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Tag: Dangote refinery

  • Petrol prices will drop to N750 before end of 2025 – NIPSS

    Petrol prices will drop to N750 before end of 2025 – NIPSS

    The National Institute for Policy and Strategic Studies (NIPSS) has assured that the price of Premium Motor Spirit (petrol) will decline as Dangote Refinery and other local refineries commence full operations.

    Speaking on Channels Television’s The Morning Brief on Tuesday, NIPSS Director-General Ayo Omotayo expressed optimism that fuel prices would fall once more refineries become operational.

    “With the removal of the first subsidy, we have Dangote Refinery coming on. We have the other refineries. The refinery in Port Harcourt has worked continuously for 110 days if I’ve counted right! These are the short-term gains,” Omotayo said.

    He projected that petrol prices could drop to around ₦750 per litre before the end of the year with a more stable exchange rate.

    “We’re looking at it coming down as low as ₦750 before the end of the year. And of course, foreign exchange will still drop to about 1.3 before the end of the year, and it is going to continue like that as more of our refineries come into place.

    “We will become a net exporter in the long run,” he added.

    Omotayo acknowledged the current economic hardships but insisted that the policy would benefit Nigerians in the long run.

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    “The gains at this time are very little, but in the long run, we will make up for whatever sacrifices we have made today as Nigerians,” he stated.

    Defending the subsidy removal, he argued that while the immediate impact is challenging, the long-term benefits outweigh the present struggles.

    “Most of the benefits will come in the medium and long term. For now, the government has introduced palliatives to help ease the burden on the poor. We all need to adjust our spending.”

    He emphasized that despite the challenges, Nigeria would eventually recover from the sacrifices made today.

  • Dangote Refinery: The game changer

    Dangote Refinery: The game changer

    Nigeria is said to own 10 small petroleum refineries in different parts of the country. Six of these refineries are owned by private companies while four of them are owned by the federal government. Two of them are located in Port Harcourt, one in Warri and one in Kaduna. For more than 10 years, these four refineries have remained dormant, dead like dodo and Nigerians have been wondering when they will resurrect like Lazarus.

    Every year, Nigerians cry for petrol; they sleep at petrol stations; they buy petrol when it is available at cut-throat prices while the four government-owned refineries remained refineries only in name. They refined nothing. Yet we had governments that we voted for in the hope that they would take care of our interests but they failed woefully to do the needful. This situation went on for more than 10 years. We did not ask our leaders to either get the refineries working or they should resign. We permitted them to just stay there and chop non-stop. Is that evidence of the failure of followership? In my opinion it is. Where were our labour unions, our student unions, our NGOs? They were all sleeping either because of absent-mindedness or partisanship.

    Then came the Dangote Refinery owned by one man named Aliko Dangote. This gentleman began his business career in a small way in 1978 trading in rice, sugar and cement before he ventured into manufacturing. He now has investments in 17 African countries and is obviously the market leader in cement in Africa. These achievements have been recognised globally. In 2013 Forbes listed him as the Most Powerful Man in Africa and in April 2014 TIME magazine listed him as one of the 100 Most Influential People in the world.

    Then the man saw a niche in our petroleum business and decided that he could fill that gap admirably for the benefit of Nigerians. He set up a $20 billion refinery in Nigeria, one of the biggest refineries in the world. Any sensible country would be eminently proud of a man who took the risk of making such a massive investment in his country especially when its existing refineries had failed to meet the consumption needs of the country. So Nigeria became a country of odious irony, a country that exports crude oil but imports refined petroleum products at exorbitant, exploitative and inflated costs. So these shylock importers of refined fuel got angry when Dangote’s refinery was commissioned. They thought that Dangote was coming to pour sand into their plate of garri. They thought of different devilish ways of frustrating Dangote by suggesting that Dangote’s refinery was going to be a monopoly.

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    How can it be a monopoly when there are 10 other refineries in the country?

