Business

Why Marketers May Not Reduce Petrol Price After Dangote Refinery Cut – PETROAN

Published

1 year ago

February 2, 2025

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has stated that the recent reduction in petrol prices by Dangote Refinery may not immediately reflect at fuel stations due to existing stock purchased at higher prices.

Billy Gillis-Harris, president of PETROAN, made this known during an interview on Arise TV on Saturday.

On the same day, Dangote Refinery announced a reduction in its ex-depot petrol price from N950 per litre to N890.

While commending the refinery’s move, Gillis-Harris explained that oil marketers face challenges in adjusting prices immediately because they still have previously acquired stock.

“You can’t see it immediately, because we’ve already bought products,” he said.

“We’ve already purchased different kinds of product that’s in our retail outlet now at the price which it was prior to the change this evening.

“So the moment we lose N60 in that transaction, we are out of business. So we have to keep that product.

“But the only thing that we will advocate is that any one of us that starts buying product from Dangote at that price from tomorrow, Sunday, should endeavour to reflect that price in their retail outlets.”

He further revealed that PETROAN has established a major working relationship with Dangote Refinery and MRS, a leading petrol retailer, to ensure price uniformity across outlets.

“So that is going to really help also in making sure that our retail outlets sell products at a uniform price,” he stated.

“And that relationship will certainly ensure that petroleum product is available in all the nooks and crannies of this country.”

Gillis-Harris also noted Nigeria’s progress in enhancing petroleum product availability and expressed optimism that as more local refineries become operational, the country could gradually reduce its reliance on fuel imports.

Business

Again, Dangote Refinery Hikes Fuel Price

Published

3 weeks ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

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

Published

3 weeks 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

4 weeks 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.