Trending Now
[/tdc_zone]
LATEST ARTICLES
Nigeria: Dangote Refinery Raises Petrol Price To N1,175 Per Litre, Diesel To N1,620 Per Litre
The Dangote Petroleum Refinery, Africa’s largest petroleum refinery based in Lagos, Nigeria, has increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (diesel), citing rising crude oil landing costs.
The refinery raised the petrol price to N1,175 per litre, marking the third price hike within one week, while the gantry price of diesel was increased to N1,620 per litre, further heightening concerns among businesses already struggling with rising operating costs.
The latest increase represents the third surge in petrol prices within a week, following earlier adjustments that pushed the refinery’s gantry price from N774 to N874, and subsequently to N995 per litre, before the latest hike to N1,175 per litre.
As a result, retail pump prices in several parts of Nigeria have already crossed the N1,000 per litre mark, with some filling stations selling petrol at around N1,200 per litre, intensifying the cost-of-living pressures facing citizens.
Industry operators warn that the latest development will likely trigger another round of price increases at filling stations nationwide, as higher fuel costs typically translate into increased transportation fares, logistics expenses, and production costs, ultimately pushing up the prices of goods and services.
The development also comes amid efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the refinery via third-party international traders in order to sustain domestic refining operations.
However, officials familiar with the arrangement have cautioned that the intervention may not immediately lead to lower petrol prices for consumers, as global crude oil prices, foreign exchange volatility, and operational costs continue to influence domestic fuel pricing.
Tanzania: Energy Minister Orders Contractor To Resume Songea–Mahumbika Power Project Within 14 Days
Tanzania’s Minister for Energy, Hon. Deogratius Ndejembi, has given a 14-day ultimatum to the contractor responsible for the 220kV transmission line project from Songea to Mahumbika via Tunduru and Masasi to return to the project site and resume work immediately.
Ndejembi said the contractor should not be awarded any other government projects until the current project—whose implementation has been delayed in violation of the contract terms—is completed.
The minister has also ordered the Permanent Secretary of the Ministry of Energy to issue a formal warning letter to the contractor.
He explained that the ministry had previously met with the company’s leadership in Dodoma, where they agreed that work would resume within 25 days after the contractor received the payment they had been demanding since December 2025.
However, he noted that the contractor has not yet returned to the project site or resumed work.
He explained that the ministry had previously met with the company’s leadership in Dodoma, where they agreed that work would resume within 25 days after the contractor received the payment they had been demanding since December 2025.
However, he noted that the contractor has not yet returned to the project site or resumed work.
Nigeria: NNPC Records N385bn Profit As Oil Output Rises To 1.64mbpd
The Nigerian National Petroleum Company Limited (NNPC Ltd.) posted a profit after tax of N385 billion (equivalent of $278,176,816.91) in January 2026, as Nigeria’s crude oil and condensate production rose to 1.64 million barrels per day, up from 1.55 million barrels per day in December 2025, according to the company’s latest monthly operational report.
The state-owned oil firm generated N2.571 trillion in revenue during the month while remitting N726 billion as statutory payments to the Federation.
Despite the profit, monthly revenue declined 47 percent, falling from N4.82 trillion in December 2025 to N2.57 trillion in January 2026.
According to the report, the increase in production was largely driven by the completion of maintenance activities at key offshore assets, particularly the Agbami Field, alongside operational improvements across other upstream facilities.
However, the company noted that operational challenges still affected crude delivery volumes. “Despite the improved production profile, planned deliveries for January were reduced due to adverse weather conditions, evacuation constraints, and asset integrity challenges across some production corridors,” the report said. Natural gas production also rebounded to 7,283 million standard cubic feet per day, up from 6,914 mmscf/d in December, reflecting improved upstream performance.The company reported 24.75 million barrels of combined crude and condensate sales during the month, compared with 22.79 million barrels recorded in December 2025.
Nigeria continues to push to stabilise crude output above 1.5 million barrels per day amid ongoing challenges including oil theft, pipeline vandalism and infrastructure constraints.
