Business
Marketers Plan To Sell Petrol Below N1,028/Litre Dangote Price

Oil marketers, on Friday, revealed that the price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery was between N1,015 and N1,028/litre depending on the quantity being purchased.
Based on this, the dealers vowed to import the commodity and sell it below the Dangote refinery price as well as the price being sold by the Nigerian National Petroleum Company Limited.
Data released by the Major Energies Marketers Association of Nigeria on Thursday showed that the landing cost of petrol was N978.01/litre as of October 31, 2024.
It stated that the landing cost of diesel was N1,069.97/litre, while that of aviation fuel was put at N1,119.67/litre.
The landing cost of these white products is the unit price of the imported commodities on landing on Nigeria’s shores.
Since the Dangote refinery commenced the release of refined petroleum products domestically, it had refused to announce the cost of the commodity despite several demands for the price.
However, a major marketer, who spoke to one of our correspondents on condition of anonymity due to lack of authorisation to speak on the matter, confirmed that the cost of petrol from the Dangote refinery was higher than that of imported PMS.
According to the official, the refinery currently sells to oil marketers making bulk purchase at N1,015/litre and small buyers at N1,028/litre.
The major marketer also disclosed that three cargoes carrying petroleum products recently arrived and had been discharged at seaports along the nation’s borders.
READ ALSO: Stop Importing Fuel, We Have enough, Dangote Tells NNPCL, Oil Marketers
“Dangote is selling to bulk buyers at N1,015/litre, but to marketers who are not buying in bulk, the refinery is selling at N1,028/litre.
“But imported PMS is cheaper than the cost of Dangote’ own, and that is why he is doing all he can to ensure that the government stops the importation of fuel,” the dealer stated.
Commenting on the development, marketers under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria vowed that they would sell imported petrol below the price offered by the Dangote refinery.
The association said its PMS would also be cheaper than that of the NNPCL.
The PETROAN Publicity Secretary, Dr Joseph Obele, however, told The PUNCH that the price of Dangote PMS might be higher because the refinery was still producing with the imported crude it bought at a premium.
He said the association had struck deals with some international fuel suppliers to import PMS at a good price, adding that the product would arrive in Nigeria at a price around N800/litre.
“PETROAN is an association, but we have incorporated our limited liability company called PETROAN Limited. We have got the licence from the Corporate Affairs Commission, and we have applied to the NMDPRA to licence us and give us authority to import. So, as we get that authority to import, I think we will import from the best market.
“And it is good also for the general public to understand that the landing costs in all the nations are not the same. PETROAN has got a partner from the international market, that the product will arrive here at close to N800/litre. So, since PETROAN has the best value for Nigerian citizens, we are calling on the regulatory agency to release our authority to import in no distant time so our first stock will come in.
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“And we assure you that PETROAN will sell far less than Dangote. It will sell at prices far less than NNPC. Right now, NNPC is selling to us at N1,040/litre. PETROAN will not sell like that, because we have negotiated. And all our partners and foreign counterparts are on standby to make sure we give Nigerians the best value,” Obele said.
The associations spokesperson stated that he would not be able to disclose the exact quantity to be imported, but stressed that PMS imported by PETROAN would be cheaper.
Obele explained that Dangote was only selling to NNPC directly, while NNPC sold to marketers.
“I am telling you that that the position of NNPC as a middleman is still active till tomorrow. NNPC has refused to announce how much Dangote is giving. Dangote has also refused to announce how much he is selling to NNPC. So, I think there is an agreement that they don’t announce it.
“All we know is how much NNPC is selling it to us. However, the transaction between the two is not in the public domain. NNPC has refused to mention it. And the general public has said, please make these things open,” he said.
Speaking on the landing cost of N978/litre, he emphasised that the landing cost differs from country to country.
“N978 to N1,000, that’s the landing cost. It was about N1,100 as of last month. But because of the drop in the selling price of crude oil in the international market, PMS has witnessed a downward review in the international market too. So, I think we should also witness a downward review,“ he said.
When reminded that the NNPC just jerked up its price, Obele responded, “No, the issue we have is that the only functional refinery we have is the Dangote refinery. And Dangote has announced to everyone who wants to hear that the crude oil stock he is still working on was the one he bought from the international market; that the naira-for-crude stock, he has not started refining that. So, we don’t expect a downward review from someone who bought old stock when crude oil was selling for $80 and $78 per barrel.
READ ALSO: Why We Are Not Yet Buying From Dangote Refinery — IPMAN
“So, now that it has dropped to $72, we are not expecting to review the price automatically. Because you can put it to us that it is still trading with the old stock. But recently, the price of crude oil has dropped. We hope that whoever is buying the new stock of this new trade should review the price downward. But if what Dangote has used to refine the stock available is the old stock got when crude oil was still selling at $80 per barrel, we don’t expect him to review downward.
“Until the refinery commences production with the stock it just received last week in naira, that’s when people can criticise it. But at the moment, I think the selling rate reflects the former cost of crude oil.”
Meanwhile, the National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria, Yakubu Suleiman, also stated that the cost of Dangote petrol was higher than the imported commodity at the moment.
Suleiman, speaking in an interview with Arise TV, on Friday, stated that the price of fuel from Dangote refinery was higher than the cost of commodities imported.
According to him, the price of petrol at Dangote refinery was set at around N995 and higher than other sources.
Suleiman also accused the Chief Executive Officer of the Dangote refinery, Aliko Dangote, of sidelining key stakeholders in its fuel supply strategy, claiming that limited engagement with independent marketers had hampered their ability to lift petrol from the facility.
When contacted, the Chief Corporate Communications Officer of Dangote Group, Tony Chiejina, said the figures being bandied were not correct.
He described reports on Dangote petrol price as fake news, wondering where they emanated from.
“This is fake news. People are just posting what they like,“ he said.
Chiejina, however, declined to give the actual price.
PUNCH
Business
NNPCL Raises Fuel Price

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .
As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.
During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.
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At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.
However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.
Most of the NNPC stations were not dispensing fuel.
Business
CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.
The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”
The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.
Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.
“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.
In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.
Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.
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According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.
The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.
To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.
Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.
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ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.
Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.
The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.
READ ALSO:Nigeria’s External Reserves Increase As CBN Releases 2024 Financial Results
The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”
Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.
The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.
Business
Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.
This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.
Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.
READ ALSO:Asian Stocks Rise As Trump Postpones Mexico, Canada Tariffs
Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.
To this end, the market breadth also closed positive with 32 gainers and 21 losers.
Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.
READ ALSO:UK Stock Markets Plunge In Biggest Daily Fall Amid Trump Tariff
Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.
Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.
Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.
According to DAILY POST, NGX has continued its bullish run from last month’s end to date.
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