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Tag: Petrol price

  • Petrol price rises as Dangote Refinery raises ex-depot cost

    Petrol price rises as Dangote Refinery raises ex-depot cost

    The retail prices of Premium Motor Spirit (PMS), otherwise known as petrol, rose by 100 basis points across most stations in Lagos and Edo States after Dangote Petroleum Refinery and Petrochemicals announced an increase in its ex gantry price.

    The refinery raised petrol ex gantry price from N699 per litre to N799 per litre. Retail outlets subsequently increased their prices by same margin, with retail prices ranging between N839 per litre and N900.

    Fuel marketers in Edo State increased pump price of fuel to N900 per litre. Before the Dangote Refinery’s increment, fuel stations in Edo sold fuel at between N739 per litre to N795 per litre.

    A visit to some fuel stations in Benin City and environs showed price adjustment to between N850 per litre to N900 per litre.

    Dangote Refinery explained that the facility implemented a deliberate and temporary price support intervention during the festive period  to cushion the effect of heightened household spending during the yuletide on Nigerians..

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    “This marked the second consecutive festive season in which the Refinery absorbed significant costs in the national interest, including logistics support in 2024 and a price reduction in 2025 to promote affordability and market calm.

    “Despite the price reduction, many filling stations failed to reflect the new price at the pump, thereby denying Nigerians the benefits of the reduction,” Dangote stated.

    It added that with the festive period over, PMS prices, it said, have been modestly realigned to sustainable levels to support long term market stability and affordability.

    Dangote also reaffirmed its commitment to market stability and uninterrupted nationwide supply of petrol.

    Chief Executive Officer, Dangote Petroleum Refinery, David Bird, stated that the refinery continues to supply the domestic market with approximately 50 million litres of PMS daily, with nationwide evacuation and distribution operating normally.

    He noted that the Refinery’s design flexibility allows it to process a wide range of crude and intermediate feedstocks, enabling continued PMS supply during planned maintenance activities. According to him, this capability ensures that domestic supply remains stable and uninterrupted.

    He noted that the Refinery’s design flexibility allows it to process a wide range of crude and intermediate feedstocks, enabling continued PMS supply during planned maintenance activities. He added that this capability ensures that domestic supply remains stable and uninterrupted.

     “As a domestic producer, Dangote Petroleum Refinery continues to shield the Nigerian market from import related volatility and external supply disruptions, while remaining a stabilising force in the downstream petroleum sector. Dangote Petroleum Refinery remains focused on delivering energy security, price stability, and long-term value for Nigerians,” the statement said.

  • N739 per litre price spikes queues at MRS

    N739 per litre price spikes queues at MRS

    • IPMAN: Why other Dangote affiliate petrol stations aren’t selling N739/l

    Motorists are besieging the MRS petrol stations following the crash of petrol price to N739 per litre across the retail outlets.

    MRS petrol stations, an affiliate retail outlet to the Dangote Refinery, are consequently experiencing a surge in patronage as motorists throng the outlets for patronage.

    Checks by The Nation yesterday revealed that at the MRS outlet in Alapere, Ketu, long queues of vehicles were seen waiting to purchase the product. The same situation prevailed in its stations in Palmgrove and Ebute-Metta.

    But further findings revealed that some MRS stations as at yesterday are yet to reflect the new price as directed by Dangote Refinery management. For instance, in Alagbole / Akute, a border town between Lagos and Ogun states, MRS stations there sold at N800 per litre, N61 per litre higher than the prescribed price.

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    A motorist at the Alapere MRS station who identified himself as Kingsley Edwards, remarked that the queue at the station is a reflection of the competitive price the outlet offers.

    “Why will I buy at outlets that sell as high as N890 per litre when I can buy here for over N150 cheaper? The queue here is worth the money I will be saving, so its fine by me,” Edwards said.

    Other stations like Heyden sold at N887 per litre; Fatgbems, N881; NNPC, N820, among others.

    Aside from MRS, the other retail outlets affiliated to Dangote Refinery in Abuja were yet to adjust their meters to N739 per litre.

    Giving reasons for this development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) National President, Abubakar Maigandi, attributed this to the fact that such affiliates were yet to receive deliveries directly from the Dangote Refinery.

    .Maigandi, who is also the Chief Executive Officer of Garima Ltd, one of the companies that registered directly with the refinery, said the cost of transporting the product with their own trucks was accountable for the difference.

     He said perhaps when the other affiliate stations receive the direct delivery from Dangote next week they too would adjust their meters to N739/l.

    According to him, some independent marketers in the Federal Capital Territory (FCT) have crashed their pump prices below N800/l.

