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Tag: Dangote

Dangote Refinery Raises Petrol Ex-Depot Price To ₦1,175 Per Litre

Wale busari03 mins

The Dangote Petroleum Refinery has increased its ex-depot price for Premium Motor Spirit (petrol) to ₦1,175 per litre, reversing the price reduction it introduced earlier in the week. Sources at the refinery confirmed on Friday that the adjustment came only days after the facility slashed the ex-depot price by ₦100 to ₦1,075 per litre on March 10, 2026, a move that triggered a rush among depot operators to purchase the product. Following the earlier reduction, several depot operators had begun selling petrol at an average of about ₦1,100 per litre. However, the refinery’s latest increase forced many of them to suspend sales temporarily while they reassess their pricing and inventory. Loading activities at the refinery have also been halted for the time being as the company reconciles its stock levels and aligns operations with the new price structure, a situation that has disrupted supply at depot level. Industry sources attribute the fresh price increase to a surge in global crude oil prices. Brent crude reportedly rose from about $91 to $100 per barrel, significantly raising the cost of refining and limiting the refinery’s ability to sustain lower petrol prices. The latest adjustment is one of several price changes made by the Dangote Refinery in recent weeks as operators respond to fluctuations in the global oil market. Before the brief March 10 reduction, the refinery had already increased petrol prices three consecutive times. The temporary price cut provided short-lived relief before the latest upward review driven by rising crude oil costs and ongoing tensions in the Middle East involving the United States, Iran and Israel.

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Dangote Refinery Reduces Petrol And Diesel Prices By ₦100

Wale busari01 mins

Dangote Refinery has lowered the prices of petrol and diesel at its gantries, effective March 10, 2026. The refinery’s new pricing template shows that petrol has been reduced by ₦100, bringing the gantry price down from ₦1,175 per litre to ₦1,075 per litre. For coastal supply, petrol (PMS) will now sell at ₦1,050 per litre, reflecting minor adjustments for maritime distribution costs. Diesel, or Automotive Gas Oil (AGO), has also seen a significant reduction, dropping ₦190 from ₦1,620 to ₦1,430 per litre at the gantry. Dangote Refinery emphasized that these gantry prices exclude fees imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

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Dangote Refinery Increases Petrol Price To N1,175 Per Litre, Third Hike In A Week

Wale busari02 mins

Fuel prices in Nigeria are set to climb again after Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third increase in just one week. The hike, communicated to marketers on Monday, follows a temporary suspension of petrol sales at the refinery on Sunday, which had already sparked fears of rising fuel costs. The latest adjustment raises the price from N995 per litre announced on Friday, representing an 18.1 percent jump within three days. Diesel, or Automotive Gas Oil, also saw a price revision, with the gantry rate now set at N1,620 per litre. A senior refinery official, speaking on condition of anonymity, confirmed the increase and explained that it reflects shifting replacement costs and a volatile market. “The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in,” the official said. Data from petroleumprice.ng show that the revised rates have already been updated across depot pricing systems, signaling a new benchmark for downstream marketers. This marks the third petrol price surge in a week, following previous adjustments that pushed gantry prices from N774 to N995 per litre. Retail prices in several states have now surpassed N1,000 per litre, with some stations selling petrol at around N1,200 per litre, adding further pressure on household budgets and the economy.

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Dangote Refinery Hikes Petrol Gantry Price To N995 Per Litre

Wale busari04 mins

The Dangote Petroleum Refinery has increased its Premium Motor Spirit (petrol) gantry price to N995 per litre, marking a N221 rise in just four days amid global crude oil volatility and rising shipping costs. A senior refinery official confirmed the adjustment to PUNCH Online on Friday, saying the price revision reflects recent changes in international oil market dynamics. “Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official stated. This follows an earlier increase from N774 to N874 per litre earlier this week, meaning petrol prices at the refinery have jumped nearly 29 per cent in less than a week. Petroleumprice.ng has already updated the new gantry price, indicating potential upward adjustments at retail pumps, with petrol likely to sell above N1,050 per litre in some areas depending on transport costs and marketers’ margins. The revision came after a brief suspension of petrol loading operations at the refinery around 2:00 a.m. on Friday, which had sparked speculation among depot owners and marketers about an imminent price hike. Historically, such pauses in truck-out operations have preceded price adjustments. Dangote Petroleum has defended its pricing, saying petrol costs are tied to global crude prices, logistics, and operational realities. In a statement on Thursday, the refinery stressed that prices are not set arbitrarily but reflect international market trends and the cost of crude used in refining. The refinery noted that Nigeria’s move to a fully deregulated downstream market means domestic petrol prices are increasingly influenced by global crude rates, foreign exchange fluctuations, and supply conditions. It also emphasized that domestic refining helps insulate Nigeria from global supply shocks, particularly amid tensions in the US-Iran region. “The Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market. The conflict has driven global crude and freight prices sharply higher, with Brent crude rising about 26 per cent to over $84 per barrel,” the statement read. The refinery added that it has absorbed roughly 20 per cent of the rising costs to ease pressure on domestic consumers. Data from the Major Energy Marketers Association of Nigeria (MEMAN) shows that imported petrol remains cheaper than Dangote’s refined fuel. As of Monday, Dangote’s gantry price was N874 per litre, while imported petrol landed at N809.37 per litre, a difference of about N64. Diesel followed a similar trend, with Dangote’s diesel priced at N1,169.42 per litre compared with N1,125.70 per litre for imported diesel.

