Business
Dangote Announces Fresh N50 Petrol Price Reduction, Opens Supply to All Marketers
Dangote Announces Fresh N50 Petrol Price Reduction, Opens Supply to All Marketers
The Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, lowering the price from N1,125 to N1,075 per litre in a move expected to intensify competition in Nigeria’s downstream petroleum sector and drive down retail pump prices.
The latest N50 per litre reduction, representing approximately 4.4 per cent, took effect immediately and marks the refinery’s second petrol price cut within one week, underscoring its strategy of making locally refined fuel more competitive and accessible across the country.
With the latest adjustment, the refinery has now reduced its ex-depot petrol price by N100 per litre in just one week, having earlier cut the price from N1,175 to N1,125 per litre.
Industry stakeholders believe the fresh price reduction is likely to compel petroleum marketers sourcing products from the refinery to lower pump prices, offering relief to motorists and businesses grappling with high transportation and operating costs.
In another significant policy shift, the refinery has harmonised its coastal loading price with its ex-gantry price, fixing both at N1,075 per litre. The move eliminates the previous pricing disparity between products loaded through coastal terminals and those lifted directly from the refinery’s gantry.
A senior official of the refinery, who spoke anonymously because he was not authorised to speak publicly, confirmed that the revised pricing became effective immediately.
“The refinery has reduced the ex-gantry price of PMS from N1,125 per litre to N1,075 per litre. The coastal loading price has also been adjusted to N1,075 per litre. This is part of the refinery’s efforts to make products more accessible and competitive in the market,” the official said.
The official also disclosed that the refinery had dismantled its 20-member marketers’ consortium, which previously coordinated product lifting from the facility.
According to the source, all qualified marketers are now eligible to purchase petrol directly from the refinery, provided they meet the required operational and regulatory conditions.
“The consortium arrangement has been cancelled. Loading at both the gantry and coastal terminals is now open to all marketers that meet the necessary requirements. The objective is to deepen market access and ensure seamless distribution of products across the country,” the source added.
The revised pricing has also been reflected on petroleum industry monitoring platform Petroleumprice.ng, confirming the new ex-depot price of N1,075 per litre.
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The latest reduction is expected to increase competitive pressure across Nigeria’s deregulated downstream petroleum market, where fuel prices are now largely determined by market forces following the removal of petrol subsidies.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, recently reaffirmed that the era of government-controlled petrol pricing has ended, stressing that competition among suppliers and expanding local refining capacity will ultimately determine fuel prices.
According to the minister, the Federal Government remains committed to strengthening domestic refining to reduce dependence on imported petroleum products, improve energy security and encourage price stability through competition.
Similarly, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has consistently maintained that petrol prices should remain cost-reflective under the deregulated market framework while urging marketers to avoid arbitrary pricing and anti-competitive practices.
The Federal Competition and Consumer Protection Commission (FCCPC) has also emphasised that consumers should benefit from lower prices whenever production costs decline or product availability improves.
Energy analysts say Dangote Refinery’s latest pricing decision could trigger another round of downward reviews by independent marketers and fuel importers seeking to remain competitive in the evolving market.
They also note that continued reductions in ex-depot prices could significantly reduce transportation costs, ease inflationary pressures and support economic activities, particularly if global crude oil prices remain stable and exchange rate volatility is contained.
With a refining capacity of 650,000 barrels per day, the Dangote Petroleum Refinery is expected to play a central role in reshaping Nigeria’s petroleum market by increasing local fuel supply, reducing import dependence and fostering sustained competition among industry players.
The latest price review reinforces the refinery’s aggressive market strategy and signals its determination to leverage local refining capacity to deliver more affordable fuel to Nigerian consumers.
Dangote Announces Fresh N50 Petrol Price Reduction, Opens Supply to All Marketers
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Business
Dangote Sets 40-Month Deadline for $16bn East Africa Refinery in Kenya
Dangote Sets 40-Month Deadline for $16bn East Africa Refinery in Kenya
Nigerian industrialist Aliko Dangote has set a 40-month completion target for his planned $16 billion East Africa refinery in Lamu, Kenya, following the official groundbreaking of the project.
Dangote and Kenyan President William Ruto broke ground for the 700,000-barrel-per-day (bpd) refinery on Wednesday, September 30, 2026, with the facility designed to supply refined petroleum products to Kenya and other countries across the region.