    Then came Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority who alleged that Dangote’s refinery was producing substandard products. The company refuted the claim. I see the role of the regulator as two-fold (a) To protect consumers (b) To foster business growth in the country. Ahmed’s attempt to protect the consumer was noble but he did not provide any information to enable the public make a fair judgement. In other words, what he did lacked transparency because he provided no information to back his allegation. He failed in his second duty namely helping the growth of business in Nigeria. The Asian Tigers grew to become Little Dragons because of the support they got from the system in their countries. That is how the four of them namely Hong Kong, Singapore, South Korea and Taiwan achieved remarkable industrialisation and economic prowess.

    Nigeria can only rise to the level of a tiger nation in economic terms if the regulators and other government agencies support the growth of mega companies. A $20 billion investment qualifies as a national interest project that ought to be supported and protected by government and its agencies. Regulators must not be allowed to operate as dictators. Their activities must be monitored and regulated too so that they do not engage in parochial activities that are antithetical to the progress of the country.

    How Dangote is treated seems to reflect that a prophet does not always have honour in his home. Now, the President of Gabon, Brica Oligui Nguema is asking the Dangote Group to come and invest in the cement and fertilizer sectors in Gabon. The president noted that collaboration with the Dangote Group will bolster the country’s industrial landscape.

    Nigeria has been held to ransom by insensitive importers of petroleum products for several years now. With the commissioning of the Dangote refinery and the revival of two of the federal government owned refineries, their days are numbered. It is appropriate to praise Mele Kyari for reviving the two refineries. We expect him to work hard to revive the remaining two so that Nigerians can have a fairer deal in petroleum matters as citizens of a major oil producing country.

    The federal and state governments must do everything in their power to encourage investors to come and invest in Nigeria. That means that they must create a favourable investment climate for big investors to come. That will also prevent investors who are already here from de-investing and moving away to other countries. The kind of treatment given to Dangote must be reversed. Every investment in an unstable economy like ours is a big risk. People must be encouraged to take that risk. That is the only way we can grow our economy.

    Aliko Dangote had planned to invest in Nigeria’s steel industry. Now he says that he will halt his investment plan in that sector to avoid being accused of wanting to be a monopolist. Nigeria had made a major investment in steel at Ajaokuta many years ago. That company is not producing what it was set up to produce. For some years now, there has been a debate on whether that steel company should be auctioned or not, since it is basically dormant. We need steel for development so Dangote should be encouraged not to stop his investment plan on steel. Anyone who says he is likely to become a monopolist should also start his steel company and give Dangote competition. That is how economies grow in other countries.

    By his massive investments in Nigeria, Dangote is a major asset to the country. Those who are bad-mouthing him should also make massive investments here so that Nigeria can become a tiger nation in economic terms. If more people choose to invest in any sector of the economy, no one will be accusing anyone of monopoly.

    Dangote is not a monopolist. He is a patriot.

  • U.S. imports 2m barrels of jet fuel from Dangote Refinery

    U.S. imports 2m barrels of jet fuel from Dangote Refinery

    •Refinery for maintenance in June

    The United States has imported over two million barrels of jet fuel from the world’s largest single-train refinery –Dangote Petroleum Refinery & Petrochemicals in March. 

    The refinery will also shut its 204,000 barrel-per-day gasoline-making unit for 30 days for maintenance tentatively expected to start on June 1, according to industry monitor IIR.

    Experts assert that this development should bring immense joy to Nigerians, as it attests to the unparalleled quality of the refinery’s products and the trust that the international community places in Dangote Refinery.

    According to data from ship-tracking service Kpler, six vessels carrying around 1.7 million barrels of jet fuel from Dangote Petroleum Refinery arrived at US ports this month. Another vessel, the Hafnia Andromeda, is set to arrive at the Everglades terminal on 29th March with approximately 348,000 barrels of jet fuel.

    The shipments from the Dangote Refinery, with a capacity of 650,000 barrels per day (bpd)—Africa’s largest—highlight its potential to reshape global fuel trading dynamics, establishing a new swing supplier in the Atlantic Basin.

