Crude oil prices fell to a three-month low Tuesday on optimism over the expected reopening of the Strait of Hormuz after a peace deal between the United States and Iran. Brent North Sea crude, the international benchmark, dropped 3.8 per cent to $79.99 a barrel, dipping under $80 for...
Crude oil
U.S. President Donald Trump has announced that a breakthrough agreement between the United States and Iran has been finalized, describing the development as a major step toward easing tensions and restoring normal maritime operations in the Gulf region. In a post on Truth Social, Trump declared that the long-awaited...
Dangote Petroleum Refinery has announced a reduction in the price of aviation fuel, popularly known as Jet A1, from ₦1,750 to ₦1,650 per litre in a move aimed at easing financial pressure on airline operators across Nigeria. The company disclosed this in a statement issued by its media team...
President of the Dangote Group, Aliko Dangote, has disclosed that the company rejected attempts by the Nigerian National Petroleum Company Limited to acquire additional shares in the Dangote Petroleum Refinery, insisting that more Nigerians should have the opportunity to own part of the facility through a planned public listing....
A terminated sale of a 40 per cent stake in the Amukpe–Escravos Pipeline has drawn renewed attention to Nigeria’s asset disposal processes after fresh independent valuations showed a significant gap between earlier pricing and current estimates. Reports said that assessments conducted in 2025 placed the stake at between $544...
Chairperson of the African Union (AU) Commission, H.E. Mahmoud Ali Youssouf, expresses deep concern over the renewed escalation in the Gulf region, marked by the resumption of drone and missile attacks attributed to Iran against neighbouring states, including the United Arab Emirates, as well as the continued disruption of...
Nigerian National Petroleum Company (NNPC) Limited has posted improved operational and financial performance in its Monthly Report Summary for March 2026, highlighting steady growth in oil and gas output alongside a sharp increase in profit. According to the report released on Monday, crude oil and condensate production climbed to...
Forget the sanitised press releases. Here is what is unfolding around the Amukpe-Escravos Pipeline (AEP). There are disputes, and then there are situations that test the credibility of the process. What is unfolding around the Amukpe-Escravos Pipeline is not a routine commercial disagreement. It is a case study in...
The Federal Government has reaffirmed its commitment to unlocking the full value of national assets and attracting global capital. This is just as the Vice President, Senator Kashim Shettima @officialSKSM , has called for an aggressive expansion of public-private partnerships to drive Nigeria’s economic ambitions. Speaking on Thursday during...
Nigerian National Petroleum Company Limited (NNPC) has confirmed that national crude oil production has grown from a historic low of 960,000 barrels per day in 2022 to an average of 1.71 million barrels per day and a peak production of 1.84 million barrels per day in 2025, owing to...
Nigerian National Petroleum Company (NNPC) Limited has launched a new crude oil grade, Cawthorne Blend, into the international market, with the maiden export cargo already en route to the Netherlands in what the company described as a major step toward boosting Nigeria’s crude oil production and strengthening its global...
President Bola Tinubu demonstrated foresight in July 2024, when he approved the use of the naira as the payment currency for crude oil supplied by the NNPC to the Dangote Refinery. Since the launch of the naira-for-crude initiative on October 1, 2024, Nigeria has experienced a strategic breakthrough amid...
Former presidential candidate of the Labour Party, Peter Obi, on Saturday, March 28, travelled to Aba, Abia State, where he met with stakeholders of the African Democratic Congress (ADC) and commended ongoing development efforts in the commercial city. Obi disclosed this in a post on his official X (formerly...
Dangote Petroleum Refinery and Petrochemicals has reduced its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,200 per litre, a move expected to influence fuel costs across Nigeria’s downstream petroleum sector. The development was disclosed in a statement issued on Friday by the spokesperson for...
Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), has dismissed criticisms trailing the resolution of the long-running OPL 245 dispute, describing them as driven by “selfish” rather than patriotic motives. In a statement issued on March 25, 2026, the AGF said his office was compelled...
Federation Account Allocation Committee (FAAC) has shared a total of N1.894 trillion as revenue generated in February 2026 among the Federal Government of Nigeria, state governments and the 774 local government councils across the country. The details were contained in a statement issued on Friday by Bawa Mokwa, Director...
The Strait of Hormuz is a critical maritime chokepoint in the Middle East located between Iran and Oman, and it is contiguous to the United Arab Emirates (UAE). In other words, the strait is between the Persian Gulf and the Gulf of Oman.Its significance lies in the fact that...
President Bola Ahmed Tinubu has approved a targeted fiscal incentive aimed at unlocking the long-awaited Final Investment Decision (FID) for the Bonga Southwest Aparo (BSWA) deepwater oil project, a move expected to attract about $20 billion in Foreign Direct Investment into Nigeria’s energy sector. The approval, announced by the...
Governor Umo Eno has reaffirmed the enduring bond between the people of Akwa Ibom State and Cross River State, describing both as having a shared history and brotherhood. Governor Eno gave the assurance during a special worship service at Liberty Gospel Church in Calabar, where he urged Akwa Ibom...
Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Federal Government to reduce the cost of crude oil supplied to the Dangote Petroleum Refinery, warning that the current pricing structure is contributing to the sharp rise in petrol prices across the country. National President of IPMAN, Abubakar...