Business

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

Published

2 years ago

September 17, 2024

Editor

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

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

21 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.