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    This shipment to the United States follows three cargoes of jet fuel, totalling around 130 million litres, exported from Nigeria to Saudi Arabia by the Dangote Petroleum Refinery. The refinery has already demonstrated its ability to compete with European refiners on gasoline (PMS) exports, and these jet fuel shipments to the United States could challenge the economics of domestic producers in the world’s largest fuel-consuming nation.

    According to Chief Operating Officer of TankTiger, Steven Barsamian, ‘’the surge in demand, partly driven by the influx of supply from Nigeria, is expected to lower jet fuel prices in the US ahead of the peak summer travel season. US jet fuel imports from Dangote Refinery are expected to decrease aviation fuel prices during this period, according to trade analysts and storage brokers. US jet fuel imports in March have averaged around 226,000 bpd, the highest since February 2023, underlining the global demand for products from Dangote Refinery.

    The Dangote Refinery, which commenced production in January 2024, has already exported its products to almost every continent. While the surge in US imports was partly triggered by a maintenance-related shutdown at the Phillips 66 Bayway refinery in New Jersey, analysts believe the choice of Dangote’s products highlights its growing presence in international markets, having successfully competed with European refiners in gasoline exports.

    The refinery also issued a tender yesterday to sell 128,000 metric tons of residual fuel oil in April, according to a summary of the tender document shared by a market source.

    The 650,000 barrel per day (bpd) Dangote refinery will close the tender on today at 1200 GMT, as it seeks buyers for 88,000 tons of low sulphur straight run fuel oil and 40,000 tons of slurry oil for loading on April 10-12, the summary showed.

    Straight run fuel oil is a feedstock processed through secondary refining units and turned into products like gasoline and diesel.

    Dangote’s fuel oil exports averaged 75,000 bpd over the period from March to August 2024, but dropped to 20,000 bpd from September, according to shipping data analytics firm Kpler, when its gasoline-making residue fluidised catalytic cracking unit started production.

    Economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprises (CPPE), Dr Muda Yusuf, stated that the export of jet fuel to the United States by Dangote Refinery is a point of pride for Nigeria, highlighting the quality, standard, and the trust that the international community places in the refinery.

    “Nothing could be more prideful for us as a country than the fact that we now have a refinery producing products that can be exported to the United States. It speaks to the quality, standards, and trust that international communities have in Dangote Refinery, because these are markets that don’t compromise on quality. They have stringent standards, and if they deem it worthy to import from Nigeria, it is a source of great pride,” he said.

    The former Director-General of the Lagos Chamber of Commerce and Industry (LCCI) also emphasised that Dangote Refinery is enhancing Nigeria’s position on the global stage and should be supported by both citizens and the government.

    “That is why all of us—citizens and the government—should do everything to support the refinery, as it is breaking many barriers and boosting our country’s reputation. The lesson here is that we should support the Dangote Refinery and other refineries with similar capacities, as they can provide us with significant leverage,” he added.

    Public Policy Expert, Dr Abimbola Oyarinu, stated that the Nigerian economy would be in a better state today if the country had functional refineries in the past, rather than just exporting crude oil while importing refined petroleum products.

    “This is something that should have been addressed since 2014. Things wouldn’t have reached this point—such as high inflation and unemployment—if we had a functioning refinery.

    However, both the government and the people failed to take action until Dangote stepped in with significant investment. The Dangote Refinery is not only reducing foreign exchange outflow, but it is also bringing in foreign exchange. It is unfortunate that despite this, some elites and those in power are still intent on sabotaging the refinery and Dangote himself,” he said.

    The university lecturer also warned that the lack of ease in doing business and the frustration of local investments could discourage future investors.

    “This is something the country should be proud of. We previously had a mono-economy, reliant solely on oil exports, but Dangote has helped diversify the sector by selling finished products to international markets. However, which investors would want to invest in Nigeria after seeing what Dangote is going through?” he queried.

  • Naira-for-crude: Anxieties over petrol price stability

    Naira-for-crude: Anxieties over petrol price stability

    Stakeholders in the oil sector are in frenzied consultations to reinforce the stability of the downstream petroleum market as the initial six-month agreement for the enabling crude-for-naira policy ends this month.

