Tag:

petrol

BREAKING: President Tinubu Approves 15% Import Duty on Diesel and Petrol

by Folarin Kehinde October 30, 2025

written by Folarin Kehinde

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), commonly known as petrol.

In a letter dated October 21, 2025, Damilotun Aderemi, the president’s private secretary, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The approval followed a request from FIRS to apply the 15 percent duty on the cost, insurance, and freight (CIF) value of imports, aimed at aligning import costs with domestic market realities.

According to the letter, the implementation of the import duty is expected to raise the price of a litre of petrol by approximately N99.72.

October 30, 2025 0 comments

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JUST IN: Dangote Refinery Reduces Petrol Price to N825 per Litre

by Nelson Ugwuagbo May 12, 2025

written by Nelson Ugwuagbo

Dangote Petroleum Refinery has further reduced the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, to N825 per litre, down from the previous price of N835 per litre.

This marks the second downward adjustment in recent weeks. In April, the 650,000 barrels per day refinery had lowered the gantry price from N865 to N835 per litre.

The latest price review is reportedly aimed at providing greater value to customers and strengthening the refinery’s competitive position in the domestic petroleum market.

Details Later….

May 12, 2025 0 comments

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Filling stations shut after Dangote Refinery’s petrol price drop

by Folarin Kehinde April 22, 2025

written by Folarin Kehinde

Some filling stations and petroleum products marketers, partners of Dangote Refinery’s petrol, temporarily shut down for the past five days after the latest premium motor spirit price drop by the 650,000 barrels per day refinery.

LEADING REPORTERS gathered that for the past five days, MRS filling stations in Abuja, along Kubwa Expressway, and others have not dispensed fuel since Dangote Refinery announced its ex-depot fuel price reduction to N835 per litre on Tuesday, 16 April, 2025.

An official of MRS filling, who preferred anonymity because he is not authorised to speak, told DAILY POST that the filling station is grappling with the loss incurred after Dangote’s latest price adjustment.

“It is because of Dangote’s latest price drop. The filling station had old stock, which it couldn’t sell at a loss.

“This is the reason we have shut down since Tuesday. We may reopen on Tuesday,” he told DAILY POST.

Meanwhile, another official at the filling station said the retail outlet is billed to reopen on Tuesday, noting that it has been undergoing minor maintenance.

“We have been on maintenance for the past few days, which is the reason the station was shut. We will reopen on Tuesday,” he told DAILY POST.

According to him, the filling station would commence dispensing at the new price of N910 per litre from Tuesday.

April 22, 2025 0 comments

Business

Crude Oil Price Crash May Push Petrol Below N400/Litre – Refiners

by Folarin Kehinde April 7, 2025

written by Folarin Kehinde

Crude Oil Refinery Owners Association of Nigeria has said that the price of Premium Motor Spirit (petrol) can drop below N400 per litre with the current crash in crude oil prices.

CORAN argued that there is no reason petrol should not be sold at NN350 per litre if crude prices eventually fall to $50 per barrel.

However, CORAN said petrol prices will continue to rise despite the crash in crude prices and the reduction in its landing cost.

CORAN feared that unless the Federal Government continues the naira-for-crude deal, the price of petrol will be on the rise even if the price of crude oil falls to $50 per barrel.

The PUNCH reports that oil prices plunged last week to $65 per barrel as the United States import tariffs and an unexpected OPEC+ supply hike erased $10 per barrel from global benchmarks.

The price had appreciated earlier when US President Donald Trump imposed tariffs on any country that buys crude from Venezuela.

However, oil prices turned the corner as of Friday, with Brent falling to $65, the first time since 2021.

According to oilprice.com, the combined effect of Trump’s import tariffs, OPEC+’s inopportune decision to speed up the unwinding of production cuts, and China’s retaliatory actions wiped off $10 per barrel from global oil prices, “with ICE Brent falling below $65 per barrel for the first time since August 2021.”

The US West Texas Intermediate crude futures lost $4.96, or 7.4 per cent to end at $61.99.

China’s retaliatory tariffs on US goods were said to have escalated a trade war that has led investors to price in a higher probability of recession.

China, the world’s top oil importer, announced it will impose additional tariffs of 34 per cent on all US goods from April 10.

According to Reuters, nations around the world have readied retaliation after Trump raised tariffs to their highest in more than a century.

