Dangote Refinery announces fresh petrol price slash nationwide

In a move that promises some relief for Nigerian motorists, the Dangote Petroleum Refinery has announced a fresh reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.

The new price now ranges from N875 to N905 per litre, depending on the location.

The announcement was made on Thursday via the refinery’s official social media channels. According to the statement, the adjustment reflects a N15 per litre cut across all regions and applies to both urban and rural retail points.

In the earlier pricing template, Lagos residents paid N890 per litre, while prices rose to N920 in the North East and South-South regions.

With the new adjustment, Lagos residents will now pay N875, while those in the North East and South South will pay N905 per litre.

A breakdown of the revised prices shows, Lagos: N875, South-West: N885, North-East: N905, North-West & Central: N895, and South-South & South-East: N905

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The Dangote Refinery urged consumers to purchase fuel only from its partner outlets and encouraged Nigerians to report non-compliance via its hotline: +234 707 470 2099 or +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company stated in the notice.

Our correspondent gathered the new reduction follows the return of a refund benefit policy offered to its customers earlier this week.

The development comes hours after The PUNCH reported that independent oil marketers resumed large-scale importation of petrol, as fresh data shows that over 496.17 million litres of petrol were brought into the country within nine days.

Findings using the Tanker Position Report, a document that tracks oil tankers’ movement and was obtained from Blue Sea Maritime by our correspondent on Monday, revealed that 370,000 metric tonnes of petrol were discharged at various depots. These products berthed at seaports between May 11 and 20, 2025.

On Monday, the 650,000 Lekki-based facility said the naira-for-crude deal allowed it to reduce the price of petrol, which translates to reduced costs at the pumps.

This is even as the company affirmed that the prices of petrol will remain affordable and stable.

They said that despite the fluctuations in global crude oil prices, it has consistently reduced the price of petrol.

The company, in a release signed by its Group Chief Branding and Communications Officer, Anthony Chiejina, said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.

Dangote Refinery announces fresh petrol price slash nationwide

(Punch)

Bitcoin hits all-time high, surges past $109,000

Bitcoin soared to a record high on Wednesday, surpassing its previous peak from January, as global investor sentiment continues to rebound following last month’s tariff-related market jitters.

The world’s largest cryptocurrency climbed to an intraday high of $109,760.08 and was trading at $108,117 at the time of reporting, marking a 1.1% gain.

Several factors are fueling the latest rally, including easing trade tensions between the U.S. and China, and a recent downgrade of U.S. sovereign debt by Moody’s.

Investors diversifying assets 

The downgrade has prompted investors to diversify away from the dollar and explore alternative assets like bitcoin.

“With January’s highs now in the rearview mirror and bitcoin up over 50% from its April lows, the asset has entered ‘blue sky’ territory,” said Antoni Trenchev, co-founder of digital asset platform Nexo.

He cited growing institutional interest and a friendlier U.S. regulatory landscape as key tailwinds.

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Bitcoin’s performance continues to show parallels with tech stocks, benefiting from improving investor confidence.

The tech-heavy Nasdaq index is up 30% since early April, mirroring bitcoin’s bullish trajectory. Meanwhile, continued weakness in the U.S. dollar has further strengthened bitcoin’s position.

Banks warming up to digital assets 

Traditional financial institutions are also increasingly warming up to digital assets. This week, JPMorgan CEO Jamie Dimon, historically a vocal crypto skeptic, announced the bank would begin offering bitcoin to its clients.

Additionally, crypto exchange Coinbase was recently added to the S&P 500 index, marking a significant milestone for the industry.

• However, Coinbase is currently under investigation by the U.S. Department of Justice following a recent data breach, according to a statement issued by the company on Monday.
• Looking ahead, market analysts remain optimistic. Trenchev noted that bitcoin is currently in the fourth year of its typical price cycle, which usually follows a halving event when mining rewards are cut in half and often precedes major bull runs.
• He believes a $150,000 price target in 2025 remains achievable, despite ongoing macroeconomic uncertainties.

Meanwhile, Ether, the second-largest cryptocurrency, did not share in Bitcoin’s upward momentum. It was last down 0.5%, trading at $2,513.

Bitcoin hits all-time high, surges past $109,000

Uganda crypto founder forced to transfer $500,000 at gunpoint

The alarming trend of crypto-related abductions continues, with the latest victim being Festo Ivaibi, founder of the cryptocurrency education hub Mitroplus Labs.

Ivaibi was kidnapped at gunpoint on May 17 near his residence on Bunamwaya Road in Kampala, Uganda, and coerced into transferring $500,000 worth of cryptocurrency to his attackers.

According to an official statement from Mitroplus’s Afro Token Project on X, the kidnappers were armed, dressed in military uniforms, and falsely claimed to be security operatives of the Uganda People’s Defence Forces (UPDF).

The attackers allegedly forced Ivaibi to unlock his crypto wallets, initiating unauthorized transactions.

A portion of Afro Token, a meme coin linked to Mitroplus Labs, was also sold under duress, resulting in further financial losses.

“This is not just an attack on one person, it’s an attack on a growing vision,” the project stated, emphasizing the broader implications of crypto-targeted crimes. 

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Impact on Afro Token and Market Reaction

Afro Token, created on SunPump, a meme coin platform built on the Tron blockchain, saw a sharp decline in value following the attack.

Data from DEX Screener reveals that Afro Token’s market cap dropped by approximately 16.7% post-incident, standing at $1.6 million, significantly lower than its $7.3 million valuation in December 2024.

While some of the stolen crypto was reportedly transferred to Binance wallets, the specific cryptocurrencies involved in the attack remain unclear.

Crypto-Related Kidnappings on the Rise 

Mitroplus Labs alleges that this attack is part of a broader, coordinated pattern involving informants posing as crypto traders, rogue law enforcement officers, and two Chinese nationals.

The firm claims that at least 48 similar abduction attempts have been identified, yet many cases have been dismissed due to the influence of the perpetrators’ network.

These types of crimes, commonly referred to as “wrench attacks”, involve physical threats against crypto holders to force them into transferring digital assets. In recent months, such attacks have proliferated worldwide.

Uganda crypto founder forced to transfer $500,000 at gunpoint