    Over the last couple of weeks, there have been apprehensions about the continuation of the policy, which led to the Dangote Refinery announcing a temporary suspension of sale of its premium motor spirit (PMS) or petrol, in naira to the domestic market.

    While the Chairman, Technical Sub-Committee on the Naira-for-Crude Policy, Zach Adedeji, has said the policy would remain in place given its overwhelming benefit to the economy, there were concerns that continuation beyond the six-month period might require new approvals.

    Under the naira-for-crude policy, the government consents to sale of crude oil to domestic refinery in national currency, with Dangote Refinery as the pilot case for the scheme.

    “The naira-based crude sales framework remains intact. There are no plans to discontinue this important economic initiative. This framework promotes competitive pricing and efficiency in the domestic crude market,” Adedeji said.

    In the last four months, the pricing mechanism of petrol has fluctuated downward, dropping to a recent low of N860 per litre at the retail pumps.

    Stakeholders yesterday expressed concerns that while Nigerians appear to be enjoying the benefits of local refining and deregulation, stopping the policy could disrupt the market dynamics.

    Decline in costs of logistics, particularly due to petrol-induced improvement in costs of transportation, was one of the reasons for the decline in the country’s overall inflationary pressure, as reported by the National Bureau of Statistics (NBS). 

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    An industry analyst, Mayowa Sodipo, argued that the issue of continuation of the naira-for-crude policy should not even have arisen for several reasons. For instance, he noted that petrol price reduction has been induced by the policy which has encouraged competition. By extension, he argued that it has also strengthened the naira in the international market since refiners do not need to pay in foreign currency to buy crude oil for their refineries.

    According to Sodipo, the industry regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), had given an idea of crude oil requirement by local refineries for the first half the year aimed at effective capacity utilisation of the nation’s domestic refineries by ensuring a consistent supply of crude oil.

    According to him, going by the NUPRC projection of crude oil production in the first half of the year, which is estimated at 2,066,940 barrels of oil per day (Bopd),  the Commission estimated daily crude oil requirement for local refineries to be 770, 500 (Bopd), representing about 37 per cent of the forecasted first half 2025 average daily production.

    “This strategic initiative aligns with Nigeria’s commitment to bolstering its domestic refining capacity and ensuring the sustainability of its oil industry. The first half of 2025 is expected to witness increased synergy between local refineries and producing companies, setting the stage for a more robust and self-reliant petroleum landscape in Nigeria,” the NUPRC Chief Executive, Gbenga Komolafe said.

    Yet, experts are of divergent views in the unfolding scenario. While some warned of dire consequences should the process be truncated, and leading to stoppage of sales to the local market as being considered by Dangote Refinery, yet, some are of the view that the market will not necesaarily feel the heat since it’s a deregulated market.

    “It will significantly change the dynamics of domestic petroleum products pricing, should the policy on Naira-for-crude sale be stopped. The sustainability of the widely celebrated deceleration of petroleum products prices will evidently be at risk. We may see a reversal of the trend.

    “There are other macroeconomic implications. For instance, demand pressure on the forex market would be elevated, which will result in an exchange rate depreciation scenario. The foreign reserves may come under pressure. All of these could result in adverse macroeconomic outcomes with profound implications for investors’ confidence,” said Dr. Muda Yusuf, Chief Executive officer, Centre for the Promotion of Private Enterprise, (CPPE).

    An energy expert and industry analyst, Adeola Yusuf, agreed that Dangote Refinery has added to the variables affecting the pricing modulation as it has become one of the major players in the post-deregulation market.

    He, however, noted that following President Bola Tinubu’s May 29, 2023 announcement of total deregulation of the downstream oil sector, petrol pricing has and will continue to get continuous adjustment.

    Yusuf allayed the fears that following the refinery’s suspension of petrol sale in naira, an upward review of the price will hit the market. Rather, he argued, such upward review will only affect oil markets that buy from the refinery, who in turn adjust their price to reflect the cost at which they buy from the refinery.

