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Energy
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Nigeria records 2.3 percent growth in daily oil output reaching 1.74mbpd
Nigeria has reached a production milestone by exceeding its OPEC quota for two months running, with daily crude and condensate output climbing to 1.74 million barrels in June.
Abuja Power Outage Linked to Illegal Intrusion at Maitama Substation
Unauthorized land occupation at the C2 Maitama Substation by individuals led by an FCDA official has resulted in significant damage and power outages for Abuja residents and businesses.
Depot operators align petrol prices with Dangote Refinery rates
Petroleum depot owners have lowered their ex-depot petrol prices to N1,075 per litre to match the rates recently established by the Dangote Refinery.
NMDPRA confirms deregulated fuel sector and strengthens consumer protection efforts
The NMDPRA has clarified that Nigeria's petroleum market is fully deregulated, with fuel prices set by market forces, while simultaneously ramping up consumer protection and monitoring efforts.
Nigerian Gas Stations Close Amid Fuel Price Hike Rumors
Several Nigerian petrol stations have suspended operations as rumors circulate regarding potential fuel price hikes following global crude oil market volatility.
Nigeria Lost $1.5 Billion to Gas Flaring in 2024, Says German Envoy
German Ambassador Annett Günther reported that Nigeria flared 5.3 billion cubic metres of gas in 2024, costing the nation $1.5 billion, while outlining new initiatives to repurpose this waste for economic growth.
Dangote Refinery adjusts petrol rates downward while diesel costs climb
Dangote Refinery slightly lowered its ex-depot petrol price, while diesel costs saw significant increases across several Lagos depots amid rising global crude oil prices.
Adura executive warns of potential winter fuel supply issues without Jackdaw gas field approval
Adura CEO Neil McCulloch argues that opening the Jackdaw gas field is essential to maintaining UK energy security this winter as the government reviews the project's legal status.
NUPRC Awards Oil Licences to 12 Firms as New Deepwater Project Emerges
The NUPRC has issued 19 petroleum prospecting licences to 12 firms, while ESSO Exploration announced a $300 million deepwater investment project in Nigeria.
OPEC+ Increases Oil Quotas as Regional Tensions Ease
Seven OPEC+ nations are raising oil production quotas by 188,000 barrels per day beginning in August 2026 as shipping through the Strait of Hormuz recovers.