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Dangote Refinery Adjusts Petrol Prices, Absorbs 50% of Global Oil Price Increase

Published

1 year ago

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Dangote Petroleum Refinery said the recent adjustment in its ex-depot price of Premium Motor Spirit (petrol) is directly related to the significant increase in global crude oil prices.

The ex-depot price of petrol has been adjusted from N899.50 to N950 per litre, marking a 5% increase. However, Dangote Refinery emphasised that this increase is notably lower than the 15% rise in global crude oil prices. Over a span of just a few days, Brent Crude prices have climbed from $70 to $82 per barrel, with additional premiums for Nigerian crude adding approximately $3 per barrel.

Dangote Petroleum Refinery, in a statement, also clarified that it has chosen to absorb part of the increased logistics costs, in a bid to maintain consistent pricing across Nigeria. The refinery also kept the Single-Point Mooring (SPM) ex-vessel price stable at N895 per litre, a move aimed at reducing the impact on consumers.

In an effort to keep prices manageable, Dangote Refinery stated that it has absorbed nearly 50% of the price hikes in international crude oil markets, ensuring that the retail price of PMS nationwide will remain at N970 per litre. Without this intervention, the company noted that the retail price could have surged to as high as N1,150 to N1,200 per litre in certain locations, a stark contrast to the current price.

The company also acknowledged its partners, including Ardova, Heyden, and MRS Holdings, would retail petrol at the same price of N970 per litre nationwide, aimed at preventing price disparities across different regions and ensuring uniform pricing across all 36 states and the Federal Capital Territory (FCT).

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“All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).
“Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market. This is due to our unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remains central to our mission. If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre,” it said.

The Refinery emphasised its ongoing commitment to providing Nigerians with affordable and high-quality fuel. The statement also stressed its dedication to transparency, with plans to publish its ex-depot price, ex-vessel price, and pump price on a weekly basis, ensuring that consumers are informed and protected from price exploitation.

“We are committed to providing reliable, top-quality petrol to the Nigerian people at competitive prices. In these challenging times, we continue to prioritise the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions. We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations,” it said.

It expressed appreciation for the support of President Bola Ahmed Tinubu’s administration and the introduction of the Naira for Crude Initiative. The initiative, which promotes local purchasing of crude oil with the naira currency, has been credited with providing Nigerians with consistent access to high-quality PMS while shielding them from the fluctuations of the international oil market.

“We would like to express our gratitude to President Bola Ahmed Tinubu for the introduction of the visionary Naira for Crude Initiative. This groundbreaking initiative has enabled consistent access to high-quality PMS for all Nigerians, while also insulating the Nigerian consumers from the volatility of the global oil market,” it added.

It reiterated its commitment to providing reliable, top-quality petrol to Nigerians at competitive prices. It added that it will continue to prioritise the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions.

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Insecurity: US lawmaker accuses Matawalle of bribe attempt to silence recommendation calling for his sack

Published

5 hours ago

on

April 21, 2026

By

Governor Matawalle

 

Kimberly Daniels, a United States Democratic member of the Florida House of Representatives for District 14, has alleged that Nigeria’s minister of state for defense, Bello Matawalle, attempted to bribe a US official to deflect the narrative of the United World Congress of Diplomats, UN-WCD, report.

The lawmaker made the claim in a viral video released on her official Facebook account on Monday.

She said Matawalle’s alleged move was to cover up the UN-WCD report on Christian genocide in Nigeria, which indicted him.

Daniels insisted that no amount of pressure can silence her stand against the killings of Christians in Nigeria.

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“A US elected official was offered money by Nigeria’s minister of state defense, Bello Matawalle, to change the narrative of the UN-WCD Christian genocide in Nigeria report,” she said in the viral video.

Recall that Daniels, who doubled as the chairperson of UN-WCD, had called for President Bola Tinubu to remove Matawalle over alleged complicity in the killings in Plateau, Benue, Kaduna, and other parts of Nigeria.

Matawalle is yet to officially reply the US lawmaker.

Daniels alleged that following her recent press statement on what she described as targeted killings of Christians in Nigeria, she came under pressure from individuals she linked to the minister, including what she characterised as attempts to discredit her report and “buy support” from US-based elected officials.

According to her, an unnamed American lawmaker allegedly received an offer of financial inducement to publicly counter her position and defend the Nigerian defence leadership.

She claimed to have received evidence of a communication, including a prepared statement and promotional material, purportedly linked to the minister.

She also claimed that the bribery attempt is meant to divide America elected officials not knowing that they are united.

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Just In:President Tinubu Sacks Minister Of Finance

Published

9 hours ago

on

April 21, 2026

By

 

President Bola Ahmed Tinubu has approved a minor cabinet reshuffle in the membership of the Federal Executive Council.

According to a memo signed by the Secretary to the Government of the Federation, Senator George Akume, two cabinet members, Mr. Wale Edun and Arc. Ahmed Musa Dangiwa are to leave the cabinet while their replacements have been named.

Edun, until the latest development, was the Minister of Finance and Coordinating Minister for the Economy. He has been directed to hand over to Mr. Taiwo Oyedele who is now to take over as Minister of Finance and Coordinating Minister of the Economy. Oyedele was formerly a Minister of State in the ministry.

Also Mr. Muttaqha Rabe Darma (PhD .) has been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.

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The memo also directed Dangiwa to hand over to the Minister of State in the ministry.

The memo stated that “all handing over and taking over processes should be completed on or before close of business on Thursday 23rd April, 2026.”

Explaining the President’s decision, Akume said: “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”

He said the President, in approving the cabinet reshuffle, has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended).

The President thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours.

The President, Akume noted, equally assured all cabinet members that “the process of reinvigoration shall be continuous.”

Signed:

Yomi Odunuga,
Special Adviser, Media and Publicity to the Secretary to the Government of the Federation

21-04-2026

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JUST IN: FG Files 13 Count Charges Against Alleged Coup Plotters

Published

16 hours ago

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April 21, 2026

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By Yusuf Danjuma Yunusa

The Federal Government has filed a 13-count charge before the Federal High Court in Abuja against individuals accused of plotting to overthrow President Bola Tinubu. Among those named in the suit are a retired major general, a retired naval captain, a serving police inspector, and three other suspects.

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According to security sources, the coup was scheduled to be executed on Nigeria’s Independence Day. However, the plot was uncovered after preparations and plans were leaked, leading to its successful disruption.

The development prompted the Federal Government to cancel the Independence Day programme—a move described as highly unusual by political observers.

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