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08024545197Nigeria has revived its long-delayed plan to list Nigerian National Petroleum Company Limited (NNPCL) on the Nigerian Exchange Group (NGX), reopening a proposal that has remained largely dormant for about a decade and renewing expectations that the country’s state-owned oil giant could finally enter the public market.
Nigeria’s diesel market is showing a widening disconnect between benchmark replacement costs and actual depot selling prices, with some independent marketers and importers now offering Automotive Gas Oil (AGO) below Dangote Refinery’s latest price despite a higher reported landing cost. Checks by Petroleumprice.ng show that while Dangote Refinery reduced its AGO price from ₦1,650/litre to ₦1,570/litre, some private depots subsequently moved their prices to around ₦1,550/litre and below.
Africa's largest oil refinery, the Dangote Petroleum Refinery, is preparing to raise about $5 billion through an initial public offering (IPO) expected in October, according to a source familiar with the matter. The landmark listing is set to become one of the largest capital market transactions in Africa and will provide fresh funding to expand operations and strengthen the refinery's position as a leading supplier of refined petroleum products across the continent.
The Federal Government has unveiled plans to gradually phase out crude oil exports as Nigeria ramps up domestic refining capacity, signalling a major shift towards exporting higher-value refined petroleum products instead of raw crude.
The Federal Government has assured the Dangote Petroleum Refinery that it will receive adequate foreign exchange to pay for crude oil purchases after selling refined petroleum products in naira, in a move aimed at easing the refinery's growing forex burden and sustaining domestic fuel supply.
Oil prices fell sharply in early trading on Monday after United States President Donald Trump halted a planned military strike against Iran, easing immediate fears of a wider conflict in the Middle East and raising hopes of renewed diplomatic efforts to reopen the Strait of Hormuz.
Nigeria's downstream petroleum market extended its bearish momentum during the final trading week of July as depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) declined across most major supply hubs. The broad-based price moderation reflected improved product availability, increased competition among private depot owners and easing replacement cost pressures, despite international crude oil prices remaining relatively firm throughout the week.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) posted a profit after tax of ₦535 billion in June 2026, representing a 15.8 per cent increase from the ₦462 billion recorded in May, despite a marginal decline in crude oil and condensate production during the period.
Nigeria's domestic refining capacity could rise to 2.64 million barrels per day (bpd) by the end of 2030 as 24 new refinery projects progress through various stages of development, reinforcing the country's ambition to become a leading refining hub in Africa.
The Federal Government has announced plans to publish a detailed report outlining savings realised from the removal of petrol and foreign exchange subsidies, following months of public demand for greater transparency over the use of the funds generated by the economic reforms.
Nigeria's fiscal deficit widened to ₦13.51 trillion in the 2024 fiscal year after the Federal Government's revenue fell short of budget expectations, with weaker-than-projected crude oil earnings widening the financing gap despite stronger collections from non-oil sources
Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, has described the development of the 700,000-barrels-per-day Dangote Petroleum Refinery as the biggest business risk of his career, saying many financiers doubted the project would ever be completed.
Nigeria has eliminated its dependence on imported aviation fuel for the first time in decades, with domestic refineries supplying the country's entire Jet A-1 market for 13 consecutive months, according to the latest petroleum supply data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Fresh cargoes of Premium Motor Spirit (PMS), and Automotive Gas Oil (AGO) are continuing to arrive at key petroleum depots across Lagos, Warri and Calabar as marketers intensify efforts to replenish fuel inventories and sustain nationwide product distribution. The latest tanker position report monitored by Petroleumprice.ng shows multiple vessels either discharging, awaiting berth or scheduled to commence discharge between July 22 and July 25, reflecting sustained supply activity across Nigeria's downstream petroleum sector despite elevated replacement costs and continued volatility in the international oil market.
The Dangote Group has unveiled plans to establish a petroleum products storage terminal in Cameroon, a strategic move that could significantly strengthen the export footprint of its 650,000 barrels-per-day Refinery while positioning the Nigerian conglomerate as a major downstream supplier across Central Africa.
The Nigerian Navy has intercepted a vessel allegedly involved in crude oil theft, arresting 12 crew members and recovering about 650 metric tonnes of suspected stolen crude oil alongside 32.82 metric tonnes of fuel oil in a major anti-oil theft operation in Akwa Ibom State.
The return of Brent crude above the $100 per barrel mark has heightened concerns over another round of fuel price increases in Nigeria, with industry analysts warning that the development could trigger higher transport fares, more expensive goods and services, and renewed inflationary pressure across the economy.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Federal Government to halt the importation of Premium Motor Spirit (PMS), arguing that imported petrol now costs significantly more than locally refined products and is fuelling price instability in the downstream petroleum sector.
Fresh cargoes of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO) and Aviation Turbine Kerosene (ATK) has berthed at major petroleum depots in Lagos and Warri between July 20 and July 21, as marketers intensify efforts to strengthen product availability following the resumption of Dangote Petroleum Refinery's coastal loading operations.
Oil 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.
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