G7 Nations Delay Strategic Oil Reserve Release Decision
Finance Ministers from the Group of Seven (G7) countries reached a broad agreement on Monday to hold off the release of oil from their respective strategic reserves, for now.
The ministers held a teleconference on Monday after oil prices spiked to levels last seen during the global energy crisis triggered by Russia’s invasion of Ukraine in 2022.
The G7 is an informal, intergovernmental economic and political forum comprising seven of the world’s most advanced industrialized economies including Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
“There was broad consensus on this,” one G7 official told Reuters. “It was not that someone was against it, it’s just about timing. More analysis is needed,” the official said, adding that the final decision will be made by the leaders.
Oil prices retreated in Monday’s mid-day session amid reports that G7 leaders were considering releasing up to 400 million barrels of crude from their strategic reserves.
That volume is considerably higher than the 240 million barrels that the Biden administration released from the United States’s Strategic Petroleum Reserve during the previous global energy crisis.
Brent crude for April delivery pulled back from a multi-year high of $116.23 per barrel in the early hours of Monday morning to trade at $99.63 per barrel at 12.30 pm ET while WTI crude for April delivery fell from $115.29 per barrel to $95.81.
The big release could impact oil balances in global markets negatively, with the experts still reporting surpluses.
The IEA’s Fatih Birol announced on Friday that there are no plans for emergency releases of oil from joint stocks because,“There is plenty of oil, we have no oil shortage,” Birol said after meeting European Commission president Ursula von der Leyen “There is a huge surplus in the market,” he added.
Last week, JPMorgan Chase warned that Brent crude oil prices could spike to $120 per barrel if a full-scale conflict in the Middle East leads to a sustained disruption of oil flows through the Strait of Hormuz, with Gulf producers only able to sustain normal production for roughly 25days if the Strait is completely blocked.
Ghana: Fuel Lifting Challenge Faced By OMCs Resolved; Normal Loading Resumed- COMAC
The Chamber of Oil Marketing Companies (COMAC) says a challenge that disrupted the lifting of petroleum products from fuel depots to retail outlets has been resolved, with normal loading now resumed.
This portal understands that loading time had been extended to ensure that more trucks are loaded.
Earlier on Monday, two leading Oil Marketing Companies — Goil and Star Oil — issued a statement blaming the Ghana Revenue Authority’s ICUMS system outage for their inability to lift petroleum products to their retail outlets, resulting in fuel running out at some of their stations.
Following the complaint by Star Oil and Goil PLC, Ghana Link Network Services, the operator of the ICUMS, issued a statement denying the claim and stating that their system was fully operational and working perfectly.
However, a statement issued by the Chamber of Oil Marketing Companies (COMAC) revealed that the problem was traced to the Enterprise Relational Database and Management System (ERDMS).
The statement said this was detected during COMAC’s engagement with the National Petroleum Authority (NPA), the Ghana Revenue Authority (GRA), and their respective service providers to urgently address the matter.
COMAC said that, as part of the agreed remedial measures, ICUMS was initially decoupled from the ERDMS platform to allow manual loading.
“During this process, it was conclusively identified that the challenge was in fact originating from the ERDMS system itself. The issue was swiftly rectified, and orders began processing successfully by 12:23 pm.”
The Chamber assured all stakeholders that the challenge has now been fully resolved and that normal loading activities have resumed across the industry.
“COMAC remains firmly committed to safeguarding the integrity of the downstream petroleum sector. We will continue to collaborate closely with regulators and service providers to ensure uninterrupted operations for our members and to protect consumers from unnecessary disruptions,” the statement concluded.
Ghana: Police Arrest 8 Chinese Nationals, 2 Ghanaians Over Alleged ECG Cable Theft
The Ghana Police Service has arrested eight Chinese nationals holding managerial roles at Sentuo Steel Limited and two Ghanaians over their alleged involvement in a cable theft and metal export syndicate involving cables belonging to the Electricity Company of Ghana (ECG).
The suspects are Yuxiaoting, He Jing, Xu Changjiu, Li Lei, Chen Jin, Zheng Ma, Wang Jian, and Bin Bin — all Chinese nationals — while the Ghanaian nationals are Samuel Ekpe and Priscilla Padu.
