Author: Samuel Suraju

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for urgent measures to foster healthy competition and stabilize prices in the downstream petroleum sector. In a press release issued today, the association emphasized the crucial role of the sector in the nation’s economy and the need for policies that ensure fair competition and price stability. According to PETROAN, market monopolies and fluctuating fuel prices threaten economic stability, consumer trust, and investment in the industry. To address these concerns, the association has advocated for the inclusion of multiple supply sources, including the Dangote Refinery, NNPC refineries, modular refineries,…

Oil markets are under pressure as prices dipped this week, with Brent crude briefly touching $69 per barrel. The downturn comes amid OPEC+’s decision to increase production starting in April and growing concerns over global trade policies. However, leading energy consultancy Rystad Energy assures that while the bearish sentiment is real, it is unlikely to trigger a prolonged price collapse. Oversupply Fears Grip Market, But Demand May Rebound According to Mukesh Sahdev, Rystad Energy’s Global Head of Commodity Markets – Oil, market sentiment is being weighed down by oversupply fears. Increased crude flows from Kazakhstan and Iraq are contributing to…

Seven oil and gas processing companies have committed to remitting a total of $37.43 million (approximately ₦58 billion) to the Federation Account by August 2025, following a probe by the House of Representatives into financial irregularities in the sector. The commitment follows an investigation into financial records submitted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which revealed significant gaps in royalty payments and revenue reconciliation within the oil and gas industry. The probe is part of a broader review into a ₦9 trillion outstanding liability flagged by the Auditor General of the Federation in his 2021 report to the…

Despite growing investments in domestic refining, Nigeria still allocated ₦930 billion to fuel imports in February 2025, raising concerns about the nation’s dependence on foreign petroleum products. This persistent dependence on foreign petroleum products has sparked debate over the justification for continued importation, particularly as domestic refineries ramp up production. According to data on fuel importation, aside from the February bill, oil marketers licensed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) imported petroleum products worth ₦5.5 trillion between October 2024 and January 2025. This development comes despite the operational expansion of the Dangote Refinery and the Nigerian…

Nigeria’s crude oil sector maintained its stronghold on the nation’s economy in the final quarter of 2024, as exports surged to N13.78 trillion, according to data released by the National Bureau of Statistics (NBS). The latest figures highlight the continued dominance of crude oil in Nigeria’s trade balance and its significant contribution to the country’s foreign exchange earnings. According to the NBS report titled Foreign Trade Statistics Report 2024 Q4, crude oil accounted for 68.87% of total exports during the period. The country also recorded N6.23 trillion from non-crude oil exports, of which non-oil products contributed N2.84 trillion, representing 14.20%…

Nigeria is on the brink of another spike in cooking gas prices as the Nigeria Liquefied Natural Gas (NLNG) faces an unprecedented supply crisis. The company’s operations at its Bonny Island facility have been severely impacted, with gas supply plummeting by 80%, drastically reducing its ability to meet both domestic and international demand. Causes of the Supply Shortage The primary driver of this disruption is persistent pipeline vandalism, which has crippled the delivery of natural gas to NLNG. According to industry sources, NLNG is currently operating at just one-fifth of its required supply, forcing it to run only two of…

Nigeria’s reliance on black market fuel has surged in recent years, driven by persistent fuel shortages and inefficiencies in the official distribution system. While many Nigerians turn to illegal vendors out of necessity, the risks associated with this underground trade far outweigh its perceived convenience. From substandard fuel damaging vehicles to heightened safety hazards and economic exploitation, the black market fuel trade poses a significant threat to both consumers and the nation’s economy. Health and Safety Risks One of the most alarming dangers of black market fuel is its adulteration. Often mixed with kerosene, water, or other harmful substances, this…

Nigeria has exceeded its OPEC production quota by 70,000 barrels per day (bpd), according to a recent Reuters survey. This comes as OPEC’s overall oil output rose in February, driven by strong export gains from Iran and Nigeria. The findings highlight ongoing challenges within the oil cartel as it balances market stability with member compliance. OPEC’s February Output Surge OPEC nations collectively pumped 26.74 million bpd last month an increase of 170,000 bpd from January. Iran and Nigeria led the gains, with Iran’s production rising by 80,000 bpd to 3.30 million bpd, its highest level since 2018. Nigeria followed closely,…

Tensions are escalating in the Niger Delta as a militant faction, the Niger Delta Rescue Movement, threatens to attack oil facilities in Rivers State. The group claims the move is a response to the withholding of funds meant for the state and has issued an evacuation notice to non-indigenes, citing imminent violence. A widely shared video on social media features heavily armed militants in a dense forest, chanting war songs. The group blames the political standoff on the actions of 27 lawmakers, allegedly orchestrated by Martin Amaewhile, with the aim of undermining Governor Siminalayi Fubara’s administration. The militants argue that…

Fuel smuggling in Nigeria is a persistent issue, severely impacting the economy and national security. Illegal fuel trade across key border points deprives the government of vital revenue, exacerbates fuel shortages, and fuels organized crime. Smugglers exploit price disparities between Nigeria and neighboring countries like Benin, Niger, Chad, and Cameroon, making this illicit activity highly profitable. Major Borders Involved in Fuel Smuggling Nigeria’s extensive land borders serve as critical channels for fuel smuggling. The following are the most notorious smuggling routes: Western Borders (Nigeria – Benin Republic) Northern Borders (Nigeria – Niger) Eastern Borders (Nigeria – Cameroon) Northeastern Borders (Nigeria…