    Asked why the other filling stations that registered with Dangote were selling above N739/litre, he said, “Some independent petroleum marketers are selling below N800 per litre now.

     “There is still a little difference from the N739/litre that only MRS  is selling because of the transportation.

    “Very soon we may be selling at the same rate the way  MRS is selling. The products we have now we transported it with our trucks.

    “ When Dangote starts giving us in its trucks we will sell the way MRS is selling. When we start receiving free delivery from Dangote’s trucks.”

    The other filling stations that are registered with the refinery are Heyden, Ardova Petrol, Optima etc.

    None of them vended the product for N739 at press time.

    The Nation’s market survey however showed that Shema filling station sold the product for N836/l, AA Rano N840 and Sharon N840.

  • JUST IN: NNPC hikes petrol price to N992/litre in Lagos

    JUST IN: NNPC hikes petrol price to N992/litre in Lagos

    The Nigerian National Petroleum Limited (NNPCL) has increased petrol price to N992 per litre from N865 per litre.

    No official reason has been given for the increment as of the time of filing this report.

    Across NNPC retail outlets visited by The Nation, attendants were seen adjusting 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.

    Details Shortly…

  • PENGASSAN links petrol price drop to FX stability

    PENGASSAN links petrol price drop to FX stability

    The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has credited the recent drop in petrol prices to improved foreign exchange stability, urging the federal government to maintain ongoing reforms that support competition and local refining.

    PENGASSAN General Secretary, Comrade Lumumba Okugbawa, told The Nation that the union is pleased with the recent drop in petrol prices, attributing the development to a combination of supportive economic policies and a boost in supply from both domestic and private refineries.

    “This is a welcome situation for us and a welcome relief for both consumers and independent marketers,” Okugbawa said.

    “Contrary to the usual trend of rising prices during periods of high demand, we are now seeing a decline due to increased supply and competition. This price war has been beneficial.”

    According to him, other contributing factors include the naira-for-crude exchange model, rising price competition, and the gradual resumption of operations at the Port Harcourt, Warri, and Dangote refineries.

    He urged the government to sustain the current trajectory, stating, “We hope that the government will sustain this because it will have broader economic benefits.”

    Okugbawa further explained that the observed price movements reflect natural market dynamics. He stressed that a liberalised market ensures energy security while enabling open participation under clear regulations.

    However, he warned that persistent oil theft and pipeline vandalism could undermine these gains if not urgently addressed.

    “The twin problems of oil theft and pipeline vandalism are not new to Nigeria,” he said.

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    “Indeed, like in a handful of other crude oil-producing nations worldwide, the multi-decade economic menace is almost as old as the global economy itself.

    “Crude oil theft and losses through pipeline vandalism pose serious threats not only to oil and gas exploration and exploitation in the country but also have huge negative consequences on the country’s economic growth, business prospects, and profit earnings by oil companies.”

    He concluded with a warning, “Unless Nigeria ends crude oil theft and assets’ vandalism, the country’s economy will continue to wobble, at least in the short to medium term.”

    PENGASSAN’s position adds weight to recent discussions around fuel price stability and the role of strategic government reforms in shaping the downstream sector.

  • End users to get petrol at N890/litre

    End users to get petrol at N890/litre

    Motorists and other consumers of premium motor spirit (PMS) or petrol will now buy the commodity at N890 per litre in Lagos. This comes on the heels of another reduction in the gantry price of petrol from the Dangote Refinery from N865 per litre to N835 per litre.

    In a statement signed by the Group Chief Branding and Communications Officer, Dangote Industries Limited, Anthony Chiejina, the firm said the price reduction took effect from yesterday. The latest price cut marks the second price reduction on petrol by the firm within a week.

    Chiejina revealed that prices of the commodity across all its partner retail outlets, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil, will offer petrol at N890 per litre, down from N920 it previously sold in Lagos.

    In the Southwest, the price will be N900 per litre, reduced from N930; in the North-West and North-Central, the price will be N910 per litre, lowered from N940 and in the South-East, South-South, and Northeast, the price will be N920 per litre, down from N950.

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    “These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation. In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction,” the statement read.

    Chiejina, via the statement, further explained that Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers. For example, in February, the refinery reduced prices twice by N125.  In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery’s sustained efforts.

    “We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.

    “Dangote Petroleum Refinery remains steadfast in its commitment to ensuring a steady supply of premium-quality petroleum products, with sufficient reserves to meet domestic demand, along with a surplus for export. This strategy is designed to support the stability of the domestic market while also contributing to the growth of Nigeria’s foreign exchange reserves.

