Media Service
Major economies have released a record 400 million barrels of strategic oil reserves to ease the impact of the Middle East war on energy markets, but investors remain concerned. Despite this historic drawdown, prices surged above $100 a barrel due to fresh Iranian strikes on energy infrastructure and fears of a prolonged conflict. The International…
Fuel prices in Nigeria could rise further after Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre. The new price, announced to marketers on Monday, represents the third upward adjustment within a week. The refinery raised the gantry price from N995 per litre announced…
The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points, bringing it down to 26.50 percent from 27 percent, citing sustained progress in curbing inflation and stabilising the economy. The decision was announced on Tuesday during the bank’s 304th Monetary Policy Committee (MPC) meeting in Abuja, where all…
Nigeria’s inflation rate slowed slightly to 15.10% in January 2026, down from 15.15% in December 2025, according to the National Bureau of Statistics (NBS). The minor decline defies earlier forecasts by analysts, who had projected inflation could spike to 19% in January, suggesting early signs of relief for households contending with rising prices. The NBS…
The Dangote Petroleum Refinery has hit a major milestone, reaching its full designed capacity of 650,000 barrels of crude oil per day (bpd) and becoming the first refinery globally to achieve full nameplate capacity in a single train of that scale. This achievement follows the optimization of its Crude Distillation Unit (CDU) and Motor Spirit…
Professor Abdullahi Usman has stepped down as Chairman of the National Hajj Commission of Nigeria (NAHCON), bringing his leadership of the federal pilgrimage agency to an abrupt end following weeks of internal discord. His resignation, confirmed on Tuesday, comes shortly after the NAHCON board submitted a petition to President Bola Tinubu seeking his removal over…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has alerted the public to a surge of fraudulent recruitment schemes falsely claiming to offer jobs at the agency. In a statement shared on its official X account on Monday, NMDPRA said it was compelled to respond after unscrupulous groups began exploiting Nigerians with promises of…
Traders at Onitsha Main Market in Anambra State resumed business on Monday following a one-week closure imposed amid warnings over a sit-at-home order allegedly linked to the proscribed Indigenous People of Biafra (IPOB). The market had shut down last week after some traders reportedly complied with a Monday sit-at-home directive circulating on social media. Governor…
You’re officially invited to the Nigeria Oil & Gas Awards Dinner – the night where the country’s brightest energy leaders come together to celebrate excellence, innovation, and the future of our sector. Mark your calendar: January 30th at the iconic Transcorp Hilton Hotel, Abuja. It’s not just another dinner it’s a premier networking hub, a showcase…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially launched the 2025 oil and gas licensing round, offering 50 blocks for bidding across five of Nigeria’s sedimentary basins, while emphasizing that only technically competent and financially capable firms will qualify. The move, the commission said, is designed to eliminate speculative participation and position Nigeria’s upstream…