Dangote’s fuel prices still high despite global crude slump — S&P Global - Newstrends
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Dangote’s fuel prices still high despite global crude slump — S&P Global

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Dangote Refinery

Dangote’s fuel prices still high despite global crude slump — S&P Global

Despite recent reductions, petrol prices from the Dangote Petroleum Refinery remain relatively high when compared to the global drop in crude oil prices, according to a new report by S&P Global.

This pricing strategy, analysts say, has made fuel importation into Nigeria more attractive for marketers.

The 650,000 barrels per day refinery, located in Lekki, Lagos, has cut petrol prices multiple times since launching operations. The refinery brought down its pump price from around N1,100 per litre in September to N860 in March, though prices later increased again following a pause in the naira-for-crude exchange policy.

However, S&P Global pointed out that the refinery’s reductions did not match the global dip in fuel prices.

“Incentives to ship products to West Africa have also come from the pricing at Nigeria’s Dangote refinery. While flat prices have been driven down massively amid falling crude prices, Dangote has not lowered gantry prices for truck volumes significantly.

“Between April 1 and April 9, the Eurobob M1 swap fell from $734.25 per metric tonne to $603/MT, a 17.9 per cent fall, before recovering somewhat. But over the same period, Dangote’s truck price at the gantry dropped just 1.7 per cent from N880/litre to N865/litre, according to reporting from the MEMAN retail organisation.

“This has encouraged a flood of products to West Africa, where high domestic prices have led marketers to import from international traders in greater volumes,” the report said.

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On Wednesday, the refinery adjusted its gantry price downward again to N835 per litre and advised partners to retail at N890 per litre within Lagos.

“High-quality Dangote petrol will now be available at the following prices across all our partner retail outlets: Key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil, will offer petrol at N890 per litre, down from N920 in Lagos.

“In the South-West, the price will be N900 per litre, reduced from N930. In the North-West and North-Central, the price will be N910 per litre, lowered from N940. In the South-East, South-South, and North-East, the price will be N920 per litre, down from N950,” the company said in a statement on Wednesday.

A market survey conducted by our correspondent at several stations in Lagos and Ogun States revealed further price reductions by various outlets, as a fresh round of competition unfolds.

Independent player SGR, which operates four outlets in Mowe and Sagamu, slashed its pump price to N878 per litre—lower than Dangote’s. Meanwhile, Heyden and MRS were seen selling at N885 and N890 respectively, although some Dangote-affiliated stations and outlets run by the Nigerian National Petroleum Company Limited still charged around N910 to N920 per litre.

A source close to the Dangote Group, who requested anonymity due to lack of authorisation to speak on the matter, revealed that a more significant price cut had been scheduled for April 10—Aliko Dangote’s 68th birthday—but the suspension of the naira-for-crude policy stalled the plan.

“Alhaji was planning a massive price cut on his birthday, April 10, but that could not happen because of the suspension of the naira-for-crude policy. Nevertheless, he was still able to do something, though marginally.

“Now that the Federal Government has returned the naira-for-crude policy fully and the crude prices are crashing, the competition has returned. I can tell you that the Dangote refinery is planning to crash the price of petrol and make it affordable for the masses,” the source said.

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In addition to the local dynamics, S&P Global reported a broader shift in global petrol trade patterns. Europe, traditionally exporting large volumes to the US during summer, has rerouted shipments toward West Africa this year.

“Typically, the summer driving season sees increased flows from Europe to the US Atlantic Coast amid an uptick in summer driving demand. At the same time, specification differences between Europe and WAF, which exist in the summer, disappear in the winter, typically resulting in fewer volumes fixed to Nigeria.

“The threat of tariffs and changes in Nigeria’s refining landscape has seen this trend flip in 2025. Large volumes are presently set to arrive in West Africa’s Offshore Lome hub, while the USAC has been demanding more limited flows amid demand-side fears and tariff threats,” it was reported.

Citing tracking data from S&P Global Commodities at Sea, the report revealed that around four million metric tonnes of petrol are set to arrive in West Africa in the 30 days leading up to April 27 — a level not recorded in over two years.

This influx coincides with a surge in Nigerian fuel imports. Between April 8 and 16, traders brought in 156.9 million litres of petrol, according to import data.

Meanwhile, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, stated on Tuesday that daily imports of petrol have dropped significantly — from 44.6 million litres per day in August 2024 to just 14.7 million litres per day as of April 2025.
It should be noted that Dangote is still in legal proceedings with the NMDPRA over the agency’s decision to grant import licences to independent fuel marketers.

