Business
Why we back FG on petrol subsidy removal by 2022 – IPMAN, others
• NANS rejects proposed fuel price hike, threatens shutdown
The Independent Petroleum Marketers Association of Nigeria (IPMAN), said yesterday, that its support for the Federal Government over the planned removal of subsidy on Premium Motor Spirit (PMS), stems from the realization that the Petroleum Industry Act (PIA) signed into law by President Muhammadu Buhari on August 16 makes no provision for subsidy.
Besides, IPMAN President, Chinedu Okoronkwo, told the News Agency of Nigeria (NAN) yesterday that his association has consistently “advised the government to remove petrol subsidy because it is not in the interest of development of the downstream sector.”
But the National Association of Nigerian Students (NANS) threatened, yesterday, to shut down the country should the Federal Government go ahead with the planned fuel subsidy removal.
The students’ body also rejected the government’s plan to pay N5,000 transport allowance to 40 million Nigerians to cushion the effect of soaring fuel prices.
Okoronkwo, in the NAN interview, said: “We welcome the decision of the government to stop subsidising petrol by 2022 and we are hoping it will attract more investments to the sector, especially with the passage of PIA.”
He added: “What we want is that a level playing field be provided for everyone in the sector to encourage competition once the subsidy is removed.”
READ ALSO:
- Bianca Ojukwu begs Buhari to release Nnamdi Kanu
- Nigerian govt asks all workers to resume December
- Bandits demand N99m ransom for 61 Emmanuel Baptist worshippers in Kaduna
Also speaking on the issue, the immediate-past President, Major Oil Marketers Association of Nigeria (MOMAN), Tunji Oyebanji, said continued subsidising of petrol was not sustainable in light of current economic realities.
He said the 2022 deadline was realistic and its impact might be mitigated with the coming on stream of the 650,000BPD Dangote Refinery, Bua Group Refinery, Waltersmith Refinery and other modular refineries.
Oyebanji, who is the Managing Director of 11 Plc, however, faulted the plan to replace the subsidy with cash transfer to Nigerians due to lack of a reliable data base in the country.
“In my personal opinion, I am of the view that such funds should be channeled to areas like education and mass transportation that would be accessible to ordinary Nigerians,” Mr Oyebanji said.
An oil and gas expert, Wilson Opuwei, said the conversation about fuel subsidy in Nigeria “should have been a thing of the past because it was an obvious wastage of the nation’s resources”.
Mr Opuwei, who is the Chief Executive Officer of Dateline Energy Services Ltd., maintained that the elite were the major beneficiaries of the fuel subsidy regime.
He said: “We should let market forces determine the price of petrol and other products, not the government dolling out subsidies with funds that we don’t even have.”
NANS rejects proposed fuel price hike, threatens shutdown
Declaring its position on the issue yesterday, the National Association of Nigerian Students (NANS) threatened to shut down the country should the Federal Government go ahead with the planned fuel subsidy removal.
Addressing journalists in Abuja, NANS President, Comrade Sunday Asefon, said the union would mobilise its 41 million members across the country to protest what he branded a “strange proposal.”
READ ALSO:
- KPOFIRE: Woman leaves her three children in a boat, returns to meet them all burnt
- Religious Leaders in the North appeal to Davido for help
- Alleged N11.8b scandal: Ayu vows to probe past PDP administrations
The present economic realities in the country, Asefon said, made it wrong for the government to contemplate something as critical as deregulating the petroleum sector “without thinking it through, without consultation and without a robust debate.”
He described the move as a plan by the government to get money at all costs to squander and finance the ostentatious lifestyles of public officers and senior civil servants, adding that any attempt to aggravate the economic woes of Nigerians would not only be unconscionable but reckless.
“Nigerians are really suffering. We are in dire socioeconomic straits. We are weeping in our hearts and souls. We are dying in silence. We feel the agony and anguish because we are practically involved,” he said.
Continuing, he said:It will amount to testing the patience of Nigerians. And we wish to warn against it. The country is very stretched and tensed. In case the government is not aware, we are passing them this intelligence free of charge now. Again we advise: let the government not stretch it further.
“The consequences will be dire. The people are already flamed. Mendacity will beget mendacity
NANS is happy that the organised labour and civil society groups have all rejected the proposal.
”We shall ensure that the entire country is shut down and paralysed should the Federal Government proceed with its insensitive plan of deregulation, or even any further increase in the pump price of fuel. We have had enough.
”We know that neo-liberal and imperial economists will soon emerge to confuse themselves with some well- rehearsed stale analyses and commentaries.”
“It is therefore very strange that the Federal Government could contemplate the removal of fuel subsidy now. The four refineries are not functioning, and if they are functioning at all, it is at a near zero level. There is a zero consultation with stakeholders to even consider issues around deregulation and why it should or should not be. The survival of Nigerian workers and their wards is yet to be discussed, yet a date that may take lives out of them has been fixed.
