For the second time in April, Dangote Petroleum Refinery and Petrochemicals has again reduced the ex-depot (gantry) price of petrol, lowering it from ₦867 to ₦835 per litre.

The Lagos-based $20 billion refinery informed its marketers and customers of the price adjustment on Wednesday. This fresh slash follows an earlier downward review earlier in the month, signifying a continued intervention by the private refinery in stabilising fuel prices in the country.

A senior official of the company, who spoke on condition of anonymity, had earlier confirmed the new price, disclosing that a formal statement would be issued in due course.

Further checks on the petroleumprice.ng portal also corroborated the development, confirming that the ex-depot price had indeed been reviewed to ₦835 as of Wednesday afternoon.

Following the reduction, petrol pump prices in retail outlets with special supply arrangements with Dangote Refinery — including major marketers such as MRS Oil & Gas, Ardova Plc, and Heyden Petroleum — are expected to drop below ₦900 per litre, reflecting the marginal cut in the gantry price.

 

Later in the day, the company’s official spokesperson, Mr Anthony Chiejina, released a formal statement confirming the price reduction. He noted that outlets in Lagos with special agreements would sell petrol at ₦890 per litre, offering some relief to consumers amid economic hardship.

This latest adjustment comes in the wake of a strategic meeting held last week between top executives of Dangote Refinery and the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun. The meeting reportedly reaffirmed the Federal Government’s commitment to the naira-for-crude initiative.

The Ministry clarified that the policy was not a temporary intervention, but a “key policy directive designed to support sustainable local refining” and was to be continued immediately — overriding the earlier decision by the Nigerian National Petroleum Company Limited (NNPCL) under its former Group CEO, Mele Kyari, which had suspended the initiative.

Nigeria, Africa’s most populous nation, continues to battle chronic energy challenges, with erratic power supply stifling industrial and domestic productivity. For decades, the nation relied on imported refined petroleum products due to the comatose state of its government-owned refineries.

The emergence of the Dangote Refinery has been seen as a potential game-changer in Nigeria’s petroleum landscape, especially since the removal of petrol subsidy by President Bola Ahmed Tinubu in May 2023, which triggered a steep rise in pump prices from around ₦200 to nearly ₦1,000 per litre.

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Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has predicted that the cost of Premium Motor Spirit (PMS), popularly known as petrol, will continue to decline until June 2025.

The recent price reductions led by Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) have provided relief for millions of Nigerians who rely on petrol for their daily energy needs. Speaking on Channels Television’s Business Morning on Tuesday, Rewane noted that the ongoing downward trend in pump prices is expected to persist until mid-year.

“So, generally between now and June, we will see prices begin to decline. But after June, as things stabilize, depending on what happens in the global oil and currency market, we might begin to see some stabilization,” Rewane stated.

He described the current price war between Dangote Refinery and NNPCL as a development that ultimately benefits consumers.

“In a price war, nobody wins. The consumers win in the short run, then eventually, the market goes back to where it should be. But at the end of the day, between now and June, the price leadership will be firmly established,” he added.

Dangote, NNPCL Cut Prices Further

Dangote Refinery has attributed its recent price reduction to improved production cost efficiency, among other factors. The company slashed its gantry price from ₦890 to ₦825 per litre, promising refunds to customers who purchased fuel at higher rates from its key partners.

As part of its price adjustments, the refinery announced that MRS Holdings stations would sell petrol at:

• ₦860 per litre in Lagos
• ₦870 per litre in the South-West
• ₦880 per litre in the North
• ₦890 per litre in the South-South and South-East

Similarly, AP (Ardova Petroleum) and Heyden stations set their prices at:

• ₦865 per litre in Lagos
• ₦875 per litre in the South-West
• ₦885 per litre in the North
• ₦895 per litre in the South-South and South-East

Meanwhile, NNPCL has also reduced its pump price to ₦860 per litre across its stations in Lagos, though it has yet to issue an official statement confirming the adjustment.

With both Dangote and NNPCL engaged in a price battle, industry analysts believe that competition could drive further reductions in the coming months, offering more relief to consumers amid Nigeria’s challenging economic climate.

