The House of Representatives has retained Value Added Tax, VAT, at 7.5 per cent and rejected a staggered increase to 15 per cent by 2030 as proposed in the Tax Reform Bills being debated at the National Assembly. The House also rejected the proposed reintroduction of inheritance tax under the […]

The Naira yesterday depreciated to N1,585 per dollar in the parallel market from N1,565 per dollar on Tuesday. Similarly, the Naira depreciated to N1,546 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose […]

As economic hardship bites harder, importation of used vehicles has recorded a significant decline with diesel or semi-diesel engine, of cylinder capacity 2500cc dropping by 65.8 percent year-on-year (YoY) to N354.8 billion in 2024 from N1.04 trillion in 2023. However, the decline also reflects the effect of continuous increase in […]

Fresh investigations have revealed that the group of vandals targeting pipelines supplying natural gas to Nigeria LNG Limited are in pursuit of stealing crude condensate — a highly coveted hydrocarbon that commands greater local demand than crude oil – and not the gas transported. A report by Bloomberg on Tuesday […]

The price war in the downstream oil sector intensified on Tuesday as major oil marketers moved to offer a lower price against the gantry loading cost of N825 per litre set by Dangote Petroleum Refinery. This development followed a revelation by marketers that the landing cost of Premium Motor Spirit […]

A review of Nigeria’s latest crude oil production data by SaharaReporters has revealed that the country recorded lower crude oil production in February 2025 than in January 2025. According to the data, total crude oil production, including blended and unblended condensates, stood at 1.671 million barrels per day in February, marking a […]

Oil marketers under the aegis of the Petroleum Products Retail Outlet Owners Association of Nigeria have condemned the constant reduction of fuel prices, saying marketers are still counting losses. Despite deregulation, PETROAN said there is a need for a regulation that will make it mandatory that prices can only be […]

Petroleum Products Retailers and marketers have explained why petrol imports have persisted despite the Dangote Refinery and other local refineries’ production capacity. The President, Petroleum Products Retail Outlet Owners Association and the Chairman, Major Marketers Association of Nigeria, Billy Gillis-Harry and Tunji Oyebanji in an exclusive interview with DAILY POST […]

Despite improved domestic refining capacity in Nigeria, major oil marketers have continued to import refined petroleum products, as they imported 6.38 billion litres of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) in five months. But independent marketers and retailers, through their various associations, kicked against the development, as […]

Nigeria’s oil production surged in February, exceeding its OPEC quota of 1.5 million barrels per day by 70,000 bpd, and contributing to the cartel’s increased output in February, a Reuters survey has found. The survey, released on Wednesday, revealed that Nigeria recorded the second-largest production increase among members of the […]