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Dangote Refinery Raises Petrol Price To N875 Per Litre As Global Oil Prices Surge

Wale busari02 mins

Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) by N101, raising it from N774 to N875 per litre, fueling concerns of fresh fuel price surges across Nigeria. A senior official at the refinery confirmed the adjustment, attributing it to recent fluctuations in global crude oil prices. “Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said. Industry monitoring site petroleumprice.ng has already reflected the revised rate, signaling a shift in downstream pricing benchmarks. The increase follows the refinery’s suspension of petrol loading operations starting midnight on March 2, 2026, after international crude prices jumped past $80 per barrel. Reports indicate that PMS loading and the issuance of Proforma Invoices were temporarily halted, while diesel (Automotive Gas Oil) continued to be loaded. The move prompted several private depot operators nationwide to suspend petrol sales for the day. “Several depot owners suspended PMS sales because of the crude rally. The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator noted. The spike in global crude prices is linked to heightened tensions between the United States and Iran, raising fears of potential supply disruptions, particularly in the strategic Strait of Hormuz.

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Aliko Dangote Becomes First African To Reach $30 Billion Net Worth

Aliko Dangote Predicts Naira Could Strengthen to 1,100 to Dollar In 2026

Wale busari04 mins

Aliko Dangote, chairman of the Dangote Group, has predicted a significant strengthening of the naira, saying the currency could reach 1,100 to a dollar this year. Dangote made the comments on Tuesday during the launch of Nigeria’s Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other top officials. He attributed the potential appreciation to recent government reforms, which he said are already benefiting manufacturers. “Today, if you look at it, Your Excellency, I believe with the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy,” Dangote said. Noting that the naira currently trades around 1,340 to the dollar, he added that efforts to curb importation could push the currency down to 1,100, provided the measures are maintained. He also pointed out a catch-22, saying a stronger naira would reduce prices for imported goods but could lower government revenue: “We are an import-based country, which we shouldn’t be. What we should be doing is manufacturing all the things that we need.” Dangote urged stronger protections for local investors through incentives and improved infrastructure, highlighting power supply as a persistent challenge. “While the policy is in order, it must be backed with full protection for industrialists to drive the nation’s goal for industrialisation, job creation, and economic growth,” he said. His remarks come as Nigerian equities continue to perform strongly. Bloomberg recently reported that Nigerian stocks delivered the world’s second-best dollar returns in 2026, rising 31 percent and regaining 21 billion dollars in market value lost after the naira’s sharp devaluation in 2024. Total market capitalization on the Lagos Exchange now stands at around 84 billion dollars, roughly 58 percent higher than before the devaluation. Businessman Femi Otedola has also expressed optimism, predicting the naira could trade below 1,000 to the dollar before the end of 2026. He cited the Dangote Petroleum Refinery’s full production capacity of 650,000 barrels per day as a game-changer, noting it could supply up to 75 million litres of Premium Motor Spirit daily, boosting local supply and conserving foreign exchange. The naira has recently strengthened, trading at around 1,354 to the dollar on the official market and about 1,430–1,440 on the parallel market, its strongest levels in more than two years.

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Fuel marketers accuse Dangote Refinery of distributing substandard petrol

Dangote Petroleum Raises Petrol Price to N799 Per Litre, MRS Stations Sell at N839

Wale busari02 mins

Dangote Petroleum Refinery has increased the price of petrol sold to marketers from N699 per litre to N799 per litre, with MRS filling stations now retailing the fuel at N839 per litre. In a statement on Monday evening, the refinery said the adjustment follows the end of the festive season. “With the festive period concluded, PMS prices have been modestly realigned to sustainable levels to support long-term market stability and affordability. Under the current alignment, the PMS gantry price is N799 per litre, while MRS retail outlets are selling at N839 per litre,” it said. The refinery stressed its commitment to stable pricing and a steady petrol supply nationwide. It noted that during the festive period, prices were temporarily reduced to ease financial pressure on households during high spending periods. According to the statement, this marks the second consecutive festive season in which the refinery absorbed extra costs in the national interest, citing logistics support in 2024 and a price cut in 2025 as part of efforts to keep fuel affordable and maintain 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,” the statement added.

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Aliko Dangote Calls On EFCC To Probe Ex-NMDPRA Boss Farouk Ahmed Over Alleged Wealth Misconduct

Wale busari03 mins

Aliko Dangote, chairman of Dangote Group, has called on the Economic and Financial Crimes Commission (EFCC) to investigate Farouk Ahmed, the former CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), over alleged financial impropriety. Dangote accused Ahmed of abusing his office, amassing wealth beyond his legitimate earnings, and living a lifestyle inconsistent with his public service salary. The development follows Dangote’s earlier petition in December 2025 to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) through his lawyer, Ogwu Onoja, in which he raised concerns about corruption and financial misconduct. Ahmed resigned from his position on December 17 after meeting with President Bola Tinubu. On January 7, Dangote withdrew his petition from the ICPC and filed a fresh complaint with the EFCC, urging chairman Ola Olukoyede to investigate Ahmed for financial misconduct, breaches of the code of conduct for public officers, and related offences. The petition highlighted that Ahmed reportedly spent over $7 million on the education of his four children — Faisal Farouk at Montreux School, Farouk Jr. at Aiglon College, Ashraf Farouk at Institut Le Rosey, and Farhana Farouk at La Garenne International School — in Switzerland over six years. Dangote argued that such expenditures far exceed what Ahmed could have earned legally as a public servant. The petition also cited legal precedents, noting that the EFCC and its partner agencies are empowered to prosecute financial crimes, and courts do not hesitate to punish offenders when a prima facie case is established. Dangote’s action signals a renewed push for accountability and transparency in public office, particularly regarding unexplained wealth and financial conduct.

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