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Tag: Petrol

NNPCL Announces Fresh Petrol Price Reduction In December, Cuts Pump Rate By N80

Wale busari01 mins

The Nigerian National Petroleum Company Limited has carried out another reduction in the pump price of petrol, making it the third adjustment recorded in December 2025. A check at NNPCL retail outlets in Abuja on Thursday showed that petrol is now selling for N835 per litre, down from the previous price of N915. This reflects an N80 cut in the pump rate. The latest price drop follows similar moves by other fuel marketers in the Federal Capital Territory. MRS, BOVAS and AA Rano had earlier reviewed their prices, with petrol selling between N739 and N865 per litre across their stations. The reductions are coming on the back of lower ex-depot prices by Dangote Refinery and depot owners, who recently adjusted their rates to between N699 and N800. NNPCL and several other filling stations had previously reduced petrol prices earlier in the month, specifically on December 4 and December 10, 2025.

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

Aliko Dangote Announces Nationwide Petrol Price Reduction to ₦739 Per Litre

Wale busari03 mins

Aliko Dangote, Founder and President of Dangote Group, has announced that petrol prices will drop to ₦739 per litre across Nigeria, with the initial implementation set for MRS stations in Lagos starting Tuesday. At a press briefing at the Lekki Refinery on Sunday, Dangote revealed that the refinery had earlier reduced its gantry price from ₦828 to ₦699 per litre. He assured the public that the new ₦739 per litre pump price would be strictly enforced and criticised attempts to manipulate fuel prices. “From Tuesday, MRS will sell petrol at ₦739 per litre. We will ensure this price is implemented. Anyone with trucks can purchase at ₦699. Those trying to maintain high prices to sabotage the government, we will resist. ₦970 per litre is not acceptable,” Dangote told journalists. He noted that some filling stations were deliberately keeping prices high despite the reduction. “I was told marketers were advised to maintain high prices, but with this initiative at MRS stations, particularly in Lagos, the ₦970 per litre rate will no longer exist,” he said. Dangote encouraged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers to purchase fuel at the lower gantry price. “We have invited anyone who can buy 10 trucks to do so at ₦699. Using all available resources, we aim to reduce prices nationwide. Within a week to 10 days, delivery will be possible, and for December and January, petrol should not sell above ₦740 per litre,” he added. He also questioned the steep pump prices, pointing out that transporting petrol from the refinery costs no more than ₦15 per litre. “Freight within Lagos is only ₦10 to ₦15, which should bring the price to about ₦715. Selling at ₦900 is unjustifiable. Consumers should get the real price,” he said. Dangote further criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing 47 import licences for over 7.5 billion litres of petrol for the first quarter of 2026, arguing that it discourages local investment and threatens modular refineries. “These modular refineries are nearly collapsing, and none of them is profitable,” he warned.

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Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices

Dangote Refinery Cuts Petrol Price To N699 Per Litre, Slashing N129 From Benchmark

Wale busari02 mins

The Dangote Petroleum Refinery has reduced its petrol gantry price again, bringing the ex-depot rate down from N828 to N699 per litre. Data from Petroleumprice.ng on Friday showed that the refinery cut the Premium Motor Spirit benchmark by N129 per litre, a 15.58 per cent reduction. An anonymous refinery official confirmed the move to PUNCH Online, saying, “The refinery has reduced petrol gantry price to N699 per litre.” The new rate, effective December 11, 2025, marks the 20th petrol price adjustment by the refinery this year. The reduction comes shortly after Chairman Aliko Dangote reaffirmed his commitment to keeping domestic fuel prices “reasonable and competitive,” despite global price fluctuations and ongoing smuggling along Nigeria’s borders. Dangote, speaking after a closed-door meeting with President Bola Tinubu on December 6, explained that the price drop is part of efforts to compete with imported fuel. He noted that while smuggling has lessened, it remains an issue because Nigerian fuel costs about 55 per cent less than in neighboring countries. He added that petroleum products would continue to be sold at fair prices, stressing that the $20 billion refinery is a long-term investment. Following the Dangote refinery’s adjustment, several private depots also lowered their prices. Sigmund Depot reduced its ex-depot price by N4 to N824 per litre, Bulk Strategic cut N3, and TechnoOil implemented a N15 drop. Other depots, including A.A. Rano, NIPCO, and Aiteo, made slight reductions in response to the new pricing benchmark.

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Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices

FG Suspends 15% Import Duty on Petrol and Diesel

Wale busari03 mins

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the suspension of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly known as petrol and diesel. The announcement was made in a statement signed by George Ene-Ita, Director of the Public Affairs Department, on Thursday. The 15 per cent import duty, which had previously sparked mixed reactions across the downstream sector, was initially introduced to protect local refineries. While supporters argued it would bolster domestic production, critics warned it could push up fuel prices, placing an additional financial burden on Nigerians. The duty had received presidential approval through a letter referenced PRES8197/HAGF/100/71/FIRS/40/88-2/NMDPRA/2, dated October 21, addressed to the Attorney General of the Federation and Minister of Justice, the Federal Inland Revenue Service (FIRS), and NMDPRA. The letter, titled “Re: Introduction of a Market-Responsive Import Tariff Framework on Premium Motor Spirit (PMS) & Diesel,” was signed by Damilotun Aderemi, Private Secretary to the President. The approval followed a request by FIRS Chairman Zacch Adedeji, who proposed the tariff to better align import costs with domestic economic conditions. Adedeji had indicated that applying the duty to the Cost, Insurance, and Freight (CIF) value could increase petrol prices by roughly N99.72 per litre. In its statement, NMDPRA reassured the public that there is sufficient supply of petroleum products nationwide. The Authority emphasized that volumes are being maintained within acceptable national sufficiency levels, especially during this peak demand period. “The Authority wishes to advise against hoarding, panic buying, or any unjustified increase in petroleum product prices. It should also be noted that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer under consideration,” the statement said. NMDPRA further confirmed that domestic availability of petroleum products—including PMS, AGO, and Liquefied Petroleum Gas (LPG)—remains robust, sourced both from local refineries and imports, ensuring consistent replenishment of stocks at depots and retail outlets across the country.

