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South Africa, Ghana, and Kenya have approached the Dangote Petroleum Refinery to secure emergency fuel contracts as the Middle East energy crisis threatens continental supplies. Bloomberg reported on Friday, 20 March 2026, that Pretoria is seeking a 12-month supply deal to insulate its economy from the fallout of the Iran-Israel conflict. The 650,000-barrel-per-day facility in…
The Nigerian Naira strengthened against the US Dollar on Friday, 20 March 2026, supported by a significant recovery in the nation’s external buffers. In the Nigerian Foreign Exchange Market (NFEM), the currency opened at an average of N1,352.89 per dollar, a slight gain from the mid-week average of N1,357. This appreciation follows the Central Bank…
Nigeria faces a fresh round of fuel queues and price hikes due to a breakdown in crude supply to domestic refineries. The House of Representatives Committee on Petroleum Resources (Downstream) issued the warning on Thursday after conducting oversight in Abuja. Lawmakers identified a widening gap between the crude required by the Dangote refinery and what…
The Nigerian Naira sustained a stable performance against the United States Dollar on Thursday, maintaining its position within a narrow trading band as the foreign exchange market continues to benefit from surging global crude oil prices and a historic accumulation of external reserves that has reached levels unseen in over a decade. Data from…
Vessels carrying 129,000 metric tonnes of Premium Motor Spirit and Automotive Gas Oil are scheduled to dock at Nigerian ports between March 14 and 17, 2026, even as the Nigerian Midstream and Downstream Petroleum Regulatory Authority maintains that no new petrol import licences have been issued this year. The arrivals, documented in the Nigerian Ports…
The Federal Government has suspended the issuance of petrol import licences for a second consecutive month, signalling a hard pivot toward domestic self-sufficiency. This move, enforced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), marks the first significant application of the Petroleum Industry Act (PIA) provisions that restrict imports unless local supply fails…
Global crude oil markets recorded their first significant decline since the escalation of Middle East hostilities, with benchmark Brent crude falling 8.45 percent to 90 per barrel and United States West Texas Intermediate (WTI) dropping 8.58 percent to 86.77 per barrel on Tuesday. The correction follows Monday’s dramatic surge that pushed prices past 100…
The Dangote Petroleum Refinery has raised the ex-depot price of petrol to ₦1,175 per litre. This marks the third price increase in a single week. The refinery communicated the new gantry rate to marketers on Monday morning. This latest jump represents an 18 per cent surge in just three days. It follows a Friday adjustment…
The Dangote Petroleum Refinery has pledged to prioritise the Nigerian market as a surge in Middle Eastern hostilities sends global energy prices into a tailspin. In a statement released this week, the firm confirmed it is absorbing a portion of rising costs to shield domestic consumers from the full impact of the crisis. While benchmark…
On Wednesday, March 4, 2026, the Nigerian National Petroleum Company Limited (NNPC) adjusted its pump price to ₦937 per litre, while major independent marketers like Petrocam and Javy followed suit, pricing the product at ₦935 and ₦930, respectively. The price hike is being driven by the escalating war between the United States, Israel, and Iran,…
