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 Nigerian National Petroleum Company Limited (NNPCL) has dismissed media reports suggesting that the recently resuscitated old Port Harcourt refinery has been shut down, labeling such claims as baseless and misleading.

In a statement issued in Abuja on Saturday, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, clarified that the refinery, with a capacity of 60,000 barrels per day, is “fully operational.”

The facility resumed operations two months ago after years of inactivity.

“We wish to clarify that such reports are totally false, as the refinery is fully operational, as verified a few days ago by former Group Managing Directors of NNPC,” Soneye said.

He added that preparations for the day’s loading operation are currently underway, emphasizing that the public should disregard the claims.

“Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip off Nigerians,” Soneye stated.

The old Port Harcourt refinery is part of the country’s efforts to revive its local refining capacity. Three years ago, the Federal Government approved $1.5 billion to rehabilitate the plant, which was initially shut down in 2019 due to operational challenges.

Despite being one of the largest oil producers globally, Nigeria has long relied on fuel imports to meet its domestic needs, swapping crude oil for petrol and other refined products. This dependency, coupled with government subsidies, has strained the nation’s foreign exchange reserves.

The recent return of the Port Harcourt refinery to operation follows the commissioning of the Dangote refinery, which began petrol production in September 2024. These developments are expected to reduce Nigeria’s reliance on imports and address long-standing issues in the petroleum sector.

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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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Dangote Petroleum Refinery and Petrochemicals, located in Lagos State, has postponed the supply date for Premium Motor Spirit (PMS) from June to mid-July.

Aliko Dangote, the President and Chief Executive Officer of the refinery, cited a slight delay but assured the public that the commodity would be available in the market by the second to third week of July.

Dangote made these remarks during a visit by a Senate delegation led by Senate President Godswill Akpabio to the $20 billion facility in Lagos on Sunday.

Akpabio praised the refinery, calling it the “9th wonder of the world,” and commended Aliko Dangote for the project.

The refinery, owned by the billionaire businessman, began operations last December with a capacity of 350,000 barrels a day. It has already started supplying diesel and aviation fuel to marketers in the country.

Oil marketers are hopeful that the petrol prices from the Dangote Refinery will be significantly lower than the current retail prices of imported refined products, which range from N568 to N700 depending on the region.

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A fresh twist has been introduced to the travails of the former boss of the Park Management System (PMS) in Oyo state, Mr. Mukaila Lamidi, popularly known as Auxiliary, as the All Progressives Congress has called on the National Special Adviser, Mallam Nuhu Ribadu, and the Inspector General of Police, Mr. Kayode Egbedokun, to carry out thorough investigation on the various allegations against the suspect to unravel his sponsors and other accomplices.

Lamidi popularly known as Auxiliary was paraded on Thursday at the Eleyele, Ibadan headquarters of the Oyo State Police Command following his arrest by the officials of the Department of State Security last week. The State Commissioner of Police, Adebola Hamzat, told pressmen during the parade that Lamidi would soon be arraigned in court on several charges which included; the murder of one Rahmon which happened in Ibadan in 2021, possession of a large cache of arms and ammunition among other crimes.

In a statement issued today and made available to journalists in Ibadan by its Publicity Secretary, Olawale Sadare, Oyo APC cautioned against selective justice “as could not have committed the heinous crimes all alone and without the sponsorship or support of the powers-that-be in the state in view of the fact that he was not only a chieftain of the ruling party but also an associate of the PDP governor.

“Arrest and prosecution of Lamidi was long overdue in view of the fact he has always been a thorn in the flesh of the residents of Oyo state and the good people of Ibadanland in particular. It is on this note that we commend the officials of the DSS who eventually got him arrested following a long time of distress calls from his numerous victims. Until recently when the bubble burst between him and Gov. Seyi Makinde, the same man (Lamidi) was untouchable as he got the full backing of the Agodi Government House landlords to run a separate government in the state.

“There is no denying the facts that Lamidi and his vicious gang have violated many innocent people’s rights since May 29, 2019, when Gov. Makinde came into power. Also, it is an established fact that he had in his possession a cache of arms and ammunition which no security agency in the state could boast of. He displayed these weapons at will just like he did on several occasions when he went on political functions and campaigns in the company of Gov. Makinde. There are even claims from certain quarters that weapons meant for the Amotekun Corps in Oyo state ended up in the hands of Lamidi and his gang members.