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At Least 31 Dead As Fuel Tanker Explodes While People Scoop Petrol In Niger State

Wale busari02 mins

At least 31 people have died and several others were injured after a petrol tanker carrying Premium Motor Spirit (PMS) exploded while people were scooping fuel along the Bida-Agaie highway in Niger State on Tuesday. The state Police Public Relations Officer, Wasiu Abiodun, said the incident occurred around 2:40 pm near Essa Village via Katcha. “There was a lone tanker accident along the Bida-Agaie highway, causing the vehicle carrying PMS to fall by the roadside,” he explained. Abiodun stated that residents rushed to collect fuel from the overturned tanker when it suddenly caught fire. “Unfortunately, people living around Essa Village rushed to the scene to scoop PMS, and the tanker was suddenly engulfed in flames. Forty-eight individuals were affected, with thirty-one losing their lives, while others are receiving treatment in nearby hospitals. Three motorcycles were also destroyed,” he added. Security officers and other agencies were deployed to the scene for rescue operations. Investigations are ongoing to identify the driver and owner of the tanker involved.

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NNPCL Increases Petrol Price to N992 Per Litre Amid Limited Fuel Supply

Wale busari01 mins

The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of petrol to N992 per litre, up from N865 per litre. As of now, the company has not provided any official explanation for the hike. Visits to NNPC retail outlets by The Nation revealed attendants adjusting pumps to reflect the new rate. At the Ojodu Berger station on Ogunusi Road, attendants confirmed they were instructed to update the price to N992 per litre. However, checks at Ibafo along the Lagos-Ibadan Expressway showed some NNPC stations still displaying the old price of N875 per litre, though they were not selling fuel to motorists. Most of the NNPC outlets visited were not dispensing petrol, highlighting ongoing shortages despite the price increase.  

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Dangote Refinery Targets 100% Nigerian Crude Supply by End of 2025 — Bloomberg

Dangote Refinery Targets 100% Nigerian Crude Supply by End of 2025 — Bloomberg

Fola Badmus23 mins

Africa’s largest oil refinery, the 650,000-barrel-per-day Dangote Refinery, is poised to fully transition to sourcing its crude oil exclusively from Nigerian producers by the end of 2025, according to a report by Bloomberg. The refinery, which is already processing 550,000 barrels daily, received 53% of its crude from local sources in June, while the remaining 47% came from international suppliers including the U.S., Brazil, Angola, Ghana, and Equatorial Guinea. Devakumar Edwin, Vice President of Dangote Industries Ltd., told Bloomberg that the transition to 100% local sourcing is underway as several long-term foreign contracts are set to expire. “Personally, and as a company, we expect that before the end of the year we can transition 100% to local crude,” Edwin said during a recent interview at the Lagos-based facility. The $19 billion refinery, inaugurated in May 2023, is seen as a strategic solution to Nigeria’s long-standing reliance on fuel imports. Although Africa’s largest oil producer, Nigeria has historically exported crude for refining abroad and re-imported the finished products—a costly and corruption-prone cycle that the Dangote refinery aims to break. In July and August, Dangote is scheduled to receive five crude oil cargoes each month from the Nigerian National Petroleum Company (NNPC), with each shipment containing nearly one million barrels. Challenges and Outlook The road to full local sourcing has not been without obstacles. Nigeria’s oil sector has been hampered by crude theft, pipeline vandalism in the Niger Delta, and a shift in ownership of oil assets from international oil companies to under-resourced local firms. Despite these challenges, Edwin expressed confidence that improved cooperation between Dangote, local oil traders, and the Nigerian government will stabilize domestic supply chains. A Regional Beacon of Hope During a recent visit to the refinery, ECOWAS Commission President, Dr. Omar Alieu Touray, hailed the project as a “beacon of hope” for Africa, underscoring its significance in driving regional industrialisation and economic independence. The Dangote Refinery, when fully operational, is expected to drastically reduce Nigeria’s import bill, generate jobs, and cement Nigeria’s status as a net exporter of refined petroleum products.

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Dangote denies petrol pump prize increase

Fola Badmus05 mins

Dangote Petroleum Refinery has denied an upward adjustment in the prices of its Premium Motor Spirit (PMS) commonly known as petrol. The company stated this in a statement made available on Sunday. The statement reads; “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 of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product. “At Dangote Petroleum Refinery, we recognise the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers. While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets. “Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre. “All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT). “Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market. This is due to our unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remain central to our mission. 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 N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre. “We are committed to providing reliable, top-quality petrol to the Nigerian people at competitive prices. 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. “We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations. “In the interest of transparency and good governance, Dangote Refinery will commence publishing its ex-depot price, ex-vessel price as well as pump price on a weekly basis so that consumers are not exploited. “We would like to express our gratitude to President Bola Ahmed Tinubu for the introduction of the visionary Naira for Crude Initiative. This groundbreaking initiative has enabled consistent access to high-quality PMS for all Nigerians, while also insulating the Nigerian consumers from the volatility of the global oil market.”

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