Author: Goli Innocent

Nigeria’s downstream petroleum market ended the first week of November with a clear split between declining petrol (PMS) prices and surging diesel (AGO) costs across key depots. Data tracked by Petroleumprice.ng from Monday, 3rd November to Friday, 7th November 2025, show that while PMS prices softened nationwide, AGO rose sharply a reflection of higher international crude benchmarks and increased freight costs. LAGOS DEPOTS PMS Movements Petrol prices in Lagos dropped consistently throughout the week, driven mainly by Dangote Refinery’s decision to lower its ex-depot price from ₦877/litre to ₦828/litre. This move intensified market competition and improved product availability across private…

Nigeria is on the brink of a major crude oil production upswing as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirms the near completion of the EMEM Floating Production Storage and Offloading (FPSO) vessel. The Commission’s Chief Executive, Gbenga Komolafe, announced this during an inspection visit to Dubai Drydocks World, where the FPSO is undergoing final conversion works for Oriental Energy Resources Limited. Komolafe said the EMEM FPSO will soon sail to Nigerian waters for deployment at the Okwok Field, operated by Oriental Okwok Limited, offshore Nigeria. The facility is expected to significantly enhance Nigeria’s daily crude oil output and…

The Major Energy Marketers Association of Nigeria (MEMAN) has called for a transparent, downward review to the Federal Government’s proposed 15% import tariff on premium motor spirit (PMS) and automotive gas oil (AGO), arguing that the policy must balance the twin goals of protecting local refiners and shielding consumers from excessive price shocks. Speaking on the evolving debate, Clement Isong, MEMAN’s Executive Secretary, noted that while import tariffs can help strengthen local refining capacity, they should not be implemented arbitrarily without independent verification, transparent modelling, and consumer safeguards. “Public policy decisions of this magnitude should rest on clear data, transparent…

The Manufacturers Association of Nigeria (MAN) has thrown its weight behind the federal government’s newly approved 15 per cent import tariff on petrol and diesel, describing it as a patriotic move designed to strengthen local content, promote industrial competitiveness, and reduce Aliko Dangote Loses Africa’s Richest Man TitleNigeria’s dependence on imported refined petroleum products. In a statement dated 6th November 2025, MAN’s Director General, Segun Ajayi-Kadir, said the decision aligned with the Nigeria First agenda and marked a “major step toward achieving energy sovereignty and sustainable economic growth.” According to Ajayi-Kadir, “This strategic policy has reassured domestic manufacturers that the…

In a major legal twist within Nigeria’s downstream oil sector, the Federal High Court in Abuja has dismissed the ₦100 billion lawsuit filed by Dangote Petroleum Refinery and Petrochemicals FZE against the Nigerian National Petroleum Company Limited (NNPCL) and several other oil marketing firms over the issuance of oil import licences. Justice Mohammed Umar, in his ruling on Wednesday, struck out the case after Dangote’s counsel, C.O. Adegbe, announced the refinery’s decision to discontinue the suit. The dismissal came following oral submissions by defence lawyers who argued that the case had reached an advanced stage and should be dismissed outright…

Oando Plc, one of Nigeria’s leading energy conglomerates, has suspended petrol importation following the surge in domestic supply from the Dangote Refinery, which is rapidly transforming the nation’s downstream landscape. In its half-year and nine-month 2025 financial statements, the company disclosed that the growing capacity of the 650,000 barrels-per-day Dangote Refinery has significantly reduced the need for imported Premium Motor Spirit (PMS), resulting in a 20 per cent year-on-year drop in trading revenue to ₦2.5 trillion from ₦3.2 trillion in 2024. Oando described the development as both a challenge and a milestone for Nigeria’s energy independence. “Our trading segment faced…

Crude oil prices slipped again on Wednesday, extending a week-long decline as weak global demand signals and rising U.S. inventories continued to pressure the market. Data from Oilprice.com showed Brent Crude falling 1.40% to $63.54, West Texas Intermediate (WTI) down 1.52% to $59.64 per barrel, and Murban Crude easing 1.32% to $65.82, while Natural Gas tumbled 2.99% to $4.21. The latest dip reflects growing investor anxiety over global growth prospects, particularly in Asia, where industrial output and energy consumption have slowed. Analysts say the combination of muted economic data and a stronger U.S. dollar has made crude less attractive to…

Nigerians are bracing for a steeper fuel bill as the Federal Government introduces a 15 per cent import tariff on Premium Motor Spirit (petrol) a move expected to push annual fuel costs by nearly ₦1 trillion. According to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), petrol imports averaged 26.75 million litres daily between January and September 2025. With the new tariff adding roughly ₦99.72 per litre, consumers could bear an extra ₦2.67 billion per day, translating to about ₦973.6 billion yearly once the policy takes effect later this month. While the Tinubu administration touts the tariff…

Nigeria’s diesel market is undergoing a notable decline driven by oversupply pressures, in response to Dangote Refinery cuts of its ex-depot price of Automotive Gas Oil (AGO) to ₦910 per litre in October. The bold price adjustment has sent ripples across Lagos depots, intensifying competition and redefining dynamics within the downstream petroleum sector. Oversupply and Competition Drive Market Adjustment According to verified market intelligence obtained by Petroleumprice.ng, the Lagos depot market has entered a new phase of intense competition, primarily fuelled by oversupply and the Dangote price benchmark. Out of 52 active depots in Lagos, more than 30 reportedly have…

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is moving to solidify its footprint in the domestic refining landscape by increasing its stake in the $20 billion Dangote Petroleum Refinery from 7.2 per cent to 20 per cent. The strategic push, announced at the Abu Dhabi International Petroleum Exhibition and Conference 2025, signals a bold step towards energy self-sufficiency and deeper integration across Nigeria’s oil value chain. NNPCL’s Group Chief Executive Officer, Bayo Ojulari, said the company’s plan aligns with its long-term goal of strengthening domestic refining capacity while promoting sustainable energy security. “We are working towards increasing our stake…