Dangote’s fuel prices still high despite global crude slump — S&P Global

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Keyamo releases CCTV footage, challenges Peter Obi’s persecution claims

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Keyamo releases CCTV footage, challenges Peter Obi's persecution claims
Festus Keyamo and Peter Obi

Keyamo releases CCTV footage, challenges Peter Obi’s persecution claims

Minister of Aviation and Aerospace Development, Festus Keyamo, has asked the presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election, Peter Obi, to publicly apologise to airport officials and pay a ₦25,000 parking fine over an incident at the Nnamdi Azikiwe International Airport, Abuja, warning that the Federal Airports Authority of Nigeria (FAAN) could take further action if he fails to comply within one week.

The minister issued the warning after ordering an internal investigation into Obi’s allegation that officials at the Abuja airport harassed him as part of what he described as political persecution by the Federal Government.

In a statement released on Friday night, Keyamo said the investigation relied on footage from the airport’s 24-hour Closed-Circuit Television (CCTV) surveillance system, which he said captured the entire sequence of events that led to the clamping of the vehicle conveying Obi.

According to the minister, the CCTV footage showed that on Saturday, July 4, 2026, Obi arrived at the domestic wing of the airport at about 8:28 p.m. in a vehicle driven by a police officer.

He said Obi and two other occupants immediately entered the terminal building, while the police officer parked the vehicle in the designated drop-off area before leaving it unattended and entering the terminal, contrary to airport regulations.

Keyamo explained that the drop-off zone is designed only for brief passenger drop-offs and that drivers are required to remain inside their vehicles at all times while using the area.

He said leaving any vehicle unattended within the zone constitutes a security risk and violates internationally accepted airport safety procedures.

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According to the minister, the police driver briefly returned to the vehicle at about 8:32 p.m. to retrieve an item before leaving it unattended again.

He said airport security personnel subsequently clamped the tyres of the vehicle after observing that it had remained unattended in the restricted area.

Keyamo stressed that airport officials who carried out the enforcement action did not know the vehicle belonged to Obi because there was no occupant inside when it was clamped.

The minister alleged that after the police officer discovered the vehicle had been immobilised, he contacted Obi, who then spoke directly with the airport manager and requested that the vehicle be released.

According to Keyamo, the vehicle was eventually released without payment of the prescribed ₦25,000 fine for violating airport parking regulations.

He argued that the matter had effectively been resolved until Obi later publicly alleged that he had been deliberately targeted by airport authorities because of his political status.

“As Minister of Aviation, I felt a moral duty to investigate and authenticate the claim made by Mr Peter Obi that the tyres of his car were unjustly clamped, suggesting a persecution agenda against him by the Federal Government,” Keyamo said.

“Luckily enough, the entire Abuja airport is covered by CCTV cameras operating 24 hours a day.”

The minister maintained that the footage contradicted Obi’s account and showed that airport officials merely enforced established security regulations applicable to every airport user, regardless of status or political affiliation.

He further alleged that Obi used his influence to secure the release of the vehicle without paying the required fine and later attempted to portray the enforcement action as political persecution.

Keyamo therefore demanded that Obi publicly apologise to airport workers whom he said were unfairly accused of victimising the former Anambra State governor.

He also asked Obi to voluntarily return to the airport and pay the ₦25,000 parking penalty.

According to the minister, failure to comply within one week would leave him with no option but to direct the Federal Airports Authority of Nigeria (FAAN) to take appropriate administrative action.

“If these demands are not met within one week, I will be giving the necessary directives to the Federal Airports Authority of Nigeria (FAAN) to take the next steps against him,” he stated.

The controversy began after Obi alleged that airport officials clamped the vehicle conveying him while other improperly parked vehicles were left untouched.

The former Anambra State governor argued that the action reflected selective enforcement and formed part of a broader pattern of intimidation directed at opposition figures.

Obi also expressed concern over what he described as the shrinking democratic space in Nigeria and urged public institutions to remain impartial in carrying out their responsibilities.

As of the time of filing this report, Obi had not publicly responded to Keyamo’s latest statement, the CCTV footage released by the Ministry of Aviation or the minister’s demands for an apology and payment of the parking fine.

The incident has generated widespread debate across political and public circles, with supporters of both men offering differing interpretations of the CCTV footage and the circumstances surrounding the enforcement action.

While some observers argue that airport regulations should be applied equally to every Nigerian without regard to political status, others have called for an independent review to determine whether the enforcement process was carried out fairly and consistently.

