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Global oil prices climbed to $110 per barrel amid heightened geopolitical tensions and concerns over potential disruptions to global oil supplies, particularly around key Middle Eastern shipping routes. Uncertainty over Russian energy exports has also kept supply risks in focus, supporting prices in the international market.
The Nigerian National Petroleum Company Limited (NNPCL) has disputed a Federation Account Allocation Committee (FAAC) report that recorded no domestic crude oil sales in July 2026, saying it supplied more than eight million barrels to Dangote Petroleum Refinery during the month
OTL Africa Downstream Energy Week will mark its 20th edition in seven days, with crude supply, refinery feedstock, market competition and energy affordability expected to feature prominently at the six-day industry gathering in Lagos.
Niger has prohibited exports of premium petrol and diesel to protect domestic availability, introducing restrictions that allow locally refined fuel to be prioritised for consumers as disruptions to international energy markets intensify
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned that reinstating petrol subsidy could trigger capital flight and weaken the naira to between N3,000 and N4,000 per dollar.
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