Nigeria is making two economic moves that look unrelated on the surface but point towards the same bigger objective: getting more value out of what the country already has. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is consulting industry stakeholders on a proposed domestic crude oil and gas swap arrangement designed to make it easier…
Nigeria’s crude oil production fell by 37,000 barrels per day in July, according to secondary-source data cited by OPEC, dropping from 1.583 million bpd in June to 1.546 million bpd. That represents a 2.3% month-on-month decline and interrupts the recovery Nigeria had recorded earlier in the year. At first glance, 37,000 barrels might not sound…
Global oil markets are once again being pushed higher by the standoff between the United States and Iran over the Strait of Hormuz, with Brent crude climbing sharply as hopes of a quick reopening of the strategic waterway fade. The U.S. Energy Information Administration has raised its 2026 Brent price forecast to about $87 per…
Global oil prices fell sharply on Monday, July 27, after the United States and Iran paused military strikes, easing fears of a prolonged conflict in the Middle East and reducing concerns over disruptions to global energy supplies. Brent crude, the international benchmark, dropped by 5.9% to around $91.08 per barrel, while West Texas Intermediate (WTI)…
Global energy markets remain on edge as escalating conflict in the Middle East and renewed disruptions to key shipping routes continue to drive oil prices higher, with Brent crude hovering around the $100-per-barrel mark after briefly surpassing the milestone this week. The latest surge has been fueled by growing concerns over the security of vital…
Fresh concerns are emerging over Nigeria’s inflation outlook after broad money supply continued to expand while global crude oil prices climbed back toward the $100 per barrel mark, increasing the likelihood of higher fuel and transport costs in the coming weeks. Recent financial data show liquidity in the Nigerian economy has continued to rise, reflecting…
Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira, ending a brief period of dollar-denominated transactions for local buyers. The refinery also announced a new ex-depot (gantry) price of ₦1,215 per litre, representing an increase of ₦140, or about 13%, from the previous price of ₦1,075…
Nigerians may soon face another increase in petrol prices as fuel importers prepare to raise depot prices from ₦1,230 to ₦1,350 per liter, a move expected to squeeze marketers’ margins and push retail pump prices higher in the coming days. The increase comes amid rising import costs and continued pressure on foreign exchange, with marketers…
Nigeria’s economy recorded mixed developments on Tuesday as the naira traded at around ₦1,382/$ 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…
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…
