Oil&Gas Archives - Independent Digital News Network

NNPC Reports ₦2.68tn Revenue — But Oil Output Falls to 1.25mbpd, Profit Drops

NNPC revenue oil production paradox has intensified as the Nigerian National Petroleum Company reported ₦2.68 trillion in revenue in its latest monthly report, despite crude output falling to about 1.25 million barrels per day and profit declining. The contradiction highlights rising costs, operational inefficiencies, and structural weaknesses, raising urgent questions about sustainability in Nigeria’s oil-dependent economy.

Dangote Refinery Cuts Petrol Price to ₦1,200 After Global Oil Drop

IDNN3 weeks ago3 weeks ago0

Dangote refinery petrol price cut has reduced pump prices to ₦1,200 following a dip in global crude oil markets. The adjustment signals a shift in Nigeria’s fuel pricing structure, as easing geopolitical tensions reshape supply expectations. The move carries direct implications for consumers, transport costs, and inflation pressure across the country’s fragile economic landscape.

Fuel Price Policy Tension Builds as Government Signals Possible Review

IDNN2 months ago2 months ago0

Nigeria’s fuel price policy debate is intensifying as government officials signal the possibility of adjustments amid volatile global oil markets and persistent pressure on domestic energy costs. Analysts warn that any recalibration of pricing mechanisms could reshape inflation trends, fiscal balances, and the political climate as the country moves closer to the 2027 election cycle.

Cooking Gas Prices Jump in Nigeria as LPG Hits ₦900/kg After Petrol Surge

IDNN2 months ago0

Nigeria’s cooking gas market is entering a fresh inflation cycle as LPG prices surge sharply across the country. Retail prices that hovered around ₦800 per kilogram only weeks ago are now approaching ₦900–₦950 in many locations, raising fears that the country is facing a second wave of energy inflation following the recent spike in petrol prices.

Fuel Price Spike in Nigeria as Dangote Raises PMS Ex-Depot Price Toward ₦1,000 Pump Threshold

IDNN2 months ago2 months ago0

Nigeria’s fuel market has been jolted by a sharp adjustment in refinery pricing after Dangote Petroleum Refinery raised its petrol ex-depot price from ₦774 to ₦874 per litre. Retail pump prices have already climbed above ₦930 in several locations, with marketers warning the surge could soon push petrol close to ₦1,000 per litre nationwide.

Tinubu Signals PIA Review Following New Executive Order

IDNN2 months ago2 months ago0

President Bola Tinubu has signalled a potential review of the Petroleum Industry Act (PIA) following the issuance of a new executive order affecting the oil and gas sector. Officials say the move aims to address implementation gaps, fiscal incentives and regulatory overlaps as Nigeria seeks to boost investment and production stability.

Tinubu Signs Executive Order Redirecting Oil Revenues to Federation Account

IDNN2 months ago2 months ago0

President Bola Tinubu has signed a sweeping executive order mandating direct remittance of key oil and gas revenues to the Federation Account, halting several retention mechanisms previously operated under the Petroleum Industry Act. The directive targets multiple deductions by NNPC Limited and signals a structural fiscal reset with implications for federal, state, and local government finances.

UK Prosecutors Say Diezani Spent £2m at Harrods as Trial Continues

IDNN3 months ago3 months ago0

UK prosecutors have told a London court that former Nigerian oil minister Diezani Alison‑Madueke spent about £2m at luxury retailer Harrods, as proceedings in her corruption trial continued. The allegation forms part of a wider case examining the movement and use of funds prosecutors say were illicitly obtained.

Diezani Alison-Madueke Faces UK Trial Over Alleged Luxury Bribes

IDNN3 months ago3 months ago0

Former Nigerian petroleum minister Diezani Alison-Madueke is at the centre of a UK corruption trial alleging she accepted luxury bribes, including high-value properties and designer goods, in exchange for oil contracts. Prosecutors say the case exposes how global financial systems were used to move illicit wealth, reviving scrutiny of Nigeria’s oil-era corruption and cross-border accountability.

Dangote Refinery Cuts Petrol Price to ₦840 as Global Oil Crash Hits Nigerian Market

IDNN5 months ago5 months ago0

The Dangote petrol price ₦840 reduction has rippled across Nigeria’s downstream sector after global crude prices plunged to $62 per barrel. Major depots including AIPEC and NIPCO have matched the new gantry price, sparking fresh debate about pump-price relief and market stability as OPEC+ maintains its production pause into early 2026.