Business

Dangote Petrol: IPMAN Announces Fuel Price Slash

Published

1 year ago

November 13, 2024

The Independent Petroleum Marketers Association of Nigeria has announced that Premium Motor Spirit (Petrol) price will be slashed by N50 upon lifting Dangote Petrol directly.

The National President of IPMAN, Abubakar Maigandi, disclosed this during an interview with Channels Television on Tuesday.

This comes as Maigandi revealed that Dangote Refinery has agreed to sell petrol to its members at a price template of N940 and N990 per litre for depots and trucks.

According to him, with the Dangote Petrol price, IPMAN members who currently sell the product at between N1,150 and N1,200 per litre will reduce the price by N50 depending on the location.

“Presently, we have been given two different arrangements on how to buy fuel from the refinery.

“There is the one that we can load the vessels and carry to our various depots at the rate of N940 per litre. Then for the depots, it is at the rate of N990 per litre.

“For instance, the current price in Maiduguri now is N1,200 per litre. So with these current changes, it may likely reduce to N1,150, which is a reduction of N50. So that’s N1,150. It may even be below that”, he stated.

Recall that on Monday, IPMAN announced that Dangote Refinery agreed to sell petrol to its members directly, which brought an end to Nigerian National Petroleum Company, which is the sole buyer of Dangote Petrol.

The development comes after Dangote Refinery announced that its gasoline is sold at N960 and N990 per litre for ships and trucks.

Meanwhile, Nigerians currently buy petrol between N1,060 and N1,200 at NNPCL retail outlets and other filling stations.

Related Topics:Dangote Refinery Fuel price IPMAN

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NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

1 day ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

1 day ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

2 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.