The arrests followed a police intelligence operation at the Kpone Industrial Area near Tema on Wednesday, March 4, 2026, at about 3:30 p.m. The operation was carried out by the Criminal Investigation Department (CID) in collaboration with officials from the Ministry of Energy and Green Transition.
Addressing a section of journalists in Accra on Monday, March 9, 2026, the Director-General of the CID, Lydia Yaako Donkor, said that upon arrival at Sentuo, the team found about 70 employees allegedly cutting ECG service cables into pieces and stripping metal components from the insulation.
She said the extracted bare wires were being compressed into metal blocks believed to be intended for export.
“The Criminal Investigation Department (CID) Headquarters Operations Unit, in collaboration with officials of the Ministry of Energy, has uncovered a large cache of stolen Electricity Company of Ghana (ECG) service cables and arrested 10 suspects in connection with an organised cable theft and metal export syndicate,” she said.
“During the operation, more than 100 drums of service cables suspected to belong to the Electricity Company of Ghana were discovered on the premises,” she added.
According to her, the quantity and condition of the cables suggest a sustained and organised operation targeting ECG infrastructure.
Police said a 24-hour guard has been placed at the premises to prevent the removal of any materials while investigations continue.
The Ghana Police Service described the operation as a major step in the fight against the theft of critical national infrastructure.
According to the Service, the stealing and illegal export of ECG cables has had a severe impact on electricity supply to communities, businesses, and public institutions across the country.
Police reaffirmed their commitment to working with other state agencies to protect national assets and ensure that those responsible are brought to justice.
Ghana: Star Oil, GOIL Report Fuel Shortages At Some Retail Stations, Blame GRA ICUMS System Outage
Two major oil marketing companies in Ghana—Star Oil and GOIL PLC—have reported fuel shortages at some of their retail outlets.
In separate statements issued on Monday, the firms blamed the Ghana Revenue Authority’s Integrated Customs Management System (ICUMS) outage.
Star Oil noted that Friday was a holiday, and it had planned to lift petroleum products on Saturday, but the outage prevented all oil marketing companies (OMCs) from processing the documentation needed to load products.
The company said it had hoped the issue would be resolved by Monday, 9 March 2026; however, technical challenges with ICUMS are still ongoing.
“Because Star Oil stations record some of the highest sales per location relative to underground tank capacity, situations like this tend to affect us more quickly than others. We are closely monitoring the situation, and once ICUMS is restored, we will immediately resume lifting and restocking all affected stations,” Star Oil said.
GOIL PLC, on the other hand, said the unfortunate situation has affected its operations, with some stations across the country temporarily running low on products.
GOIL expressed deep regret over the inconvenience this may cause its valued customers.
“At GOIL, we fully appreciate the disruption this creates and sincerely empathize with our customers and transport operators who depend on our products daily,” the company said.
GOIL assured customers that it is actively engaging the relevant authorities to help resolve the issue as quickly as possible so normal supply can resume.
US-Israeli Airstrikes Hit Tehran Fuel Facilities, Four Workers Killed
U.S.–Israeli airstrikes struck several fuel storage facilities in Tehran on Saturday night, triggering large explosions and killing four workers at one site, Iranian media reported.
Iran’s Fars News Agency said missiles hit the Aghdasieh oil warehouse in northeast Tehran, the Tehran refinery in the south of the capital, the Shahran oil depot in the west, and another oil depot in the nearby city of Karaj.
Witnesses said oil from the Shahran depot had leaked into surrounding streets following the strike.
Israel said it had targeted “a number of fuel storage facilities in Tehran” that it alleged were being used to support military infrastructure.
The attacks appeared to signal a new phase in the conflict. Israeli Prime Minister Benjamin Netanyahu said Israel would continue its campaign and strike Iran’s leadership “without mercy.”
“We have an organised plan with many surprises to destabilise the regime and enable change,” Netanyahu said in a video statement. “We have many more targets.”
