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…
TotalEnergies EP Nigeria has entered into a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria. The Renaissance JV, formerly known as the Shell Petroleum Development Company of Nigeria (SPDC) JV, is an unincorporated partnership made up of the…
Oil markets have recorded their steepest annual fall since the COVID pandemic and could be on track to plummet further as oil producers continue to pump more crude than needed by the global economy. Oil prices slumped by almost 20per cent in 2025, marking the biggest annual loss since 2020 and the first time that…
There were pockets of fuel queues today around Lagos, especially along the busy Agege motorway. Our correspondent reported that all the filling stations stretching from Iyana Dopemu to Ikeja along except MRS and Heyden locked shops. Some motorists that spoke with themorningstar.com.ng lamented the development, wondering when Nigeria will work for the citizens, especially with…
Oil workers have kicked against the planned sale of oil and gas assets, warning the development could seriously hurt the economy. The workers, acting under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) rejected the Federal Government’s plan to…
The Court of Appeal, Abuja Division, on August 8, upheld the Nigerian National petroleum Company (NNPC) Limited’s appeal against the Federal High Court’s April 2023 judgment that annulled Sen Ifeanyi Araraume’s removal as non-executive Chairman of the NNPC Board and awarded him ₦5 billion in damages. With this judgment, the Court of Appeal thus spared…
