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Dangote Announces New Petrol Price, Takes Fresh Action

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2 months ago

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Dangote Refinery Slashes Ex-Depot Price By N40

Fresh pressure is building in Nigeria’s fuel market after Dangote Refinery raised the price of petrol and halted supply operations.

The development has triggered concerns among marketers and consumers, as the impact is expected to ripple across the country in the coming days.

The refinery increased its ex-depot price of Premium Motor Spirit by N75 per litre. This pushed the loading cost from N1,200 per litre to N1,275 per litre.

Coastal supply price was also adjusted upward to N1,215 per litre. The new pricing structure has already begun to influence activities in the downstream sector.

A senior official at the facility confirmed the adjustment. According to the official, “Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215.”

The confirmation puts to rest earlier uncertainty among marketers who had reported sudden changes in depot pricing.

At the same time, operations were disrupted after the refinery suspended its Proforma Invoice process. This system is critical for product allocation and loading schedules.

Sources familiar with the situation said the process was halted at about 4:00 pm on Tuesday. The decision affected the normal flow of transactions within the loading system.

The disruption immediately led to a pause in the sale of petrol and Automotive Gas Oil. Trucks waiting for loading were reportedly left stranded, while marketers struggled to secure fresh allocations. The halt in supply has created anxiety across distribution channels.

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FG Releases Barely 5% Of N54.93tn Three-Year Road Budget

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1 hour ago

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June 17, 2026

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Nigeria, Benin Sign Integration Pact

The Federal Government has released about N2.68tn for the construction, rehabilitation and maintenance of roads and bridges across the country between 2023 and April 2026, findings by The PUNCH from the Open Treasury Portal have shown.

The analysis, however, revealed a significant disparity between approved budgets and actual releases, with the government making provisions totalling N54.93tn for road-related projects within the period under review.

The figures highlight both the growing emphasis on infrastructure development and the persistent financing constraints that continue to affect capital project execution in the country.

The development also comes amid the ongoing Renewed Hope Media Tour organised by the Presidential Communications Team, designed to showcase projects being implemented under President Bola Tinubu’s Renewed Hope Agenda.

Data obtained from the Open Treasury Portal on Tuesday showed that road projects attracted a combined budgetary allocation of N2.53tn in 2023, out of which N631.51bn was released, representing an implementation rate of 24.95 per cent.

The Treasury data, however, did not specify the road projects to which the funds were released and did not indicate whether the government’s four legacy highway projects formed part of the expenditure.

A year-by-year breakdown showed that road construction projects received N280.14bn from a budget of N1.09tn during the year, while rehabilitation and repair works attracted N345.93bn from an allocation of N1.42tn. Road and bridge maintenance projects also received N5.44bn out of a total provision of N14.68bn.

In 2024, the Federal Government increased its budgetary commitment to the sector, making provisions amounting to N9.39tn for road-related projects. However, actual releases stood at N784.60bn, representing 8.36 per cent of the approved amount.

Road construction projects accounted for N383.74bn of the spending from an allocation of N5.05tn, while rehabilitation projects received N384.49bn from a budget of N4.32tn. The government also released N16.37bn for the maintenance of roads and bridges out of a total provision of N18.18bn.

The trend continued in 2025, with the government budgeting N7.22tn for road construction and rehabilitation projects. Treasury records showed that N670.68bn had been released during the period, translating to an implementation rate of 9.29 per cent.

Of the amount released, road construction projects received N269.75bn from an allocation of N3.42tn, while rehabilitation and repair projects attracted N400.94bn from a budget of N3.80tn.

The 2026 figures indicate a sharp rise in budgetary provisions. As of April 2026, the government had earmarked N35.79tn for road construction, rehabilitation and maintenance projects, the highest within the four-year period.

However, only N597.08bn had been released, representing 1.67 per cent of the approved budget. Specifically, road construction projects had a budgetary provision of N23.61tn, with releases amounting to N293.06bn.

Similarly, rehabilitation and repair projects received N300.80bn from a total allocation of N12.03tn. Road and bridge maintenance projects had an allocation of N144.64bn, but only N3.22bn had been released as of the end of April. Treasury records show that N26.54bn was released in April alone, leaving an outstanding budget balance of N23.32tn yet to be funded.

The data indicate that although substantial sums have been earmarked for road projects over the years, actual cash releases remain significantly lower than approved allocations, reflecting the financing constraints that often affect capital project implementation.

Further analysis showed that road construction consistently attracted the largest allocations. Budgetary provisions rose from N1.09tn in 2023 to N23.61tn in 2026, reflecting the Federal Government’s increasing focus on large-scale highway projects.

Road rehabilitation spending remained substantial throughout the period. Allocations increased from N1.42tn in 2023 to N12.03tn in 2026, suggesting a parallel effort to repair existing infrastructure.

Maintenance received the smallest allocations but recorded the highest execution rate. In 2024, road and bridge maintenance achieved a 90.05 per cent implementation rate, compared to less than 10 per cent for construction and rehabilitation.

Overall, the Federal Government budgeted N54.93tn for road-related projects between 2023 and April 2026 but released N2.68tn during the same period.

The data also showed that while budgetary provisions expanded significantly over the years, the percentage of funds released declined. In 2023, about 25 per cent of the approved budget was released. This fell to 8.36 per cent in 2024 and 9.29 per cent in 2025.