Joint U.S.–Israeli strikes on Iran have continued for a ninth day, with Iranian officials saying more than 1,300 people have been killed in Iran and about 300 in Lebanon.
Around a dozen people have been reported killed in Israel since the hostilities escalated.
Nigeria: Dangote Refinery Suspends Petrol Loading, Raising Expectations Of Another Price Hike
Nigeria-based Dangote Petroleum Refinery has halted petrol loading until further notice, a source familiar with the issue disclosed on Sunday on X (formerly Twitter).
According to the source, tanker drivers who had already queued at the facility were instructed to leave the premises, with all operations currently paused.
This latest move has fueled speculation in Nigeria’s downstream petroleum industry that the refinery may soon announce another increase in its ex-depot petrol price, potentially as early as Monday.
Industry observers have pointed out a recurring pattern: the refinery often suspends loading activities shortly before adjusting prices upward.
A comparable event took place last Friday, March 6, around 2:00 a.m. WAT, when loading was stopped, followed by the announcement of a ₦121 increase that lifted the ex-depot PMS price to ₦995 per litre.
That change came shortly after a prior adjustment on March 2, when the refinery increased its petrol gantry price from ₦774 to ₦874 per litre, driven by escalating pressures in the domestic fuel market.
These repeated halts in loading, followed by price revisions, have made marketers, depot operators, and other stakeholders particularly attentive to developments at the refinery, as many base their own pricing strategies on its actions.
Zambia: Energy Minister Warns Fuel Retailers Against Hoarding Amid Global Supply Disruptions
Zambia’s Energy Minister, Makozo Chikote, has warned filling station operators against deliberately withholding fuel in anticipation of possible price increases.
The minister said the government will not tolerate any attempts by fuel retailers to create artificial shortages amid global tensions affecting the petroleum market.
He cautioned that authorities will take stern action against any operators found manipulating supply to exploit the current situation.
Mr. Chikote, however, assured the nation that Zambia’s fuel supply remains stable despite escalating geopolitical tensions in the Middle East linked to ongoing conflicts.
He said the government, working with the Energy Regulation Board and Tazama Pipelines Limited, is closely monitoring developments in the global oil market to safeguard the country’s energy security.
The minister has also urged fuel dealers to comply with regulations and continue supplying petroleum products normally, warning that any station found hoarding fuel or causing panic buying will face punitive measures.
Ghana’s Togbe Afede XIV Appointed Chair Of Yale School Of Management’s Council Of Global Advisors
Co-founder of Sunon Asogli Power Ghana Limited, Togbe Afede XIV, has been appointed Chair of the Council of Global Advisors of the Yale School of Management (SOM), the graduate business school of Yale University, effective February 16, 2026.
The U.S.-based Yale School of Management announced the appointment, naming the respected Ghanaian traditional leader and businessman to head the council that advises the school’s senior leadership on its global strategy.
Togbe Afede XIV disclosed the appointment in a post on Facebook on Saturday, March 7, 2026.
In his new role, he will work with a distinguished group of global leaders who advise the school’s leadership in advancing the institution’s strategic aspirations.
“Togbe’s appointment is based on his admirable leadership, experience, life, and career,” a statement said.
As Chair, he will help shape the Council’s priorities, work closely with Dean Kerwin Charles and other SOM leadership, guide member engagement, and oversee the Council’s overall direction.
He will serve a three-year term with the possibility of renewal and will also serve as an ex-officio member of the SOM Board of Advisors.
The Yale SOM Council of Global Advisors is composed of global leaders who advise the Dean and the school’s senior leadership on strategies to expand the school’s brand and international reach.
Members of the Council play an active role in shaping discussions, contributing expertise, and supporting key initiatives of the school.
Africa’s Nuclear Future Hinges On Skills Development, Experts Say At BRICS Platform
Nuclear industry experts have highlighted the critical importance of human resource development and skills training in expanding nuclear energy capacity across Africa.
The discussions took place on March 5, 2026, during an expert session of the BRICS Nuclear Platform held as part of the Nuclear Forum at the Africa Energy Indaba 2026 International Exhibition and Conference in Cape Town, South Africa.
