The price of Bonny Light, Nigeria’s premium oil grade, yesterday, dropped by 5.09 per cent to $59.62 per barrel in the global market at the backdrop of the ongoing ripples created by the tariff war that has followed the series of tariff hikes announced by the United States of America early this week. The oil price was also hit by …

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has alleged that some local refineries are importing substandard crude into Nigeria to cut costs. PETROAN National Publicity Secretary, Mr. Joseph Obele said on Thursday that the refineries have been importing crude oil with high sulphur content into Nigeria. Asked to mention some of the refineries, Obele declined, saying the …

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has disclosed that Nigeria’s rig count will hit 50 in March. Komolafe said active rigs are currently 38, from 32 in the previous weeks. According to him, increasing the number of active rigs is essential to boost oil production and achieve the two million barrels per day …

The 6 Division of the Nigerian Army says its troops, in conjunction with other security agencies, have deactivated 25 illegal refineries and recovered about 95,000 litres of stolen crude oil in its various operations in the Niger Delta region. In a statement in Port Harcourt at the weekend, Lt. Col. Jonah Danjuma, the Division’s Deputy Director of Public Relations, said …

Nigeria’s cost of producing crude oil has risen to about $40 per barrel, a report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said. This is 300 per cent higher than the cost of producing the same crude in Saudi Arabia, which is $10 per barrel. According to the NUPRC, rising production costs, coupled with volatile global oil prices, …

The Dangote Petroleum Refinery is building eight more tanks in its bid to have enough storage for imported crude oil. A report by Africa Report has it that the refinery is ramping up its storage capacity by 6.29 million barrels, equivalent to 1 billion litres. The report stated that the $20 billion refinery is planning to stockpile imported crude oil …

Nigeria’s crude oil has surpassed 1.5 million barrels per day (mbpd) for the first time in four years, surpassing its December 2024 quota set by the Organisation of Petroleum Exporting Countries (OPEC). The output, which is excluding condensates, signifies a resurgence that is crucial for Nigeria’s economy, heavily reliant on oil revenues amid ongoing reforms aimed at boosting production capacity. …

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has sought a reduction in the price of petrol across the country. The group urged the Dangote refinery to consider reducing its ex-depot price from N970 per litre since the estimated cost of landing petrol on Nigeria’s shores has dropped to N900.28 per litre. President Bola Tinubu had during a Federal Executive …

The 6 Division of the Nigerian Army has ramped up its campaign against illegal oil bunkering in the Niger Delta, dismantling 56 illegal refineries, recovering over 1.2 million liters of stolen crude, and arresting 17 suspects. The operations, conducted between 25 November and 1 December 2024, spanned Rivers, Bayelsa, Delta, and Akwa Ibom states, according to the acting Deputy Director …

The Dangote Petroleum Refinery says the Federal Government has not met its target to supply crude oil to the refinery under the naira-for-crude initiative. It said the amount of crude received from the Nigerian National Petroleum Company Limited (NNPCL) is “peanuts” compared to the volume needed to ramp the production of refined products. A report by Reuters quoting an interview …