NNPCL

WTI crude jumped 19.54% to $108.66 per barrel Monday as Middle East tensions escalated, while Nigerian petrol prices climbed to ₦1,150/litre amid supply concerns at Dangote refinery.

Nigeria's state oil company raised petrol prices to N960/litre while Dangote Refinery lifted diesel to N1,050/litre, as Middle East geopolitical tensions push global crude benchmarks higher and disrupt energy markets.

Africa's largest refinery and Nigeria's state oil company commit to collaboration aimed at strengthening the nation's energy independence and industrial capacity, signalling a potential end to months of commercial tensions.

Nigeria's petroleum workers union PENGASSAN has demanded the withdrawal of President Tinubu's Executive Order on oil revenues, warning the directive undermines the Petroleum Industry Act and threatens investor confidence in the sector.

The petroleum sector's senior staff union has demanded President Tinubu rescind an executive directive on NNPCL revenue flows, warning the policy threatens thousands of jobs and could destabilize Nigeria's crucial oil industry.

The Capital Market Academics of Nigeria has endorsed President Tinubu's Executive Order requiring direct remittance of oil and gas revenues to the Federation Account, calling it a significant fiscal transparency measure while recommending its extension to joint venture assets.

President Tinubu signed an Executive Order suspending NNPCL management fees and mandating full oil revenue remittance to the Federation Account, while securing German commitments for security, power, and rail cooperation during Chancellor Merz's visit.