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has assured Nigerians of a reduction in the pump price of petrol within the week, following adjustments to the ex-depot price by key players in the industry.

Last week, the Nigerian National Petroleum Company (NNPC) Limited and the Dangote Refinery announced a reduction in the ex-depot price of petrol to ₦899 per litre in Lagos. Despite this, the pump price at many filling stations across the country has remained unchanged.

However, PETROAN President, Billy Gilly-Harry, during a Monday appearance on Channels Television’s Sunrise Daily, expressed optimism that the price change would soon reflect in retail outlets.

“But I believe from today when members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market,” he said.

Gilly-Harry lauded some members of PETROAN, particularly in Abuja, for proactively reducing their pump prices to below ₦1,000 even before the official announcement. He emphasized that while members strive to serve Nigerians by providing affordable fuel, they must maintain marginal profitability to sustain operations.

“We don’t encourage our members to try to sell products at a loss because our focus is to serve Nigerians. And the only way we can serve Nigerians is when we have the resources to do so. The resources can only be there if we’re making marginal profit enough to pay for the cost of money and ensure continuity in business,” he noted.

Addressing concerns over the delay in implementing the price reduction, Gilly-Harry explained that some retailers are still selling old stock purchased at higher prices.

“This reduction, if you apply it immediately, don’t forget that some of them bought at ₦970, paid transportation costs and logistics that have taken it quite high,” he said. “By the time it gets to their retail outlets, it’s quite much more than that. And so they must also sell at a profit – minimal marginal profit as provisioned by the PIA. So, that’s the reason.”

The PETROAN boss commended both the NNPCL and Dangote Refinery for their efforts in reducing the ex-depot price, which he described as a significant step toward easing the burden on Nigerians.

Nigerians are now hopeful that the price adjustment will translate into tangible relief at filling stations in the coming days.

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Speaking on Channels Television’s Sunrise Daily show on Wednesday monitored by Mega Icon Magazine, Shittu emphasised that the success of this ambitious project, which is set to process 650,000 barrels of crude oil per day, is crucial for reducing Nigeria’s long-standing dependence on fuel subsidies.

Dangote refinery to generate 12,000 megawatts of electricity – CBN hints

Nigeria, Africa’s most populous nation, grapples with severe energy issues.

The country’s state-owned refineries are currently non-operational, and it relies heavily on imported refined petroleum products. The Nigerian National Petroleum Corporation (NNPC) remains the primary importer of these essential goods.

The situation has led to frequent fuel shortages, with petrol prices soaring from approximately N200 per litre to around N700 per litre since the subsidy removal in May 2023.

This surge has further exacerbated the struggles of Nigerian citizens, who rely on petrol to power their vehicles and generators amidst persistent electricity supply challenges.

Addressing questions about the possibility of reinstating the subsidy regime, the former minister acknowledged he didn’t have all the details but emphasised, “What I do know over the years is that we have been borrowing for subsidy.”

He explained, “It’s a very clear thing to understand. If you produce crude oil at say, N100 per litre because you don’t have refining facilities, you take it overseas. You pay in dollars to transport it overseas to refineries there. You pay in dollars to refine there. You pay in dollars to bring it back. Can the cost of that one litre of fuel remain N100 or even N200?”

Dangote refinery’s first product to hit market by end of July 

Shittu continued, “So, unless we can refine locally. And that is why I am complimenting Dangote and I urge that everybody should give Dangote Refinery all the support so that, for once, we can stop exporting our crude oil for refining to bring it back because it would certainly add to the cost. And if we do not want to add to the cost, then we must subsidise. To subsidise, you have to take loans.”

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In its Premium Motor Spirit (Petrol) Price Watch for May 2024, the NBS highlighted a month-on-month increase of 9.75%, rising from ₦701.24 per litre in April 2024.

Jigawa State topped the price chart with ₦937.50 per litre, followed closely by Ondo and Benue States at ₦882.67 and ₦882.22 per litre, respectively.

Conversely, Lagos, Niger, and Kwara states reported the lowest average retail prices at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.

Regionally, the North-West Zone recorded the highest average retail price for petrol at ₦845.26 per litre, while the North Central Zone had the lowest at ₦695.04 per litre.