Dangote said the refinery would be commissioned within 40 months.
“We will come back here and commission this refinery in 40 months from today,” he said at the ceremony.
The Dangote East Africa Petroleum Refinery and Petrochemicals Complex is expected to process about 700,000 barrels of crude oil daily, making it one of the largest refining projects in Africa and, when completed, potentially the world’s largest single-train refinery.
The project is expected to produce petrol, diesel, jet fuel, polypropylene and base oil, with the products targeted at Kenya and wider East African markets. Dangote has also said part of the refinery’s jet-fuel output could be supplied to Europe and the United Kingdom.
The facility will also include a planned 1,000-megawatt power plant, which Dangote said would provide electricity for the wider industrial complex.
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Beyond refining, the billionaire said the project would create an industrial ecosystem covering petrochemicals, logistics, engineering, marine services, manufacturing, technology and small and medium-sized enterprises.
Dangote also announced plans for a training school that would prepare 1,000 Kenyan engineering graduates for opportunities associated with the project. The wider development is expected to generate thousands of jobs across the refinery and related industries.
The project has attracted major international engineering and technology partners, with Honeywell Technologies providing process technologies, licensing, engineering services, catalysts, equipment and digital solutions.
The use of established designs and experience from Dangote’s Nigerian refinery is expected to shorten the development schedule compared with a typical new refinery.
Engineers India Limited is also involved in the project under a major engineering and project-management contract.
Dangote’s Kenyan project is modelled partly on the experience of his 650,000-bpd refinery in Lagos, with the new facility expected to draw on technology and engineering experience gained from the Nigerian plant.
The refinery is expected to source crude from Uganda and other African producers, while serving a market extending beyond Kenya to countries including Uganda, Rwanda, Tanzania, Ethiopia and South Sudan.
Regional leaders who attended the groundbreaking included Ugandan President Yoweri Museveni and Ethiopian Prime Minister Abiy Ahmed, alongside other African leaders and former Nigerian President Olusegun Obasanjo.
President Ruto described the project as an investment in energy security, industrialisation and regional integration, while stressing the importance of ensuring that Kenyan citizens benefit from the employment and training opportunities created by the refinery.
Dangote has also proposed allowing governments in the region to take a combined 30 per cent stake in the refinery, potentially giving participating countries an opportunity to benefit financially from the project.
However, the project faces a legal challenge over the land on which it is being developed. A Kenyan court ordered parties to maintain the status quo over a disputed parcel in Lamu after residents challenged the development, citing ancestral land claims and other concerns.
Environmental concerns have also been raised over the potential impact of the project on the coastal ecosystem and the wider Lamu area.
Despite the legal and environmental issues, Dangote has said the project will proceed.
Once completed, the $16 billion Kenya refinery is expected to increase refining capacity in East Africa, reduce dependence on imported petroleum products and support the region’s broader industrialisation drive.
Dangote Sets 40-Month Deadline for $16bn East Africa Refinery in Kenya
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Business
Dangote Draws Battle Lines as Fuel Import Fight Heads Back to Court
Dangote Draws Battle Lines as Fuel Import Fight Heads Back to Court
Aliko Dangote, President of Dangote Industries Limited, has said he is prepared to face legal challenges as the dispute over fuel imports, domestic refining and import licences intensifies in Nigeria.
Dangote spoke amid renewed litigation involving the Dangote Petroleum Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over the continued importation of refined petroleum products into Nigeria.
The latest development followed a Federal High Court ruling in Abuja directing the NMDPRA to continue granting, extending or renewing fuel import licences for Matrix Energy, A.A. Rano and AYM Shafa, provided the companies meet the relevant legal and regulatory requirements.
Justice Inyang Ekwo ruled that the regulator’s handling of the companies’ applications did not comply with provisions of the Petroleum Industry Act (PIA). The court also held that the NMDPRA has a responsibility to promote competition in the midstream and downstream petroleum sectors.
The ruling did not give the three companies unrestricted authority to import petroleum products. Their operations remain subject to applicable regulatory and statutory requirements.
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The judgment has added fresh momentum to a wider dispute over whether Nigeria should continue granting petrol import licences as domestic refining capacity expands.
The Dangote Refinery, which has a stated capacity of 650,000 barrels per day, has challenged the continued issuance or renewal of some import licences in a separate case.
