Business
Dangote Refinery: MRS, other filling stations increase petrol price
Dangote Refinery: MRS, other filling stations increase petrol price
The price of petrol has surged to N930 per litre in Lagos and N960 in northern states, following the recent suspension of naira payments for crude oil by the Dangote refinery.
MRS filling stations implemented the new pricing structure on March 28, 2025, marking a N70 increase from the previous rate of N860 in Lagos and N80 higher than the former N880 in the North.
Other fuel retailers have also adjusted their prices, with NIPCO reportedly selling at N930 per litre in Magboro, Ogun State, on Saturday.
According to MRS Oil & Gas, trucks will load products from its Lagos depot and distribute them across the country at varying costs.
The company’s latest pricing document confirms that Lagos has the lowest fuel rate, while northern states face the highest prices. However, the company did not specify whether it sourced its supply from the Dangote refinery.
Under the revised price framework, petrol now costs N930 per litre in Lagos, N940 in other South-West states, and N960 in the South-South and South-East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu.
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In the North, Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay N950 per litre, while Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay N960.
The Free Carrier Agreement (FCA) price, which determines how much marketers pay before reselling fuel, also differs by region. Lagos has the lowest FCA price at N905 per litre, whereas states like Borno, Taraba, Adamawa, and Yobe have FCA prices around N888 per litre.
The recent suspension of the naira-for-crude initiative by the Dangote refinery was attributed to discrepancies in crude oil allocation. Sources indicate that the Nigerian National Petroleum Company Limited (NNPCL) allocated large volumes of crude to foreign creditors to settle outstanding loans, making it difficult to sustain local transactions in naira.
As a result, independent fuel importers have taken advantage of the situation, increasing depot prices. Industry analysts warn that the rising petrol costs could drive up transportation fares and the prices of goods and services.
Experts suggest that prices may stabilize once the Dangote refinery secures a reliable crude oil supply from NNPCL and resumes selling in naira. Until then, consumers across the country will have to contend with higher fuel costs.
Dangote Refinery: MRS, other filling stations increase petrol price
(PUNCH)
Business
How to use $23bn forex reserves to stablise exchange rate, by Uwaleke
How to use $23bn forex reserves to stablise exchange rate, by Uwaleke
A financial expert, Prof. Uche Uwaleke has said the accretion of Foreign Exchange Reserves (NRER) at 23.11 billion dollars to Nigeria’s external reserves puts the Central Bank of Nigeria (CBN) in a stronger position to defend the value of the naira.
“The CBN can leverage rising external reserves to intervene in the forex market whenever it becomes necessary to stabilise the exchange rate,” Uwaleke said while arguing that the current size of the NER will positively impact on the value of the Naira.
Uwaleke, a Professor of Capital Market at the Nasarawa State University, Keffi, is also the President of the Capital Market Academics of Nigeria, however, raised concerns that the increase in the nation’s foreign reserves had been largely on account of temporary FX inflows such as Foreign Portfolio Investments (FPIs) and foreign loans.
He said that they represented unsustainable sources of growing external reserves.
“Impatient capital such as FPIs carry a lot of risks and have the potential of destabilising the economy whenever they leave the country.
“Against this backdrop, the government should pay more attention to diversifying the export base of the economy, especially via agriculture and solid minerals.
“The government should also create the enabling environment that attracts sustainable Foreign Direct Investments (FDIs) ,” he said.
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The CBN recently revealed that the NFER stood at 23.11 billion dollars at the end of 2024, their highest level in three years.
The apex bank said that the development signalled a major improvement in the country’s external financial position.
It said that the NFER, which adjusts gross reserves to account for near-term liabilities such as currency swaps and forward contracts, stood at 3.99 billion dollars at the end of 2023.
According to the CBN Governor, Yemi Cardoso, the improved position was due to substantial reduction in short-term foreign exchange liabilities, notably swaps and forward obligations.
Cardoso cited measures aimed at boosting forex market confidence and reserves, alongside increased non-oil foreign exchange inflows.
“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability.
“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms,” Cardoso said.
He said that Gross external reserves also climbed to 40.19 billion dollars at the end of 2024, up from 33.22 billion dollars the previous year.
“Reserves declined in the first quarter of 2025 due to seasonal factors and foreign debt interest payments, the CBN anticipates a steady uptick in reserves throughout the second quarter,” Cardoso said.
How to use $23bn forex reserves to stablise exchange rate, by Uwaleke
(NAN)
Business
Fuel prices to fall as global cost of crude drops
Fuel prices to fall as global cost of crude drops
Nigerians are expected to pay less for Premium Motor Spirit, also known as petrol, as the price of Brent dropped to $65 per barrel from $69.90 per barrel in the global market.
The price of Brent is used globally to benchmark the prices of other crudes. major feedstocks – and by extension petroleum products prices.
The development was partly fueled by the US President Donald Trump’s announcement of sweeping new tariffs.
This was reportedly fueled by the decision of the Organisation of Oil Producing Countries and its allies to increase oil output by 410,000 barrels per day starting May 2025 far above the 135,000 barrels originally planned.
A report by Vanguard stated that the depot prices of Mainland, A.Y.M and Ever have dropped to N918 per litre from N920 and N919 from N920 per litre, respectively.
Also, the depot prices of Prudent, Eterna and Soroman have dropped to N912 from N913 per litre, N897 from N900 per litre and N915 from N916 per litre, respectively.
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According to petroleumprice.ng, oil marketers would likely adjust their pump prices downwards as they get new supplies this week, if the current market condition persists.
The Vanguard report quoted the President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, expressed optimism that the development would culminate in low costs of fares, goods and services if the fundamentals persist in the market.
Business
CBN injects $197.71m to boost FX as Trump trade tariff spreads
CBN injects $197.71m to boost FX as Trump trade tariff spreads
The Central Bank of Nigeria (CBN) has supplied $197.71 million to the foreign exchange market through sales to authorised dealers.
The apex bank’s director of financial markets department, Omolara Duke, disclosed this in a statement on Saturday in Abuja.
She noted that the intervention aligned with the apex bank’s ongoing commitment to ensuring adequate liquidity and supporting orderly market functioning.
According to Ms Duke, the move reflects the CBN’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.
She said the decision was largely influenced by recent movements in the FX market, driven by the announcement of new U.S. tariffs and declining crude oil prices.
“The CBN has observed recent fluctuations in the foreign exchange market between April 3 and April 4.
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“These are reflective of broader global macroeconomic shifts currently impacting several emerging markets and developing economies.
“These developments stem from the recent announcement by the United States government of new import tariffs on goods from several economies, triggering a period of adjustment across global markets,” she said.
Ms Duke said crude oil prices had dropped by over 12 per cent, falling to approximately $$65.50 per barrel, introducing new challenges for oil-exporting nations like Nigeria.
She said the CBN would continue monitoring global and domestic market conditions.
Ms Duke expressed confidence in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust in line with evolving economic fundamentals.
“All authorised dealers are reminded to strictly adhere to the principles outlined in the Nigerian FX Market Code and uphold the highest standards in their dealings with clients and market counterparties,” she said.
CBN injects $197.71m to boost FX as Trump trade tariff spreads
(NAN)
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