    “An upward review will be immediately imminent at filling stations of marketers that get supply from the Dangote Refinery if it adjusts its price and this will trickle down to filling stations that get supply from it. It may, however, be difficult to generalise the review at other stations that get supply elsewhere. Remember that this is a deregulated market; so consumers have a choice where to buy the products for depending on the price offering,” he argued.

    The analyst further said: “It is important to note that the NNPC Limited remains the firm saddled majorly for the supply and distribution of the product in the domestic market. The present situation will have an effect on competition or what some Nigerians now see as beneficial price war that has ensued between Dangote Refinery and NNPC Limited, with the tendency of leading to a monopoly,” Yusuf explained.

    But the issue of monopoly may not kick in anytime soon. This is because apart from local refining of the products, by virtue of the Petroleum Industry Act (PIA) of 2021, marketers are also free to import petroleum products irrespective of the product being locally refined.

    Available data from the Nigerian Port Authority (NPA), showed a surge in petrol imports as marketers and retailers imported a total of 154.22 million litres of petrol into the country between March 17 to 23, 2025. 

    The data, obtained from the shipping position of released by the NPA, showed several vessels carrying 115,000 metric tonnes of PMS to have docked at various ports, including Tincan and Lekki Deep Seaport in Lagos and the Calabar Port in the period.  Dangote Refinery imported 654,766 metric tonnes of crude oil in the same period.

    The Major Energies Marketers Association of Nigeria (MEMAN), in its bulletin last week, reported that the landing cost of imported petrol dropped to N797. 66 per litre. According to the report, the on-the-spot rate at the NPSC-NOJ terminal dropped to N797.73 per litre from N817.9 charged in the previous week. It added that the average cost for 30 days also dropped to N851.76 from N854.15 per litre.

    MEMAN also said the price of Brent crude was benchmarked at $70.58 per barrel — up from the $69.88 quoted on March 14.

    “International Petroleum Product Pricing is currently experiencing significant volatility due to geopolitical and economic factors, including events in the Middle East, China’s market dynamics, seasonal variations, production status, and other global influences,” the report said.

    “The foreign exchange rate remains fairly stable, with minimal fluctuations observed over recent periods.

    “Landing cost, being fundamentally influenced by these elements, is likely to change several times intra-day. Savings can be achieved through negotiation, access to foreign exchange, and logistics efficiencies, eliminating STS where possible or receiving larger cargos,” MEMAN said.

    Dangote Refinery’s also reduced at its loading gantry to N815 per litre from N825 per litre. On March 2, the Dangote refinery announced plans to refund oil marketers who purchased petrol rates higher than the advertised prices from any of its key partners. The refinery’s partners include AP (Ardova Plc), Heyden, and MRS Oil.

  • BREAKING: Dangote Refinery temporarily halts Naira-denominated fuel sales

    BREAKING: Dangote Refinery temporarily halts Naira-denominated fuel sales

    Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align its sales currency with its crude oil procurement obligations, which are currently denominated in U.S. dollars.

    In a statement issued on March 19, 2025, the refinery explained that its sales of petroleum products in Naira had exceeded the value of Naira-denominated crude received, necessitating an adjustment in sales currency.

    The company assured customers that once it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company (NNPC) Ltd., it will promptly resume fuel sales in the local currency.

    Additionally, Dangote Refinery addressed rumors circulating online, refuting claims that it had halted loading due to an incident of ticketing fraud.

    The management described such reports as ‘malicious falsehood’ and reaffirmed the robustness of its operational systems, stating that no fraud-related issues had occurred.

    The statement reads: “Dear Valued Customers, We wish to inform you that Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira.

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    “This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars. To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.

    “Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is a malicious falsehood. Our systems are robust and we have had no fraud issues. We remain committed to serving the Nigerian market efficiently and sustainably.

    “As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira. We appreciate your understanding and cooperation during this period.”

