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Nigeria’s petrol import bill dropped to $10 billion in 2025, a 28.88 percent decline from the $14.06 billion spent the previous year. Data from the Central Bank of Nigeria’s (CBN) latest balance of payments report attributes this sharp contraction to the commencement of domestic production at the Dangote Refinery. The 650,000-barrel-per-day facility began churning out…
The Dangote Petroleum Refinery has commenced large-scale exports of refined fuel to five African nations, marking a shift in West Africa’s energy dynamics. International traders recently moved 12 cargoes totalling 456,000 tonnes of petroleum products to markets in Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo. This milestone follows the facility reaching its full processing capacity…
The Dangote Petroleum Refinery has raised its petrol price to N1,275 per litre, marking the fifth adjustment this month. This latest hike came just hours after a previous increase on Friday night, signalling extreme volatility in Nigeria’s deregulated market. The new rate is a N100 jump from the N1,175 seen earlier in March. Every previous…
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…
