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.

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

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).