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Author: Goli Innocent
Goli Innocent
Innocent Precious Anga is a marketing graduate with a strong background in social media management and content creation. His journey began in 2020, when he started supporting friends' businesses by leveraging social media to drive growth during the COVID-19 pandemic. In 2023, he secured his first professional role as a Social Media Manager with First Equatorial, a real estate company, while also contributing as a writer for New Telegraph during his NYSC scheme. By 2024, Innocent had joined Evaluate Media as a Social Media Manager and Content Writer and later freelanced with Daragram. He currently oversees social media and works as a Copywriter.
The Nigerian National Petroleum Company Limited (NNPCL) has once again reviewed upward the pump price of Premium Motor Spirit (PMS), commonly known as petrol. The new development, which took effect this week, has seen motorists in Lagos now pay ₦992 per litre, up from ₦865, while those in Abuja are paying ₦955, an increase from ₦890. This adjustment translates to a ₦127 increase in Lagos and ₦65 in Abuja, fuelling public frustration and heightening fears of another wave of inflation across essential sectors. Why the Sudden Adjustment? Industry analysts point to several underlying factors behind the latest pump price hike.…
In another wave of fuel price shock, the Nigerian National Petroleum Company Limited (NNPCL) has reviewed the pump price of Premium Motor Spirit (PMS) upward across its retail outlets now selling at ₦922 per litre in Lagos and ₦928 per litre in Oyo State, also prompting other retail outlets to increase their pump prices between ₦900 to ₦955 per litre. The new price adjustment, which took effect early this week, comes on the heels of a steep rise in depot petrol prices now hovering around ₦900 per litre amid supply disruptions at the Dangote Petroleum Refinery. This development has deepened…
Nigeria’s oil sector entered 2025 with mixed signals. Crude oil production and exports have moved almost in the same rhythm rising and falling together while global oil prices continue to challenge the federal government’s fiscal projections. Data from the Central Bank of Nigeria (CBN) reveal that between January and July, Nigeria battled to keep production above 1.5 million barrels per day (mbpd), even as export volumes and oil prices strained under external and internal pressures. Production and Exports: A Delicate Balance MonthProduced (mbpd)Exported (mbpd)MovementJanuary1.541.09Strong startFebruary1.47 ⬇1.02 ⬇Decline sets inMarch1.40 ⬇0.95 ⬇Lowest so farApril1.49 ⬆1.04 ⬆Partial reboundMay1.45 ⬇1.00 ⬇Slipped againJune1.51 ⬆1.06…
For months, analysts have warned that crude oil was heading into oversupply. Demand growth looked sluggish, inventories were forecast to climb, and energy transition policies were supposed to cool the market. Yet on Thursday, the story told on trading floors was strikingly different: crude prices are holding steady, cushioned by supply shocks, sanctions, and cautious producer behaviour. At mid-day, Brent crude, the global benchmark closely tracked by Nigeria’s Bonny Light, inched to $69.59, WTI crude traded at $65.26 per barrel, up 0.43%. while natural gas hovered near $3.22/MMBtu. Geopolitics Overrides Supply Models The market has not collapsed because geopolitics has…
The storm around the Dangote Refinery Nigeria’s most ambitious industrial project has taken a dramatic turn. On Friday, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) openly accused the refinery of anti-labour practices after the alleged termination of over 800 Nigerian workers. The union, visibly enraged, claimed that these homegrown professionals were replaced with more than 2,000 Indian nationals, many of whom allegedly lack valid immigration documentation. This development has sparked outrage, not only within the oil and gas industry but also across the broader Nigerian labour community. At the heart of the matter lies a battle…
Nigeria’s oil and gas sector, once the heartbeat of government revenue and foreign exchange, is losing its shine on the Nigerian Exchange (NGX). Despite resilient global crude prices averaging $65 per barrel this year, investors have turned their backs on energy equities, leaving the sector lagging behind other industries. Sector under pressure The NGX Oil and Gas Index has shed 9.8 percent year-to-date, even as the All-Share Index surged 37.1 percent. The contrast with other sectors is striking: the Banking Index is up 38.9 percent, while Consumer Goods nearly doubled with a 93.9 percent gain. Analysts say the divergence reflects…
The cost of refilling a standard 12.5kg cylinder of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has surged by 34.6 percent within one week, hitting ₦17,500 from ₦12,750. This sharp rise is sparking fresh concerns among households already grappling with rising living costs. Investigations across Lagos, Abuja and other major cities revealed that retail prices now fluctuate between ₦1,350 and ₦1,500 per kilogram, depending on the outlet and location. Supply Disruptions Push Prices Higher Speaking with newsmen, the National President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Mr. Olatunbosun Oladapo, attributed the sudden spike to…
Fresh arrivals of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Base Oil are reshaping cargo flows across Lagos and Port Harcourt. Independent marketers, including Bovas, NIPCO, and II PLC, secured new supplies between September 26 and September 30, 2025, despite strike-related disruptions at select jetties. Confirmed Tanker Activities (26–30 September 2025) 1. Mycroft – AGO Vessel for NIPCO (Lagos) 2. Bagshot – Base Oil Vessel for II PLC (Lagos) 3. Anael – AGO Vessel (Port Harcourt) 4. St Ilhaam – AGO Vessel (Lagos) 5. Trister Natasha – Ethanol Vessel (Lagos) 6. Lady Victoria 1 – PMS Vessel for…
Brent crude prices slipped below the $70 per barrel threshold on Monday as markets braced for more supply from both OPEC+ and Kurdistan, raising fresh concerns for oil-dependent economies like Nigeria. Kurdistan Oil Flows Add Pressure Iraq resumed exports from Kurdistan to Turkey’s Mediterranean coast, restoring around 230,000 barrels per day (bpd) after a two-and-a-half-year halt. The additional supply landed just as global demand eases, intensifying fears of oversupply. OPEC+ Signals Another Output Increase OPEC+ is preparing to meet on 5 October, with ministers expected to approve another 137,000 bpd production increase in November. This would follow a similar adjustment…
The international oil market has been anything but calm in recent weeks. Brent crude crossed fresh thresholds, driven by supply concerns and geopolitical tensions. Yet, in Nigeria’s downstream market, depot prices have remained surprisingly steady. For traders, motorists, and industry watchers, the question is simple: why are local prices not moving in tandem with the global curve? The answer lies in the dynamics of local supply and competition — and the strategies currently shaping Nigeria’s petroleum landscape. Dangote Distribution Plan Reshapes Market Dynamics The entry of the Dangote Refinery into the distribution chain has altered the supply-demand balance in the…