    “Furthermore, Dangote Petroleum Refinery calls on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realised across the country,” the statement said.

  • Petrol price rises to N935 in Lagos

    Petrol price rises to N935 in Lagos

    Petrol marketers across the Lagos metropolis at the weekend raised the pump price of the commodity to between N925 per litre and N935 per litre.

    This is in response to the increase in the landing cost of petrol, the stoppage by Dangote Refinery of the sales of the commodity in naira about two weeks ago and the delay in conclusion of negotiation on the naira for crude policy.

    Last Monday, the landing cost of the commodity rose to N843.28 per litre from a previous N797 per litre a forthnight ago.

    This increase represents an addition of N46 per litre to the landing cost of petrol.

    Some filling stations like TotalEnergies sold at N935 per litre; MRS, N925.

    According to the major Energy Marketers Association of Nigeria (MEMAN) latest report in its Bulletin, the increase in the landing cost of petrol is a result of the rise in international petroleum pricing in the past two weeks due to the transition from winter to summer specification gasoline (petrol) in Europe, which typically comes at a premium. MEMAN explained that supply constraints have emerged as arbitrage flows into Europe remain unprofitable, and Amsterdam-Rotterdam-Antwerp (ARA) hub stocks have dropped to a 12-week low.

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    ARA is a crucial global oil and biofuel hub known for its physical infrastructure, pricing benchmarks, and significant oil consumption.

    It added that seasonal refinery maintenance across Europe and a recent fire at the Falconara refinery in Italy have further restricted supply, adding to market tightness and price volatility.

    The Association said the foreign exchange rate remained fairly stable, with minimal fluctuations observed over recent periods.

    Therefore, the landing cost of petrol, being fundamentally influenced by these elements, is likely to change several times intra-day.

    It advised that savings can be achieved through negotiations, access to foreign exchange, and logistics efficiencies, for example, by eliminating Ship to ship (STS) transfer where possible or receiving larger cargos.

    MEMAN explained that the landing cost into Apapa/ASPM Jetty is calculated based on the following assumptions: exchange rate, finance charges at 32 per cent per annum for 30 days; STS and related charges; NIMASA charges at two per cent of local STS; NMDPRA at 0.5 per cent MDGIF; NPA and VAT charges covering towage, berthage/mooring, ship dues, cargo dues, contingency, fire coverage, agency fee; other costs at N2 per litre.

  • NBS: Average petrol price reduced by 2.06 per cent in December

    NBS: Average petrol price reduced by 2.06 per cent in December

    The National Bureau of Statistics (NBS), yesterday said the average retail price of the Premium Motor Spirit PMS petrol reduced by 2.06 per cent in December 2024.

    This was contained in its document titled: ‘PMS December Report 2024.’

    The report said the price reduced from N1214.17 in November to N1189.12 per litre.

    The report price increased by 76.99 per cent on a year-on-year basis from N671.86 in December 2023.

    NBS said, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2024 was N1,189.12, indicating a 76.99% increase compared to the value recorded in December 2023 (N671.86). “Likewise, comparing the average price value with the previous month (.i.e. November 2024), the average retail price decreased by 2.06% from N1,214.17.”

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    On State profile analysis, NBS said, Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N1,307.05, Adamawa and Delta States were next, with N1,301.33 and N1,282.71, respectively.

    NBS said conversely, Oyo State, Abuja, and Ogun State had the lowest average retail prices for Premium Motor Spirit (Petrol), at N1,088.75, N1102.25, and N1,106.07 respectively.

    The document said lastly, on the Zonal profile, the North East Zone had the highest average retail price of N1245.90, while the South West Zone had the lowest price of N1,116.00.

  • NBS: Average petrol price reduced by 2.06 percent in December 

    NBS: Average petrol price reduced by 2.06 percent in December 

    The National Bureau of Statistics (NBS)  yesterday said the average retail price of the Premium Motor Spirit PMS petrol reduced by 2.06 per cent in December 2024.

    This was contained in its document titled: “PMS December Report 2024.”

    The report said the price reduced from N1214.17 in November to N1189.12 per litre.

    The report price increased by 76.99 per cent on year-on-year basis from the N671.86 in December 2023.

    NBS said: “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2024 was N1,189.12, indicating a 76.99% increase compared to the value recorded in December 2023 (N671.86). 

    “Likewise, comparing the average price value with the previous month (.i.e. November 2024), the average retail price decreased by 2.06% from N1,214.17.”

