NNPCL’s June Revenue Dips Amid Global Oil Volatility

 The Nigerian National Petroleum Company Limited (NNPCL) reported a revenue decline in June 2025, attributing it to global oil price volatility, with earnings dropping 12% from May’s ₦1.2 trillion to ₦1.05 trillion. 

The fall coincides with Brent crude averaging $78 per barrel, down from $87, amid OPEC+ production cuts and geopolitical tensions, including Iran’s nuclear standoff. NNPCL linked the dip to a 5% export reduction to 1.4 million barrels daily, per its July 21 statement.

Analysts note Nigeria’s 2025 budget relies on $75/barrel, with a 10% buffer, but volatility, exacerbated by a 20% U.S. dollar strength, strains finances, contributing to a ₦200 billion subsidy cost. 

The government defends NNPCL’s hedging strategy, though critics question transparency, citing a 15% revenue leak in 2024 audits. The narrative reflects global market pressures, but NNPCL’s operational efficiency remains under scrutiny, with no detailed breakdown released.