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Dangote Refinery Slashes Petrol Gantry Price By N75/Litre

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Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N75 per litre

In a circular to fuel marketers on Monday, the refinery said the adjustment followed the de-escalation of the tension in the Middle East, which had impacted energy prices in the past three months.

“Following the de-escalation of tensions in the Middle East, which has impacted energy prices. We wish to inform you that we have reviewed our premium motor spirit gantry/coastal price,” the circular stated.

It added that the new gantry price is now N1,175 per litre, down from N1,250, while the coastal price per metric tonne has been reduced from N1,595,790 to N1,495,215.

The refinery stated that the new rates will take effect at midnight.

“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026.

“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the circular noted.

According to Petroleumprice.ng, the Dangote refinery is now the cheapest petrol, as many marketers sold it for around N1,240 on Monday.

The latest reduction comes amid easing tensions in the global oil market following reports of ongoing negotiations between the United States and Iran over the reopening of the Strait of Hormuz.

Oil prices, which had surged to about 83 per barrel as of Monday after Trump announced the signing of the deal.

Crude oil, the major feedstock for fuel production, had risen sharply since the outbreak of hostilities between the United States and Iran on February 28. During the three-month conflict, crude prices climbed above 120 per barrel, triggering higher fuel prices.

In Nigeria, petrol prices rose from about N830 per litre to around M1,300 per litre during the period. Diesel and aviation fuel prices also recorded significant increases.

With crude prices now retreating, the adjustment by the Dangote refinery is expected to bring further relief in domestic fuel prices.

The VOICE  reports that oil prices continued their downward trend on Monday following the signing of a ceasefire agreement between the United States and Iran to end hostilities in the Middle East and reopen the Strait of Hormuz.

According to Oilprice.com, Brent crude, the global benchmark, dropped from 83 per barrel on Monday.

The US and Iran said they reached an agreement on Sunday to end the war, a development that further pushed down oil prices.

The  report Says on Monday that petrol could drop to as low as N900 per litre in the coming days if the peace deal between the United States and Iran materialised.

With US President Donald Trump announcing the signing of the peace deal and a partial reopening of the Strait of Hormuz, oil prices further crashed, fuelling speculation of more fuel price reductions in the coming days, should the crisis fully de-escalate.

Nigerians are waiting for more drops in petrol prices. However, a Dangote Petroleum Refinery official, while saying petrol could fall to N900 per litre, cautioned that the refinery still had the “expensive crude” in its tanks.

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Business

Marketers Slash Cooking Gas Prices, Release New Rates Nationwide

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July 18, 2026

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Liquefied Petroleum Gas (LPG) marketers have slashed depot prices, offering distributors lower wholesale rates and raising expectations that cooking gas refill costs could ease for Nigerian consumers in the weeks ahead.

Fresh market data showed that PPMC recorded the sharpest reduction, cutting its depot price to N1,010/kg, a 0.69%.

Rainoil Lagos followed with reduction, bringing its depot price down to N1,030/kg. NIPCO Lagos held its rate steady at N1,025/kg, data from petroluemprice.ng show.

The only marketer to move in the opposite direction was Matrix Warri, which is N1,100/kg.

The new cooking gas depot prices are:

PPMC: N1,010/kg

NIPCO Lagos: N1,025/kg

Rainoil Lagos: N1,030/kg

Matrix Warri: N1,100/k

Industry sources attributed the downward movement to greater competition among suppliers and improved product availability at the wholesale level.

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Business

Breaking: Atiku Reveals Fresh Scandal in Tinubu’s Administration

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July 18, 2026

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Presidential candidate of the African Democratic Congress ADC, Atiku Abubakar, has demanded that the National Assembly (NASS) immediately conduct a comprehensive forensic review of the 2026 Appropriation Act, following revelations of over ₦210 billion in overlapping and duplicated allocations in the budget.

In a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the revelation, coming alongside Nigeria’s poor showing on nearly 90 percent of globally recognised prosperity indicators, exposes the Tinubu administration as one of the most fiscally reckless governments in Nigeria’s democratic history.

“For more than three years, Nigerians have been subjected to relentless hardship. They were told that fuel subsidy removal, exchange rate unification, higher taxes and rising tariffs were bitter pills that would eventually restore economic stability. Yet today, the same government cannot explain how more than ₦210 billion found its way into duplicated and overlapping budget provisions,” he said.

He linked the finding to what he called a growing pattern of questionable budget practices, citing allocations for projects outside agencies’ statutory mandates and insertions running into billions of naira.

The former vice president also cited the Nigerian National Petroleum Corporation NNPC Limited’s audited 2024 financial statements, which he said showed ₦7.13 trillion spent on “Energy Security Expenses” — what NNPC itself identifies as petrol subsidy — despite claims that subsidy had been removed in 2023.

Atiku argued that this fiscal indiscipline is reflected in declining living standards, noting that families are skipping meals, small businesses are shutting down, and graduates cannot find jobs, even as government celebrates selective economic indicators.

He also urged the Auditor-General of the Federation, anti-corruption agencies and civil society organisations to independently scrutinise the budget, identify officials responsible for the duplicated allocations, and ensure all improperly appropriated funds are recovered.

Atiku pledged that an ADC administration would restore credibility to public finance through transparent budgeting, zero-based expenditure planning, digital public expenditure tracking and strict personal accountability for public officers.

“When the owner of the barn invites goats to keep watch over his harvest, he should not be surprised when hunger follows abundance. Nigeria deserves custodians of her commonwealth, not Bourdillon caretakers of waste,” he added.

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JUST IN: PenCom DG Reveals New Pension Payment for Retirees After Tinubu’s Reform

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3 days ago

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July 17, 2026

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The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has explained how a retired factory worker’s monthly pension increased from N18,000 to N206,000 after the Federal Government carried out pension reforms under President Bola Tinubu’s administration.

The PenCom boss shared the story while speaking on the impact of the reforms, saying the increase reflects the government’s commitment to improving the welfare of retirees.

She said the retiree received a pension alert earlier in the day showing the increased payment.

“Early this morning, somewhere in Nigeria, a retired factory worker checked the alert on his phone. For 21 years, that alert read ₦18,000. This month, as in every single month now, it reads N206,000,” she said.

Oloworaran said the increase was not a gift but the result of the government’s decision to meet its obligations to retired workers.

“He did not win a lottery. He was not given anything he had not already earned. What changed was simple. His country decided to keep its promise,” she added.

According to Oloworaran, the improvement is not limited to one person, as hundreds of thousands of pensioners across the country are benefiting from the reforms.

She credited the progress to President Bola Tinubu’s commitment to workers and vulnerable Nigerians, saying the administration has focused on policies that improve the welfare of retirees.

“Work has been made easy because we have a president that is passionate about the Nigerian people, passionate about vulnerable Nigerians, and doing everything in its power to make sure that it puts more money in the hands of the average Nigerian,” she said.

The PenCom Director-General added that the administration’s record on pension welfare over the past two years reflects the impact of the reforms.

She said, “Today, standing before you with 24 months of evidence, I can say that that case is no longer emerging. It is on the record. Because history is rarely defined by one decision. It is defined by a pattern of decisions.”

FULL DETAILS HERE

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