Author: Samuel Suraju

Crude oil prices closed the week in the red, as traders reacted to new signals from OPEC+ and fresh geopolitical developments. Speculation rose that the alliance might increase production in June. Progress in diplomatic talks involving Iran and Russia added further downward pressure. At the time of writing, West Texas Intermediate (WTI) dropped 0.51%, trading at $62.47 per barrel. Brent crude also fell 0.53%, reaching $66.20 per barrel. These figures confirm a modest but consistent decline throughout the week. Oil Prices Dip on OPEC+ Production Talks A Reuters report this week said OPEC+ is considering a larger output boost in…

As competition heats up in Nigeria’s downstream sector, Dangote Refinery may be considering a fresh price cut on petrol as rival depots begin slashing their pump prices to gain market share. Recent price intelligence reports from April 24, 2025, show that several private depots are now retailing Premium Motor Spirit (PMS) at rates as low as ₦838 per litre, significantly below Dangote’s latest depot price of ₦837.50 per litre. According to the Daily Oil and Gas Intelligence Report, prominent depots like AIPEC, AITEO, and Pinnacle have begun adjusting PMS prices to ₦839 and ₦838, respectively. This move marks a strategic…

Crude oil prices ticked upward on Thursday, buoyed by renewed market optimism despite a backdrop of uncertainty involving U.S.-Iran diplomacy, global trade tensions, and evolving OPEC+ dynamics. West Texas Intermediate (WTI) rose 0.93% to $62.85 per barrel, while Brent crude climbed 0.71% to $66.59. The rebound comes after several volatile trading sessions earlier this week, where fears of weakening global demand and rising inventories pushed crude into multi-month lows. However, Thursday’s gains were driven by a confluence of geopolitical signals and shifting supply expectations. Iran Nuclear Talks: A Supply Wildcard A key catalyst for the price movement was growing speculation…

As global energy dynamics shift once again, oil markets are bracing for another external shock driven by escalating US-China tensions, nuclear diplomacy with Iran, and strategic realignments in liquefied natural gas (LNG) trade across Asia. Crude oil futures remain under pressure, with ICE Brent hovering between $66 and $67 per barrel, signaling a tense calm before potentially dramatic shifts in supply and sentiment. Trump’s Trade War and Iran Talks Reignite Oil Price Volatility The return of Trump-era trade tensions with China and renewed nuclear negotiations with Iran have jolted market sentiment. Talks between the United States and Asia Pacific countries…

In a world where energy costs are rising and putting immense pressure on businesses and households, Nigeria has emerged as one of Africa’s most affordable places to buy diesel, ranking 5th on the continent, according to global price data released on April 14, 2025. With an average pump price of ₦992 per litre, Nigeria trails only Algeria (₦352.22), Turkmenistan (₦456.67), Egypt (₦483.31), and Angola (₦522.34) on the affordability ladder. The ranking, based on diesel prices converted to the Nigerian naira, positions the country ahead of oil-rich peers like Sudan (₦1,047.81), Libya (₦43.16), and even Saudi Arabia (₦706.80) despite Nigeria’s continued…

The average motorist in Nigeria may not realize it, but petrol pump fraud is more widespread than you’d expect, and it’s not always committed by the owners. Increasingly, dishonest filling station attendants are devising creative and covert methods to shortchange unsuspecting customers. While regulatory bodies like the Department of Petroleum Resources (DPR) and now the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) strive to sanitize the sector, retail-level fraud continues to flourish, especially in urban centers where the flow of customers makes detection harder. This investigation breaks down five simple but critical ways to identify a fraudulent filling station…

Oil prices are poised to log their first weekly gain in three weeks, bolstered by supply-side developments and improved macro data even as escalating tensions in the U.S.-China trade war keep demand cloudy. Brent crude climbed back to $68 per barrel, marking a robust 7% week-on-week gain as the Western hemisphere wound down for the Easter holidays. Several short-term bullish factors fueled this rebound: OPEC+ unveiled new compensation quotas, the U.S. imposed tighter sanctions on Iranian oil exports, and global markets responded positively to unexpectedly strong March economic data. Key Developments Driving Oil Markets U.S. Turns Up Heat on IranThe…

Oil prices are slowly recovering from a steep dive triggered by U.S. President Donald Trump’s aggressive global tariff campaign. Brent crude, which had dipped dangerously close to the $60 mark earlier this month, rebounded to nearly $67 per barrel this week, giving oil-exporting countries hope amid persistent global trade tensions. The brief rally was sparked by signs that the White House may offer limited exemptions on certain imports, like smartphones and semiconductors, from its latest tariff round. While that optimism buoyed market sentiment temporarily, renewed threats of broader trade investigations, including one into U.S. dependence on imported critical minerals, quickly…

Major downstream marketers across Nigeria, including Ardova (AP), MRS, Heyden, Optima Energy, Tecno Oil, and others, have implemented a fresh round of petrol price adjustments at the pump following a new directive from Dangote Petroleum Refinery. The refinery announced a reduction in its gantry price of Premium Motor Spirit (PMS) from ₦865 to ₦835 per litre, effective Wednesday, April 16, 2025. This development has triggered downward adjustments in retail pump prices across various regions as partner marketers pass on the cost savings to consumers. New Regional Pump Prices at Partner Outlets Lagos (Including stations operated by Ardova, MRS, Heyden, Optima…

As global oil markets react to deepening trade tensions and weakening demand signals, Brent crude prices have settled at $65 per barrel, maintaining a relatively steady position despite recent volatility. However, in Nigeria, this stability offers little comfort to consumers, as depot prices of Premium Motor Spirit (PMS), a key indicator of future pump prices, show no significant sign of softening. Industry watchers note that while the global benchmark has dropped from previous highs, the downstream effects on Nigeria’s domestic market remain muted due to structural inefficiencies, supply disruptions, and lingering currency instability. Global Market Pressures Collide The current Brent…