Dangote, marketers slash petrol depot prices amid FG pressure

Dangote Petroleum Refinery and several major fuel marketers have reduced their petrol depot prices following mounting pressure from the Federal Government for cost-reflective fuel pricing, a move that could pave the way for lower petrol pump prices across Nigeria.

The latest price cuts come amid increasing competition in the downstream petroleum sector, improved domestic refining capacity and sustained moderation in global crude oil prices, all of which are reshaping the country’s deregulated fuel market.

The development followed a high-level stakeholders’ meeting convened in Abuja by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to address concerns over the disconnect between falling international crude oil prices and the relatively high retail price of Premium Motor Spirit (PMS) in Nigeria.

The meeting brought together representatives of the Dangote Petroleum Refinery, the Major Energy Marketers Association of Nigeria (MEMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Nigerian Association of Road Transport Owners (NARTO) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).

Addressing industry stakeholders, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the current petrol price no longer reflects prevailing international market realities.

According to him, when Brent crude traded above $100 per barrel, marketers quickly adjusted pump prices upward. Therefore, he argued, Nigerian consumers deserve to benefit now that global crude prices have dropped below $70 per barrel.

Lokpobiri stressed that while Nigeria operates a fully deregulated downstream petroleum market under the Petroleum Industry Act (PIA), deregulation should not become an avenue for excessive profiteering. He noted that the law also empowers the NMDPRA to prevent unfair pricing practices and protect consumers from unreasonable fuel costs.

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The minister disclosed that discussions with marketers were frank and productive, adding that further engagements would continue until a pricing framework that reflects prevailing crude oil prices is achieved.

“We presented the concerns of Nigerian consumers, and marketers have agreed to review the issues raised. Discussions are ongoing, and we believe meaningful progress is being made,” he said.

Following the meeting, fresh depot pricing data showed that Dangote Petroleum Refinery reduced its Lagos ex-depot petrol price by ₦3 per litre, lowering the price from ₦1,079 to ₦1,076 per litre. The refinery, however, retained its diesel ex-depot price at ₦1,500 per litre.

The latest adjustment adds to a series of recent reductions by the refinery as it continues to leverage increased production efficiency and stronger domestic supply to compete aggressively in Nigeria’s fuel market. Industry observers say Dangote’s pricing strategy is compelling marketers and depot operators to review their prices in order to retain market share.

Several petroleum marketers also announced fresh reductions in their depot prices.

In Lagos, NIPCO reduced its petrol depot price by ₦2 to ₦1,076 per litre, while Pinnacle lowered its price by ₦3 to ₦1,075 per litre. Similarly, Sahara, AIPEC and African Terminal each reduced their depot prices by ₦4, bringing their petrol prices to ₦1,075 per litre, while Aiteo maintained its price at ₦1,075 per litre.

Diesel prices also recorded noticeable declines. Rain Oil cut its Automotive Gas Oil (AGO) price by ₦15 to ₦1,430 per litre, while Ibeto, Duport and Ibachem all reduced their diesel prices to ₦1,430 per litre. Dangote Refinery retained its diesel price at ₦1,500 per litre.

The downward pricing trend extended to other parts of the country.

In Port Harcourt, Matrix reduced its petrol price by ₦8 to ₦1,087 per litre and slashed diesel by ₦55 to ₦1,465 per litre, the largest diesel reduction recorded during the trading session. Sigmund also lowered its petrol price by ₦12 to ₦1,082 per litre, although it marginally increased diesel by ₦2 to ₦1,463 per litre.

In Calabar, Fynfield reduced its petrol price by ₦7 to ₦1,090 per litre, while Soroman lowered its price by ₦5 to the same level.

In Warri, Matrix and Prudent both reduced petrol prices by ₦5 to ₦1,085 per litre. On the diesel side, Prudent cut its price by ₦25 to ₦1,475 per litre, while A.Y.M. Shafa reduced its diesel price by ₦3 to ₦1,455 per litre.

