Oil prices surged approximately three per cent to reach a two-week high on Monday, driven by stalled peace talks between the U.S. and Iran and ongoing restrictions on shipments through the Strait of Hormuz, which continue to tighten global oil supplies. Brent crude futures increased by $2.90, or 2.8per cent, closing at $108.23 per barrel….
Nigeria’s Dangote refinery, Africa’s largest, has increased exports of gasoline and urea to African countries hit by supply disruptions caused by the Iran war, its owner Aliko Dangote said on Monday. Dangote said the refinery, which is operating at its maximum capacity of 650,000 barrels a day, had helped cushion the full impact of the…
The Federal Government has halted the issuance of import licenses for gasoline, a major win for billionaire Aliko Dangote, who controls Africa’s largest refinery and has long called for the move. This decision is coming on the heels of data supplied by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) which stated that Dangote…
President Bola Tinubu has finally approved a targeted fiscal incentive designed to unlock the long awaited Final Investment Decision (FID) on the Bonga Southwest Aparo (BSWA) deepwater project. This presidential nod is coming after 18 years of deadlock. With the approval, the Bonga Southwest project becomes the first FID on a Nigeria deepwater Production Sharing…
Dangote Petroleum Refinery has announced a major reduction in the prices of Premium Motor Spirit (PMS), known as petrol and Automotive Gas Oil (AGO), also known as diesel. Under the new pricing regime, the gantry price of PMS has been lowered from ₦1,175 to ₦1,075 per litre—a reduction of ₦100. The coastal price has also…
State-run oil firm, the Nigerian National Petroleum Company Limited (NNPCL) said it generated N2.57 trillion revenue in January this year. According to the NNPCL monthly report of January 2026, it also posted N385 billion profit after tax (PaT). NNPCL further disclosed that in the period under review, N726 billion was remitted into the Federation account…
Schneider Electric has announced the second edition of the Innovation Summit Middle East & Africa (MEA) will bring together global technology leaders as well as government officials to advance the regional shift towards energy intelligence, as data center growth, artificial intelligence (AI) adoption, and national visions place unprecedented demands on energy systems. Scheduled for Abu…
Africa’s largest oil producer, Nigeria, underperformed its 1.5 million barrels per day (bpd) quota in nine months of 2025 and again in January 2026, according to Nigerian Upstream Petroleum Regulatory Commission (NUPRC) figures. Using the Central Bank of Nigeria (CBN’s) average Bonny Light price of $72.08 per barrel over the 10 months for which data…
Oil marketer, Eterna Plc and a smart automation technology company, Fuelmetrics Limited, at the weekend struck a partnership on the rollout of self-service fuel terminals across the retail network Eterna Plc, marking a practical step forward in the company’s drive to digitize fuel retail and improve service delivery. The terminals enable motorists to authorize and…