  • NNPC clarifies Naira-crude contract with Dangote Refinery

    NNPC clarifies Naira-crude contract with Dangote Refinery

    The Nigerian National Petroleum Company Limited (NNPC Ltd.) says its contract with Dangote Refinery for the sale of crude oil in Naira was structured as a six-month agreement.

    The Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, on Monday in a statement said this was subject to availability, and expires at ending of March 2025.

    He said discussions were ongoing towards emplacing a new contract.

    The spokesperson explained that the clarification became necessary because of the recent reports on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.

    “Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.

    Read Also: Dangote Refinery slashes petrol price by N65

    “In aggregate, the NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.

    “NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions,” he said.

    (NAN)

  • Dangote Refinery’s price slash boosts patronage at MRS, affiliated filling stations

    Dangote Refinery’s price slash boosts patronage at MRS, affiliated filling stations

    Dangote Refinery’s latest cut in petrol price has led to a surge in patronage for its affiliate petrol stations.

    Last week, the management of the 650,000 barrels per day refinery announced a reduction in its ex depot price and subsequently fixed the pump price of the products across its partners filling stations – MRS and its affiliate stations, like AP Ardova and Heyden.

    “For MRS Holdings’ stations, it (petrol) will be sold for N860 per litre in Lagos, N870 per litre in other Southwest states, N880 per litre in the North, and N890 per litre in the Southsouth and the Southeast regions.

    “The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre across the Southwest, N885 per litre in the North, and N895 per litre in the Southsouth and Southeast,” the statement by Dangote Refinery had said.

    Checks by The Nation across the Lagos metropolis and its environs indicated that since the implementation of the price cut, the filling stations designated by the refinery have witnessed a higher vehicular traffic at their pumps.

    At the AP Ardova filling station at Wawa on the Lagos–Ibadan Expressway, theee was a long queue of vehicles waiting to buy fuel. Similarly, at the MRS stations at Alapere expressway in Agege in Lagos State and Alagbole in Ogun State, a large number of vehicles waited at the pumps to get the product.

    Our correspondent noticed a number of vehicles queuing up at the Heyden filling stations at Alapere expressway and at the Ilupeju bypass.

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    A motorist at the MRS station in Agege, who identified himself as Idris Oduyebo, told The Nation that at first sight, he had thought a petrol scarcity was rearing its ugly head again when he saw the queue.

    But Oduyebo said after a closer look, he discovered that the queue was due to the price slash.

    “I joined the queue to take advantage of the price differential at the MRS filling station as against what obtains in other filling stations. I save almost N100 or more on every litre of petrol purchased here, when compared to buying at other outlets. So, for me, it makes a lot of sense buying here,” he said.

    The price reduction has also brought more patronage to the Heyden station in Ilupeju. For being a station with low patronage, the influx of vehicles into the station has kept its workers busy.

    A motorist, John Chukwueze, noted that prior to the current development, he was not patronising the station. But after noticing the price differential from other places, he had to drive in to buy petrol at the station.

    “Pricing matters in this harsh economy. So, I will do whatever it takes to save an extra kobo in my pocket. I am saving about N100 on a litre buying from here than going to buy from another place, so it’s a good deal for me,” Chukwueze said.

    Dangote’s petrol price “war” may have just opened the doors for the inherent benefits of deregulation.

    Experts and stakeholders are optimistic that the final consumers will be the better for it in the long run.

  • Petrol price remains same nationwide despite slash by Dangote Refinery

    Petrol price remains same nationwide despite slash by Dangote Refinery

    Petrol price remains high across the country despite the recent slash by Dangote Refinery in what motorists are supposed to pay for a litre.

    The company had on Wednesday announced a reduction in the ex-depot price of petrol from N890 to N825 per litre; a drop of N65.00.

    The price adjustment was to take effect  from Thursday at  specific filling stations in the six geo-political zones in what the company said was aimed at easing  “the financial burden on Nigerians, particularly in anticipation of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery initiatives.”

     However, an investigation by our reporters across the country showed that not much has changed in terms of fuel price.

     The price ranges between N935 and N955 per litre at the various filling stations in Ibadan.