Energy analysts believe the latest reductions underscore how competition is transforming Nigeria’s deregulated downstream petroleum sector. The commencement of large-scale operations at the Dangote Petroleum Refinery has significantly improved domestic fuel availability, reduced dependence on imported petroleum products and compelled depot owners and marketers to compete more aggressively on price. The trend has also been supported by relatively stable international crude oil prices, easing pressure on the cost of refined petroleum products.

The Chief Executive of the NMDPRA, Mallam Rabiu Umar, said government engagement with marketers became necessary because retail petrol prices had not fallen in line with declining global crude oil prices. According to him, deregulation should promote both investor confidence and consumer protection, stressing that sustainable profitability for marketers and affordable fuel prices for Nigerians can coexist within a transparent and competitive market.

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) expressed optimism that petrol pump prices could eventually fall below ₦800 per litre.

IPMAN National President, Abubakar Garima, attributed the projection to plans by independent marketers to begin purchasing products directly from the Dangote Petroleum Refinery, eliminating several intermediary costs that currently push up retail prices. According to him, the association has already reduced petrol prices by about ₦125 per litre in several parts of the country and will continue to lower prices whenever acquisition costs decline.

Industry stakeholders believe that if global crude oil prices remain stable and domestic refining capacity continues to improve, Nigerians could witness additional reductions in petrol prices in the coming weeks, providing much-needed relief for households, transport operators and businesses grappling with high energy costs.

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Dangote, marketers slash petrol depot prices amid FG pressure

FG meets Dangote, oil marketers to ensure fair petrol prices

The Federal Government has intensified efforts to ensure Nigerians benefit from falling global crude oil prices by convening a high-level meeting with Dangote Petroleum Refinery, petroleum marketers and regulators to develop a fair and transparent petrol pricing framework.

The stakeholders’ meeting, held on Monday at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, was attended by representatives of Dangote Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Nigerian Association of Road Transport Owners (NARTO) and other key operators in the downstream petroleum sector.

The meeting was convened amid growing public concern that the recent decline in international crude oil prices has not been reflected in retail petrol prices across the country.

Speaking during the meeting, the Chief Executive Officer of the NMDPRA, Rabiu Umar, said the engagement was held on the directive of the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, to promote cost-reflective, transparent and consumer-friendly pricing of Premium Motor Spirit (PMS) in Nigeria’s deregulated downstream petroleum market.

According to Umar, the regulator is not seeking to impose prices on operators but to facilitate constructive discussions that will balance business sustainability with consumer protection.

“Our objective is not to dictate prices but to collaborate with all stakeholders in finding practical solutions that strengthen the downstream petroleum sector,” he said.

He explained that discussions focused on market surveillance, inventory management, strengthening the National Strategic Stock (NSS) and improving transparency across the fuel supply chain to safeguard Nigeria’s energy security.

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Umar noted that international crude oil prices have declined in recent weeks following the easing of geopolitical tensions, reducing the cost of importing petroleum products and lowering replacement costs.

Despite this development, he observed that petrol pump prices have remained largely unchanged in many parts of the country.

According to him, the regulator considers it necessary to work with refiners, depot operators and marketers to identify the factors responsible for the gap between declining crude oil prices and persistent retail fuel prices.

He emphasised that while deregulation allows operators to recover legitimate business costs and make reasonable profits, consumers should also benefit whenever market conditions reduce the cost of supplying fuel.

Umar further stated that President Bola Tinubu’s administration has laid the foundation for a competitive, investment-driven petroleum industry, stressing that petrol price deregulation should not be used to justify market distortions, anti-competitive practices or unfair pricing.

Also speaking, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, urged all stakeholders to work together in ensuring that fuel prices reflect prevailing market realities.

The minister noted that the prices of petrol and diesel directly influence transportation costs, food prices, manufacturing expenses and the overall cost of living, making fair pricing essential for economic stability.

He stressed that while government remains committed to deregulation, market liberalisation must also deliver tangible benefits to consumers through transparent pricing and healthy competition.

