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Updated: Petrol price may drop to N300/litre – Local refiners
Updated: Petrol price may drop to N300/litre – Local refiners
The pump price of petrol is expected to drop to N300/litre when massive refining of crude oil by the Dangote Petroleum Refinery and other indigenous producers begins soon.
Operators of modular refineries, who stated this however pointed out that this would be achieved with the Federal Government ensuring adequate provision of crude oil to local refiners.
They disclosed this on Sunday, noting that refineries abroad were ripping off the country.
The refiners spoke under the aegis of the Crude Oil Refinery Owners Association of Nigeria in an interview with The PUNCH.
They said what happened to the cost of diesel after Dangote started producing it would happen to petrol price when being produced massively in Nigeria.
It is a registered association of modular and conventional refinery companies in Nigeria.
“A lot of companies today benefit from the importation of petroleum products at the expense of Nigerians,” the Publicity Secretary of CORAN, Eche Idoko, stated.
A report by The PUNCH on Monday quoted Idoko in an interview as saying, “If we begin to produce PMS (petrol) today in large volumes, provided there is adequate crude oil supply, I can assure that we should be able to buy PMS at N300/litre as the pump price.
“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries work the price will come down? Is it because you want to satisfy the global refiners abroad that are making so much from us?”
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When told that there are arguments that it is not possible to have such a drop in price because crude oil, the raw material for PMS, is price in dollars, the CORAN official insisted that petrol price would crash once it is being produced massively by indigenous refiners.
He said, “We were selling diesel for N1,700 to N1,800/litre, but as soon as Dangote refinery started production he brought down the price to N1,200/litre. What other proofs do you need?
As I speak to you now there is every tendency that before December diesel price will drop further. The only reason reason why diesel is not doing below N1,000/litre is because of our exchange rate.
“If the exchange rate drops, diesel will drop below the N1,000/litre price. Now the exchange rate concern is because Dangote imports crude. If he is not importing, the exchange rate may not have so much effect, though he is still buying crude in dollars (in Nigeria) anyway.”
On May 18, 2024, The PUNCH reported that Africa’s richest man, Aliko Dangote, stated that following the laid-down plans of the Dangote refinery, Nigeria would no longer need to import petrol starting June this year.
Dangote had also stated that his refinery could meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand. He spoke at the Africa CEO Forum Annual Summit in Kigali, expressing optimism about transforming Africa’s energy landscape.
“Right now, Nigeria has no cause to import anything apart from gasoline (petrol) and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” the billionaire had declared.
Also, Dangote had earlier in the year crashed the pump price of diesel to N1,200/litre when the commodity was selling at between N1,700 and N1,800/litre at the time.
He further dropped the price to below N1,000/litre, but could not sustain this price due to the rise in exchange rate. The refinery eventually returned the price to the initial rate of N1,200/litre.
Speaking on Sunday, the CORAN spokesperson stated that this was why the modular refiners had been calling for the sale of crude oil at the naira equivalent of the dollar rate.
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“We have told them (government) that even the dollars that you are asking us to use and buy this product, it is detrimental to the country. Strengthen the naira. We will buy at the international market rate, but at a naira equivalent.
“These are the issues and they know these things but we can’t explain why they really can’t take decisions to change these concerns.
“Get crude to local refineries, allow crude purchase in naira equivalent, make the environment business-friendly and watch locally produced petroleum product prices crash,” Idoko stated.
Nigeria currently has 25 licensed modular refineries. Five of them are operating and producing diesel, kerosene, black oil and naphtha. About 10 are under various stages of completion, while the others have received licences to establish.
Operators of modular refineries earlier stated that aside from the five that are in operation currently, the remaining plants are embattled due to the major challenge of crude oil unavailability, a development that has stalled funding from financiers.
“Only about five of our members have completed their refineries. The others are having a major challenge.
“This challenge is that the people who are supposed to finance them have not disbursed financing for construction because they want some level of guarantee.
“A guarantee that if they finish the refinery, they are going to get feedstock, which, of course, is crude oil,” Idoko had explained.
Oil marketers also believe that the cost of petrol should be lower than its current price once its production begins in Nigeria.
They welcomed the comment of Dangote that his refinery should start pumping out petrol this month, and expressed hope that the cost would be less than the price which the Nigerian National Petroleum Company Limited currently sells.
“We expect a reduced price for locally produced PMS, as I’ve earlier told you,” the National President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, stated.
Maigandi, while speaking from Saudi Arabia with our correspondent on Sunday, also stated no date has been communicated to marketers on when Dangote would release petrol to the market. Officials of Dangote refinery have remained mute on this.