“Apart from the 2021 incident in which one Rahmon was killed, Lamidi followed the entourage of the governor to Kogi state, Osogbo in Osun state, Ekiti state, Igangan in Oyo state, and many other places where he used the stockpiled arms and ammunition brazenly since he was under the state cover. The question on the lips of the people is; “why did Gov. Makinde keep Auxiliary so close to the seat of power for four good years only to part ways with him immediately he got his second term mandate?

“Many members and leaders of our great Party (APC) have fallen victims to Mukaila Lamidi’s reign of terror in the past but this cannot make us support selective justice. Both the NSA and IGP should wade into the matter and ensure that a thorough investigation is carried out to unmask those who sponsored or backed Lamidi’s criminal acts in the state. With thorough and unbiased investigation, a lot would be revealed and all those responsible for political violence, thuggery, and brigandage in the state over the last five years would be made to face justice.” Oyo APC stated.

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Oyo State Commissioner of Police, Hamzat Adebola, on Thursday, paraded the former Chairman of the Park Management System, Lamidi Mukaila, commonly known as Auxiliary.

The arrest came following months of pursuit after the Department of State Services detained Auxiliary at his Olodo residence in Ibadan, the state capital, on the penultimate Tuesday.

Mukaila had been on the run since the police declared him wanted for his alleged involvement in a string of armed robbery, kidnapping, and murder cases.

Adebola, addressing the media while parading the suspect at the state police command, emphasised that Mukaila would face charges in court.

He stated, “Discreet intelligence-led search commenced for the sacked PMS chieftain with the help of technology, collaborative efforts with sister services and community policing, many locations were identified, traced and combed for months until his recent arrest in a concerted effort with our sister services.”

The Commissioner outlined the extensive list of exhibits recovered from Mukaila’s possession at his Diamond Hotel residence around Alakia-Isebo Egbeda under Egbeda Local Government Area.

The recovered items include one AK-47 Rifle, four AK-47 magazines, 84 live AK-47 Ammunitions, 19 pump-action rifles, one Barreta pistol, seven cut-to-size guns, one English-made Barrel Gun, 724 live cartridges, 25 cutlasses, Seven Jack knives, 33 mobile phones, one Samsung laptop, charms, one Mazda Bus, one Toyota Sienna, and a cash sum of N3,450,000.00.

Continuing, the Police chief affirmed that Mukaila would be charged to court for the offenses committed.

He expressed gratitude to the public for providing credible information to help curb crime in the state.

Adebola also reiterated the commitment of the command to deal decisively with any criminally motivated individual or group aiming to regress the state into the historical dark ages of the “Wild West.”

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The Federal Government has revealed that the Port Harcourt Refinery is nearing completion at 80%, with the capacity to generate two million liters of Premium Motor Spirit (PMS) and 2.2 million liters of diesel daily once operational.

Director of Press and Public Relations, Olajide Oshundun, stated that the old refinery plant would contribute 54,000 barrels per day, while the upcoming plant, in its final phase of construction, is anticipated to commence production by year-end.

Minister of State, Nkeiruka Onyejeocha, affirmed these details following an inspection tour, highlighting a combined daily production potential of 10 million liters of PMS from both plants.

“Speaking on the inspection visit to the Port-Harcourt refinery by TUC and Federal Government delegation, the minister said reports by organised labour and government established that the Port-Harcourt refinery is 80 percent completed.

“She explained that the old plant would begin with 54,000 barrels per day, which would produce two million litres of PMS and 2.2 million litres of diesel per day, while the new plant which is currently going through its last phase of completion would also begin production before the end of the year. The combined capacity of the two plants, when fully on stream, would produce 10 million litres of PMS per day”, the statement read.

Onyejeocha emphasised the government’s willingness to engage in dialogue with organised labour and various stakeholders to foster peace and harmony in the sector.

She urged union leaders to view strike actions as a last resort, cautioning that such measures could send unfavourable signals to potential investors.

“Issuing of constant strike threat could send wrong signals to potential investors. This is not healthy for our business environment”.

The released statement indicated that both the Federal Government and the Trade Union Congress leadership convened to assess the progress report on agreements made in October 2023 between the government and organised labour.

“During the review, the minister read each item on the memorandum of understanding among which were the payment of four out of six months on wage award, the committee of minimum wage review, payment of outstanding salaries and wages of tertiary education workers in federal- owned educational institutions, suspension of VAT on diesel, payment of N25,000 conditional cash transfer to 3,140,819 households, including the pensioners.

“While she said the government has made a huge financial commitment to the provision of CNG Buses and conversion Kits, she also explained that the procurement process was slowing down the launch but measures were already in place to fast-track the process.

