Skip to content
Stay informed with BusinessTech.ng for breaking Nigerian business news, technology developments, financial updates, economic insights, energy reports and market trends. Get the stories, data and analysis shaping Nigeria's business landscape.

Petroleum

Dangote Refinery Raises Petrol Gantry Price to ₦1,300 Per Litre and Suspends Loading Ahead of Nigeria’s New Naira Pricing Guidelines

by
Dangote refinery petrol price

Publication date: November 3, 2026 Nigeria’s downstream petroleum market is facing fresh uncertainty following reports that the Dangote Petroleum Refinery has increased its petrol gantry price to ₦1,300 per litre and temporarily suspended loading operations ahead of a new fixed-naira pricing arrangement expected to take effect on November 3, 2026. The development comes at a … Read more

Renaissance Credit Scheme: Nigerian Energy Firm Partners 13 Banks on ₦435 Billion Facility to Boost Oil Production to 500,000 Barrels Per Day by 2030

by
Nigerian Energy Firm Partners 13 Banks on ₦435 Billion Facility to Boost Oil Production to 500,000 Barrels

Nigeria’s oil and gas industry is set for another financing initiative following the launch of a ₦435 billion credit scheme by Renaissance Africa Energy Company in partnership with 13 Nigerian banks. The programme is designed to improve access to financing for contractors and businesses operating within the country’s oil and gas value chain, with the … Read more

Nigeria Targets 90-Day Fuel Reserve by 2027 as Lawmakers Push Petrol Price Stability and Transparent Import Licences

by
Nigeria 90-day fuel reserve

Nigeria is moving towards a major restructuring of its downstream petroleum industry as lawmakers intensify efforts to strengthen domestic refining, improve petrol supply security and establish a strategic petroleum reserve capable of meeting national demand for up to 90 days by 2027. The initiative comes as locally refined petroleum products account for more than 75 … Read more

NNPC Petrol Prices Across Nigeria: Pump Rates Range From ₦1,355 to ₦1,435 Per Litre as November Begins

by
NNPC Petrol Prices Across Nigeria: Pump Rates Range From ₦1,355 to ₦1,435 Per Litre as November Begins

The price of Premium Motor Spirit (PMS), commonly known as petrol, continues to vary across Nigeria, with NNPC Retail stations recording significant differences in pump prices depending on location, transportation costs and distribution conditions. An NNPC state-by-state price list published in October showed prices ranging from ₦1,355 per litre in Lagos and Rivers to ₦1,435 … Read more

Nigeria Oil Prices: Global Crude Market Volatility and Strait of Hormuz Tensions Put Pressure on Nigerian Economy

by
Nigeria oil prices

Nigeria’s position in the international petroleum market is attracting renewed attention as geopolitical tensions in the Middle East continue to influence crude oil prices, shipping operations and global energy supply. Although the country’s major crude oil export terminals are located outside the immediate shipping disruption risks associated with the Strait of Hormuz, Nigeria is not … Read more

“Drill or Drop”: Nigeria Tells Oil Firms to Stop Treating Licences as Trophies

by
“Drill or Drop”: Nigeria Tells Oil Firms to Stop Treating Licences as Trophies

“Drill or Drop”: Nigeria Tells Oil Firms to Stop Treating Licences as Trophies For decades, owning an oil block in Nigeria could signal status as much as business intent. Companies won licences, filed them away and sometimes waited ten, twenty or thirty years. The federal government now says that practice is finished, and it has … Read more

Oil Prices Today (October 29): Brent Crude Falls to $114 as Iran Peace Talks Offset Middle East Supply Risks, Will Oil Fall Further?

by
Brent Crude Falls to $114 as Iran Peace Talks Offset Middle East Supply Risks

Oil prices fell on Thursday, October 29, as renewed hopes for diplomatic engagement between the United States and Iran reduced some of the risk premium that had pushed crude higher earlier in the week. Brent crude slipped toward $114 a barrel, while West Texas Intermediate (WTI) crude traded around $101, leaving investors focused on whether … Read more

TotalEnergies Completes $800M Sale of Renaissance JV Stake to Vaaris

by
TotalEnergies Completes $800M Sale of Renaissance JV Stake to Vaaris

TotalEnergies has closed the sale of its 10 percent non-operated stake in the oil licences of Nigeria’s Renaissance joint venture, handing the interest to Nigerian-owned Vaaris for $800 million and ending a process that took more than nine months and one failed buyer. The French company announced the completion on October 27. The sale was … Read more

Dangote Raises Diesel Gantry Price to ₦1,840 a Litre as Lagos Depots Adjust Their Rates

by
Dangote Raises Diesel Gantry Price to ₦1,840 a Litre as Lagos Depots Adjust Their Rates

Dangote Raises Diesel Gantry Price to ₦1,840 a Litre as Lagos Depots Adjust Their Rates Dangote Petroleum Refinery has lifted its diesel gantry price by ₦40, to ₦1,840 a litre from ₦1,800, effective Wednesday, October 28. The change, a 2.2 percent rise, puts diesel at its highest gantry level since early September, apart from a … Read more

How to Read the 127 Million Barrel Figure: What NUPRC’s Refinery Supply Data Shows and What It Leaves Out

by
How to Read the 127 Million Barrel Figure: What NUPRC’s Refinery Supply Data Shows and What It Leaves Out

How to Read the 127 Million Barrel Figure When a regulator says Nigerian refineries took in more than 127 million barrels of local crude in nine months, the number sounds like a clean success story. Read closely, it is a record of a troubled first quarter, a strong second one and a weaker third, with … Read more