Aside from the tariffs, another factor that further pressured oil prices was the Organisation of the Petroleum Exporting Countries and Allies’ decision to advance plans for output increases.

The group now aims to return 411,000 barrels per day to the market in May, up from the previously planned 135,000 bpd.

In a bulletin released by the Major Energies Marketers Association of Nigeria, it was disclosed that the landing cost of petrol has dropped from N885 the week before to N865 as of Saturday.

However, despite the landing cost reduction, the ex-depot price of petrol rose from N860 to N900 per litre in Lagos, signalling the failure of the Nigerian market to react positively to the market forces.

April 7, 2025 0 comments

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FG bans 60,000-litre fuel tankers on roads from March 1

by Folarin Kehinde February 20, 2025

written by Folarin Kehinde

The Federal Government of Nigeria has announced a ban on fuel tankers exceeding 60,000 litres from operating on Nigerian roads.

The ban is expected to take effect from 1 March 2025, as revealed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.

The agency also specified that, by the fourth quarter of 2025, no truck with a capacity exceeding 45,000 litres will be permitted to load petroleum products.

Speaking to journalists on Wednesday in Abuja, Ogbugo Ukoha, NMDPRA Executive Director of Distribution Systems, Storage, and Retailing Infrastructure, stated that the decision was made in response to the rising number of road accidents involving heavy-duty petroleum tankers.

“The first stakeholders’ technical committee met today to establish timelines for about 10 resolutions aimed at addressing the significant increase in truck transit incidents and fatalities,” he said.

According to him, after deliberations involving key agencies—including the Department of State Services, DSS, Federal Fire Service, Federal Road Safety Corps, FRSC, National Association of Road Transport Owners, NARTO, National Union of Petroleum and Natural Gas Workers, NUPENG, Standards Organisation of Nigeria, SON, the Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN, and NMDPRA—it was agreed that from 1 March 2025, any truck with an axle load exceeding 60,000 litres of hydrocarbons will not be allowed to load at any depot.

“The key point here is that, for the first time, consensus was reached among all stakeholders, and we will continue to work together cohesively to ensure the safe transportation of petroleum products across the country,” he said.

Ukoha dismissed recent claims questioning the quality of fuel in circulation across the country, describing them as bogus, misleading, and unscientific.

He assured Nigerians that all imported and locally refined petroleum products meet strict regulatory standards before being released into the market.

The regulator vowed to ensure compliance with petroleum industry standards and specifications, stressing that recent social media claims about the quality of fuel products in circulation are baseless and should be disregarded.

“The regulator would usually be more circumspect and not respond to every comment made in public,” he said.

February 20, 2025 0 comments

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Dangote Refinery crashes petrol price to N890 per litre

by Folarin Kehinde February 2, 2025

written by Folarin Kehinde

Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday.

In a statement, the company said the price adjustment is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.

“Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.”

In the statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, the company explained that this latest move follows a similar decision made on 19th January, when a price increase was implemented due to rising crude oil costs.

“However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.”

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.

The refinery also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

February 2, 2025 0 comments

Headlines

BREAKING: Again, Petrol tanker explodes in Niger

by Folarin Kehinde January 28, 2025

written by Folarin Kehinde

Another fuel-laden tanker has exploded at Kusogbogi in Agaie Local Government Area (LGA) of Niger State.

Daily Trust reports that the scene of the incident is a boundary between Agaie and Lapai LGAs.

Sources told our correspondent that the disaster happened around 6pm on Tuesday but no life was lost.

A resident of Lapai, Mallam Mahmud Abubakar, said the tanker fell and engulfed in fire while trying to overtake another truck.

Abubakar further revealed that a tanker exploded on the spot last week.

While attributing Tuesday’s incident to overspeeding and loss of control, he said last week’s explosion occurred when the tanker rammed into a stationary truck packed by the road, causing both trucks to burn.

Leading reporters earlier reported that a devastating fuel tanker explosion that occurred over a week ago at Dikko in Gurara LGA of Niger State, left at least 98 person dead, with many others severely injured.

The tragedy occurred when residents gathered to collect spilled fuel, which suddenly ignited, causing a massive blast.

In response to the disaster, President Bola Ahmed Tinubu directed that 20 victims be transferred to Gwagwalada Specialist Hospital for advanced medical care.

