Author: Goli Innocent

Turkey’s biggest oil refiner, Tupras, has ordered Nigerian crude oil for delivery between March and April 2025, in a move that could help boost Nigeria’s oil revenues as the country seeks to increase exports. According to shipping data from global tracking firm Kpler, the exact volume of Nigerian oil was not stated, but the cargoes are expected to be delivered within a two-month window. Lifeline for Nigeria’s Budget This comes as Nigeria looks to fund its 2025 budget largely from oil revenue, which is expected to account for more than half of total funding. Crude oil also brings in about…

The Nigerian National Petroleum Company (NNPC) Ltd has announced its plans to attract $30 billion in investments by 2027, and a total of $60 billion by 2030. New CEO Sets Bold GoalsThe Group Chief Executive Officer, Bashir Bayo Ojulari, shared these targets during a staff town hall meeting in Abuja. This was his first major briefing since assuming office. Ojulari said the company wants to boost crude oil production to over two million barrels per day by 2027 and hit three million by 2030. NNPC also plans to increase oil refining capacity and expand gas production. By 2027, it aims…

As of today 17th April 2025, two major PMS tankers, AMIF and Front Capella were recorded at Lagos ports, with one discharging and the other awaiting berth. This reinforces fuel availability across depots as Nigeria’s downstream players continue to balance import volumes with domestic supply strategies. Tanker Arrivals and Discharges Lagos Axis Vessel: AMIFTerminal: NIPCOProduct: Premium Motor Spirit (PMS)Quantity: 30,000 MTStatus: Arrived on the 14th, Berthed on the 17thRemarks: Discharge operations commenced successfully on 17 April as scheduled. Vessel: Front CapellaTerminal: PinnacleProduct: Premium Motor Spirit (PMS)Quantity: 71,625 MTStatus: At anchorage, awaiting berthRemarks: Vessel arrived earlier and remains offshore with no…

As of today Friday 18th April 2025, the Nigerian naira faces ongoing volatility against major currencies, driven by disparities between official and parallel market exchange rates and Nigeria’s oil-dependent economy. Here’s a concise, accurate breakdown of current rates and their ties to the nation’s oil and gas realities. Official Exchange Rates (CBN) The Central Bank of Nigeria (CBN) reports via the Nigerian Foreign Exchange Market (NAFEM): These rates, sourced from the CBN guide official transactions but are inaccessible to many Nigerians. Parallel Market Rates The parallel (black) market, driven by supply and demand, shows higher rates. These rates, up to…

The new Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has pledged to build strong partnerships that will help the company meet its goals under President Bola Tinubu’s leadership. Ojulari made this known on Wednesday during a courtesy visit to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri. He stressed the importance of collaboration in transforming Nigeria’s oil and gas sector. “We’re stepping in with a mindset of partnership working closely with the Petroleum Ministry, Finance Ministry, and all key players. The goal is to break barriers and move forward together. Conflict…

As of today Wednesday 17th March 2025, The Nigerian Naira (NGN) remains under pressure in both official and parallel markets, driven by oil-dependent forex inflows, rising inflation, and ongoing market uncertainty. Verified currency rates reveal widening disparities between Central Bank regulated and street level exchange values. Official Exchange Rates (CBN/NAFEX) Regulated by the Central Bank of Nigeria (CBN), often used for authorised transactions such as importation and education abroad. Parallel Market Rates Unofficial but widely used by travellers, importers, and small businesses due to limited access to CBN channels. What’s Driving the Naira’s Movement? Tips for Businesses and Travellers The…

As of today 17th April 2025, Nigeria’s key petroleum terminals have received fresh supplies of refined products, reinforcing market liquidity amidst fluctuating depot prices and currency pressures. Five vessels have berthed or are currently discharging across Lagos and Warri ports with over 88,000 metric tonnes (MT) of PMS, AGO, and LPG. Tanker Arrivals and Discharges Lagos Axis Vessel: KOUROSTerminal: 11 PLCProduct: Premium Motor Spirit (PMS)Quantity: 37,822 MTStatus: Arrived on the 13th, Berthed on the 17thRemarks: Discharge expected to complete evening 16 April Vessel: LADY DOYINTerminal: BOVASProduct: Premium Motor Spirit (PMS)Quantity: 15,000 MTStatus: Arrived on the 15th, expected to Berth on…

A fresh round of price reductions is shaking up Nigeria’s downstream oil sector, as Dangote Refinery slashed its ex-depot price of Premium Motor Spirit (PMS) to ₦835 per litre, triggering immediate reactions from independent importers and private depots. The aggressive pricing move signals a deepening market contest between Dangote and import-dependent marketers, with both sides vowing to stay in the game. The price adjustment follows a drop in the petrol landing cost to ₦853/litre, influenced by declining global crude oil benchmarks and relative exchange rate stabilisation. In response, private depots have moved quickly to lower their prices to remain competitive.…

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Kaduna Refinery project is now 81% completed. The update was shared by the authority’s Chief Executive Officer, Farouk Ahmed, during an industry event on Tuesday. He explained that while progress on the refinery is promising, the condition of the connecting pipeline must also be considered, as it plays a vital role in the refinery’s operations. He said both elements are key to the project’s full success. Plan to reduce imports and strengthen the naira Ahmed noted that the refinery upgrade is part of a broader plan to…

In a move that’s likely to spark renewed competition in Nigeria’s downstream sector, Dangote Refinery has once again slashed the ex-depot price of Premium Motor Spirit (PMS) to ₦835 per litre. This latest pricing update, effective Wednesday, 16 April 2025, comes amid volatile global oil prices, foreign exchange pressures, and ongoing adjustments across the petroleum value chain. The refinery’s decision to peg PMS at ₦835 per litre (inclusive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) charges) signals an aggressive pricing strategy aimed at asserting dominance in the deregulated market especially as independent marketers and NNPCL adjust to…