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08024545197Nigeria’s crude oil production increased by 2.34 per cent in September to an average of 1.72 million barrels per day, including condensates, extending the country’s run of meeting its Organisation of the Petroleum Exporting Countries (OPEC) production quota to five consecutive months
The Nigerian National Petroleum Company Limited (NNPCL) increased its outstanding crude-backed forward sale obligations to ₦7.10tn in 2025, even as it nearly tripled principal repayments and paid ₦686.94bn in interest, according to its audited financial statements for the year
Dangote Petroleum Refinery has approached the Court of Appeal in Abuja for permission to challenge a Federal High Court judgment directing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing petroleum product import licences to Matrix Energy, AA Rano and AYM Shafa, even as the three marketers feature on the refinery’s newly released list of 37 approved consortium buyers for petrol supply.
Nigeria’s downstream petroleum market recorded mixed but predominantly upward depot price movements between Monday, October 5, and Friday, October 9, 2026, with petrol prices rising across depots in Lagos, Warri, Port Harcourt and Calabar. Diesel prices also increased at several locations, with Warri’s Matrix depot recording the highest closing price at ₦2,000 per litre.
The Nigerian National Petroleum Company Limited’s (NNPCL) forward-sale obligations rose by 33 per cent to ₦8.25 trillion in 2025, increasing the volume of future oil and gas deliveries tied to financing arrangements and placing greater pressure on the company to sustain production and generate fresh cash.
The Nigerian National Petroleum Company Limited (NNPCL) increased its profit after tax by 33 percent to ₦7.2tn in 2025, even as lower crude oil prices and reduced product volumes weighed on its revenue
Nigeria produced about 307 million barrels of crude oil and condensate between March and August 2026, as the country’s key crude grades continued to command strong prices in the international market, with Bonny Light trading well above the Brent benchmark.
Dangote is set to break ground on its $20 billion refinery project in Kenya on September 30, with the facility planned to process up to 700,000 barrels of crude oil per day when completed.
Nigeria’s refined petroleum product exports generated $3.94 billion in the second quarter of 2026, as rising domestic refining activity continued to reshape the country’s petroleum trade and strengthen shipments to overseas markets
Nigeria’s downstream petroleum market recorded a sharp regional divergence in depot prices within the trading week, as products availability varied significantly across key trading locations.
The Federal Government’s deregulation of Nigeria’s downstream petroleum sector has created the market conditions that enabled Dangote Petroleum Refinery to emerge as a major private-sector player and attract investors through its ongoing ₦2.15tn initial public offering, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said.
Petrol prices are rising sharply across Nigeria, with pump prices reaching ₦1,500 per litre in several northern states and about ₦1,430 in major cities, as the escalation of the U.S.-Iran conflict continues to feed into the international oil market and domestic fuel costs.
The Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have formalised a partnership to strengthen competition, market transparency and consumer protection across Nigeria’s petroleum sector.
As Dangote Petroleum Refinery moves towards a planned stock market listing, attention is shifting beyond its refining capacity and production milestones to the people responsible for providing strategic and corporate oversight of the $20 billion industrial complex.
Dangote Petroleum Refinery and Petrochemicals generated ₦19.47 trillion in revenue and ₦2.55 trillion in profit after tax in the first half of 2026, marking a sharp turnaround as the 650,000-barrel-per-day facility significantly increased its operating capacity
Fresh petroleum product movements are continuing across Nigeria’s coastal supply chain as vessels position cargoes for discharge at key receiving terminals. The latest tanker position report monitored by Petroleumprice.ng shows ongoing activity involving PMS and AGO cargoes across Lagos, Warri, Port-Harcourt and Calabar, with several vessels either discharging, awaiting clearance or scheduled to berth.
Nigeria’s petrol landing cost has climbed to ₦1,314.67/litre, while diesel (AGO) stands at ₦1,850.66/litre, according to the Major Energies Marketers Association of Nigeria (MEMAN), putting fresh pressure on the domestic market as Brent crude approaches $100 per barrel amid renewed US-Iran hostilities and disruption around the Strait of Hormuz.
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.
President Bola Ahmed Tinubu has set October 1 as the target date for the Federal Government’s plan to reduce intra-state transport fares by expanding the use of Compressed Natural Gas (CNG) and electric vehicles.
Nigeria’s average daily petrol consumption fell by 25 per cent to 35.7 million litres in July 2026, from 47.4 million litres per day in June, according to the latest monthly report of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
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