January 28, 2025 0 comments

Business

Pump price hike looms as petrol depots increase prices

by Folarin Kehinde January 14, 2025

written by Folarin Kehinde

There are indications of an imminent hike in the price of petrol as the loading costs of petrol and diesel at depots increased across Nigeria on Monday.

On Sunday, Brent crude oil, the international benchmark, increased to $79.76 per barrel.

Prominent depots, including Swift, Wosbab, Sahara, and Shellplux, also adjusted their petrol prices to between N950 and N960 per litre, compared to last week’s range of N907 to N912 per litre

Similarly, diesel prices witnessed a steep rise, with depots such as Matrix Warri and Nipco increasing rates by N72 to N100 per litre.

Stockgap depot increased its loading depot price from N1,080 to N1,150, while Ibeto approved an increase from N1,050 to N1,150 per litre.

According to data from the Major Energies Marketers Association of Nigeria on December 19, 2024, the landing cost of petrol stood at N887.51 per litre; however, the rise in the price of crude oil means the landing cost may go up in the coming days.

In the past weeks, the price of petrol has recorded a reduction.

Last year, Dangote Refinery and Nigerian National Petroleum Company Limited (NNPCL) announced an ex-depot petrol price reduction.

This led to the retail product dropping to between N935 and N965 per litre from N1040 per litre.

Consequently, Nigerians currently buy petrol between N935 and N1,100 per litre nationwide.

A rise in petrol prices is likely to impact directly in the prices of goods and services that are already on the high side.

January 14, 2025 0 comments

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Petrol landing cost drops in Nigeria

by Folarin Kehinde November 11, 2024

written by Folarin Kehinde

Nigeria’s landing cost of Premium Motor Spirit (Petrol) dropped to N971 per litre in November 2024.

This is according to the latest data released by the Major Energies Marketers Association.

The figure represents a 20.23 percent drop in the landing cost of imported petrol, compared to N1,219 per litre recorded in August 2024.

The development is attributed to the fluctuations experienced in the Naira-dollar exchange rate and price of crude at the international market.

At the close of work on Friday, the Naira to Dollar exchange rate stood at N1678.87, while Brent crude was $73.63 per barrel, compared to $80.72 per barrel and an exchange rate of N1,611 per dollar in August 2024.

The drop in the landing cost of petrol comes despite the price of the product being sold at between N1060 per litre and N1,200 per litre in Nigerian National Petroleum Company Limited retail outlets and other filling stations.

Recall that the price of fuel had increased from N617 per litre in August 2024 to over N1060 per litre as of November 11, 2024.

Dangote Refinery recently stated that its petrol is sold at ex-depot prices of N960 and N990 per litre for ships and trucks, respectively.

Meanwhile, in a communiqué released by the Nigeria Labour Congress on Sunday, the union said the country’s pump price of petrol is higher than the market value.

November 11, 2024 0 comments

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We’re not responsible for petrol price hike – FG

by Folarin Kehinde October 10, 2024

written by Folarin Kehinde

The Federal Government has said it is not responsible for the hike in the pump price of petrol.

On Wednesday, the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of fuel from N897 per litre to N1, 030 in Abuja; from N855 to N998 in Lagos; N1, 070 in North-East; N1,025 in other South-West states; N1,045 in South-East and N1,075 in South-South.

This had triggered reactions among Nigerians who asked President Bola Tinubu to work towards reversing the increment.

But in a chat with Daily Trust, Minister of Information and National Orientation, Mohammed Idris, said the government should not be held responsible for the latest hike in petrol price.

The minister explained that the NNPCL made the decision in response to prevailing circumstances in the energy industry, emphasising that it did not act on any instruction from the federal government, as the government can no longer fix prices of petroleum products, in line with the provisions of the Petroleum Industry Act (PIA).

He said with the subsidy regime ending since May 2023, the NNPCL had only been paying differential to keep the price within the range it had been, but the company said it could no longer absorb the losses.

“The differential you’re seeing is a result of different factors. One of them is the crisis in the Middle East. There’s volatility in the market. Therefore, the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally.

Secondly, NNPC cannot continue to absorb these losses for Nigeria because as a limited liability company, it would be operating at a loss,” he said.

The minister urged Nigerians to continue to show understanding with the NNPCL and the government, assuring that in the long run the prices would ultimately come down.

October 10, 2024 0 comments

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