Oil prices Archives

PETROAN Urges Depot Owners, Others To Cut Local Petrol Cost Amid Oil Price Decline

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and petroleum products importers to immediately adjust their prices downward in line with the recent decline in global crude oil prices. It said that the adjustment would enable Nigerian consumers to benefit from the easing market conditions. The association […]

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June 19, 2026
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Economy

Why Ex-Depot Fuel Price Reduction Takes Time To Reflect At Filling Stations — PETROANl

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has explained why the recent decrease in the gantry price of fuel by the Dangote Refinery has not trickled down to retail outlets across the country. Speaking on Channels Television’s The Morning Brief on Wednesday, the President of PETROAN, Billy Gilly-Harry, said that local fuel […]

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June 17, 2026
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Breaking News

Oil plunges to $80 per barrel, stocks jump on US-Iran peace deal

Oil prices dropped towards $80 a barrel and stocks rallied on Monday after Washington and Iran reached a deal to end the Middle East war and reopen the Strait of Hormuz, sending a wave of relief through global markets. The strait, through which roughly 20 percent of the world’s crude oil supply normally transits, was […]

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June 16, 2026
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Breaking News

Dangote refinery slashes petrol gantry price by N75/litre

Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N75 per litre In a circular to fuel marketers on Monday, the refinery said the adjustment followed the de-escalation of the tension in the Middle East, which had impacted energy prices in the past three months. “Following the de-escalation of tensions […]

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June 16, 2026
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Breaking News

Dangote reverses petrol price from N1,350 to N1,275

Dangote Refinery has reversed its earlier petrol price increase, bringing its ex-depot rate for Premium Motor Spirit back to N1,275 per litre, just hours after announcing a higher price to marketers. The reversal comes after the refinery had earlier on Wednesday effected an upward adjustment to N1,350 per litre, triggering immediate reactions across the downstream […]

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May 6, 2026
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World

Crude prices plunge, stocks surge as US and Iran agree ceasefire

Oil prices plunged Wednesday while stocks rallied after the United States and Iran agreed to a two-week ceasefire that will see Tehran temporarily reopen the vital Strait of Hormuz. With Donald Trump’s deadline approaching for the Islamic republic to reopen the waterway or face obliteration, he announced a halt to attacks for two weeks and […]

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April 8, 2026
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