US Cuts Nigerian Crude Imports By Nearly 50%
The United States has significantly reduced its crude oil imports from Nigeria, with a sharp drop of about 47% in January 2026. According to official trade data, imports fell from over 3 million barrels in December 2025 to about 1.66 million barrels in January 2026. This decline also affected Nigeria’s earnings, as the value of […]
Navy dismantles illegal refinery in Rivers, recovers 20,000 litres of stolen crude
The Nigerian Navy has dismantled an illegal refinery in Rivers State, recovering about 20,000 litres of stolen crude oil. The operation was part of ongoing efforts to combat oil theft and illegal refining activities in the Niger Delta region. Officials revealed that the site was discovered during routine patrols, with equipment used for illicit refining […]
Iran war: No basis for increment in PMS price in Nigeria – MURIC
The Muslim Rights Concern (MURIC) has stated that the ongoing war in Iran should not cause a rise in PMS prices in Nigeria. MURIC’s Executive Director, Professor Ishaq Akintola, noted that local refineries must receive enough crude to keep petrol prices stable. Recent fuel price spikes, reaching N1,400 per litre in some areas, are blamed […]
Fuel price nears N1,000 per litre in Nigeria as marketers, retailers trade blame
Fuel prices across Nigeria are nearing N1,000 per litre, sparking blame between petroleum marketers and retail fuel station owners. As Nigerians struggle with the rising cost of living, this increase in fuel prices is only adding more pressure. Earlier this week, it was reported that the Nigerian National Petroleum Company Limited (NNPCL) increased fuel prices […]
Nigerian marketers reduce fuel prices as FG shuts down economy in honour of Buhari
Nigerian fuel marketers have decided to lower the cost of petrol, starting from Tuesday, July 15. This decision comes as the Nigerian government shuts down operations for the day due to a public holiday declared in honour of the late former President Muhammadu Buhari. Abubakar Maigandi, who leads the Independent Petroleum Marketers Association of Nigeria […]
No going back on Naira-for-crude implementation – FG
The Nigerian government has made it clear that it will not change its decision to start selling crude oil and refined petroleum products in naira. This was confirmed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. This plan is a major part of President Bola Tinubu’s economic reforms. The goal […]
60 Million Barrels Of Crude Oil Unsold As Local Refineries Suffer Low Supply
Local refineries in Nigeria continue to face significant challenges in accessing crude oil. Reports indicate that over 60 million barrels of Nigerian crude oil remain unsold, floating at sea while local facilities suffer from insufficient supply. Insiders have voiced concerns about the ongoing difficulties, despite warnings from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The […]
Nigerian army uncovers 11 illegal bunkering sites in four states
The Nigerian Army has discovered 11 illegal oil bunkering sites during a six-day operation in four states — Akwa Ibom, Bayelsa, Delta, and Rivers. This effort was part of a mission to stop crude oil theft in the country. Lieutenant Colonel Danjuma Danjuma, the spokesperson for the Army’s 6 Division in Port Harcourt, shared the […]
Trade Exports Hit $50 Billion As FG Policies Boost Trade Balance
Nigeria’s total trade exports reached $50.4 billion in 2024, marking a strong recovery for the country’s economy. This growth was largely due to the depreciation of the naira and the removal of fuel subsidies, which helped improve the trade balance. According to the National Bureau of Statistics (NBS), Nigeria recorded N138 trillion in total trade, […]
NSCDC arrests two crude oil thieves, recovers exhibits in Abia State
The Nigeria Security and Civil Defence Corps (NSCDC) has arrested two suspects for stealing crude oil in Abia State. The suspects, Chukwuekpe Okeke (40 years old) and Kingsley Madubuachi Conelius (31 years old), were caught siphoning oil from a damaged pipeline at Umuhololo/Etitiuzor Road, Owaza in Ukwa-West Local Government Area. The arrest was made by […]