“It is a welcome development if the refinery can start releasing PMS this month because as marketers we are currently set to start buying the product from the plant,” Maigandi stated.
The IPMAN president earlier stated that marketers were discussing with the managers of the plant, but not specifically on petrol pricing.
“We have been discussing, but not about the price of petrol yet, rather on other matters such as the registration of members for the purchase of petrol and diesel from the refinery.
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“It is true that we have started buying diesel from them, but you have to register with the company first. So a general registration is ongoing,” he said.
Maigandi, however, stated that though marketers had yet to receive the projected price for petrol from the plant, dealers would want to see a PMS price of about N500/litre from the Dangote refinery.
“We are looking at having it (PMS) at any price below the NNPC rate. The price which NNPC sells petrol is N565.50/litre, so we are expecting something below that price, maybe around N500/litre,” Maigandi stated.
The oil dealers also joined in the call for the provision of crude oil to local refiners, stressing that this would impact positively on the prices of refined petroleum products.
“Of course, it is important for crude to be made available to local refineries because this will surely affect petroleum products’ prices positively,” the IPMAN president stated.
Updated: Petrol price may drop to N300/litre – Local refiners
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News
Xenophobic Attacks: FG Advises Nigerians in South Africa to Close Businesses
Xenophobic Attacks: FG Advises Nigerians in South Africa to Close Businesses
The Federal Government of Nigeria has advised Nigerian nationals operating businesses in South Africa to temporarily suspend operations following a fresh wave of xenophobic violence, protests, and targeted attacks on foreign-owned shops across several parts of the country.
The advisory was issued through the Nigerians in Diaspora Commission (NiDCOM) after reports confirmed rising tensions, looting, and destruction of properties belonging to foreign nationals in multiple South African cities.
NiDCOM said the directive followed an official security circular from the Consulate General of Nigeria in Johannesburg, which warned of escalating unrest in areas including East London, Cape Town, Durban, Gauteng Province, and parts of KwaZulu-Natal. According to the circular, recent protests in these regions have degenerated into violent confrontations, resulting in injuries and widespread vandalisation of foreign-owned businesses in South Africa. Intelligence reports also indicated that additional protests were planned between April 27 and 29, 2026, raising concerns over possible escalation of violence during the period.
Speaking on the development, NiDCOM spokesperson Abdur-Rahman Balogun said the advisory to shut down businesses is a precautionary step aimed at safeguarding Nigerians amid rising insecurity. He urged Nigerian nationals to remain law-abiding, avoid confrontation, and comply with local laws while the situation is being monitored. Balogun stressed that the directive is temporary and designed strictly to protect lives and property during the period of unrest.
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NiDCOM clarified that there is currently no evacuation plan for Nigerians living in South Africa, noting that such action would only be considered if the situation worsens significantly. The commission added that Nigerian diplomatic missions remain active and are working closely with South African authorities and police to ensure the safety of citizens. Officials also confirmed that diplomatic engagement is ongoing between Nigeria’s Ministry of Foreign Affairs and South African counterparts over the rising tensions.
The President-General of Nigerians in South Africa, Smart Nwobi, expressed concern over what he described as increasing hostility toward migrants, especially during protests linked to unemployment and economic hardship. He urged the Nigerian government to intensify diplomatic intervention and ensure stronger protection for citizens abroad. Community leaders have also advised Nigerians to avoid protest hotspots, remain indoors where necessary, and prioritise personal safety until tensions subside.
South Africa has experienced repeated incidents of xenophobic attacks, often triggered by socio-economic grievances such as unemployment and competition for informal trade. Foreign nationals, including Nigerians, have frequently been targeted in incidents involving shop looting, property destruction, harassment, and physical assaults.
Videos circulating on social media show confrontations between local residents and foreign nationals, with some individuals demanding that migrants leave South Africa. In several cases, people were reportedly questioned over their immigration status, while others were harassed or attacked during chaotic protest scenes. Authorities have yet to issue a comprehensive nationwide response, although increased police deployment has been reported in affected areas.
Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, is reportedly engaging South African authorities to address the situation and ensure the protection of Nigerian citizens. The Nigerian Consulate in Johannesburg continues to coordinate with local security agencies to monitor developments and provide updates to affected nationals.
Xenophobic Attacks: FG Advises Nigerians in South Africa to Close Businesses
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News
‘Nigeria’s Breakup Likely Inevitable,’ Ex-US Mayor Tells Congress
‘Nigeria’s Breakup Likely Inevitable,’ Ex-US Mayor Tells Congress
A former United States mayor, Mike Arnold, has told members of the US Congress that the breakup of Nigeria is “likely inevitable and just,” citing what he described as deep-rooted structural, historical, and humanitarian crises confronting the country.