Meanwhile, the average retail price of Automotive Gas Oil (Diesel) surged by 66.29% to ₦1403.96 per litre in May 2024 from ₦844.28 per litre in May 2023.

On a month-on-month basis, there was a slight decrease of 0.78% from ₦1415.06 per litre in April 2024.

The report also noted variations in diesel prices across states, with Adamawa State recording the highest average price at ₦1709.00 per litre, followed by Sokoto State at ₦1675.00 and Bauchi at ₦1657.92 per litre. Conversely, Niger State reported the lowest average price at ₦1140.20 per litre, followed by Kano State at ₦1153.33 and Oyo State at ₦1236.92 per litre.

In terms of zones, the North-East Zone had the highest average diesel price at ₦1605.91 per litre, while the South-West Zone had the lowest at ₦1303.60 per litre compared to other regions.

Simultaneously, the average retail price per litre of Household Kerosene (HHK) rose to ₦1,450.35 in May 2024, indicating a 0.74% increase from ₦1,439.64 recorded in April 2024.

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The Nigerian National Petrol Company (NNPC) Limited has confirmed the hike in the pump price of Premium Motor Spirit (PMS), popularly known as petrol.

This is coming some 48 hours after President Bola Tinubu announced an end to the subsidy era during his inaugural speech at Eagle Square on May 29, 2023.

NNPC spokesman, Garba Deen Muhammad, in a statement on Wednesday informed that the price of the essential commodity has been adjusted to its retail outlets nationwide.

He, however, noted that the price per litre of petrol will continue to fluctuate to reflect market dynamics.

“NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market realities,” the statement partly read.

“As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.

“We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products,” it added.

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Its Group Managing Director, Mele Kyari, disclosed this on Wednesday in Abuja, the nation’s capital when he appeared before members of the House of Representatives Committee on Finance during a hearing on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).

Representatives of the Fiscal Responsibility Commission (FRC) present at the hearing informed the lawmakers that the NNPC has been declaring losses since 2018, but a substantial surplus in 2019.

Kyari, also justified the federal government’s equity share in the Dangote Refinery plant project.

He explained that taking equity in Dangote Refinery was well thought out, noting that the country now has a venture that would ensure the production of millions of litres of petrol.

His words, “Our decision to take equity in the Dangote Refinery was a very calculated and conscious decision.

“Today, we import 100 per cent of our petroleum products into this country.

“You now have a venture that will produce close to 50 million litres of petroleum product in this country where energy is an issue in every country, including the United States of America; no country will allow any venture of this nature to exist without having a seat on the board of the company”, the NNPC Chief added.

Speaking further, he informed the lawmakers that the President of Dangote Group, Aliko Dangote, was not keen on the part of the agreement which stated that Dangote Refinery must buy Nigeria’s crude oil.

Kyari disclosed that the corporation borrowed funds from the Afreximbank to pay for the stake in Dangote Refinery.

Allaying fears that this would affect the nation’s assets, he stated that the government has not abandoned the country’s refineries and was in the process of rehabilitating them.

The NNPC boss, also briefed the lawmakers on the issue of smuggling, as well as the committee set up and the recommendations that the NNPC should set up petrol stations in neighbouring countries to address the problem.

He believes this is not the solution, as no smuggler will buy at above Nigeria’s official price.

The NNPC chief added that the corporation was engaging with the government of the Niger Republic on the establishment of fuel stations, but he was mindful that this may be a bad business and ultimately not a solution to the problem of smuggling petroleum products.

While reacting to a question about trucks smuggling fuel out of the country daily, Kyari maintained that everyone on the value chain had been compromised.

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The Customs Area Controller, Oyo/Osun Command of the Nigeria Customs Service (NCS), Adamu Abdulkadir, has said the command generated revenue of over N15 billion in the first quarter of 2021 after intercepting contraband items including rice, cannabis, petrol, used clothing, among others.

Abdulkadir, disclosed this while briefing journalists on the activities of the command in Ibadan, Oyo State capital.

According to him, “The figure is cumulative of import duty from bonded terminals, excise duty from factories under the excise net, auction fees and all other ancillary charges into both federation and non-federation accounts.

