Energy
Petrol Prices Skyrocket By 223% In May – NBS
The average price of Premium Motor Spirit (PMS), also known as petrol, has skyrocketed by 223.21 percent, reaching approximately ₦770 per litre in May 2024, up from ₦238.11 per litre in May 2023, according to the National Bureau of Statistics (NBS).
In its latest report, “Premium Motor Spirit (Petrol) Price Watch for May 2024,” the NBS highlighted a 9.75 percent increase from April 2024, when the price was ₦701.24 per litre.
Jigawa State reported the highest petrol price in the country at ₦937.50 per litre, followed by Ondo and Benue States at ₦882.67 and ₦882.22 per litre, respectively.
Meanwhile, Lagos, Niger, and Kwara states had the lowest prices, with petrol averaging ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.
On a regional basis, the North-West Zone experienced the highest average price at ₦845.26 per litre, while the North Central Zone recorded the lowest at ₦695.04 per litre.
Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers surged by 66.29 percent to ₦1,403.96 per litre in May 2024, compared to ₦844.28 per litre in May 2023.
However, on a month-on-month basis, the price slightly decreased by 0.78 percent from ₦1,415.06 per litre in April 2024.
The report stated “ Looking at the variations in the state prices, the top three states with the highest average price of the product in May 2024 include Adamawa State (₦1709.00), Sokoto State (₦1675.00) and Bauchi (₦1657.92). Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).
“The zonal representation of average price of diesel showed that North-East Zone has the highest price of ₦1605.91 while South West Zone has the lowest price ₦1303.60 when compared with other zones.
“This comes as the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, indicating an increase of 0.74 per cent when compared to ₦1,439.64 recorded in April 2024.”
Energy
Nigeria’s First Energy Infrastructure Map for Unveiling at NOG 2026
In what is expected to provide investors and industry stakeholders with a detailed overview of Nigeria’s energy assets and opportunities, her first comprehensive Gas and Power Infrastructure Map will be unveiled at the 25th edition of NOG Energy Week.
It was gathered that the publication, developed by the Gas for Africa programme in partnership with NNPC Limited, will be launched during the annual energy conference in Abuja and is being positioned as a major step towards improving transparency and investment decision-making in Nigeria’s gas and power sectors.
Industry stakeholders have long cited the lack of consolidated and reliable infrastructure data as a major challenge to attracting investment into the sector. The new map seeks to address that gap by providing a single source of information on Nigeria’s gas and power infrastructure, including pipelines, gas processing facilities, power generation assets, LNG terminals and key transmission networks.
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Alongside the infrastructure map, organisers will also release a comprehensive report on Nigeria’s gas sector, which they describe as the most extensive industry intelligence publication ever produced on the country’s gas value chain.
The report examines developments in the sector since 2020 and covers key areas such as the NNPC Gas Master Plan 2026, gas reserves and production trends, pipeline infrastructure, capacity challenges, compressed natural gas (CNG), piped natural gas (PNG), liquefied natural gas (LNG) markets, gas-to-power projects and gas-based industrialisation.
According to the organisers, the publication provides an end-to-end assessment of Nigeria’s gas industry and offers critical insights for investors, policymakers and industry operators.
The launch comes at a time when global energy markets are undergoing significant shifts, driven by geopolitical tensions and increasing demand for alternative and secure energy supplies.
Organisers noted that Nigeria is strengthening its position as a major energy player, supported by rising crude oil production, implementation of a new Gas Master Plan and expanding refining capacity.
They said the infrastructure map and accompanying report are expected to help convert investor interest into concrete projects by providing accurate data on existing assets, infrastructure gaps and future opportunities across the sector.
Attendees at NOG Energy Week will be the first to access both publications as government officials, energy executives, investors and industry leaders gather in Abuja for the five-day event.
The conference is also expected to feature investment discussions, joint venture announcements, memorandum of understanding signings and project partnerships aimed at advancing Nigeria’s energy development agenda.
With preparations gathering momentum ahead of the event, organisers said NOG Energy Week 2026 will provide a platform for stakeholders to examine the future of Nigeria’s energy sector and its role in Africa’s broader energy transition and industrial growth.
Energy
OPEC+ Increases Production Quotas for July
OPEC+ ministers decided Sunday to increase oil quotas by a total 188,000 barrels per day for July, in a move analysts said would be unlikely to have an impact on prices sent higher by the Mideast war.
Jorge Leon, analyst at Rystad Energy, said ahead of the expected increase that it “means very little while the Strait of Hormuz remains closed”.
He added: “The market is not short of quota announcements; it is short of physical barrels that can actually move. In that sense, the 188,000 barrels per day increase would be more of a policy signal than a real supply boost.”
The hiked production output was agreed Sunday in a video meeting of oil ministers from key OPEC+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, a statement from the organisation said.
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The increase was similar to ones decided in previous months.
The OPEC+ statement said the latest agreed hike was “to support oil market stability” but that the seven countries also saw an opportunity “to accelerate their compensation” in a time of historically high oil prices.
It added that the ministers “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023”.
Leon, at Rystad Energy, said that OPEC+ was wary in case the Mideast war changes, and Iran’s stranglehold on the Strait of Hormuz eases.
“When the Strait of Hormuz reopens, the market could move very quickly from fear of shortage to fear of surplus,” he said.
“Returning OPEC+ supply, a stronger US shale response and weaker demand after a period of very high prices could leave the market with a very large oversupply problem,” he said.
AFP
Energy
Nigeria, Algeria, Niger Back Trans-Saharan Gas Pipeline Project
Nigeria, Algeria, and Niger have expressed joint commitment to the Trans-Saharan Gas Pipeline (TSGP) project, which is set to significantly strengthen Africa’s regional energy security.
Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made the disclosure on Thursday at the 5th Ministerial Meeting of the TSGP Steering Committee in Algiers.
The high-level session included ministerial delegations from the three participating nations and a strategic consultation with Algerian President Abdelmadjid Tebboune.
The minister reaffirmed Nigeria’s commitment to the successful delivery of the multi-billion-dollar infrastructure project, describing it as a landmark initiative that will redefine energy security across the continent.
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According to Ekpo, technical and commercial discussions are ongoing among stakeholders to reinforce the regulatory and financial frameworks required for the project’s implementation.
He noted that officials from the three countries have reviewed the latest feasibility reports and officially resolved that the project proceeds immediately into its next development phases.
“This project means a lot to the three countries in terms of industrialisation and job creation,” Ekpo asserted.
“We’ve talked about the Trans-Saharan Gas Pipeline, and the President of Algeria has expressed his interest in the completion of the project,” Ekpo said. “I assure him that on the part of Nigeria, we will do everything possible to ensure the project sees the light of day.”
The minister pledged to work closely with his counterparts in Algeria and Niger, as well as the respective national oil companies — including the Nigerian National Petroleum Company Limited (NNPC Ltd) and Algeria’s Sonatrach — to accelerate project implementation.
On his part, President Tebboune reaffirmed Algeria’s full diplomatic and financial commitment to the pipeline.
He expressed confidence that with the robust political will demonstrated by the three governments, the pipeline will seamlessly move from planning to execution.
Tebboune noted that when completed, the transnational pipeline would deliver energy security, lucrative investment opportunities, and sustainable economic development for millions of people across Africa and European export markets.






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