be forced out of business due to the rise of local refining, according to the Crude Oil Refinery Owners Association of Nigeria (CORAN). Speaking to Sunday PUNCH, CORAN’s Publicity Secretary, Eche Idoko, dismissed claims by the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) that the naira-for-crude deal […]
The Federal Government has revealed plans to construct modular solar power plants with a combined capacity of 1,900 megawatts for the 19 northern states, as part of efforts to boost renewable energy adoption and expand the national grid. It also disclosed its target to generate and distribute about 8,000MW of electricity before the end of […]