The development has further intensified political exchanges ahead of the 2027 general election, with analysts saying the dispute reflects the increasingly charged political atmosphere as parties prepare for the next presidential contest.

Attention is now focused on whether Obi will respond to the minister’s ultimatum or whether FAAN will proceed with any formal administrative measures over the incident.

Keyamo releases CCTV footage, challenges Peter Obi’s persecution claims

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NADDC Eyes Media Alliance to Fast-Track Automotive Industry Growth

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NADDC Eyes Media Alliance to Fast-Track Automotive Industry Growth

 

The National Automotive Design and Development Council (NADDC) has identified stronger collaboration with specialised motoring media as a strategic imperative for accelerating the growth of Nigeria’s automotive industry, saying sustained public awareness, investor confidence and policy support are crucial to transforming the country into a leading vehicle manufacturing hub in Africa.

The Council stated this while receiving the Motoring World Resilience in National Automotive Development Award during the 30th anniversary celebration of Motoring World magazine in Lagos.

The award recognises NADDC’s consistent commitment to promoting local vehicle manufacturing, skills development and industrial growth despite economic headwinds and policy challenges.

Receiving the award on behalf of the Director-General of NADDC, Otunba Oluwemimo Joseph Osanipin, the Director of the General Services Department, Mrs. Susan Bisong-Taiwo, reaffirmed the Council’s determination to position Nigeria as a leading automotive manufacturing and innovation hub in Africa.

In a keynote address delivered on behalf of the Director-General and titled “Motoring Media as a Catalyst for Automotive Industry Growth in Nigeria,” Osanipin said specialised motoring media remains indispensable to the country’s automotive industrialisation drive by promoting investment, shaping public perception and deepening understanding of emerging mobility technologies.

He noted that across the world, the media had played a strategic role in supporting local manufacturing, educating consumers, stimulating policy debates, attracting investment and strengthening confidence in the automotive industry.

“The media is the bridge between government, industry and the public. It informs. It educates. It influences perception. And, importantly, it drives national conversations,” he said.

According to him, the global automotive industry is witnessing unprecedented transformation driven by electric mobility, alternative fuels, smart manufacturing and green transportation technologies, adding that Nigeria must position itself to benefit from these emerging opportunities.

Osanipin disclosed that NADDC is implementing strategic programmes aimed at transforming Nigeria from a vehicle-consuming nation into a competitive automotive manufacturing and innovation centre. The initiatives, he said, include electric vehicle development, compressed natural gas (CNG) conversion programmes, local content promotion, automotive component manufacturing, skills acquisition and strategic partnerships across the industry.

He stressed that government policies alone cannot deliver the desired transformation, urging the motoring media to simplify automotive policies for public understanding, educate Nigerians on cleaner mobility solutions, encourage patronage of locally assembled vehicles and sustain constructive engagement among policymakers, investors, manufacturers and consumers.

The Director-General also underscored the importance of positive and balanced narratives in attracting investment to the sector.

“Where the narrative is dominated only by challenges and uncertainties, investor confidence weakens. But when the media responsibly highlights innovation, progress and opportunities, it inspires confidence and stimulates growth,” he said.

Osanipin commended Motoring World magazine for its resilience and invaluable contributions to automotive journalism, policy advocacy and industry development over the past 30 years, describing its longevity in Nigeria’s challenging media environment as a reflection of professionalism, relevance and dedication.

He maintained that stronger collaboration among government institutions, industry operators and specialised motoring media would become even more critical as Nigeria advances its automotive industrialisation and energy transition agenda.

Highlighting Nigeria’s prospects, he said the country has significant automotive potential arising from its large market, youthful population, growing technical capacity, increasing investor interest and abundant natural resources. He, however, stressed that policy consistency, infrastructure development and sustained stakeholder collaboration remain essential to unlocking the sector’s full potential.

“If government, industry and the media work together strategically, Nigeria can emerge as a major automotive hub on the African continent,” he said.

The Motoring World Resilience in National Automotive Development Award honours institutions and individuals that have demonstrated exceptional commitment and resilience in advancing Nigeria’s automotive industrialisation despite prevailing economic and policy challenges.