    The price also depends largely on the dealer and location of the filling stations.

     The price is between N950 and N970 in Osogbo, Owode-Ede, Okini, Ede and Ilobu, all in Osun State.

    A motorist resident in Osogbo, Shina Odebode, told The Nation that he bought a litre for N950 on Friday.

     Major marketers in Edo State are selling a litre for N970 while independent marketers sell for N1,000 and above per litre.

    A litre still goes for between N995 and N1,000 per litre in Asaba, the Delta State capital, while filling stations in Ogwashi-Uku, Issele-Uku and other outlying towns in the state sell for N1,000.

    The Nigerian National Petrol Company Ltd (NNPCL) mega stations on the Benin-Onitsha Expressway and Okpanam sell at N990.

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     Some independent marketers retail at N999 per litre.

     The price is between N930 and N980 in the twin cities of Warri and Effurun.

    Most of the filling stations in Yenagoa, Bayelsa State capital sell a litre of petrol for between N990 and N1,050 and between N1,010 and N1,090 in Uyo, Akwa Ibom State.

     However, NNPC mega outlets in Uyo sell for N990.

     In the Southeastern states of Abia, Anambra, Ebonyi, Enugu and Imo, the situation is not substantially different.

    Most of the filling stations in the states dispense a litre at between N940 and ₦1,100

    Commuters complained about continuing to bear the brunt of the high cost of fuel.

    Many filling stations in Kano, Kaduna, Katsina and Minna also sell for between N950 and N1,100, although MRS outlets in Kaduna sell for N880.

    The latest price reduction by Dangote Refinery was its second last month following a previous decrease of N60.00 earlier in the month.”

    In December 2024, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre.

    It was observed that motorists drove easily into the various filling stations to make their purchases.

  • Dangote Refinery slashes petrol price by N65

    Dangote Refinery slashes petrol price by N65

    The Dangote Petroleum Refinery (DPR) has, again, announced a further crash in the price of its Premium Motor Spirit (PMS), otherwise known as petrol effective from today. This latest reduction in the ex depot price of the product represents a N65 cut from the previous price of N890 to N825 per  litre.

    This was contained in a statement issued by the firm yesterday. The latest action by DPR marked the second price reduction of PMS this month following a previous decrease of N60.00 earlier in the month.

    It stated that price adjustment was designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan fasting.

    It added it was also done to support the economic recovery policy of President Bola Tinubu by alleviating the financial burden on the Nigerian populace.

    “Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025.

    “This strategic price adjustment is designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

    “It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians.

    “This marks the second price reduction of PMS in February 2025, following a previous decrease of ₦60.00 earlier in the month.

    “Additionally, in December 2024, during the Yuletide period, the refinery reduced the price of PMS by ₦70.50, from ₦970 to ₦899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.

    “This reduction has positively impacted the overall cost of living, benefiting various sectors of the economy and has also ensured that Nigerians did not experience the perennial fuel scarcity and price hikes typically associated with the yuletide season.

    “Nigerians will be able to purchase the high-quality Dangote petrol at the following prices in all our partners’ retail outlets:

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    “For MRS Holdings stations, it will sell for ₦860 per litre in Lagos, ₦870 per litre in the South-West, ₦880 per litre in the North and ₦890 per litre in the South-South and South-East respectively.

    “The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: ₦865 per litre in Lagos, ₦875 per litre in the South-West, ₦885 per litre in the North and ₦895 per litre in the South-South and South-East,” it was stated in the press statement.

    Dangote Petroleum Refinery assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.

    The company called on marketers to support the initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.

    “This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and establishing the country as a leading oil export hub,” the statement added.

  • Fed Govt to build 80-metre bridge at Dangote Refinery

    Fed Govt to build 80-metre bridge at Dangote Refinery

    The Federal Government said it plans to construct an 80-metre span bridge in front of the Dangote Refinery as part of Section 2 of the Lagos-Calabar Coastal Highway project.

    This development aims to ensure seamless movement of trucks accessing the refinery.

