War: Iran vows to take conflict beyond Gulf region if US crosses ‘red lines’
Iran’s Islamic Revolutionary Guard Corps (IRGC) has warned that it will take action against the United States and its allies if they violate what Iran calls red lines. The statement, released on Tuesday, came after US President Donald Trump issued a threat to Iran. “The Revolutionary Guards declare that if the US military crosses our […]
Nigeria Pledges stable investment climate for oil sector
The Nigerian government has reaffirmed its commitment to providing a stable and conducive environment for investment in the country’s oil and gas sector. Officials emphasized that regulatory reforms and policy measures are being strengthened to attract both domestic and international investors. Speaking on the matter, authorities highlighted that Nigeria aims to ensure transparency, predictability, and […]
Nigerian petrol retailers, PETROAN, back Tinubu’s 15 percent import duty on petrol
The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) has expressed full support for President Bola Ahmed Tinubu’s decision to impose a 15 percent import duty on petrol. The association stated that the policy would help strengthen Nigeria’s petroleum sector and boost government revenue. PETROAN noted that although the policy may come with challenges, it […]
Fuel landing cost drops, now cheaper than Dangote Refinery’s petrol price
The landing cost of imported petrol in Nigeria has dropped to ₦839.97 per litre as of October 21, 2025, making it cheaper than petrol produced by the Dangote Refinery, which sells for ₦877 per litre. This information was disclosed in the latest energy price bulletin released by the Major Energy Marketers Association of Nigeria (MEMAN). […]
Investors’ confidence back in Nigeria’s oil sector – Lokpobiri on NUPRC regulatory feat
Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has stated that investor confidence has returned to the country’s oil and gas industry. This development, he noted, is largely due to the impressive regulatory achievements of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over the past four years. Lokpobiri made the remark during […]
Oshiomhole Slams PENGASSAN For Escalating Dangote Refinery Dispute
Former APC national chairman and senator, Adams Oshiomhole, has criticized the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over its handling of issues surrounding the Dangote Refinery. He accused the union of escalating matters rather than seeking dialogue to resolve disputes. Oshiomhole stressed that the refinery is a critical national asset and […]
Nigeria’s First Crude Facility In 50 Years Ready For Commissioning
Nigeria is set to commission its first crude oil facility in 50 years, marking a huge step forward in the nation’s energy sector. The long-awaited project is expected to boost local refining capacity, reduce dependence on fuel imports, and strengthen Nigeria’s oil and gas industry. The facility is seen as a major milestone that could […]
Forbes: Aliko Dangote’s wealth surges by almost 100% to $23.9bn, now 86th richest in the world
Aliko Dangote’s wealth has almost doubled, reaching $23.9 billion, according to Forbes. This makes him the richest man in Africa and places him 86th in the world. Last year, Forbes ranked him 144th with a fortune of $13.4 billion. His sharp rise comes mainly from his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals. At […]
Dangote Refinery reduces fuel price
Dangote Petroleum Refinery has announced a ₦30 cut in the ex-depot price of petrol, dropping from ₦850 to ₦820 per litre. The new price took effect on August 12, 2025. The update was confirmed in a statement by the company’s spokesperson, Anthony Chijiena, on Tuesday. With a daily capacity of 650,000 barrels, the refinery said […]
Nigerian govt to earn N796bn yearly from 5% petrol surcharge
The Nigerian government is projected to make about N796 billion each year through a new 5% surcharge on both locally made and imported petrol. This tax will become active starting January 1, 2026, following the introduction of new tax laws. President Bola Tinubu approved four new tax laws on June 26, 2025. One of these […]