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NRC Begins Major Operational Reset with Review of 150 Standard Procedures

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From left (front row), Assistant Director (Materials Management), Mr Ole Apia Isaa; Director of Operation &Commercial, Mr Akin Oshinowo; Director of Finance, Margaret Ikefe; Director Civil Engineering & New Lines, Engr Adekunle Ayeni; Director of Admin & Human Resources, Dr Monsurat Omotayo; Director of Legal & Secretary to Board of NRC, Obiorah Emedolibe; Director of BuPED, Oyekunle Oyewole; Deputy Director, Mechanical, Engr Habeeb Alaka; Director of Medical Services, Dr Hope Iloka, and Deputy Director, Corporate Planning, Mr Sunday Eluede, with other management staff members of the Nigerian Railway Corporation (NRC) at the Standard Operating Procedure review and adoption which took place at Mitros Residences, Abeokuta, Ogun State. Photo: NRC Media

NRC Begins Major Operational Reset with Review of 150 Standard Procedures

The Managing Director of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, has launched a comprehensive review of more than 150 Standard Operating Procedures (SOPs) in a major push to improve safety, operational efficiency, accountability and service delivery across Nigeria’s railway network.

Speaking at the opening of a two-day Executive Standard Operating Procedure Review and Familiarisation Retreat in Abeokuta, Ogun State, Opeifa said the exercise would provide the Corporation with practical and enforceable operational guidelines capable of reducing risks, standardising procedures and driving excellence across all departments.

Represented by the Head of the Business Process Efficiency and Due Diligence (BuPED) Desk, Mr. Oyekunle Oyewole, the NRC boss stressed that the initiative was central to the Corporation’s transformation agenda.

According to a statement by the NRC’s Chief Public Relations Officer, Callistus Unyimadu, Opeifa described an SOP as more than a bureaucratic requirement.

“An SOP is not bureaucracy. It is a practical document that tells every member of staff—from the track to the boardroom—what to do, how to do it, and who is responsible,” he said.

He noted that well-designed SOPs would strengthen operational efficiency, enhance safety standards and align the Corporation’s operations with global best practices.

Opeifa urged directors and other participants to critically assess the existing procedures and produce documents that reflect the realities of a modern railway system.

“Review with the eye of a leader. Challenge existing gaps and own the solutions. Let us leave here with SOPs that are practical, enforceable and fit for the railway we are building today,” he charged.

The retreat, which commenced on Wednesday aboard the Lagos-Ibadan Train Service conference coach en route to Abeokuta, brought together directors, deputy directors, assistant directors, management staff and members of the BuPED team.

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In his opening remarks, Oyekunle disclosed that over 150 SOPs were being reviewed to build a stronger, more efficient and better-coordinated organisation.

He added that increased collaboration among departments would improve teamwork and accelerate the Corporation’s transformation.

The Managing Director’s Technical Adviser on Train Operations, Mr. Adeife Akin Olukolade, described the SOP as a living document that must evolve with the changing demands of railway operations.

Drawing from more than two decades of railway experience across three continents, he expressed confidence that codifying the procedures would usher the NRC into a new era of operational excellence.

Also speaking, the Director of Operations, Mr. Akin Oshinowo, said the review would help reduce operational incidents, improve efficiency, ensure consistency in service delivery, strengthen compliance with established standards, guarantee value for money and promote a proactive work culture where employees perform their duties with minimal supervision.

He assured participants of management’s commitment to providing the necessary support for the successful implementation of the reviewed SOPs and embedding them into the Corporation’s operational culture.

The Director of Administration and Human Resources, Dr. Monsurat Omotayo, who presented the first technical paper on the role of capacity building in implementing SOPs, emphasised continuous staff training, effective leadership, a strong compliance culture and performance measurement as critical to successful implementation.

During the interactive session, participants underscored the importance of strict adherence to the SOPs by all categories of staff.

The Director of Civil Engineering and New Lines, Engr. Adekunle Ayeni, stressed that attitudinal change and effective consequence management would be key to successful implementation, advocating a balanced system of rewards for compliance and sanctions for violations.

The Managing Director’s Special Adviser on Media and Strategic Communication, Mr. Adeyinka Aderibigbe, described the retreat as a milestone, expressing optimism that the final document would become a benchmark for railway operators and service providers across the industry.

Similarly, the Deputy Director of Finance, Alhaji Abdullah, said the exercise marked the first time the Corporation would have a comprehensive operational document developed through the collective input of key departments, making it practical, inclusive and implementable.

The review covered SOPs for the Corporate Planning, Medical, Finance, Legal, Internal Audit, Information and Communications Technology (ICT), Procurement, Operations and Commercial, Civil Engineering, Mechanical, Electrical, Signal and Telecommunications (MEST), and Human Resources departments.

Closing the retreat, Dr. Omotayo thanked participants for their robust contributions and urged them to sustain the momentum as the Corporation moves to the implementation phase of the revised operational framework.

 

NRC Begins Major Operational Reset with Review of 150 Standard Procedures

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