The session brought together representatives from nuclear organisations, government institutions, and engineering bodies across the BRICS+ countries and Africa to exchange best practices in workforce development and specialist training for the nuclear sector.
Participants included Elizabeth Marabwa, Chief Director at the Department of Electricity and Energy of South Africa; Shirley Mabika of Koeberg Nuclear Power Station at Eskom; Tatiana Terentyeva, Deputy Director General for Human Resources at Rosatom; Sithembile Mbuyisa, Group Executive for Human Potential at the South African Nuclear Energy Corporation (NECSA); Fidele Ndahayo, Chief Executive Officer of the Rwanda Atomic Energy Board; Refilwe Buthelezi, President of the Federation of African Engineering Organisations; Xianglai Meng of the China National Nuclear Corporation (CNNC); Sherif Helmy, Chairman of Egypt’s Nuclear Power Plants Authority; Celso Cunha, President of the Brazilian Association for Nuclear Activities (ABDAN); and Teklemariam Tessema Tohe of Ethiopia’s Ministry of Innovation and Technology.
The event was moderated by Elsie Pule, Head Coordinator of the BRICS Nuclear Platform.
The primary objective of the session was to share best practices in human resource development among nuclear organisations in BRICS+ and African countries and to explore solutions that could help build the skilled workforce required to expand the nuclear industry across the African continent.
Holding the meeting in South Africa highlighted the growing role African nations are expected to play in the development of nuclear technologies and energy infrastructure.
Tatiana Terentyeva, Deputy Director General for Human Resources at Rosatom, emphasised the company’s focus on human capital development in supporting global nuclear programmes.
According to her, Rosatom’s human-centred approach has already produced measurable results, with more than 2,400 students from 65 countries currently receiving nuclear education through Rosatom’s partner universities.
She noted that more than 350 of these students come from 24 African countries.
“It is especially important that 70 percent of our international graduates successfully build careers in their home countries, applying the knowledge gained to develop national energy programmes,” she said.
Participants also stressed the importance of accelerating technology localisation and establishing local training programmes to build a sustainable nuclear workforce across the region.
They noted that developing young professionals and strengthening human capital in Africa’s nuclear sector will require substantial investment. Experts also pointed out that women remain underrepresented in the industry and called for greater inclusion.
Elsie Pule said the issues raised during the session would guide the work of the BRICS Nuclear Platform’s Skills and Talent Development Working Group.
She also welcomed the signing of a Memorandum of Understanding (MoU) between Rosatom and NECSA aimed at strengthening cooperation in human resource development.
“As Head Coordinator of the BRICS Nuclear Platform, I am particularly pleased to witness the participants of the Platform, namely Rosatom and NECSA, signing a Memorandum of Understanding on cooperation in human resource development. This underscores the importance of joint efforts in both multilateral and bilateral formats,” she said.
During her welcome address, Pule also announced the launch of the “Atoms Empowering Africa” competition, which the BRICS Nuclear Platform will support as a key partner.
The regional competition, scheduled for 2026, aims to strengthen educational and youth networks in the nuclear industry across Africa while promoting leadership development and increasing awareness of nuclear energy among future generations.
Ghana: We Need Your Voice To Ensure Success Of Petroleum Hub Project – Dr. Aubynn Tells CSOs
The Petroleum Hub Development Corporation (PHDC) is urging Civil Society Organizations (CSOs) in the country’s energy sector to rally behind the corporation to help bring the Petroleum Hub project to fruition.
Chief Executive Officer of PHDC, Dr. Toni Aubynn, made the call on Thursday during a strategic engagement with CSOs at the Fiesta Royale Hotel in Accra. The meeting brought together representatives from over 25 CSOs who engaged extensively with PHDC management, led by Dr. Aubynn.
Dr. Aubynn noted that the voices of CSOs are critical to the success of the Petroleum Hub project, given their extensive knowledge and experience in the extractive sector.
“We need your support. Your ideas can help, and that is why we have hosted you here,” he said.