The meeting also examined measures to improve fuel availability nationwide, strengthen market monitoring and accelerate the implementation of the National Strategic Stock (NSS) as part of efforts to guarantee energy security and minimise supply disruptions.

The engagement follows recent concerns raised by the FCCPC, which warned against maintaining high pump prices based on old inventory purchased at previous costs when replacement costs have already declined.

Stakeholders agreed to sustain consultations aimed at building a more transparent and competitive downstream petroleum market that encourages investment while ensuring Nigerians enjoy the benefits of lower international crude oil prices whenever market conditions permit.

The Federal Government expressed optimism that continued collaboration among regulators, refiners and marketers would strengthen confidence in the deregulated petroleum sector and promote fair, competitive and sustainable petrol pricing across Nigeria.

FG meets Dangote, oil marketers to ensure fair petrol prices

Elumelu to exit UBA board after 12 years, Nnorom takes over as chairman

United Bank for Africa Plc has announced the retirement of its Group Chairman, Tony Elumelu, from the Board of Directors, bringing to an end a 12-year tenure that said to have strengthened the bank’s position as one of Africa’s leading financial institutions.

The bank disclosed on Monday that Elumelu would formally retire from the Board on August 21, 2026, in compliance with the Central Bank of Nigeria (CBN) Corporate Governance Guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of commercial banks.

To ensure a seamless leadership transition, the Board has approved the appointment of Emmanuel Nnorom, a Non-Executive Director of the bank, as the new Group Chairman. His appointment will take effect on the same day Elumelu retires.

According to a statement issued after the Board meeting held on July 6, 2026, the leadership transition reflects the bank’s commitment to sound corporate governance, regulatory compliance and business continuity.

Elumelu’s retirement marks the close of a remarkable era in the history of UBA. During his 12 years as Group Chairman, the bank significantly expanded its operations, strengthening its presence across 20 African countries and extending its footprint to four major international financial centres.

Under his leadership, UBA grew its customer base to more than 50 million across Africa and beyond, while consolidating its reputation as a leading provider of banking and financial services on the continent.

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The bank also enhanced its digital banking platforms, strengthened corporate governance practices, improved operational resilience and expanded support for trade, investment and economic development across its markets.

Paying tribute to Elumelu’s contributions, the Board described his leadership as visionary and credited him with providing the strategic direction that transformed the bank into one of Africa’s most respected financial institutions.

“The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the statement read.

According to the bank, Elumelu leaves behind a stronger institution built on robust governance structures, sustainable growth and a clear long-term strategic vision.

Reflecting on his retirement, Elumelu described his years of service as one of the most rewarding periods of his professional career.

“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in the bank’s future,” he said.

Elumelu also expressed confidence in his successor, describing Emmanuel Nnorom as a leader with the experience, integrity and sound judgment required to guide the bank through its next phase of growth.

“Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the bank will continue to thrive under his leadership,” he added.

The incoming chairman, Emmanuel Nnorom, is a chartered accountant and seasoned corporate executive with more than 40 years of experience in banking, finance, auditing and corporate governance.

Having served as a Non-Executive Director on the UBA Board, Nnorom is widely recognised for his deep understanding of the bank’s governance framework, operations and long-term strategic priorities.

The bank said his extensive professional experience and familiarity with its business position him to provide strong leadership as UBA pursues its next phase of expansion, innovation and value creation.

Responding to his appointment, Nnorom thanked the Board for the confidence reposed in him and pledged to build on the solid foundation established by his predecessor.

“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working closely with my colleagues on the Board, Management and employees across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and other stakeholders,” he said.

Industry observers believe the carefully planned succession demonstrates UBA’s strong commitment to corporate governance, leadership continuity and regulatory compliance.

The transition is expected to preserve the bank’s long-term strategic direction while supporting continued growth, innovation and value creation across its operations in Africa and global markets.

The leadership change will officially take effect on August 21, 2026, ushering in a new chapter for one of Africa’s largest and most influential banking institutions.

Elumelu to exit UBA board after 12 years, Nnorom takes over as chairman