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Petroleum

Domestic Refineries Receive 127 Million Barrels of Crude Oil as Nigeria Strengthens Domestic Refining and Crude Oil Supply

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Domestic Refineries Receive 127 Million Barrels of Crude Oil as Nigeria Strengthens Domestic Refining and Crude Oil Supply

Nigeria’s domestic refining industry received more than 127 million barrels of crude oil and condensate between January and September 2026, signalling a significant improvement in the supply of locally produced crude to refineries and strengthening the country’s push to expand domestic petroleum processing. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed the figure as the … Read more

PETAN Says Nigeria Needs About $6 Billion in Equipment to Reach 3 Million Barrels a Day, and Warns Skilled Workers Are Leaving

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PETAN Says Nigeria Needs About $6 Billion in Equipment to Reach 3 Million Barrels a Day, and Warns Skilled Workers Are Leaving

PETAN Says Nigeria Needs About $6 Billion in Equipment to Reach 3 Million Barrels a Day, and Warns Skilled Workers Are Leaving Nigeria wants to produce 3 million barrels of oil a day by 2030, up from about 1.7 million today. The trade body that speaks for local oilfield service companies says the rigs and … Read more

Nigerian Refineries Took In Over 127 Million Barrels of Local Crude in Nine Months, but Third-Quarter Deliveries Fell Short of Target

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Nigerian Refineries Took In Over 127 Million Barrels of Local Crude in Nine Months, but Third-Quarter Deliveries Fell Short of Target

Nigerian Refineries Took In Over 127 Million Barrels of Local Crude in Nine Months, but Third-Quarter Deliveries Fell Short of Target Nigeria’s upstream regulator says domestic refiners received more than 127 million barrels of Nigerian crude and condensate between January and September, a figure that shows how much more local oil is reaching local plants, … Read more

Nigeria Needs $6 Billion Equipment Investment to Hit 3 Million Barrels Per Day Oil Production Target, PETAN Says

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Nigeria Needs $6 Billion Equipment Investment to Hit 3 Million Barrels Per Day Oil Production Target, PETAN Says

Nigeria’s ambition to raise crude oil production to 3 million barrels per day is facing a major equipment and financing challenge, with the Petroleum Technology Association of Nigeria (PETAN) estimating that about $6 billion is required to provide the drilling equipment and related infrastructure needed to support higher output. The PETAN Chairman, Wole Ogunsanya, disclosed … Read more

Petrol Consumption in Nigeria Falls to 13-Month Low as High Pump Prices Bite

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Petrol Consumption in Nigeria Falls to 13-Month Low as High Pump Prices Bite

Nigerians are using less petrol, and the numbers show it. Fresh analysis of regulator data by Daily Trust, published on Monday, finds that consumption of premium motor spirit (PMS) hit its lowest point of the past 13 months in August, as pump prices climbed. The picture for September is more nuanced: demand recovered a little, … Read more

NMDPRA Data Shows Imports Down 30% and Local Receipts Down 21% While Demand Rises 7%

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NMDPRA Data Shows Imports Down 30% and Local Receipts Down 21% While Demand Rises 7%

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said in its September 2026 factsheet, released on Thursday, that total daily petrol receipts fell 23.4 percent to 38.7 million litres from 50.5 million litres in August, while consumption rose 7 percent to 44.4 million litres a day. Nigeria used more petrol in September and received … Read more

Tinubu Rules Out Return of Petrol Subsidy, Tells City Boy Movement Nigeria Will Not “Go Back to Egypt”

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Tinubu Rules Out Return of Petrol Subsidy, Tells City Boy Movement Nigeria Will Not “Go Back to Egypt”

President Bola Tinubu has shut the door on bringing back the petrol subsidy, borrowing a biblical image to make the point and turning a policy fight into an election-season line in the sand. Speaking in Abuja on Monday evening to members of the City Boy Movement, a youth group set up to campaign for his … Read more

Dangote Refinery IPO Draws Investors From 90 Countries as Renaissance Capital Raises Valuation to N700.41

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crude oil price, Nigeria petrol prices, fuel prices in Nigeria, naira exchange rate, Nigeria oil production, Brent crude oil

The Dangote Refinery Initial Public Offering has expanded into a major cross-border investment story, with subscriptions now coming from more than 90 countries, including investors from 51 of Africa’s 54 nations. The development comes as Renaissance Capital Africa has raised its valuation of Dangote Petroleum Refinery and Petrochemicals FZE to N700.41 per share, representing a … Read more

Brent Crude Oil Hits $109.86 as Crude Oil Price Surges: What It Means for Nigeria’s Economy, Naira and Fuel Prices

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Brent Crude Oil Hits $109.86 as Crude Oil Price Surges: What It Means for Nigeria’s Economy, Naira and Fuel Prices

Brent crude oil surged to $109.86 per barrel on October 16, its highest level since May, as intensifying geopolitical tensions in the Middle East and attacks on Russian energy infrastructure raised fresh concerns about global oil supplies. The rally has placed Nigeria in a complicated position. As one of Africa’s major oil producers, Nigeria stands … Read more