As of April 2026, only 1.67 per cent of the total budgetary provision had been released. The development comes amid the Federal Government’s renewed focus on infrastructure as a catalyst for economic growth.

Several major road projects are currently underway across the country, including the Lagos-Calabar Coastal Highway, the Abuja-Kaduna-Zaria-Kano Road, the Sokoto-Badagry Super Highway and other strategic federal highways aimed at improving connectivity across Nigeria’s six geopolitical zones and stimulating economic activities.

The Minister of Works, David Umahi, recently disclosed that the Federal Ministry of Works would prioritise the completion of major highways and the execution of four presidential legacy projects in its 2026 capital plan.

According to the minister, the ministry inherited over 2,000 ongoing projects in 2023, many of which have been rolled over into subsequent budgets due to funding constraints.

Umahi also told lawmakers during the defence of the ministry’s 2026 budget proposal that the Federal Government owed contractors about N2.2tn for certified works executed between 2024 and 2025, underscoring the financing challenges facing the road sector despite rising budgetary allocations.

He added that only a fraction of expected capital releases had been made, forcing the ministry to re-scope and prioritise projects.

The Open Treasury Portal, which tracks government revenues and expenditures, provides a snapshot of how much of the approved budgets for capital projects has translated into actual spending.

Although the latest figures point to an unprecedented expansion in planned spending on road infrastructure, the challenge, analysts say, will be ensuring that budgetary commitments are backed by timely releases to deliver the intended benefits to Nigerians.

 

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Business

Marketers, Depots Release New Petrol Prices as Dangote Refinery Slashes Price

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6 hours ago

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June 17, 2026

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Nigeria’s petrol market is witnessing a fresh wave of price reductions following the sharp decline in global crude oil prices and a major price cut by Dangote Refinery, raising hopes of cheaper fuel across the country.

The downturn in international oil prices has triggered adjustments at several fuel depots, with operators releasing new ex-depot prices amid growing optimism that petrol prices could ease further in the coming weeks.

Global crude prices extended their losses on Tuesday, June 16, 2026, after signs of a breakthrough in talks between the United States and Iran boosted expectations that the strategic Strait of Hormuz could soon return to normal operations.

The easing of tensions has reduced fears of supply disruptions that previously pushed oil prices higher.

As of Tuesday morning, Brent crude traded at $82.68 per barrel, down 0.59 per cent, while West Texas Intermediate (WTI) crude slipped 0.42 per cent to $80.41 per barrel.

Market confidence also received a boost after the LNG tanker Disha successfully sailed through the Strait of Hormuz on Monday on its way to India, signalling the gradual restoration of energy shipments from the Gulf region.

Although shipping firms remain cautious, analysts believe oil prices may remain under pressure if the US-Iran agreement is formally signed and maritime activities fully resume.

Against this backdrop, Nigerian depots have begun adjusting their petrol prices downward.

Industry data obtained from PetroleumPriceNG shows that several depot owners lowered their ex-gantry prices as competition intensifies.

Dangote Refinery had earlier announced a significant N75 per litre reduction in its petrol price.

However, the refinery later adjusted its rate slightly upward by N5, selling Premium Motor Spirit (PMS) at N1,185 per litre, compared to N1,175 previously.

Other depots have also announced fresh rates. Prudent Oghara is now selling petrol at N1,270 per litre, while AITEO offers PMS at N1,180 per litre. Mainland depot fixed its ex-depot price at N1,250 per litre.

The latest crash in crude oil prices could open the door for additional reductions in petrol and diesel prices across Nigeria. Industry experts say marketers may be compelled to lower prices further as cheaper crude filters into the supply chain and competition with Dangote Refinery intensifies

For millions of Nigerians struggling with high transportation and living costs, the current trend offers renewed hope that fuel prices may finally begin to ease in the months ahead.

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Business

JUST IN: Saraki Gets Fresh Appointment

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15 hours ago

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June 16, 2026

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NCR Nigeria Plc has announced the appointment of Mrs Oluwatoyin Saraki, the wife of former Senate President, Bukola Saraki as a Non-Executive Director, according to a statement signed by the Company Secretary, Bernice Anya.

Saraki’s appointment, subject to ratification by shareholders at the company’s next Annual General Meeting (AGM).

The development, the company noted, will strengthen the company’s board as it builds on its recent financial recovery and growth momentum.

NCR Nigeria stated that the appointment followed a written resolution passed by its Board of Directors.

“The Board of Directors of NCR (Nigeria) Plc, by way of a written resolution, appointed Her Excellency, Mrs Oluwatoyin Saraki, as a Non-Executive Director on the Board of the Company, subject to ratification by the shareholders at the next Annual General Meeting of the Company”, the statement noted.

The company said Saraki brings extensive experience in law, governance, policy advocacy, and strategic leadership gained across the private, public, and multilateral sectors. The Board and Management also expressed confidence in her ability to contribute meaningfully to the company’s long-term growth and governance objectives.

Saraki is widely recognised for her work in global health and development. She serves as the Inaugural and Emeritus Global Goodwill Ambassador for the International Confederation of Midwives.

She is a Special Adviser to the World Health Organisation (WHO) Regional Office for Africa.

Saraki also holds several advocacy roles, including UNFPA Nigeria Family Planning Champion and Global Champion for the White Ribbon Alliance for Safe Motherhood.

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