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08024545197Oil prices remained elevated in early trading on Tuesday as fresh warnings from investment bank Goldman Sachs suggested Brent crude could surge to $120 per barrel if the conflict in the Middle East intensifies further and disruptions in the Strait of Hormuz persist.
The Nigerian National Petroleum Company Limited (NNPCL) has maintained that it supplied every available crude oil cargo allocated under the Federal Government's naira-for-crude initiative to the Dangote Petroleum Refinery, dismissing suggestions that it withheld feedstock from the $20bn facility.
Nigeria's petrol stock has risen to its highest level in months, offering improved supply security, but surging global crude oil prices and Dangote Refinery's transition to dollar-denominated product sales are increasing the likelihood of another fuel price increase.
Nigeria's downstream petroleum market witnessed one of its sharpest weekly price rallies in recent months as depot prices surged across Lagos, Warri, Port Harcourt and Calabar following Dangote Refinery's transition to dollar-denominated product sales and mounting uncertainty over the future of the Federal Government's naira-for-crude arrangement.
The Federal Government has commenced high-level discussions with Dangote Petroleum Refinery over its recent decision to denominate petroleum product sales in United States dollars, with both parties working towards a framework that could see the refinery resume domestic sales in naira, Petroleumprice.ng has exclusively gathered.
Nigeria produced an estimated 295.18 million barrels of crude oil and condensate worth $28.08 billion (₦41.74 trillion) in the first half of 2026, as improving production levels strengthened the country's hydrocarbon output despite lower volumes than recorded a year earlier
Fresh cargoes of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Liquefied Petroleum Gas (LPG), butane and aviation fuel are scheduled to berth at key petroleum depots across Lagos, Warri and Port Harcourt between July 13 and July 17, as marketers move to replenish inventories amid rising global freight costs and continued uncertainty in international oil markets.
A sharp rise in international shipping costs is piling fresh pressure on fuel importers across West Africa, but Nigeria has largely been shielded from the immediate impact as the Dangote Petroleum Refinery continues to keep domestic petroleum prices below import parity, according to the latest market intelligence from S&P Global Commodity Insights.
Nigeria's crude-for-naira policy has failed to achieve its primary objectives of strengthening the naira, reducing fuel costs and improving domestic refining, according to oil and gas expert Dan Kunle.
The decision by Dangote Petroleum Refinery to begin pricing refined petroleum products in United States dollars has exposed a deeper structural challenge within Nigeria’s oil industry, highlighting the country’s inability to consistently supply enough locally produced crude to its largest refinery despite being Africa’s biggest crude oil producer.
Global oil prices surged by almost 10% after United States President Donald Trump announced the reinstatement of a blockade on Iran and unveiled plans to impose a 20% charge on cargoes transported by vessels receiving U.S. military protection through the Strait of Hormuz, escalating fears of a prolonged disruption to one of the world's most critical energy corridors.
Dangote Petroleum Refinery has officially ended the sale of petroleum products in naira, directing marketers to pay in United States dollars for all gantry and coastal product liftings in a move that marks a significant shift in Nigeria's downstream petroleum market.
Fresh cargoes of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO) and LPG are scheduled to berth at key petroleum depots and jetties across Lagos, Warri, Port Harcourt and Calabar between July 7th and July 13, as marketers continue to replenish inventories despite renewed geopolitical tensions in the Middle East.
Libya has retained its position as the cheapest country in the world to buy petrol, with motorists paying the equivalent of just $0.024 per litre, according to the latest global fuel price rankings published by globalpetrolprices.com.
Nigeria's downstream petroleum market experienced mixed pricing trends during the week as global crude oil prices remained highly volatile amid renewed geopolitical tensions in the Middle East, while domestic supply dynamics continued to shape movements across petroleum depots.
United States President Donald Trump has issued one of his strongest warnings yet to Iran, threatening an overwhelming military response if Tehran attempts to assassinate him, in a statement that is expected to heighten geopolitical tensions and keep global oil markets on edge ahead of Monday's trading session.
Three major downstream petroleum marketers Matrix Energy Limited, AA Rano Limited and AYM Shafa Limited have applied to join the fresh ₦100 billion lawsuit filed by Dangote Petroleum Refinery against the Attorney General of the Federation (AGF), escalating the legal battle over petroleum import licences in Nigeria.
The Nigerian National Petroleum Company Limited (NNPCL) says it has secured more than $20 billion in gas supply agreements over the past year, as Nigeria's crude oil production climbed to 1.71 million barrels per day, its highest level in five years
Retail cooking gas prices across Nigeria have remained elevated despite a gradual decline in depot prices and improved product availability, raising fresh concerns over the pace at which lower wholesale costs are reaching consumers.
Africa's richest man, Aliko Dangote, is preparing another bold expansion of the Dangote Industries Limited refinery that could make it the largest refining complex in the world, further cementing Nigeria's position as a major exporter of refined petroleum products while reshaping fuel trade across Africa and Europe. The expansion plan comes as the refinery continues to operate at record levels.