Category: Petroleum

Dangote Refinery Slashes Petrol Gantry Price by N75 to N1,175 per Litre

June 16, 2026June 16, 2026 Rextun boss No Comments

Nigeria’s downstream petroleum sector received a significant boost on Tuesday as the Dangote Petroleum Refinery announced a reduction in its ex-gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre. The new gantry price now stands at ₦1,175 per litre, down from the previous ₦1,250 per litre. According to information…

News, Petroleum, Power and Energy

Oil Prices Drop to $82 per Barrel as US, Israel and Iran Move to End Conflict

June 15, 2026June 15, 2026 Rextun boss No Comments

Global crude oil prices fell sharply on Monday after the United States, Israel and Iran reached a preliminary agreement aimed at ending months of conflict across the Middle East and reopening the strategically important Strait of Hormuz, a key route for global energy supplies. Brent crude, the international benchmark for oil prices, dropped by about…

Petroleum, Power and Energy

Dangote Refinery Valuation Hits $39.1 Billion as Private Placement Draws Strong Investor Interest

June 11, 2026June 11, 2026 Rextun boss No Comments

Dangote Petroleum Refinery has achieved a significant milestone in its journey toward a public listing, with the facility now being valued at approximately $39.1 billion through its ongoing private placement exercise. The development comes amid growing investor appetite for a stake in the refinery, which is widely regarded as one of Africa’s most transformative industrial…

Petroleum

Dangote Rejects NNPCL Move to Increase Refinery Stake Ahead of Planned Public Listing

May 14, 2026May 14, 2026 Rextun boss No Comments

President of the Dangote Group, Aliko Dangote, has confirmed that the company turned down attempts by the Nigerian National Petroleum Company Limited to increase its existing 7.25 per cent stake in the Dangote Petroleum Refinery. Dangote disclosed this during an interview with Nicolai Tangen, Chief Executive Officer of Norway’s Sovereign Wealth Fund, monitored on Wednesday….

Petroleum

Cooking Gas Price Climbs to N7,655 for 5kg as Energy Costs Tighten Grip on Nigerian Households

April 29, 2026April 29, 2026 Rextun boss No Comments

The cost of cooking gas in Nigeria has surged again, with the average retail price for a 5kg cylinder now standing at ₦7,655, according to the latest data released by the National Bureau of Statistics (NBS). The new figure represents a year-on-year increase of about 4.55 percent compared to ₦7,322 recorded in the same period…

Petroleum, Power and Energy

Dangote Refinery Absorbing Fuel Costs to Stabilise Nigerian Market — Senior Official

April 28, 2026April 28, 2026 Rextun boss No Comments

Dangote Group has disclosed that its flagship oil facility, Dangote Petroleum Refinery, has been absorbing part of the cost of petrol and diesel supplied to the Nigerian market in a bid to cushion price pressures on consumers. A senior management official within the group confirmed that the refinery has effectively been subsidising refined petroleum products,…

Petroleum

Hormuz Reopens: Global Oil Prices Tumble, Nigeria Eyes Petrol Relief Below N1,000

April 18, 2026April 18, 2026 Rextun boss No Comments

Global energy markets recorded a sharp turnaround on Friday as the strategic Strait of Hormuz was declared open to commercial shipping, triggering a steep drop in crude oil prices and raising expectations of relief for petrol consumers in Nigeria. The reopening followed a fragile ceasefire in the Middle East involving Iran, the United States, and…

Petroleum

Dangote Refinery Raises Petrol to N1,275, Diesel to N1,950 Amid Global Oil Pressure

April 8, 2026April 8, 2026 Rextun boss No Comments

Nigeria’s largest refining facility, the Dangote Refinery, has announced a fresh increase in the ex-depot prices of petroleum products, pushing petrol to ₦1,275 per litre and diesel to ₦1,950 per litre. The latest adjustment represents a ₦75 increase in petrol price—about a 5 percent rise from the previous ₦1,200 per litre—while diesel recorded a sharper…

Petroleum, Power and Energy

Nigerian Fuel Marketers Suspend Price Updates as Dangote Refinery Price Increase Looms

March 31, 2026March 31, 2026 Rextun boss No Comments

Petroleum marketers across Nigeria have begun withholding updated pump prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), signaling growing uncertainty in the downstream oil sector as expectations mount over an imminent price adjustment from the Dangote Petroleum Refinery and Petrochemicals. Industry sources indicate that the unusual pause in price disclosures is a…

Petroleum

Dangote Refinery Cuts Petrol Gantry Price by ₦75 to ₦1,200 per Litre

March 27, 2026March 27, 2026 Rextun boss No Comments

Nigeria’s largest private refinery, the Dangote Petroleum Refinery & Petrochemicals, has reduced its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,200 per litre, marking a fresh downward adjustment in the domestic fuel market. The latest price review represents a reduction of about ₦75 from the previous rate of over ₦1,270…

News, Petroleum

abdulwasiu abdulkabir Olajide on 7 Federal Government Empowerment Programs and Opportunities for Nigerian Youths – How to ApplyAugust 13, 2026
24,sabo line oke ile onikere compaund
Kikma on Top 10 Hidden Gems in Ibadan You Need to Visit in 2025July 1, 2025
Ibadan is truly a hidden gem with so much to offer. From the serene Agodi Gardens to the breathtaking views…