Two Sailors Killed as Iran-U.S. Strikes Disrupt Hormuz Traffic

Iranian President Masoud Pezeshkian has offered an immediate reciprocal response if the United States returns to commitments contained in a June agreement intended to end hostilities between Washington and Tehran

The Nigerian National Petroleum Company Limited (NNPCL) recorded a 48 percent decline in profit after tax in July, as lower crude oil sales and weaker gas output reduced its financial performance during the month

The proposed price cap on petroleum products by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) could have the opposite effect of its intended objective, triggering investor flight and ultimately putting upward pressure on petrol prices, Trade Union Congress President, Festus Osifo, has warned.

The Dangote Petroleum Refinery may be heading for another petrol gantry price review as international crude prices surge, barely days after the refinery’s third price increase in eight days. The latest rally has intensified concerns across Nigeria’s downstream market, with crude prices gaining about 5 per cent within 24 hours, while some depot owners in Lagos have stopped sales yesterday in anticipation of a possible upward adjustment.