”Furthermore, inflation is already passing a skyrocketing level. So we may need to find a word to describe the kind of inflation that will be experienced if the pump price of PMS goes above 200 percent. In fact, we are very convinced that the Federal Government is acting impulsively on a matter as sensitive as this. And our conviction is based on many things that cannot just add up. Beyond the issues already raised, let us consider the following economic confusions:
”In the 2022 Appropriation Bill, the FG already provided for fuel subsidies. One then wonders why it will provide for what it plans to eliminate.
”Upon which data did the Honourable Minister of Finance, Budget and National Planning determine that only 40 million Nigerians are vulnerable? And what is the definition of vulnerability in our socioeconomic context?
“Where does she intend to generate the money which will be paid to those 40 million Nigerians since there is no provision for it in the 2022 Appropriation Bill?
”Is it not a very strange economics to rob the poor to pay the poor even lower? In which economic sense or theory does 5000 the inflationary effect of 200 percent increment on the central economic item of a country?”
Asefon urged the government to rescind the plan till adequate arrangements like refining at home and utilising the nation’s petrochemical by-products are made.
”After that, there will be a robust discussion by all stakeholders to deal with associated socioeconomic issues and discuss the details of the new regime. It is only on this condition that there can be a corresponding social equilibrium, economic prosperity, job and wealth creation for Nigerians.”
Finance, Budget and National Planning Minister , Zainab Ahmed, had announced that the government would remove fuel subsidy and replace it with a monthly N5,000 transport grant to about 40 million poor Nigerians.
The Nation
Business
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
Billionaire businessman Femi Otedola has projected that the naira could strengthen to trade below ₦1,000 per US dollar as the Dangote Petroleum Refinery achieves full operational capacity. The prediction comes as Nigeria anticipates a major boost in domestic fuel production, potentially reducing import dependence and easing pressure on the foreign exchange market.
Otedola made the projection in a post on X, congratulating Aliko Dangote on the refinery reaching its designed processing capacity of 650,000 barrels per day (bpd). He described the milestone as a historic moment for Nigeria’s energy sector, saying it could positively impact the naira exchange rate, foreign reserves, and overall economic stability.
According to Otedola, the refinery’s capacity to produce up to 75 million litres of Premium Motor Spirit (PMS) daily positions Nigeria to meet domestic fuel demand and even generate surplus for export. He highlighted that this would reduce the country’s reliance on imported petroleum products, which historically exerted heavy pressure on the naira and foreign exchange resources.
READ ALSO:
- Adeyanju Urges EFCC, DSS to Probe El-Rufai Over Alleged Corruption, Insecurity in Kaduna
- Granite-Laden Truck Kills Motorist, Leaves Wife Critically Injured in Lekki–Ajah Crash
- City Boy Movement Receives Bus Donations from Zenco, Obi Cubana for Tinubu’s Campaign
“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly, potentially pushing the naira below ₦1,000/$ before year-end,” Otedola said. He also noted that the EFCC and monetary authorities’ support in maintaining a conducive economic environment would complement these gains.
The Dangote Refinery, located in the Lekki Free Zone, Lagos, is Africa’s largest single-train refinery. Experts say that reaching full production will conserve billions of dollars previously spent on importing refined petroleum products and strengthen Nigeria’s foreign exchange reserves. Plans are also underway to expand refining capacity to 1.4 million bpd, with increased production of petrochemicals like polypropylene and linear alkyl benzene, further reducing industrial import dependence.
Economic analysts have welcomed the refinery’s milestone but caution that naira stability will still depend on broader macroeconomic reforms, oil prices, foreign capital inflows, and Central Bank of Nigeria (CBN) policies. Nevertheless, Otedola’s projection reflects renewed optimism that domestic refining capacity could be a turning point for the Nigerian economy, energy security, and the foreign exchange market.
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
Business
Dangote Refinery Slashes Petrol Price to ₦774, Ends PMS Bonus Window
Dangote Refinery Slashes Petrol Price to ₦774, Ends PMS Bonus Window
Dangote Petroleum Refinery and Petrochemicals FZE has announced a reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦25 per litre, lowering the ex-depot rate from ₦799 to ₦774 per litre. The new pricing took immediate effect on Tuesday, 10 February 2026.
The refinery notified petroleum marketers through its Group Commercial Operations Department, stating:
“This is to notify you of a change in our PMS gantry price from ₦799 per litre to ₦774 per litre.”
Industry checks on platforms like petroleumprice.ng confirmed that the revised price has already been updated across petroleum pricing systems, ensuring transparency for downstream operators and consumers.
In the same notice, Dangote Refinery announced the end of its PMS lifting incentive programme, which had offered marketers bonuses for purchasing within specific volume thresholds. The refinery stated that credits for volumes loaded from 2 to 10 February 2026 would be posted to marketers’ accounts.
