Business

Fuel Price Hike: Marketers Give Conditions To Buy Dangote Petrol, Eye Import

Published

9 months ago

September 17, 2024

Petroleum marketers in Nigeria say they are standing in limbo over the controversy surrounding Dangote Refinery Premium Motor Spirit (petrol) pricing as released by the Nigerian National Petroleum Company Limited on Monday.

This comes as the petroleum marketers demanded that Dangote Refinery should disclose the price it sold petrol to NNPCL for transparency.

Marketers further noted that the country cannot depend on domestic Petrol production to satisfy its daily consumption which stood at N50 million according to Nigerian Midstream and Downstream Petroleum Regulatory Authority latest data.

The President of the Petroleum Products Retail Outlets Owners Association, PETROAN, Billy Gillis-Harry and the President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi made this demand in a separate interview with DAILY POST on Monday.

Fresh petrol price hike looms

Recall that NNPCL on Monday announced a list of retail prices of Dangote Petrol across its outlets nationwide.

The new petrol prices showed that petrol will be sold at N950.22 per liter in Lagos State. Oyo and other South West states will pay N960 per liter for Petrol.

In Federal Capital Territory (Abuja), Kano, Kaduna petrol price will stand at N999.22 per litre.

Also in Imo and Rivers states, the price of petrol will be N980.2, while Borno State will pay N1,019.22 per litre.

Although it was gathered on Monday that the new prices have not been affected, the pump price of fuel may soon go up across the country.

Meanwhile, it was observed that NNPCL is yet to announce the price it would sell Dangote Refinery Petrol to marketers, owners of a majority of fillings stations in Nigeria.

The pump price of petrol at Independent marketers’ filling stations usually surpasses that of NNPCL retail outlets by over N100, which may bring the price of fuel to around N1,200 per liter.

Dangote Petrol Price Controversy

Dangote Refinery commenced first distribution of Petrol at the weekend with NNPCL as an official offtaker.

NNPCL had revealed that Dangote Refinery sold petrol to them at N898 per liter.

However, Dangote Group faulted NNPCL, but did not disclose the actual price it sold its inaugural petrol.

The development resulted in a petrol price controversy which further worsened the crisis in the sector.

Why Dangote Refinery should tell Marketers petrol price – Gillis-Harry

Reacting, PETROAN president, Gillis-Harry called for absolute transparency in the oil and gas sector.

According to him, the Dangote Refinery needs to come open to stakeholders on the exact price of its petrol as a prerequisite for marketers to purchase the product.

“Dangote Refinery should tell us what price it is selling its petrol since NNPCL has given its selling price.

“We should be able to know exactly what price that is coming from Dangote Refinery Petrol to us. We should know how NNPCL will deal with us. As it is now, we are standing in limbo”, he told DAILY POST.

NNPCL yet to release Dangote Petrol price for Marketers – IPMAN

On his part, IPMAN president, Maigandi said he is waiting for the NNPCL to release the prices it would sell Dangote Petrol to marketers.

He expressed displeasure with the scheme of things within the sector over the conflicting petrol pricing coming from Dangote Refinery and NNPCL.

“We are waiting for NNPCL to release prices that independent marketers will be buying petrol. They have not.

“We are buying directly from NNPCL, not Dangote Refinery. Marketers can cope without any rate.

“We, marketers, are not happy with the high cost of petrol because you have to use a huge amount of money to get the product.

“Dangote Refinery has established its facility, let the government try to make the other refineries function, this may lead to a reduction in the prices of petrol”, he told DAILY POST.

Nigeria can’t depend on Dangote Refinery – Marketers

When asked whether marketers would look to importation amid the cost of Dangote Refinery Petrol, Gillis-Harry said, “Dangote Refinery is producing about 25 million liters a day. That is just about 15,000 metric tonnes which is less than one cargo.

“And NNPCL has been selling so many cargoes to depot owners, including our members, to distribute to Nigerians previously.

“What it means is that we’re not going to be dependent on the petrol product that is produced in-country. There must be a level of importation to make up for the difference.”

Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.