Oil & Gas

Nigeria’s fuel market faced challenges this week as petrol prices surged by about 13 percent within just 48 hours. This spike resulted from increasing tensions involving the United States, Israel, and Iran, which have affected global energy markets. The sudden rise in prices followed a jump in international crude oil…

Global oil markets are experiencing a major shock as the ongoing conflict in the Middle East has driven oil shipping rates to record highs. It has disrupted tanker traffic in a key shipping route and created new waves of volatility in international energy supply chains. Supertanker freight rates reflected the…

Dangote Petroleum Refinery & Petrochemicals has signed an important agreement to supply up to 65 million litres of petrol (Premium Motor Spirit) daily across the country. This will help meet national demand and position Nigeria toward real fuel self-sufficiency. The deal, finalized with a group of 12 major petroleum marketing…

The Nigerian National Petroleum Company (NNPC Ltd) has announced a successful oil discovery at the Awodi‑07 well, located in the shallow offshore area of the western Niger Delta. This marks a significant achievement for Nigeria’s oil industry, showing that the country still has substantial untapped oil resources. The well was…

President Bola Tinubu has approved a 15% ad-valorem import duty on Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel).  The tariff, charged on the CIF value at discharge, is designed to make imported fuel less able to undercut output from Nigerian plants and to push the market toward domestic…