READ ALSO:
- El-Rufai: I Supported Tinubu Out of Party Principle, Not Friendship
- Trump Approves Deployment of 200 U.S. Soldiers to Support Nigeria’s Fight Against Terrorists
- Atiku Rejects Mixed Result Transmission
Analysts say the simultaneous price cut and closure of the bonus window signals a shift from volume-driven incentives to a more stable and predictable pricing framework, as the refinery consolidates its domestic market share.
The move comes amid continued volatility in PMS prices following the full deregulation of Nigeria’s downstream petroleum sector and the removal of fuel subsidies. In 2025, ex-depot prices fluctuated between ₦700 and over ₦800 per litre, driven by exchange rate pressures, global crude oil prices, and reliance on imported fuel, which in turn pushed pump prices higher nationwide.
With a production capacity of 650,000 barrels per day, Dangote Refinery — Africa’s largest single-train refinery — has become a key reference point for domestic fuel pricing. Its operations have helped moderate petrol prices, especially in southern and coastal distribution corridors, and reduce Nigeria’s dependence on imported fuel.
Industry observers note that the latest price reduction reflects easing production costs, improved operational efficiency, and increased competition from imported cargoes and modular refineries. As the refinery continues to expand, its pricing decisions are expected to influence national petrol rates, transportation costs, and inflationary pressures.
Dangote Refinery Slashes Petrol Price to ₦774, Ends PMS Bonus Window
Business
Fuel Self-Sufficiency: Dangote Refinery Counters Misinformation on Petrol Imports
Fuel Self-Sufficiency: Dangote Refinery Counters Misinformation on Petrol Imports
The Dangote Petroleum Refinery & Petrochemicals has clarified that there is no importation of finished Premium Motor Spirit (PMS) — commonly known as petrol — into Nigeria, countering recent reports suggesting otherwise. The company stated that locally refined petrol from the Dangote Refinery now meets a significant portion of Nigeria’s domestic demand, marking a major milestone in the country’s journey toward fuel self-sufficiency.
In a statement, the refinery dismissed claims that it imports finished PMS as false and misleading, stressing that such reports misrepresent its operations and could undermine public confidence in Nigeria’s local refining sector. The company also indicated that it has identified individuals behind these claims and warned that legal action may be pursued against parties spreading misinformation.
Oil marketers and industry observers confirm that the refinery has consistently supplied petrol to the Nigerian market, reducing reliance on imported fuel. The move has been welcomed by stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN), which advised its members to prioritize purchasing petrol from Dangote’s facility to support domestic refining and strengthen local fuel supply chains.
READ ALSO:
- “Electoral Act Amendment: El-Rufai Calls Akpabio ‘Tinubu’s Lapdog’”
- Lookman Reflects on Bittersweet La Liga Debut as Atletico Madrid Fall at Home
- Fayose Claims Presidency Told Wike to Respect Fubara or Risk Losing Job
This announcement comes amid broader efforts to revamp Nigeria’s state-owned refineries. Talks are ongoing between the Nigerian National Petroleum Company (NNPC) and technical partners to enhance capacity at existing refineries, aiming to further reduce the country’s dependence on imported petroleum products.
Analysts say that the rise of local refining through Dangote’s facility is poised to have several benefits for Nigeria, including stabilizing fuel supply, saving foreign exchange, and potentially moderating fuel prices. As the refinery ramps up production, Nigerians can expect more reliable access to locally refined petrol, signaling a shift from historical dependency on imported fuel toward greater energy self-reliance.
The Dangote Refinery, now one of the largest in Africa, continues to deliver substantial volumes of petrol and other refined products across Nigeria, underlining its central role in the country’s energy infrastructure and the nation’s ambition to achieve self-sufficiency in petroleum products.
Fuel Self-Sufficiency: Dangote Refinery Counters Misinformation on Petrol Imports
-
metro3 days agoLeadership Crisis at NAHCON as Chairman Abdullahi Saleh Usman Resigns
-
News3 days agoOyo Muslims Reaffirm Loyalty to Sultan on Islamic Matters — Grand Chief Imam
-
News3 days agoUS Judge Orders FBI, DEA to Release Tinubu’s Criminal Records, Faults Delays
-
International3 days agoUS to Deport 18 More Nigerians on ‘Worst-of-the-Worst’ Criminal List (Full Names)
-
metro2 days ago
Former NAHCON Chief Explains Why He Stepped Down, Denies Conflicts
-
Business3 days agoNaira Posts Strong Comeback, Breaking Two‑Year High Against Dollar
-
Education10 hours agoSupreme Court Affirms Muslim Students’ Right to Worship at Rivers State University
-
metro10 hours agoIKEDC Sets Feb 20 Deadline for Customers to Submit Valid IDs or Face Disconnection