Business

Reason NNPCL Increased Fuel Pump Prices Again – Marketers

Published

1 year ago

October 9, 2024

Petroleum marketers have said the Nigerian government has completely removed the subsidy on Premium Motor Spirit (petrol), which is the reason the Nigerian National Petroleum Company Limited increased the price of the product to N1,030 and N998 per litre in Abuja, Federal Capital Territory, and Lagos State.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, disclosed this to DAILY POST on Wednesday.

Ukadike was reacting to the latest fuel price hike across NNPC outlets.

Report says that NNPCL retail outlets on Wednesday adjusted their fuel pump price from N897 per liter to N1,030.

This comes weeks after NNPCL increased its fuel pump price to N897 per liter from N617.

Reacting, Ukadike said, “It is a price template that shows that the total deregulation of the oil and gas sector and the implementation of the Petroleum Industry Act have taken off.”

“With this, I don’t think there is anything like a subsidy on petroleum products now. NNPCL is now selling as they are buying from Dangote Refinery. NNPCL is no longer a middleman for oil marketers. Marketers are to buy petrol products from Dangote Refinery. It has become a willing buyer, selling relationship. We are embracing the new NNPCL price template.”

He, however, added that NNPCL and Dangote Refinery are yet to release their petrol ex-depot prices, which will determine whether marketers will sell the product.

“Although they have not released their ex-depot prices, we are waiting for NNPCL’s ex-depot prices. Once the ex-depot prices of NNPCL and that of Dangote Refinery are released, we will now choose where to buy our petroleum products and stock our filling stations,” he told DAILY POST.

This comes as a report emerged that Dangote Refinery had increased its petrol price to N977 per liter from N898, according to industrial sources familiar with the development.

However, Dangote Refinery has not released a statement on its petrol price as of filing this report.

Recall that NNPCL had earlier revealed that it bought Dangote petrol at N898 per liter.

However, a spokesperson for Dangote Group, Anthony Chiejina, disagreed with NNPCL, but the company did not reveal its petrol price.

The development has created controversy in the oil and gas sector.

Business

Naira Appreciates Against US Dollar After Highest Dip

Published

1 day ago

November 21, 2025

Editor

The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.

Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.

This represents a gain of N2.06 against the dollar on a day-to-day basis.

Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.

The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.

Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

3 days ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

3 days ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.