“From 1st February 2021 to 30th April 2021, the command generated N15,890,489,479.26 (fifteen billion, eight hundred and ninety million, four hundred and eighty-nine thousand, four hundred and seventy-nine naira, twenty-six kobo).”

The Customs boss further added that the command also seized over 3,311 bags of foreign parboiled rice, 487 litres of Premium Motor Spirit (PMS), 221 cartons of imported dry fish, nine sacks of imported dry fish, nine sacks of Cannabis Sativa, and six bales of used shoes.

Other seized items include 10 litres gallons of vegetable oil, 572 (2.5 litres) gallons of vegetable oil, 21 bales of second-hand clothing, and one used DAF truck with the duty paid value of N134million.

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According to a statement issued by its National Publicity Secretary, Kola Ologbondiyan, said, “the failure of the Buhari Presidency to resolve its inflicted unabated fuel crisis, which has brought untold hardship to Nigerians” is unpardonable.

“We call on President Buhari to quit this all-important Ministry of Petroleum Resources and allow competent hands to save our people from the anguish and pains they have been subjected to in the last few months,” the statement added.

Checks revealed that Nigerians, in recent months have struggled to get fuel after the nation experienced fuel scarcity at the twilight of 2017. Though, fuel queues have disappeared in several parts of the country, but Nigerians still have difficulty getting petrol, thus they are forced to buy the product above the official price of N145 per litre.

Buhari, as the Minister of Petroleum, the PDP stressed that the President must directly accept his responsibility for the manifest failure in the oil sector, even as his government should be held responsible for the provoked economic and security situation in the country under its watch.

The opposition party, however wants the President to appoint “competent hands” to manage the affairs to the ministry.

Also, the party accused the Presidency of unapologetically failing to fix a national problem, which it promised to resolve within one week in December, concluding that it has no solution but intends to continue to hold the nation to ransom.

In addition, PDP said “poor coordination, inefficiency and reported heavy sleazes in the petroleum sector”, under the direct supervision of the President, raises a lot of issues which require urgent action, stressing that the President has failed to take decisive steps.

“Rather, the sector has been delivered to an APC cabal, whose mission, particularly, the desperate re-election bid, largely account for the biting fuel situation and the economic misery Nigerians suffer today”.

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Spokesman of the corporation, Ndu Ughamadu, in a statement on Sunday, said a national survey by oil and gas forum, NNPC’s weekly TV programme, indicated that in the last few weeks, the price of petrol has fallen steadily from N145 per litre to between N142 and N143 per litre in some stations across the country.

According to him, NNPC mega and affiliate stations across the country are selling for N143 per litre, while the pump price range is between N142 and N145 per litre in some major and independent marketers in Lagos, Abuja, Sokoto, Enugu, Delta and other major cities.

“One of the respondents in the survey and a manager at an independent fuel retail station in Abuja, Mohammed Abdullahi, said the station currently sells petrol at N142 per litre in line with the prevailing market situation in order to sustain the turnover of the business and to attract more motorists to the station,” the statement read.

“Another independent marketer in Mosimi, Emeka Ikechukwu, said the going ex-depot prices of PMS had dropped from N138 per litre in most depots to N133.28 in NNPC depots and between N130 and N131 per litre in private depots.

“However, the situation is slightly different in Aba and Umuahia in Abia State andCalabar in Cross River state where most independent fuel stations as well as major marketers selling the product at N145 per litre.

“The survey also showed a similar trend of drop in price for cooking gas with the average price for refilling 5kg cylinder at N2,215.96 from the former price of N2,500.00.

“The study further revealed that states with the lowest average price for the 5kg LPG refill were Kaduna and Niger at N2,000; Kogi at N2,005.00; and Oyo at N2,033.33.”

Ughamadu also said the prices of cooking gas have also reduced.

“At the NNPC Mega and retail stations nationwide, a 12.5kg of cooking gas that was sold for N4,500 a few months ago is now sold for N3,800 while other retail outlets sell the same quantity for N4,000,” he said.

“NNPC has sustained its interventions through sustained improvement in the supply of the products and remodeling of distribution channels to address sufficiency issues across the country.”

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