Business
JUST IN: Dangote Confirms N200 Petrol Price Reductions Nationwide; New Price Emerges
Dangote Petroleum Refinery & Petrochemicals has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), marking its fourth price cut within a month as the company said it continues to pass lower production costs to consumers despite still processing crude oil purchased at significantly higher international prices.
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 1, 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.
In a statement issued on Thursday, the Dangote Refinery explained that petroleum product pricing cannot mirror daily movements in international crude oil markets because crude is purchased weeks, and sometimes months, before it is processed. According to the refinery, the petroleum products currently being supplied to the market are being produced from crude inventories acquired during periods of substantially higher prices.
It disclosed that the average landed cost of crude processed stood at approximately US$124.80 per barrel in May and US$95.25 per barrel in June, compared with the current international benchmark of about US$71.01 per barrel.
The refinery also clarified that its crude procurement costs are not based solely on the headline ICE Brent benchmark commonly quoted in the media.
Rather, crude is purchased on a Dated Brent basis together with applicable market premiums, freight and logistics costs, resulting in actual feedstock costs that differ materially from benchmark prices.
Despite the sharp increase in crude acquisition costs during the period, Dangote Refinery said it deliberately refrained from transferring the full impact to consumers, choosing instead to absorb a significant portion of the additional costs in order to support market stability and cushion Nigerians from the volatility in global energy markets.
The company noted that this pricing approach has helped to keep petroleum product prices in Nigeria below those prevailing in neighbouring countries, even after accounting for applicable taxes. It added that as lower priced crude cargoes progressively enter its production cycle, the refinery has begun systematically passing the benefits to the market through phased price reductions.
“Today’s N50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS. This approach ensures that pricing decisions are anchored on actual production economics and inventory costs rather than short term fluctuations in international oil markets,” it said. “Nigeria today benefits from the stabilising role of domestic refining capacity. The Dangote Petroleum Refinery currently supplies volumes sufficient to meet national demand, helping to strengthen energy security, eliminate dependence on imports, conserve foreign exchange and provide greater price stability for consumers and businesses”.
The company expressed confidence that if international crude prices remain favourable and lower cost feedstock continues to replace higher priced inventories, Nigerians should expect further moderation in petroleum product prices.
Dangote Petroleum Refinery reiterated its commitment to supplying high quality, internationally certified petroleum products at competitive prices while supporting Nigeria’s economic growth and the long-term development of the country’s downstream petroleum sector.
The Nigerian National Petroleum Company (NNPC) has reduced petrol price across its filling stations nationwide, with many now selling below N1,200.
Data obtained by Legit showed that NNPC’s retail stations across the country are selling between N1,170 and N1,395 per litre, depending on their location
Lagos and Ogun recorded the lowest pump price at N1,170 per litre from N1,210, while the price list shows that Yobe recorded the highest pump price at N1,395 per litre.
Other states with high petrol prices include Bauchi (N1,385), Sokoto (N1,378), Plateau (N1,375), and Benue and Zamfara (N1,370 each).
Also, Kaduna (N1,365), Niger (N1,364), Kogi (N1,360), Adamawa (N1,355), and Gombe (N1,345) are among the northern states with high petrol prices. Abuja (N1,210), Osun (N1,220), Kano (N1,222), Ondo and Rivers (N1,230 each), and several southern states, including Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Ebonyi, Edo, Ekiti, Enugu, Imo, and Jigawa, where NNPC retail stations are located, sell petrol for N1,235 per litre at the time of reporting
Top 10 states with the lowest NNPC petrol prices
Lagos – N1,125
Ogun – N1,170
Abuja – N1,210
Osun – N1,220
Kano – N1,222
Ondo – N1,230
Rivers – N1,230
Abia – N1,235
Akwa Ibom – N1,235
Anambra – N1,235
Top 10 states with the highest NNPC petrol prices
Yobe – N1,395
Bauchi – N1,385
Sokoto – N1,378
Plateau – N1,375
Katsina – N1,377
Benue – N1,370
Zamfara – N1,370
Kaduna – N1,365
Niger – N1,364
Kogi – N1,360
On Monday, July 6, 2026, the United Bank for Africa (UBA) announced that billionaire investor Tony Elumelu is set to retire as Group Chairman after 12 years.
The Group also revealed the executive chosen to inherit one of Africa’s most influential banking boardrooms: Emmanuel N. Nnorom.
The leadership transition takes effect on August 21, subject to regulatory processes, marking the end of Elumelu’s tenure under the Central Bank of Nigeria’s corporate governance limits for non-executive directors.
For Nnorom, the appointment caps more than four decades in banking, finance, auditing and corporate leadership, much of it spent helping shape institutions that have become household names in Nigeria’s financial sector.
Nnorom’s career spans more than four decades across banking, finance, auditing and corporate leadership.
Born on April 7, 1958, he studied accounting and related services at Templeton College, Oxford University, completing the programme in 1996 before embarking on a series of senior management roles that established him as one of Nigeria’s most experienced banking executives.
