Business
Again, Dangote Announces Fresh Petrol Price Nationwide
The Dangote Petroleum Refinery has announced a decrease in the ex-depot price of Premium Motor Spirit (PMS), widely known as petrol, from N1,275 to N1,250 per litre.
This adjustment, reflecting a reduction of N25 per litre, comes in the wake of a continued decline in international crude oil prices.
This price cut is anticipated to alleviate some financial pressure on marketers and may influence retail pump prices nationwide if the savings are transferred to consumers.
According to sources familiar with the situation, the refinery has updated its pricing strategy in response to evolving market dynamics.
This reduction is indicative of the lower cost of crude oil, which is the primary input for petrol refining. A spokesperson from the refinery noted that this price adjustment aligns with the principles of a deregulated petroleum market, where product prices are expected to fluctuate based on changes in global oil prices.
“It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock. In a deregulated market, such adjustments should be expected,” the official said.
He added: “We are still monitoring developments and will continue to adjust prices in line with market realities.”
Despite the reduction at the refinery gate, checks indicate that retail prices have remained largely unchanged in many parts of the country. Several filling stations are still dispensing petrol at prices above N1,350 per litre, with rates varying depending on location, transportation costs and individual marketers.
Industry observers say the gap between ex-depot and retail prices may persist for some time as marketers work through existing stock purchased at higher rates before implementing any fresh pricing changes.
The latest cut comes as competition continues to grow within Nigeria’s downstream petroleum sector following the removal of fuel subsidies and the full deregulation of the market. Operators have increasingly adjusted prices in response to shifts in crude oil costs, foreign exchange movements and supply conditions.Nigerian business directory
Meanwhile, the refinery has continued to position itself as a major contributor to Nigeria’s economic recovery and energy security efforts.
The company recently highlighted its role in strengthening the country’s economic outlook following an upgrade of Nigeria’s sovereign credit rating by S&P Global Ratings.
According to the refinery, the rating agency cited stronger economic performance, improved external balances, rising oil production and increased domestic refining capacity among the factors supporting the country’s recovery.
The refinery noted that its operations have significantly reduced Nigeria’s dependence on imported petroleum products while improving foreign exchange conservation.
It also pointed to the gradual ramp-up of its 650,000 barrels-per-day refining complex, which is now operating close to full capacity.
The company said the facility has become a key part of Nigeria’s industrial and economic landscape, helping to boost domestic supply of refined products and improve the country’s balance of payments position.
The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.
Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.
The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.
At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.
The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.
The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.
Recent market quotations show the following indicative prices for a 50kg bag:
Note: prices may vary by location and transportation costs.
These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.
However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.
The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.
In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.
The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.
This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.
Why cement remains high
High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.
Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.
The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.
Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.
The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.
CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.
Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:
The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.
Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.
Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.
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