Author: Samuel Suraju

Nigeria’s crude oil production fell to 1.39 million barrels per day (mbpd) in September 2025, marking the second consecutive month of decline and the lowest output in seven months, according to the latest Monthly Oil Market Report (MOMR) released by the Organisation of the Petroleum Exporting Countries (OPEC). The new figure represents a drop from 1.434mbpd recorded in August, signaling a reversal of the brief recovery recorded earlier in June and July when Nigeria’s output approached its OPEC quota. The decline also places production below the country’s allocation of about 1.5mbpd for the month. OPEC said the data was obtained…

The House of Representatives has directed its relevant committees to investigate the persistent non-functionality of Nigeria’s state-owned refineries despite the reported expenditure of over $18 billion on their rehabilitation within the last two decades. The resolution followed a motion moved by Hon. Sesi Oluwaseun Whingan, who represents Badagry Federal Constituency and chairs the House Committee on Petroleum Resources (Upstream). The motion was considered and adopted during Thursday’s plenary presided over by Deputy Speaker Benjamin Kalu. Hon. Whingan expressed deep concern over the state of the refineries located in Port Harcourt, Warri, and Kaduna, which have remained idle despite years of…

Oil prices slid on Tuesday as renewed tensions between the United States and China rattled global markets, while fresh attacks on Russian oil infrastructure by Ukrainian drones added geopolitical uncertainty. By 12 PM WAT, Brent crude was down 2.46% at $61.76 per barrel, and U.S. West Texas Intermediate (WTI) fell 2.62% to $57.93, both hovering near five-month lows. Earlier in the session, Brent had dropped $1.01, or 1.6%, to $62.31, while WTI was down $0.95, or 1.6%, at $58.54. The selloff followed new concerns over the global economy after Beijing and Washington exchanged fresh trade restrictions, reigniting fears of another…

Depot petrol prices have surged to nearly ₦900 per litre across Nigeria’s major coastal hubs, driven by operational and supply challenges at the Dangote Petroleum Refinery that have disrupted production and strained national distribution. An operations personnel familiar with the matter told Petroleumprice.ng that the refinery will load only a few trucks for now, pending completion of ongoing maintenance and performance checks. “The refinery is operating at a reduced rate, and only limited loading tickets will be released until further notice,” the source said. Prices Climb Across Coastal Depots Market data obtained on Monday, October 13, 2025, showed that Premium…

The Federal Government has pledged to address concerns over alleged abuses in administering expatriate quotas within Nigeria’s oil sector. Minister of Interior, Dr. Olubunmi Tunji-Ojo, has assured that proactive measures are being taken to ensure transparency and accountability in the system. Government’s Response to Allegations The ministry’s attention was drawn to recent allegations aired on national television regarding irregularities in issuing and managing expatriate quotas. In response, Dr. Tunji-Ojo emphasized the government’s commitment to resolving these concerns and strengthening regulatory oversight. As part of these efforts, the Ministry of Interior had earlier announced a review of the approving authority for…

The intensifying competition between Dangote Refinery and petroleum importers is exerting pressure on Nigeria’s oil and gas stocks, triggering a notable downturn in market performance. As fuel prices continue to decline, investor confidence in the sector is waning, raising concerns about revenue projections for 2025. Market Impact: NGX Oil and Gas Index Declines 7% As of March 12, the NGX Oil and Gas Index has dropped by 7%, reflecting a widespread decline across key industry stocks. With the exception of Eterna Plc, all major downstream players have seen their share prices tumble, dampening expectations for revenue growth this year. MRS…

The fuel crisis in Niger Republic has intensified as over 400 petrol stations in Nigerian border communities remain closed under government directives aimed at curbing smuggling. Despite mounting concerns from independent marketers over financial losses, the Nigeria Customs Service (NCS) has reaffirmed its commitment to keeping the stations shut. Nigeria’s Border Fuel Ban and Its Impact For nearly four years, petrol stations in border towns have been out of operation following the Nigerian government’s 2019 directive to prevent subsidized fuel from being smuggled into neighboring countries. The ban, introduced under former President Muhammadu Buhari, prohibits fuel supply within a 20-kilometer…

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has dismissed allegations suggesting that it opposed the recent reduction in petrol prices by Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL). IPMAN Denies Resistance to Price Reduction The controversy arose after former presidential aide Reno Omokri alleged that rather than consumers protesting high fuel prices, oil marketers were resisting the price cuts implemented by Dangote Refinery and NNPCL. In a social media post, Omokri claimed that IPMAN was opposing the government due to the affordability of locally refined petrol. He stated, “For the first time in Nigeria’s history, independent…

The Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN) has identified key factors contributing to the increasing petrol truck crashes and fires across the country. Major Causes of Truck Accidents According to PETROAN’s Rivers State Chairman, Francis Dimkpa, the primary causes of these incidents are driver negligence, poor road conditions, and faulty trucks. He clarified that recent fire outbreaks linked to petrol trucks were caused by fuel spills igniting, rather than explosions or substandard fuel, as speculated on social media. Fuel Spills and Fire Hazards Dimkpa explained that when petrol spills onto the road, the combination of heat from…

The Public Accounts Committee of the House of Representatives has successfully recovered N28.7 billion from oil companies following an extensive investigation into revenue leakages. Oil Firms Settle Outstanding Liabilities The probe, centered on an audit report from the Office of the Auditor General for the Federation for the 2021 financial year, led to payments from Chorus Energy Limited and Seplat Production Development Limited. According to House spokesman Akin Rotimi, Chorus Energy remitted $847,623 (N1.2 billion) on March 11, 2025, while Seplat settled its outstanding dues of $18.39 million (N27.6 billion) between March 10 and March 14, 2025. The Nigerian Upstream…