Business
BREAKING: Dangote Announces Fresh Petrol Price Nationwide
Dangote Petroleum Refinery & Petrochemicals has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N50, bringing the new price to N1,075 per litre.
This marks the fourth price cut in just one month. The update was shared in a statement on X (formerly Twitter) on Thursday.
With this latest adjustment, the total decrease in the refinery’s petrol ex-depot price amounts to N200 per litre since May 30, 2026.
The company emphasizes that it is continuing to pass lower production costs on to consumers, although it is still refining crude oil that has been purchased at significantly elevated international prices.
Dangote Refinery said the latest price adjustment reflects its commitment to transferring the benefits of improving market conditions to consumers while ensuring the sustainability of its operations.
“The latest N50 per litre reduction brings the cumulative decrease in the refinery’s PMS ex-depot price to N200 per litre since May 30, 2026, reducing the gantry price to N1,075.”
“Over the same period, the refinery has reduced the ex-depot price of Automotive Gas Oil (AGO) by N300 per litre and Jet A1 aviation fuel by N520 per litre.”
The company said the successive reductions demonstrate its commitment to ensuring Nigerians benefit from favourable market developments while maintaining the long-term sustainability of domestic refining operations.
The latest adjustment is expected to influence pump prices as marketers begin to reflect the lower ex-depot cost in retail sales.
The latest reduction comes as regulators and government officials continue to emphasise that fuel prices under Nigeria’s deregulated downstream petroleum market will be determined by market forces rather than government intervention.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, recently reiterated that petrol prices in a deregulated market would be driven by competition, not government directives.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has repeatedly maintained that petrol prices must remain cost-reflective, while warning marketers against profiteering and arbitrary pricing.
The Federal Competition and Consumer Protection Commission (FCCPC) has also advocated competitive market practices, insisting that consumers should benefit from lower prices resulting from improved supply conditions and stronger competition.
The increasing domestic supply of refined petroleum products is expected to intensify competition among suppliers, creating room for further price adjustments where market conditions permit.
The latest price reduction extends Dangote Refinery’s aggressive pricing strategy since the end of May as competition in Nigeria’s downstream petroleum sector continues to deepen.
The National Bureau of Statistics earlier reported that the average retail price of Premium Motor Spirit, commonly known as petrol, rose by 55.31% year-on-year to N1,596.25 per litre in May 2026.
The latest petrol price data comes amid renewed pressure on global commodity markets, driven by geopolitical developments in the Middle East and disruptions to global energy supply chains.
The Nigerian National Petroleum Company Limited (NNPCL) has reduced its retail pump price of Premium Motor Spirit(PMS) again. This is the second drop in as many weeks, reflecting the changes in the global crude oil market.
While prices in Lagos reduced from N1,210 to N1,125 a litre, motorists at the Abuja depot now pay N1,170 per litre, down from N1,260 per litre at NNPC stations.
This review comes less than a week after the company slashed petrol prices from N1,165 per litre to N1,150 per litre in Lagos and N1,255 per litre to N1,190 per litre in the FCT. NNPC retail stations in Lagos, Abuja and some other locations have adjusted to N1,170 Petroleumprice.ng reports.
Many independent and major marketers have reduced their pump prices due to a decrease in ex-depot prices and intensifying competition.
The changes followed as marketers buy petrol at depots at a lower price than last week.
For example, Integrated, Ascon, Sahara, Bono, and African Terminal supplied petrol at N1,120 per litre while Pinnacle and Techno Oil supplied petrol at N1,121 per litre, which makes it easy for retailers to lower their pump price.
The latest adjustment would increase competitive pressure on the oil marketers, and will further drive competition among them to woo customers and retain market share.
The federal government has also urged marketers to bring down domestic pump price whenever prices crash due to global oil price decline.
Although petrol price in the country is determined by market dynamics under the deregulated system, the government has said that it has the responsibility to protect the consumers.
Market experts are optimistic that the latest reduction by NNPC could trigger another round of downward reviews by the competing oil marketers within the week.
Nigerian lenders Providus Bank and Unity Bank have completed their merger after obtaining all regulatory approvals and court clearance, the newly combined institution announced on Friday, June 26.
ProvidusUnity Bank described the merger as a milestone in building a stronger, more resilient institution that is better positioned to serve customers, support businesses, and contribute to Nigeria’s economic growth. The bank added that it expects to begin operations shortly. The bank said the merger combines Providus Bank’s innovation, agility, and customer-focused approach with Unity Bank’s nationwide network, market reach, and years of banking experience.
The merger was finalized just weeks after a court dismissed a legal challenge filed by shareholders of both banks seeking to block the transaction.
Under the approved terms, Unity Bank shareholders will receive 18 Providus Bank shares with a par value of 50 kobos each (100 kobos equal one naira) for every 17 Unity Bank shares they own. The court also ordered that all of Unity Bank’s assets, liabilities, and obligations be transferred to Providus Bank and approved the dissolution of Unity Bank’s board without winding up the company.
The merged institution will operate about 230 branches across Nigeria, placing it among the country’s banks with the largest physical branch networks.
Merger Reflects Nigeria’s Banking Recapitalization Drive
The merger process, which began in August 2024, is part of a broader consolidation of Nigeria’s banking sector following the recapitalization program launched by the Central Bank of Nigeria (CBN) in March 2024. Under the program, the regulator significantly increased the minimum capital requirements for commercial banks.
By the March 31, 2026 recapitalization deadline, 33 banks had met the new capital requirements. The CBN said the higher capital thresholds were intended not only to strengthen the banking system against external shocks but also to enable lenders to finance larger projects, particularly in strategic sectors such as energy and infrastructure.
Unity Bank was created in 2006 through the merger of nine smaller financial institutions. It is among several small and mid-sized Nigerian banks that struggled to raise additional capital after being weakened by the country’s 2016 economic crisis, which followed the collapse in global oil prices.
Providus Bank, meanwhile, was among the 16 banks that had already met the new minimum capital requirements by November 2025.
Walid Kéfi
The Central Bank of Nigeria (CBN), in a circular released today, July 1, 2026 has revoked the operating licences of 46 microfinance banks across the country with effect from immediately.
Here are the list of Revoked Microfinance Banks:
Minji-Se Churchill MFB
Merchant MFB
Janmaa MFB
Busu MFB
Gold MFB
Zain MFB (formerly Dawakin Tofa MFB)
Bompai MFB
Ajwa MFB (Formerly Gezawa)
NOW NOW DIGITAL MFB
Crystabel Microfinance Bank
Chanelle MFB
Abia SME MFB
Kamba MFB
Iwade MFB
Winview MFB
Zuru MFB
Minjibir MFB
Shanono MFB
Sumaila MFB
Rimin Gado MFB
Mwaghavul MFB
Sycamore MFB
TOFA MFB
Safegate MFB
Creekline MFB
Bestar MFB
Livingspring MFB
Apple MFB
Stanford MFB
Frontline MFB
Zafec MFB
Supreme MFB
Bejin-Doko MFB
Kanopoly MFB
Bellbank MFB (formerly Tsanyawa)
Yeneng MFB
Creditville MFB
MBAG MFB
STRAIGHT SAHARA MFB
OURPASS MFB
VERDANT MFB
BASAWA MFB
CASHA MFB
ESTEEM MFB
ENTREPRENEUR MFB
AVANTUS MFB
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