economy

Global oil prices are on course for their steepest quarterly decline since the COVID-19 pandemic, with easing geopolitical tensions in the Middle East wiping out much of the war-driven premium that had briefly lifted crude prices earlier this year.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that marketers across the country will shut down filling stations if the Federal Government attempts to impose petrol price controls, insisting that such a move would undermine the deregulated downstream petroleum market.

The Republic of the Congo's national oil company, Société Nationale des Pétroles du Congo (SNPC), has begun discussions with Dangote Petroleum Refinery & Petrochemicals on a strategic partnership aimed at strengthening the Central African country's supply of refined petroleum products while deepening regional energy cooperation and industrial integration across Africa.

Fresh shipments of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) are set to berth at strategic depots and jetties across Lagos, Warri and Port Harcourt as marketers continue to replenish inventories following the recent decline in depot prices. The latest tanker movement, covering berthing activities between June 25 and June 29, shows a steady inflow of coastal cargoes from Dangote Refinery and Sabaek, reinforcing product availability across Nigeria's downstream petroleum market.

The Independent Petroleum Marketers Association of Nigeria (IPMAN), Eastern Zone (System 2E), has urged the Nigerian National Petroleum Company Limited (NNPCL) to accelerate the conclusion of its proposed Technical Equity Partnership with two Chinese companies for the completion and operation of the Warri and Port Harcourt refineries, saying further delays are denying Nigerians the benefits of lower fuel prices and improved domestic refining capacity.

Nigeria's Liquefied Petroleum Gas (LPG) market is showing strong signs of a major price correction as product availability improves significantly across coastal depots, with wholesale prices falling to as low as ₦1,100 per kilogramme from an average of ₦1,500/kg recorded just days ago.

Nigeria generated an estimated ₦20.22 trillion from crude oil exports between January and May 2026, as stronger international oil prices outweighed a decline in export volumes, lifting the value of the country's overseas crude sales despite continued concerns over domestic production and refinery feedstock availability

Nigerian households are beginning to enjoy relief from months of soaring cooking gas prices as the cost of Liquefied Petroleum Gas (LPG) has fallen from about ₦2,200 per kilogramme to around ₦1,500/kg, representing a 31.8 per cent decline on improved supply and coordinated interventions across the domestic market.

The Nigerian downstream petroleum market recorded one of its steepest weekly price corrections in 2026, with depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) falling sharply across Lagos, Warri, Port Harcourt and Calabar as improving supply conditions coincided with a sustained decline in global crude oil prices.

Ogun State has moved a step closer to joining Nigeria's league of oil-producing states following significant progress in crude oil exploration activities at Eba Island in Ogun Waterside Local Government Area.

Fresh shipments of PMS, AGO, ATK and LPG are arriving at strategic depots and jetties across Lagos, Warri, Port Harcourt and Calabar as marketers continue to replenish inventories to sustain fuel distribution across the country. The latest tanker movement, covering berthing activities between June 20 and June 26, shows a steady flow of coastal cargoes into major receiving terminals.

Crude oil prices remained on track for their steepest weekly decline in months on Friday as improving tanker traffic through the Strait of Hormuz continued to ease concerns over supply disruptions, prompting traders to unwind much of the geopolitical premium built into the market during the recent Middle East conflict.

Liquefied Petroleum Gas (LPG) prices are beginning to soften across Lagos as fresh product arrivals and rising inventories improve supply conditions in Nigeria's cooking gas market. The increase in available volumes has eased procurement pressure on marketers and strengthened expectations of further price moderation in the coming weeks.

The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS) by ₦50 per litre, citing the de-escalation of tensions in the Middle East and the resulting decline in global energy prices.

Dangote Petroleum Refinery has reduced the ex-depot price of Aviation Turbine Kerosene (ATK), commonly known as jet fuel, by another ₦150 per litre representing a 16.1 per cent cut, bringing the product's price down from ₦1,450 to ₦1,300 per litre.