Nigerians living abroad are keen to buy into Dangote Refinery’s N2.15 trillion public offer, Africa’s largest ever, but many are stalling at identity and address verification, according to Chidozie David Okonkwo, founder and chief executive of Zinnc, a platform that connects diaspora investors to Nigeria’s regulated capital market. The offer is due to close on…
G7 nations and their partners have agreed to release as much as 100 million barrels of emergency crude oil and diesel stocks to ease tight fuel supplies and bring down elevated diesel prices. French President Emmanuel Macron announced the agreement on Friday, October 2. The release will be coordinated through the International Energy Agency (IEA)…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has proposed new rules to ban fuel price fixing, hidden charges and other anti-competitive practices in the petroleum industry. The draft regulations would also force owners of pipelines, depots, jetties and storage terminals to grant qualified third parties fair access. The framework was presented at a…
Nigeria’s domestic refineries received 683,000 barrels of crude oil per day in August 2026, up 16.75 per cent from 585,000 barrels per day in July. The increase came as Dangote Refinery raised petrol supply by 39 per cent to 35.9 million litres daily and Nigeria’s petrol imports fell 26 per cent to 14.6 million litres…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has set September 24, 2028 target for Nigeria’s domestic gas market to transition to a fully established willing buyer, willing seller framework. The Chief Executive of NMDPRA, Mallam Rabiu Umar, disclosed this on at the Gas Market Maturity Workshop, organised under the Decade of Gas initiative…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it has observed incidents of under-dispensing of petroleum products at retail outlets nationwide. In a statement on Tuesday, it said it views the action as a serious breach of consumer trust that will not be tolerated. To safeguard the interests of consumers, all retail outlet…
Dangote Petroleum Refinery has cut the ex-gantry price of Premium Motor Spirit by N25 per litre, bringing its new rate to N1,325. The reduction comes just nine days after the refinery raised the price by N85. On September 12, 2026, Dangote moved its price from N1,265 to N1,350 per litre. The latest cut reverses part…
Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, says the reforms in Nigeria’s oil sector are attracting investors with the financial and technical capacity to develop the country’s petroleum assets. Lokpobiri spoke in Yenagoa when the management of Highban Resources Limited visited him with its Chinese investment partners, Manshi Group and Richland SG…
Oil prices fell on Monday as traders watched for a recovery in shipments from Saudi Arabia, even after weekend attacks by Iran-backed Houthis with missiles and drones. Brent crude futures for November delivery dropped 1.71% to $102.09 a barrel as of 2:53 a.m. ET, while U.S. West Texas Intermediate futures for October shed 1.96% to…
The Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have signed a Memorandum of Understanding in Abuja to tighten oversight of the deregulated petrol market. The move follows a fresh price adjustment by Dangote Petroleum Refinery that has pushed pump prices higher across the country. Dangote…