He joined Diamond Bank Plc in January 1996 as General Manager for Operations and Branch Businesses, overseeing branch operations until May 1998. He later held brief executive roles as Senior Consultant at Equitorial Trust Bank between August and October 1998 before becoming Executive Director of Operations at Liberty Merchant Bank from November 1998 to November 1999.
His career trajectory
In January 2001, Nnorom was appointed General Manager for Finance and Planning at NUB International Bank, a position he held until April 2004. He subsequently moved to Standard Trust Bank as General Manager for Operations and Control, remaining there until July 2005 before the bank’s merger with United Bank for Africa.
His career accelerated at UBA, where he spent more than eight years rising through the executive ranks.
Beginning as General Manager for External Reporting in August 2005, he was promoted to Group Chief Operating Officer in April 2008, followed by appointments as Executive Director for Group Office in April 2009, Executive Director for Finance in July 2010 and Executive Director for Risk in March 2012.
In January 2013, he was named Managing Director and Chief Executive Officer of UBA Africa, overseeing the lender’s operations across the continent during a period of rapid regional expansion.
Nnorom joined Heirs Holdings in January 2014 as President and Chief Operating Officer, helping oversee the investment company’s growing portfolio across financial services, energy, healthcare, hospitality and infrastructure.
Eight months later, in September 2014, he was appointed President and Chief Executive Officer of Transnational Corporation of Nigeria Plc (Transcorp), where he led the diversified conglomerate’s businesses spanning power generation, hospitality, agribusiness and energy.
During his tenure, Transcorp expanded its strategic investments, including interests in the Ughelli Power Plant, Transcorp Hotels and Teragro Commodities, while strengthening its position as one of Nigeria’s largest listed conglomerates with roughly 300,000 shareholders.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN).
The World Bank has said Nigeria’s biggest fiscal challenge is weak revenue mobilisation rather than excessive borrowing, urging the government to prioritise efforts to boost revenue generation to support sustainable economic growth.
Speaking during an interview on Channels Television on Friday, the World Bank Country Director for Nigeria, Mathew Verghis, said Nigeria’s debt profile remains moderate by international standards and is significantly different from countries experiencing debt distress.
“From our assessment, Nigeria doesn’t have a high indebtedness problem; it has a low revenue problem,” Verghis said.
He explained that Nigeria’s debt-to-GDP ratio is lower than that of many comparable countries, stressing that concerns should focus on improving government revenue rather than limiting borrowing.
“When we looked at the numbers, Nigeria is a moderately indebted country, meaning it has less debt relative to its economy than most of its neighbours and many other countries,” he said.
“Nigeria is in a very different situation than Ghana, for example, which is going through a debt restructuring.”
Verghis defended government borrowing as a necessary tool for financing long-term investments that stimulate economic growth and improve living standards.
“Nigeria borrows for the same reasons that all countries borrow. If you want to deliver results to people, the money available on an annual basis is not enough. So you borrow, deliver results, and that improves your ability to repay,” he said.
He cited the expansion of electricity access as an example, noting that providing power to about 32 million Nigerians requires substantial upfront investment.
“To be able to connect and provide energy to 32 million Nigerians, Nigeria needs to borrow money now. But with increased access to energy, the country will become wealthier and better positioned to repay the loans,” he added.
The World Bank official, however, warned that low government revenue poses a greater threat to Nigeria’s fiscal sustainability than its current debt level.
JUST IN: Dangote Confirms N200 Petrol Price Reductions Nationwide; New Price Emerges
JUST IN: APC Chairman Resigns, Dumps Party Ahead of 2027 Elections, Gives Reason
2027: PDP National Leader Dumps Party, Reveals Next Move
Former Super Eagles Star Loses Life Savings, Duped By A Pastor of ₦1.2 Billion
I’m A Married Man, I Can Never Get Myself Involved With Such A Thing, Delta Gov Aide Reveals Why He Offered Comfort ₦500,000 Job
Lagos Imposes ₦250,000 Fine For Illegal Waste Disposal
-
Business1 day agoNNPC Announces Petrol Price; List of 10 States With Lowest Rates Emerge
-
Politics2 days agoFresh Details Emerge On When APC Will Announce Tinubu’s 2027 Running Mate
-
Politics2 days agoAPC Replaces Bello, 25 Candidates for INEC’s Final List
-
Politics2 days agoBREAKING: Tinubu’s 2027 Running Mate Emerges as INEC Fixes Date for Upload
-
Entertainment2 days agoPeer Pressure Pushed Me To Do BBL – Mercy Eke
-
Uncategorized2 days agoResurfaced Clip Throws Spotlight Back on Alleged Fake Agency DG
-
Business2 days agoBREAKING: Meet Emmanuel Nnorom, Incoming UBA Chairman
-
Health4 hours agoFACT CHECK: Is it True Judge Who Declared Tinubu the Winner Lost Eyesight After Surgery? Truth Emerges