The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has declared that the Petroleum Industry Act has ended the discretionary allocation of oil blocks in Nigeria.

He expressed the view on Tuesday in Abuja during the 2025 Licensing Round, marked by the successful conclusion of the commercial bid conference. “The PIA, unfortunately for some people, has prevented discretionary allocation of oil blocks,” he said jokingly.

He stressed that the law guarantees fairness and credibility, assuring investors that no one knows the content of commercial bids before they are officially opened. Lokpobiri also warned successful bidders against treating licences as speculative assets.

“In the past, I have seen people go round conferences across the world carrying licences and looking for partners who never came. Those days must be over. The licences issued today must translate into actual field development and production,” he said.

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Also speaking, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said the licensing round reflected the Federal Government’s commitment to transparency, competitiveness and credibility.

“The Federal Government remains firmly committed to creating an enabling environment that attracts investment, accelerates exploration and production, and unlocks the full value of Nigeria’s hydrocarbon resources,” Ekpo said.

Fuel marketers have resumed loading petrol and diesel from private depots after an almost one-week disruption triggered by recent price adjustments in the downstream petroleum sector.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, told a correspondent on Tuesday that private depots had resumed selling petroleum products to marketers, dismissing fears of an imminent fuel scarcity.

Although some filling stations did not dispense petrol on Monday and Tuesday, Ukadike said marketers were only being cautious because of the prevailing volatility in fuel prices, particularly amid the ongoing Middle East crisis.

He explained that depot owners temporarily suspended loading operations to adjust prices and request top-up payments from marketers who had already paid for products before the latest price increase. Ukadike, however, noted that depot owners do not refund marketers when prices fall below the amount previously paid for products.

Speaking on the Dangote Petroleum Refinery’s newly introduced dollar-for-fuel policy, Ukadike said he could not confirm whether marketers had started paying in dollars for products loaded through the refinery’s gantry in Lekki, Lagos.

“Marketers have started loading in other depots. You know, once there is a price change, they will stop and take their stock, then reset their prices around the rest of them. Then also look at the tickets they have sold before and see how they will do top-up. What we call top-up is the differential of the former price, so they can buy at the current price. These are the exercises that are ongoing. And once they are ongoing, you cannot load,” he said.

He added, “I know that Dangote has fixed its price in dollars, but no marketer has ever informed me that they have paid in dollars, especially those loading from the gantry. But for offshore loading or coastal loading, I can assure you that it will be paid in dollars. But for gantry loading, I don’t know. By tomorrow, I will confirm.”

Meanwhile, petrol loading prices rose further across major private depots in Lagos on Tuesday, with marketers paying up to N1,275 per litre amid continued uncertainty in the downstream petroleum market following the Dangote Petroleum Refinery’s transition to dollar-denominated transactions.

Depot price data obtained by The PUNCH from Petroleumprice.ng showed that loading prices in Lagos increased by N25 per litre at most depots. African Terminal, ASCON, Gulf Treasure, Integrated, Matrix, NIPCO, Pinnacle, Sahara and T.Time all raised their ex-depot prices from N1,250 to N1,275 per litre.

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However, prices were mixed in other parts of the country, as some depots retained their previous rates while others recorded marginal reductions.

In Port Harcourt, Bulk Strategic and Masters retained their petrol prices at N1,265 per litre. Liquid Bulk reduced its price by N3 from N1,268 to N1,265 per litre, while Matrix cut its loading price by N15 from N1,280 to N1,265 per litre. Sigmund also sold petrol at N1,265 per litre.

In Calabar, Hong Petroleum reduced its price by N15 from N1,270 to N1,255 per litre, while Sobaz increased its loading price by N10 to N1,265 per litre.

In Warri, Matrix increased its depot price by N5 to N1,265 per litre, while Optima raised its price by N10 to N1,270 per litre. Rain Oil retained its price at N1,270 per litre, while Prudent sold the product at N1,270 per litre.

Diesel prices also edged higher at some depots. In Lagos, African Terminal, Duport, Gulf Treasure, Ibachem and Wosbab increased their diesel prices by N10 to N1,600 per litre, while Ibeto retained its price at N1,590 per litre. Integrated quoted N1,600 per litre.

In Port Harcourt, Sigmund increased its diesel price by N5 from N1,615 to N1,620 per litre, while Sahara sold the product at N1,600 per litre. In Warri, Prudent raised its diesel price by N10 to N1,610 per litre, NIPCO retained its price at N1,680 per litre, while Rain Oil sold diesel at N1,600 per litre.

The latest price adjustments highlight the persistent volatility in the downstream petroleum market following the Dangote Petroleum Refinery’s decision to sell petrol to marketers in dollars, a development that continues to influence depot prices across the country.

While loading activities at the Dangote refinery were said to be low-key, fuel importers appeared to be taking advantage of the situation, even as consumers continued to bear the burden of higher pump prices nationwide.

Courtesy – The Punch

With the commercial bid conference for the 2025 Licensing Round, a major step in the allocation of 50 oil and gas blocks to qualified investors, billed for Tuesday July 21, 2026, over 143 companies are poised to slug it out for allocations.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that only companies which successfully passed the technical and prequalification stages of the exercise have been invited to attend the event, scheduled for the Conference Centre of Transcorp Hilton Hotel, Abuja.

Biztellers reports that attendance is strictly by invitation.

The commercial bid conference is expected to determine the successful bidders for oil and gas assets spread across several producing and frontier basins in Nigeria.

The 50 blocks on offer comprise 16 onshore blocks in the Niger Delta, 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.

According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.

The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.

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The NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies register and participate in the exercise.

To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.

Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.

The NUPRC disclosed that 286 companies initially submitted applications for prequalification.

Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.

Out of the prequalified firms, 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.

The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue. It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the PIA.