Arnold made the remarks during a presentation titled “Nigeria at the Crossroads: The Case for Action,” where he argued that the country’s challenges are rooted in its colonial formation and long-standing governance issues. He called for a referendum that would allow Nigerians to determine their preferred constitutional future, including the possibility of restructuring or separation.
According to him, Nigeria’s federal system—shaped during British colonial rule—has continued to generate tensions around power distribution, ethnicity, and governance. He maintained that a referendum in Nigeria could offer a peaceful and democratic pathway to resolving these challenges.
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Arnold, who has previously expressed support for the Biafra movement, revisited the history of the Nigerian Civil War, describing the former Eastern Region as one of the fastest-growing economies in Africa before the conflict under the leadership of Michael Okpara.
He also raised allegations about the role of foreign powers during the war, particularly Britain’s support for the Federal Military Government, and the humanitarian consequences of the conflict, including widespread famine and civilian casualties.
On contemporary issues, Arnold expressed concern over insecurity in Nigeria, including religious and communal violence, claiming that conditions have worsened despite international attention. He referenced Nigeria’s designation as a Country of Particular Concern (CPC) under the International Religious Freedom Act, noting ongoing attacks in parts of the country.
He further criticised the handling of internally displaced persons, raising concerns about gaps in recognition and humanitarian support. According to him, such issues point to broader governance and human rights challenges.
However, analysts stress that Arnold’s views do not reflect official US government policy. Nigeria remains constitutionally a united country, and successive administrations have consistently rejected calls for secession, instead promoting national unity and reforms.
The remarks are expected to spark renewed debate around Nigeria restructuring, Biafra agitation, and the country’s political future, both domestically and internationally.
‘Nigeria’s Breakup Likely Inevitable,’ Ex-US Mayor Tells Congress
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News
Falana Challenges Lagos Govt, Says No Law Backs Sanitation Movement Restriction
Falana Challenges Lagos Govt, Says No Law Backs Sanitation Movement Restriction
Human rights lawyer Femi Falana (SAN) has urged residents of Lagos State to ignore government-imposed movement restrictions during the monthly environmental sanitation exercise, insisting that there is no law backing such limitations.
Falana maintained that Lagosians are legally free to go about their normal activities during the exercise, stressing that any restriction of movement remains voluntary and not enforceable under Nigerian law. His position comes amid renewed enforcement of the sanitation programme scheduled for Saturday, April 25, between 6:30 a.m. and 8:30 a.m.
However, the Lagos State Government has doubled down on its stance, insisting the sanitation exercise remains valid and binding. In a statement issued ahead of the exercise, the Commissioner for the Environment and Water Resources, Tokunbo Wahab, dismissed claims that the programme had been nullified by any court ruling.
According to Wahab, the state government had secured a favourable judgment at the Court of Appeal, which affirmed that laws supporting the implementation and enforcement of environmental sanitation are constitutional. He urged residents to disregard what he described as misinformation and to fully comply by staying indoors to clean their surroundings.
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The sanitation exercise was formally reintroduced by Governor Babajide Sanwo-Olu on March 14, when he, alongside Deputy Governor Obafemi Hamzat and other officials, monitored cleanup activities in Agege Motor Road, Mushin. The move marked a return to a policy that had been largely inactive for years.
Despite this, Falana argued that the reintroduction of movement restrictions contradicts constitutional provisions on freedom of movement and revives outdated, military-era practices. He emphasized that, based on information available to him, the government had not legally reinstated compulsory sanitation with enforceable restrictions.
“For the avoidance of doubt, the restriction of movement is voluntary and not compulsory,” Falana stated, adding that residents remain at liberty to conduct legitimate activities during the exercise.
He acknowledged that the government continues to encourage voluntary participation, urging residents to clean their environments and cooperate with waste management authorities, particularly the Lagos State Waste Management Authority (LAWMA), for proper waste collection and disposal.
Falana also pointed to the state’s significant budgetary allocation—reportedly about N236 billion in the 2026 fiscal plan—for waste management, drainage infrastructure, and environmental protection. He argued that such investments should be sufficient to drive compliance without infringing on citizens’ rights.
The disagreement highlights a broader legal and civic debate over movement restriction during sanitation in Lagos, with stakeholders divided on whether public health measures should override constitutional freedoms.
Residents across the state remain caught between official directives and legal interpretations, as the sanitation exercise continues to generate controversy over enforcement and compliance.
Falana Challenges Lagos Govt, Says No Law Backs Sanitation Movement Restriction
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