Energy in Brief: 5 November 2026
Oil falls almost 9 per cent, NNPC reports ₦3.49 trillion nine-month profit, and Dangote breaks ground in Namibia.
In 30 seconds
- Brent crude settled at $94.62 a barrel on Wednesday, down 8.7 per cent, its lowest since 31 August.
- NNPC reports profit after tax of ₦3.494 trillion for January to September.
- Dangote launched a $2.5 billion fuel storage project in Namibia; its IPO drew about ₦6.4 trillion in demand, Reuters says.
- Lagos cooking gas depot prices rose by up to 16 per cent in four days.
The day's energy news in a few minutes.
Our analysis this week
Where does ₦1,360 a litre go? On Tuesday's prices, crude oil made up about ₦877 of a Lagos litre, the refinery's side of the chain about ₦423 and getting it from the depot to the pump about ₦60. Read our breakdown.
Oil
Brent crude settled at $94.62 a barrel on Wednesday, down $8.98 or 8.7 per cent, its lowest close since 31 August. Traders bet the US election result makes an end to the Iran war more likely, Reuters reported. It slipped again to about $93.65 early on Thursday. What cheaper crude means for Nigeria.
NNPC's September report shows profit after tax of ₦3.494 trillion for the first nine months and ₦11.14 trillion paid to the Federation Account and in other remittances, Vanguard reported. Read more.
TotalEnergies agreed to sell 40 per cent of offshore block OPL257, which holds part of the Egina South discovery, to SAPETRO. An appraisal campaign is due in the coming months. Read more.
Gas
NLNG's Train 7 is about 94 per cent built and should start towards the end of 2027, managing director Adeleye Falade said, THEWILL reported. What Train 7 is, simply.
Lagos cooking gas depots raised prices by ₦140 to ₦200 a kilo between 30 October and 2 November. Dangote, at ₦1,050, is now ₦400 cheaper than Navgas. What a refill should cost.
Fuel
Two outlets put Dangote's petrol gantry price back at about ₦1,300 a litre, after weekend reports of about ₦1,210. Lagos pumps sold at ₦1,349 to ₦1,370 on Tuesday, Vanguard found. Read more.
Business
The Dangote refinery IPO drew about ₦6.4 trillion in demand, around three times the shares on offer, people familiar with the matter told Reuters. The company has talked to African exchanges about opening it to their investors. Read more.
Africa
Dangote launched a $2.5 billion fuel storage hub at Walvis Bay, Namibia, to hold about 600 million litres of diesel and petrol, Reuters reported. Read more.
Senegal's prime minister, Ahmadou Al Aminou Lo, has pledged to cut electricity prices by 30 per cent by 2030, with gas from the offshore Greater Tortue Ahmeyim field due to reach the power utility Senelec from January 2027, Africa Briefing reported. Oil-based fuels made up 72.47 per cent of Senegal's power generation in 2024, it said, citing official figures.
Uganda and the African Development Bank launched a $17.7 billion national energy compact in Kampala on 22 October. It aims for 85 per cent electricity access and 50 per cent clean cooking by 2030, SolarQuarter reported. The plan is part of Mission 300, which aims to connect 300 million more Africans to power by 2030.
Sources
- Reuters via Business Recorder: Oil falls for a fourth day (5 Nov 2026)
- HDFC Sky: Oil prices today, 5 November 2026
- Vanguard: NNPC posts ₦3.49trn profit in nine months
- Rigzone: TotalEnergies farms out Nigerian exploration block (1 Nov 2026)
- THEWILL: NLNG Train 7 nears completion (4 Nov 2026)
- Legit.ng: Marketers cut rates below Dangote refinery's ₦1,300 (4 Nov 2026)
- Vanguard: Petrol hits ₦1,370 a litre as depot prices rise (Nov 2026)
- Legit.ng: Cooking gas depot rates rise (3 Nov 2026)
- Reuters via Sunday World: Dangote launches $2.5bn Namibian fuel storage project (4 Nov 2026)
- Reuters via CNBC Africa: Dangote in talks with African bourses (4 Nov 2026)
- Africa Briefing: Senegal targets 30 percent cheaper power (2 Nov 2026)
- SolarQuarter: Uganda launches $17.7 billion National Energy Compact (2 Nov 2026)
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