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08024545197The Independent Petroleum Marketers Association of Nigeria has rejected the recent approval of additional import licences for petroleum products, warning that the move is worsening price volatility and pressuring the naira.
Dangote Petroleum Refinery's offshore marine terminal has recorded approximately 1,100 tanker calls since commencing operations, marking another major milestone for the 650,000 barrels-per-day facility as it continues to expand crude oil imports and refined petroleum exports across domestic and international markets.
The Senate Public Accounts Committee has given the external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd.) one week to produce documents explaining more than ₦210 trillion recorded as receivables and payables in the company's audited financial statements, insisting that figures of such magnitude cannot remain unreconciled after being certified by independent auditors.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Association of Road Transport Owners (NARTO) have reaffirmed their commitment to closer collaboration aimed at strengthening Nigeria's petroleum supply chain, improving operational efficiency and enhancing the country's energy security.
Former Managing Directors of the Warri Refining and Petrochemical Company (WRPC) and the Port Harcourt Refining Company (PHRC) are set to be arraigned by the Economic and Financial Crimes Commission (EFCC) over separate allegations of money laundering involving $989,630 and more than ₦1.42 billion.
The Federal Government has commenced a high-level engagement with Dangote Refinery, petroleum marketers and industry regulators in a renewed push to accelerate reductions in the pump price of Premium Motor Spirit (PMS), following the recent decline in global crude oil prices.
Dangote Petroleum Refinery has raised $750m through an international bond offering carrying a 7.5 per cent fixed coupon, marking the company's latest access to global capital markets as it expands operations at Africa's largest refinery.
Dangote Petroleum Refinery has helped stabilise the naira and ease pressure on Nigeria's foreign exchange market by cutting the country's reliance on imported petroleum products, the President and Chairman of the Board of Directors of the African Export-Import Bank, George Elombi, has said.
Oil and gas legal practitioners have called for urgent amendments to the Petroleum Industry Act (PIA) 2021 to eliminate regulatory overlaps, improve stakeholder engagement and strengthen investor confidence in Nigeria's petroleum industry.
Nigeria's national oil company recorded a fall in monthly earnings in May despite pumping more crude and gas than the month before, raising questions about what is eating into its revenue even as output improves.
Fresh shipments of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) are set to berth at strategic depots and jetties across Lagos, Warri and Port Harcourt as marketers continue to replenish inventories following the recent decline in depot prices. The latest tanker movement, covering berthing activities between June 25 and June 29, shows a steady inflow of coastal cargoes from Dangote Refinery and Sabaek, reinforcing product availability across Nigeria's downstream petroleum market.
The Independent Petroleum Marketers Association of Nigeria (IPMAN), Eastern Zone (System 2E), has urged the Nigerian National Petroleum Company Limited (NNPCL) to accelerate the conclusion of its proposed Technical Equity Partnership with two Chinese companies for the completion and operation of the Warri and Port Harcourt refineries, saying further delays are denying Nigerians the benefits of lower fuel prices and improved domestic refining capacity.
Tanzania and the Dangote Group are in talks over a significant expansion of the conglomerate's investments in the country, with President Samia Suluhu Hassan appointing the Minister of Planning and Investment to coordinate a strategic partnership with Dangote Industries Limited following high-level discussions with the Group's President and Chief Executive, Aliko Dangote.
The Nigerian downstream petroleum market recorded one of its steepest weekly price corrections in 2026, with depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) falling sharply across Lagos, Warri, Port Harcourt and Calabar as improving supply conditions coincided with a sustained decline in global crude oil prices.
The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS) by ₦50 per litre, citing the de-escalation of tensions in the Middle East and the resulting decline in global energy prices.
Nigeria's average retail price of Premium Motor Spirit climbed to ₦1,596.25 per litre in May 2026, marking a 55.31 per cent increase compared with the ₦1,027.76 per litre recorded in the same month a year earlier, according to the National Bureau of Statistics.
Crude oil prices fell further on Wednesday after a record 19 million barrels of crude reportedly passed through the Strait of Hormuz in a single day, a development that reinforced market confidence that supplies from the Middle East are returning to normal following weeks of geopolitical uncertainty.
The Securities and Exchange Commission (SEC) has ordered an immediate halt to all marketing and promotional activities linked to a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery and Petrochemicals FZE, stating that it has neither received nor approved any application for such an offer.
For nearly two decades, one event has consistently set the agenda for downstream energy development across Africa. The OTL Africa Downstream Energy Week returns from Sunday, 25th October to Friday, 30th October 2026, and the continent's energy industry is once again preparing to converge in Lagos.
Petroleum marketers have called on the Nigerian National Petroleum Company Limited (NNPC Ltd.) to conclude negotiations with two Chinese firms interested in managing the Port Harcourt and Warri refineries, saying the partnership could accelerate refinery revival efforts and help lower fuel prices across the country.