The primary objective of the engagement was to deepen the CSOs’ understanding and appreciation of the Petroleum Hub project’s strategic role in strengthening Ghana’s energy security, generating sustainable job opportunities, and advancing the country’s industrialisation agenda.
The session also served as a foundational platform for PHDC and the CSOs to embark on a structured, long-term partnership that will enable both parties to engage frequently and constructively in support of the project’s success.
Drawing on decades of experience in Ghana’s extractive and related sectors, Dr. Aubynn highlighted the paramount importance of extensive stakeholder engagement for projects of this magnitude.
“We at PHDC firmly believe that no major national infrastructure project can succeed without public trust, transparency, and continuous dialogue with the communities it serves. Your presence here today is something we value deeply,” he stated.
“As a leader with over two decades of experience in the extractive sector, one lesson stands out: projects do not fail due to engineering or financing challenges alone. They fail when communities are not heard, when stakeholders are excluded, when social and environmental concerns are sidelined, and when policy decisions diverge from the core pillars of sustainable development,” parts of his speech read.
Dr. Aubynn further acknowledged the vital role of CSOs as a bridge between the Corporation, government, and communities, particularly those in the Jomoro area, where the project is slated for development.
“Civil Society Organizations play a pivotal role in national development. Positioned between policy formulation and the people, you amplify community voices, scrutinise public projects, and ensure development delivers tangible human outcomes—protecting livelihoods, promoting equity, and safeguarding the environment,” he added.
The engagement also allowed PHDC management to comprehensively address a wide range of questions and concerns raised by the CSOs, including issues related to land use, environmental protection, community livelihoods, governance transparency, and long-term socio-economic impacts.
The participating CSOs commended PHDC’s leadership for the open and inclusive dialogue, noting that the session had significantly enriched their understanding of the project, strengthened their capacity to contribute meaningfully, and enhanced their appreciation of their role in advancing this transformative initiative for Ghana’s energy sector.
The Petroleum Hub Development Corporation (PHDC) was established under the Petroleum Hub Development Corporation Act, 2020 (Act 1053), to lead the development of a world-class petroleum and petrochemical hub in Ghana.
The hub is expected to host state-of-the-art refineries, petrochemical plants, storage tanks, jetties, and water treatment facilities to serve the energy needs of the West African sub-region and the broader African continent.
US Grants 30-Day Waiver For India To Buy Russian Oil
The United States has issued a 30-day temporary waiver allowing India to continue purchasing Russian oil, with Washington saying the move is aimed at stabilising global energy supplies amid rising tensions in the Middle East.
US Treasury Secretary Scott Bessent announced the decision in a post on X on Friday, saying the Treasury Department would permit Indian refiners to buy Russian crude for a limited period.
“To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil,” Bessent said.
He added that the US expects India to increase energy imports from the United States in the future.
“India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil,” Bessent wrote, adding that the temporary step would “alleviate pressure caused by Iran’s attempt to take global energy hostage.”
The waiver comes as escalating conflict in the Middle East threatens to disrupt crude shipments through the Strait of Hormuz, a key route through which a large share of global oil supplies passes.
Earlier, Russia signalled that it is ready to redirect crude shipments to India to help offset supply disruptions caused by the conflict.
Nearly 9.5 million barrels of Russian oil are currently positioned near Indian waters and could reach the country within weeks, according to a Reuters report.
The potential supply shift follows Iran strikes on vessels in the region, which have raised fears that the Strait of Hormuz could be partially closed.
Around 40% of India’s crude imports transit through this strategic waterway.
India, the world’s third-largest oil consumer, has been exploring alternative supplies as a precaution amid the regional crisis.
Government sources cited by Reuters said New Delhi has been assessing crude availability to cover the next 10 to 15 days, anticipating possible disruptions in Middle Eastern shipments.
The country maintains relatively limited emergency reserves, with national crude stocks covering roughly 25 days of demand.
India’s refiners together process about 5.6 million barrels of crude per day and remain in contact with traders marketing Russian oil.
Russian crude has played a significant role in India’s energy mix since the start of the Russia–Ukraine War.