    The Minister of Works, David Umahi, disclosed this during the Lagos-Calabar Coastal Highway stakeholder meeting in Lagos at the weekend.

    He said the bridge was designed to facilitate efficient truck traffic in front of the refinery, enhancing logistics and reducing congestion in the area.

    “When we move to Section 2 of the Lagos-Calabar Coastal Road, we are confronted with the beautiful project of the Lekki Free Zone.

    “We have to pass in front of the Dangote Refinery, so we have come to design an 80-metre span bridge over that section to allow seamless truck movement without any obstruction,” Umahi stated.

    He said the design took into consideration existing infrastructure and environmental factors. According to him, the government avoided routing the road through Navy land and navigated around a school to minimize disruptions.

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    Umahi also provided an update on the progress of Section 1 of the Lagos-Calabar Coastal Road within Lagos.

    He said Section 1, spanning 47.47 kilometres and ending at Eleko Junction—the starting point of Section 2—commenced construction by Hitech in March 2024. He added that 30 kilometres of this section are expected to be ready for commissioning by May 2025, showcasing significant progress so far.

    Umahi highlighted challenges encountered during the construction, revealing that over 10 kilometres of Section 1 were covered with topsoil, which had accumulated from years of refuse dumping. As a result, the contractor had to excavate up to 10 metres and then sand-fill back to ground level before proceeding to the desired elevation.

    Due to the need for ground settlement, the government and the contractor agreed to temporarily halt work on the affected parts. However, Umahi noted that settlement tests had recently been conducted, achieving 100 per cent stability which provided the go-ahead to proceed with the construction.

    While he stated that 30 kilometre of the 47.47 kilo metre would be ready for commissioning by President Bola Tinubu in May, he added that the remaining 17.47 kilo metre had been fully sand-filled up to Eleko Junction.

    The Controller of Works, Lagos, Keisha Korede explained that payment of compensation on properties on the Right of Way (RoW) is ongoing. She also noted other minor complaints that the contractor encountered in the course of executing the job.

    She said: “Aside from the payment of compensation on properties, another major challenge is that of the Lekki Free Zone, which falls within Phase I, Section II measuring 55.77 kilometres in length. The contractor promised to deliver this section of the road by May, 2025”.

    Umahi also settled the conflict involving stakeholders, including the Lekki Free Trade and the Lagos Free Trade Zones to enable the contractors to have unhindered access for the construction of the road.

    According to the minister, the Lekki and Lagos Free Zone Companies requested compensation on their properties that will be affected by the ongoing construction, additional flyovers, points for water discharge, solar lights and lots more. He pledged to address the requests within the possible shortest time, adding that they would be compensated for the properties being affected. He, however, advised them to leverage the Federal Government’s water discharge points into the lagoon, where solar lights will be provided, as well as the incorporation of an additional two interchanges to the initial design.

    At the end of the meeting both the Management of the Lekki and Lagos Free Trade Zone Companies commended the Minister for initiating the meeting and addressing the issues on the ground. For them, the engagement is a great leap forward to ease of doing business.

    The minister attributed the actualisation of the Lagos-Calabar Coastal Highway and other legacy projects across the country as catalysts for the country’s economic emancipation.

    He said that “the project, designed to traverse nine states along Nigeria’s shoreline, is an investment in our collective future.”

    According to him, the Coastal Highway will incorporate wind turbines within its corridor to generate clean energy, which will earn the country carbon credit, thereby putting Nigeria on the global pedestal of environment-friendly nations.

    He said: “There will be windmill energy for the benefit of the adjoining communities, solar lights, as well as train service in-between the entire alignment, which will stimulate lots of socio-economic investments along coastal corridors.”

    He added that the legacy projects passing through the Northern parts of the country will include dams for electricity generation and agricultural irrigation purposes along their corridors apart from the train tracks.

    Umahi commended the contractor, Hitech Africa Construction Limited for its demonstrated technical prowess. He also praised them on the pace of the project, array of equipment, quality, and above all, the company’s readiness and determination to deliver on agreed standards and timelines.