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Category: Petroleum

International News Oil Petroleum

Nigeria Increases Petrol Imports as NNPC Ends Naira-for-Crude Program

Nigeria is set to witness a surge in Premium Motor Spirit (PMS) imports following the Nigerian National Petroleum Company (NNPC) Limited’s decision to end the Naira-for-Crude initiative—a policy that allowed local refiners to purchase crude in the local currency. The move could significantly impact local fuel production, particularly at the Dangote Refinery. According to a document from the Nigerian Ports Authority, reported by The Punch, seven vessels carrying 115,000 metric tonnes (154.22 million liters) of

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Petroleum Local News Oil

Angola Increases Diesel Price as Part of Fuel Subsidy Reform

The Angolan government has raised the price of diesel from 200 to 300 kwanzas per liter, effective from 1:00 AM on March 24, 2025. The Petroleum Derivatives Regulatory Institute (IRDP) announced the measure, stating that it is part of the ongoing “gradual adjustment of retail fuel prices to market levels.” In a statement released on Sunday, the IRDP clarified that, as the regulatory authority, it is responsible for setting and announcing fuel prices. While diesel

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Local News Oil Petroleum

Angola’s Oil Production Set for Modest Growth in 2025 Forecasts Oxford Economics

Consultancy firm Oxford Economics forecasts that Angola will experience a slight increase in daily oil barrel production this year, building on a 4.1% rise in 2024, which saw production reach 1.176 million barrels per day. The firm projects a further 1% increase in 2025, bringing production to 1.187 million barrels per day, signaling continued modest growth in the medium term. In a detailed commentary on Angola’s oil sector, Oxford Economics analysts highlighted several factors that

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Corporate News International Oil Petroleum

Dangote Refinery to Meet Nigeria’s Fuel Demand

Aliko Dangote, President of Dangote Industries Limited, announced that his refinery has sufficient Premium Motor Spirit (PMS) in storage to meet Nigeria’s full local fuel demand. Dangote made this statement following a visit by Zambia’s Minister of Energy, Mr. Makozo Chikote, and his delegation, who toured the refinery complex. The billionaire businessman revealed that the refinery currently holds over half a billion liters of petroleum products, valued at more than ₦600 billion. “We have more

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Local News Oil Petroleum

Angola’s Petroleum Derivatives Market Records $756 Million in Fuel Acquisitions in Q4 2024

Angola’s petroleum derivatives market acquired approximately 1,316,697 metric tons (MT) of fuel for commercialization in the fourth quarter of 2024. Of this total, 60% was diesel, 27% gasoline, 5.3% fuel oil, 5.2% Jet A1, 1% asphalt bitumen, and 0.8% illuminating kerosene. These figures were presented on Thursday by Luís Fernandes, Director-General of the Petroleum Derivatives Regulatory Institute (IRDP), during a review meeting on sector activities. He noted that liquid fuel acquisitions came from the Luanda

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International Oil Petroleum

Uganda to Launch Third Round of Petroleum Exploration Licensing

Uganda’s government is preparing to launch its third round of petroleum exploration licensing in the 2025/2026 fiscal year (July-June), according to Energy and Mineral Development Minister Ruth Nankabirwa. The upcoming licensing round will open new areas for oil and gas exploration, although specific regions, including the Albertine Graben or northern and northeastern basins, have not yet been confirmed. Uganda, which discovered crude oil in the Albertine Graben nearly 20 years ago, aims to commence production

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International Petroleum

NNPC Refutes Shutdown Rumors for Port Harcourt Refinery

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has debunked rumors circulating in local media that the Old Port Harcourt Refinery, re-streamed two months ago after a $1.5 billion rehabilitation, has ceased operations. Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, dismissed the claims as “totally false,” stating that the refinery remains fully operational. He noted, “Preparation for the day’s loading operation is ongoing.” Soneye described the reports as deliberate attempts to create artificial scarcity and

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Oil Corporate News International Petroleum

Dangote Refinery Reduces Petrol Price to N899.50 per Litre Ahead of Festive Season

Dangote Refinery has announced a reduction in the ex-depot price of premium motor spirit (PMS), commonly known as petrol, to N899.50 per litre. This follows a previous price adjustment to N970 per litre on November 24. Anthony Chiejina, Group Chief Branding and Communications Officer for Dangote Group, highlighted that the price cut is aimed at providing relief to Nigerians during the festive season. He stated, “To alleviate transport costs during this holiday season, Dangote Refinery

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Oil International Petroleum

Uganda to Fully Fund $4 Billion Oil Refinery Through Equity

Uganda has announced plans to fully finance its $4 billion oil refinery project in Hoima District using equity, abandoning earlier plans to seek international market financing. Energy Minister Ruth Nankabirwa revealed that the government, in partnership with UAE-based Alpha MBM Investments, has opted to proceed without external debt financing. This decision marks a significant shift from the original funding model, which projected a mix of 60% debt and 40% equity. The Uganda Refinery Project aims

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Corporate News International Oil Petroleum

NNPC Launches First Export of Low-Sulfur Fuel Oil

The Nigerian National Petroleum Company Limited (NNPC) has successfully sold its inaugural shipment of Port Harcourt low-sulfur straight-run fuel oil (LSSR) to Dubai-based Gulf Transport & Trading Limited (GTT). This marks the beginning of operations at the Port Harcourt Refinery and the export of petroleum products. The Wonder Star MR1 vessel is set to load 15,000 metric tons of LSSR, equivalent to approximately 13.6 million liters. Although the current export volume from NNPC is modest,

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