The refinery’s position is that continued imports should be restricted where domestic refining capacity is available to supply the local market. The case remains before the court.
The NMDPRA, however, has continued to approve import permits, citing the need to safeguard petroleum supply and energy security.
The regulator approved permits covering about 830,000 metric tonnes of petrol for several marketers for the fourth quarter of 2026. The beneficiaries included Matrix Energy, A.A. Rano, AYM Shafa, NIPCO, Pinnacle Oil and Gas and Bono Energy.
The development has intensified debate over competition in Nigeria’s downstream oil sector, particularly as the Dangote Refinery expands its contribution to domestic fuel supply.
Dangote’s comments also came as his business interests face other legal challenges outside Nigeria.
In Kenya, a court has ordered the preservation of the existing status quo over land earmarked for Dangote’s proposed 700,000-barrel-per-day refinery in Lamu, following a dispute involving residents who claim ancestral rights over part of the proposed project site.
Dangote has maintained that he is prepared to defend his investments through the legal process.
The businessman has also said Africa could largely eliminate its dependence on imported refined petroleum products by 2030, as new refineries come on stream across the continent.
In Nigeria, the continuing dispute places domestic refining, fuel imports, competition, petroleum regulation and energy security at the centre of an increasingly significant legal and commercial battle.
The competing positions have not been finally resolved, with the various court cases still ongoing.
Dangote Draws Battle Lines as Fuel Import Fight Heads Back to Court
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Business
NNPC Profit Rises to N7.2tn Despite Revenue Decline
NNPC Profit Rises to N7.2tn Despite Revenue Decline
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a N7.2 trillion profit after tax in 2025, representing a 33.3 per cent increase from the N5.4 trillion it reported in 2024, despite a significant decline in revenue.
NNPC Group Chief Executive Officer, Bayo Ojulari, disclosed the figures on Tuesday while presenting the company’s audited financial results for the 2025 financial year in Abuja.
The company recorded N34.5 trillion in revenue in 2025, down from N45.1 trillion reported for 2024. Despite the revenue decline, profit increased as NNPC attributed the stronger bottom-line performance to improved operational efficiency and financial discipline.
Ojulari said lower international crude oil prices and reduced petroleum product sales, following changes in the downstream petroleum market, put pressure on revenue during the year.
However, improved operational performance helped cushion the impact, allowing NNPC profit to rise to N7.2 trillion.
The company also reported N22.33 trillion in taxes, royalties and other remittances to the Federal Government, representing a 39 per cent increase compared with the previous year.
The results also showed stronger production performance across the company’s upstream operations.
According to NNPC, crude oil and condensate production reached an average peak of 1.77 million barrels per day in 2025, the company’s highest level in five years.
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Domestic gas supply also rose to a three-year high of 7.2 billion standard cubic feet per day, reflecting increased gas production and supply to the Nigerian market.
NNPC said the financial performance demonstrated the impact of efforts to improve asset management, increase production and strengthen efficiency across its businesses.
The company’s latest results come as Nigeria continues to seek higher crude oil production, increased domestic gas supply and greater investment across the petroleum value chain.
NNPC, which became a commercial company under the Petroleum Industry Act (PIA) in 2022, has been pursuing a strategy focused on increasing oil and gas output, expanding gas monetisation and strengthening its downstream operations.
The company said its future growth strategy would require continued investment in infrastructure, workforce development and operational capabilities.
NNPC also highlighted investments in digital capabilities and artificial intelligence as part of efforts to improve efficiency and strengthen its workforce.
More than 1,000 newly recruited professionals joined the company in 2025 and underwent a one-year internship and training programme before being deployed across its operations.
The company also reported that women now occupy more than 23 per cent of its leadership positions, compared with an industry average of 17 per cent.
The 2025 results come against the backdrop of major changes in Nigeria’s petroleum sector, including the removal of petrol subsidy and increased private-sector participation in fuel supply.
NNPC said the improved profitability had strengthened its capacity to invest in operations, contribute to government revenue and support Nigeria’s energy security.
The company’s performance will continue to be closely watched as Nigeria seeks to raise oil production, expand gas utilisation and increase the economic contribution of the oil and gas sector.
NNPC Profit Rises to N7.2tn Despite Revenue Decline
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