Nigeria’s economy recorded mixed developments on Tuesday as the naira traded at around ₦1,382/$ at the official foreign exchange window while strengthening slightly to about ₦1,412/$ on the parallel market. The movement came amid continued volatility in the foreign exchange market and major policy shifts in the energy sector. In a move aimed at boosting…
Tensions in the Middle East have intensified after the United States launched another wave of military strikes on Iranian targets, further escalating the conflict around the strategically vital Strait of Hormuz. The latest strikes targeted Iranian military infrastructure as Washington pressed ahead with its renewed campaign against Tehran. The escalation follows President Donald Trump’s decision…
The Dangote Petroleum Refinery has begun selling petrol and other refined petroleum products in U.S. dollars, marking a major shift in Nigeria’s downstream oil market following the breakdown of the Federal Government’s naira-for-crude arrangement. Under the new pricing template, the refinery fixed the ex-depot price of petrol at $0.779 per liter, with diesel priced at…
Nigeria’s economic outlook received a boost as the naira traded at ₦1,382.33 per US dollar at the official foreign exchange market, while the country’s crude oil production climbed to its highest level in 74 months, exceeding its production quota set by the Organization of the Petroleum Exporting Countries (OPEC). According to the latest figures from…
Tensions in the Middle East have escalated sharply after the United States launched a fresh wave of military strikes against Iranian targets, prompting Tehran to declare the strategic Strait of Hormuz closed until further notice. According to U.S. Central Command, the strikes targeted Iranian air defence systems, missile sites, radar installations and naval assets following…
Global oil markets remain on high alert as crude prices continue to fluctuate between $76 and $80 per barrel, driven by renewed military exchanges between the United States and Iran and growing uncertainty over the security of the Strait of Hormuz. Brent crude traded around $76–$77 per barrel on Friday after briefly climbing above $80…
Global oil prices extended their rally on Wednesday as escalating tensions in the Middle East raised fresh concerns over crude supply, pushing Brent crude above $76 per barrel for the first time in two weeks. The latest surge follows renewed military hostilities involving the United States and Iran, along with disruptions to commercial shipping in…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has saved $3.4 billion through an aggressive contract restructuring and optimisation programme, while remitting ₦19.5 trillion to the Federation Account over the past 14 months. Group Chief Executive Officer, Bayo Ojulari, disclosed the figures during the opening of the 25th Nigeria Oil & Gas (NOG)…
Major petroleum marketers in Nigeria have warned they could shut down filling stations nationwide if the Federal Government moves ahead with plans to enforce stricter controls on petrol pump prices in the country’s deregulated downstream sector. The warning comes amid growing tensions between regulators and marketers over fuel pricing following the recent decline in global…
Nigerians hoping for immediate relief at filling stations after a fresh petrol price reduction by the Dangote Petroleum Refinery have been met with continued high pump prices, as many retailers maintain existing rates while waiting to clear older fuel tock. The refinery recently reduced its ex-depot price for Premium Motor Spirit (PMS), commonly known as…