    On State profile analysis, NBS said: “Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N1,307.05, Adamawa and Delta States were next, with N1,301.33 and N1,282.71, respectively.

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    NBS said conversely, Oyo State, Abuja, and Ogun State had the lowest average retail prices for Premium Motor Spirit (Petrol), at N1,088.75, N1102.25, and N1,106.07 respectively. 

    The document said lastly, on the Zonal profile, the North East Zone had the highest average retail price of N1245.90, while the South West Zone had the lowest price of N1,116.00. 

  • Petrol price: don’t panic, independent marketers urge Nigerians

    Petrol price: don’t panic, independent marketers urge Nigerians

    The National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Abubakar Shettima yesterday urged Nigerians not to panic with the news of likely increase in the price of Premium Motor Spirit (PMS) or petrol.

    He assured that members of the association will continue to serve the masses and sell the product at the lowest rate.

    Shettima spoke at the inauguration of the Ultra Modern Secretariat of IPMAN Western Zone.

    He said: “Despite the news that has been circulating, the masses should not panic. We independent marketers are ready to serve them with lower rates of the petroleum products.”

    While congratulating the Zonal Chairman, Dele Tajudeen and National Executive Committee of IPMAN Western Zone, Shetima said they had done well being the first to inaugurate such a project throughout Nigeria.

    Also speaking, Chairman, Board of Trustees, IPMAN, Aminu AbdulKadri, said Southwest has performed, urging other zones to take a cue from them.

    He said: “The Southwest has always been setting the pace. I hope they will continue to maintain this very best flag in the Southwest.”

    Earlier in his address, the Zonal Chairman IPMAN Western Zone, Alhaji Dele Tajudeen said the inauguration of the IPMAN Western Zone Secretariat was a dream come true.

    He noted the contributions of the regimes of past administration and other members of the association for the great feat achieved as well as for peace and progress in the zone.

    He also recognised and appreciated the leadership of Petroleum Tankers Drivers of NUPENG particularly the Western Zonal Council citing the robust relationship that exists between them.

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    Tajudeen said: “Today, I stand before God and men to present the labour and sacrifice of my executives. When we assumed office in 2020, we inherited an association that was facing so many crises which include the depot crisis, finance and banking matters crisis, court cases and so on. But today to the glory of God we are crises free in the Western Zone.

    “When we resumed, we were concerned with the way zonal properties were being moved from depot to depot by the various Zonal Chairmen occupying the office. This led to the loss of many documents and items.

    “And so we resolved that from the little sums realized as IPMAN levies, we will get a good Secretariat for the association.

    “Words cannot describe how happy we are with the robust relationship we enjoyed with you.”

  • Petrol price stood at N1,214.17 in November 2024 – NBS

    Petrol price stood at N1,214.17 in November 2024 – NBS

    The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N648.93 in November 2023 to N1,214.17 in November 2024.

    It made the declaration in its Petrol Price Watch for November  2024 released in Abuja on Thursday.

    It stated that the November 2024 price of N1,214.17 represented an 87.10  per cent increase over the price of N648.93  recorded in November 2023.

    “Comparing the average price value with the previous month of October,  the average retail price increased  by 2.48  per cent from N1,184.83.”

    On state profiles analysis, the report said Benue paid the highest average retail price of N1,365.16 per litre, followed by Borno and Adamawa at N1,331.94 and N1,319.85, respectively.

    “Conversely, Lagos, Katsina, and Kano paid the lowest average retail price at N1,092.79, N1,121.25, and N1,152.86 respectively,’’ it stated.

    Analysis by zones showed that the South-East Zone recorded the highest average retail price in November  2024 at N1,257.72 while the South-West recorded the lowest price at N1,153.94 per litre.

    The NBS also stated in its Diesel Price Watch Report for November 2024 that the average retail price was N1,446.83 per litre.

    It said that the November  2024 price of N1,446.83 per litre amounted to a 37.07  per cent increase over the N1,055.57 per litre paid in November 2023.

    “On a month-on-month basis, the price increased by 0.38 per cent from the N1,441.28 per litre recorded in October 2024,’’ it added.

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    On state profile analysis, the report said the highest average price per litre of diesel in November was recorded in Bauchi state at N2,232.04,  followed by Bauchi at N1,770.59 and Borno at N1,751.15.

    On the other hand, the lowest price was recorded in Oyo at N1,250.71  per litre, followed by Ogun at N1,258.08 and Lagos at N1,262.38.

    In addition, the analysis by zones showed that the North-East Zone had the highest price of N1,676.11 per litre, while the South-West recorded the lowest price at N1,303.61 per litre.

    (NAN)