Business

Why We Increased Petrol Price – Dangote

Published

12 months ago

January 19, 2025

The Dangote Petrochemical Refinery has attributed its recent adjustment in the price of Premium Motor Spirit (PMS), commonly known as petrol, to the rising cost of global crude oil.

The refinery increased its ex-depot price from ₦899 to ₦955 per litre, according to a statement issued on its X handle on Sunday, 19th January 2025.

We wish to clarify that the recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices. As crude remains the primary input in the production.

Explaining the decision, the statement read: “The recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices. As crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.”

It added that while the global crude oil price had risen by 15%, from $70 to $82 per barrel, Dangote Refinery’s adjustment reflected only a 5% increase. The refinery also noted that the premium for Nigerian crude, which stands at about $3 per barrel, has further influenced pricing.

Despite these challenges, the refinery has maintained its Single-Point Mooring (SPM) ex-vessel price at ₦895 per litre.

The refinery announced that its partners, including Ardova, Heyden, and MRS Holdings, would retail petrol at ₦970 per litre nationwide. It explained that it has absorbed increased logistics costs to ensure uniform pricing across the country, including the Federal Capital Territory (FCT).

The statement continued: “If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately ₦1,150 to ₦1,200 per litre in some locations, compared to the current price of ₦970 per litre.”

The refinery reiterated its commitment to affordability, noting that it has absorbed about 50% of the cost increases in the international oil market to shield Nigerians from the full impact of global price volatility.

“In these challenging times, we continue to prioritise the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions,” the statement noted.

The refinery concluded by expressing gratitude to Nigerians for their trust and support, reaffirming its dedication to providing top-quality petrol at competitive prices while contributing to economic self-sufficiency.kly basis so that consumers are not exploited.

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

1 day ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

2 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.