“The minister explained that the government has commenced a series of engagements with relevant stakeholders on tax incentives, just as the leadership crises rocking NURTW and RTEAN have been resolved.

The statement noted significant strides, including the subsidised distribution of fertilizers to farmers nationwide, ongoing government dialogues with state governments and the private sector regarding the implementation of wage awards for their workers, and outlined plans to promote Micro and Small Enterprises (MSEs) for job creation and economic enhancement in the country.

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Oyo State governor, Engr. Seyi Makinde has inaugurated the Alhaji Tomiwa Omolewa-led Park Management System Executive.

The governor, while speaking at the event held at the House of Chiefs, Secretariat, Agodi, Ibadan, noted that his introduction of the PMS initiative, which has since been copied by other states, demonstrated how his government brought all-round experience into governance.

He warned the newly sworn-in executive members to continue to uphold law and order in the state or risk being held accountable for any breakdown of law and order.

Governor Makinde, who was represented by the Commissioner for Local Government and Chieftaincy Matters, Mr Olusegun Olayiwola, stressed that his administration will not tolerate any breach of peace in the state.

Charging the PMS Exco to be proactive in identifying and addressing potential issues that could lead to violence, the governor assured them of his administration’s continued support.

The governor set up the PMS to regulate public transportation in the state following incessant violence among operators in the sector.

In his goodwill message, the commissioner equally warned that the Makinde administration would not tolerate acts of violence or actions capable of undermining the peaceful atmosphere in any part of the state.

The commissioner added that all the PMS executive members would sign an undertaking with the government and security agencies to ensure that all their activities would be violence-free.

The governor said: “May I seize this opportunity to advise that the Oyo State Government as your employer will forthwith hold you responsible for any act inimical to the peace and progress of Oyo State.

“The effort of the government is intended to enhance the efficiency and effectiveness of our Park Managers in the discharge of their duties at the various parks.

“The implementation of the new management system is a pointer to the fact that the present administration brings to bear its all-round experience in the area of governance.

“It is noteworthy to observe that our parks serve as vital space for recreation, relaxation, and community gathering, hence the need to hold accountable the managers of the various parks across the nooks and crannies of the state and to streamline park operations.

“Let me state categorically that the state will not condone any unwholesome act; drinking of an illegal substance and other nefarious activities in the various parks.”

Earlier in their separate goodwill messages, the chairman of the Association of Local Government of Nigeria, ALGON, Oyo State chapter, Hon. Sikiru Sanda, who was represented by the chairman of Ibadan North-West Local Government, Hon. Rahman Adepoju and Oba Hamidu Ajibade, charged PMS members to cooperate with the state government towards ensuring peace and progress in the state.

In his remarks, the chairman of the PMS, Alhaji Omolewa, popularly known as Tommy, pledged to abide by the law guiding the operation of the PMS in the state.

Omolewa promised that he and his team would work to ensure that sanity returns to all motor parks across the state and to ensure that the peace and harmony being enjoyed by all residents of the state is sustained.

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A member of the opposition  Peoples Democratic Party (PDP), National Presidential Campaign Council, Adetokunbo Pearse, on Monday, said Nigerians have a right to know the actual landing cost of Premium Motor Spirit (PMS).

Speaking on Channels Television’s Sunrise Daily, Pearse said thorough scrutiny should be carried out on the Managing Director of the  Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over the fluctuation of landing cost.

“The way you solve a problem is to go to the source. Let the president go and interrogate NNPCL and let us find out – announce to the country what the landing cost is so that we know exactly what we can make, and how much we can sell oil that will not cripple the economy. That’s what we need to do”.

The PDP chieftain lamented that going back to the NNPC would affect the landing cost of imported fuel.

“When you go to the NNPCL, you find out that the landing cost is so low, the price that is given. The landing cost at one point was 50 naira per litre, now it’s about 150 per litre.”

Pearse, who was the Lagos State Coordinator, Atiku/ Okowa Presidential Campaign Support Group, noted that the emergence of the Dangote Petroleum Refinery and the repair of the local refineries ought to reduce the landing cost of the product in contrast to the NNPCL boss’ comment.

“One of the reasons I said we need to go to NNPCL is this: Kyari said on this Channels that even when Dangote oil comes fully on board, the price of pump fuel will not reduce – even with the production of oil in Port Harcourt and elsewhere. That man needs to be investigated.

“Of course, if you refine your oil here, the man is already telling us that even when it is refined here, it is still not going to go down and you and I know that if we have our own refineries and we are refining the product here, the price should be more competitive,” he argued.

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