Dangote Refinery

Tinubu: Backing Dangote Refinery Was a Strategic Move

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  President Bola Tinubu has justified his administration’s backing of the Dangote Refinery, warning that Nigeria might have plunged into a serious crisis amid ongoing global tensions without a functioning local refinery. The remarks were made on Thursday on the sidelines of the 13th Africa CEO Forum in Rwanda. Tinubu said the country’s large population and dependence on petroleum products made it imperative to support domestic refining initiatives such as the Dangote refinery. “Today, with the crisis around the whole world. particularly around conflict, Nigeria wouldn’t be able to survive, over 200 million people, without a refinery,” he said. He added that supporting the refinery was a strategic decision aimed at strengthening Nigeria’s energy security and reducing dependence on imported fuel. “A risk-taker like the Dangote Refinery must be encouraged by the government in power. What I did was support him, give him free trade for his own licence, and support him in his efforts to source the crude that is necessary. Today, he is the exporter of both the PMS, aviation fuel,” he added. The remarks come amid heightened tensions in the Middle East, where ongoing conflicts and security threats around major oil-producing and shipping routes have continued to raise concerns over global crude supply and fuel prices. The instability has contributed to volatility in the international energy market, with several countries reviewing energy security measures and seeking to reduce dependence on imported refined petroleum products. The Dangote refinery, owned by billionaire businessman Aliko Dangote, began fuel production amid efforts by the Federal Government to end decades of dependence on imported refined products. The facility has been projected to significantly reduce pressure on foreign exchange demand and strengthen Nigeria’s energy independence.

BREAKING: Again, Dangote Refinery Hikes Petrol Price to N1,175

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  The cost of goods and services across Nigeria is expected to rise further following a fresh increase in petrol prices after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within a week. The latest price revision comes hours after The PUNCH projected that petrol prices could rise for the third time within a week following the temporary suspension of petrol sales at the refinery on Sunday. The refinery announced the price hike to marketers on Monday, raising the gantry price of Premium Motor Spirit to N1,175 per litre from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days. It also revised the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per litre. A senior official of the refinery, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed the adjustment to our correspondent, stating that the revision had already been communicated to marketers and depot operators. “Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre,” the official said. “The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.” Checks by our correspondent on the industry pricing platform, petroleumprice.ng showed that the revised rates had already been updated across petroleum depot pricing systems, indicating a shift in the benchmark price used by downstream marketers. The new price is the third surge in petrol prices within a week, following adjustments that pushed gantry prices from N774 to N995 per litre. As a result, retail pump prices in several states now exceed N1,000 per litre, as some stations now dispense petrol at about N1,200/litre, intensifying economic pressures on Nigerians. The latest hike is expected to trigger another round of increases at filling stations nationwide, as higher fuel costs typically translate into higher transportation, logistics, and production costs for businesses. It also betrays efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders, in a bid to sustain domestic refining operations. Officials, however, warned that the intervention may not immediately translate into lower petrol prices for consumers. Nigerians currently grapple with high fuel prices, following the recent hikes in the cost of the commodities by the $20bn Lekki-based refinery.  

Dangote Refinery Raises Petrol Price to N875

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  The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price by N101, raising the ex-depot rate from N774 to N875 per litre, heightening concerns over fresh fuel price increases across the country. A senior official at the refinery confirmed the development to The PUNCH on Monday, noting that the adjustment followed recent volatility in global crude oil prices. “Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said. Checks by The PUNCH on petroleumprice.ng confirmed that the revised price had already been reflected, indicating a shift in downstream pricing benchmarks. The price increase came shortly after the refinery suspended petrol loading operations effective midnight on March 2, 2026, following a sharp surge in international crude oil prices, which crossed the $80 per barrel threshold overnight. Data obtained from industry sources showed that Premium Motor Spirit loading stopped at exactly midnight, halting product lifting and the issuance of Proforma Invoices, an indication that fresh transactions were temporarily paused. However, the suspension applied strictly to petrol, as Automotive Gas Oil, popularly known as diesel, continued to load. The refinery’s action also triggered a coordinated response across the downstream sector, as several private depot owners nationwide halted petrol sales during the trading day. “Several depot owners suspended PMS sales because of the crude rally. The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator said. The development comes amid heightened global oil market volatility linked to tensions between the United States and Iran, which have raised concerns about supply disruptions, particularly in the strategic Strait of Hormuz. Five energy experts, in separate interviews with The PUNCH on Sunday, warned that Nigeria could witness further increases in petrol and diesel prices if crude oil prices climb above $90 per barrel. They said sustained hostilities in the Middle East could disrupt global supply chains, increase shipping and insurance costs, and raise import and refining costs for products despite Nigeria’s growing local refining capacity.

BREAKING: Students Protest in Oyo, Rally Support for Dangote Refinery

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Some members of the National Association of Oduduwa Students, the Coalition of Yoruba Students, and the Yoruba Movement are currently staging a peaceful protest in solidarity with the Dangote Refinery, amid its ongoing faceoff with oil unions, PENGASSAN, NUPENG, and the Depot and Petroleum Products Marketers Association of Nigeria. The protesters, who converged on Tuesday at Iwo Road Roundabout, end of Ibadan/Lagos expressway, Ibadan in Oyo State, were chanting different songs to show their solidarity. They are marching through major routes, waving placards with inscriptions such as, “Don’t Kill Dangote Refinery,” “#StopsabotagingfuelinNigwria“#EndPENGASSAN,” #EndDAPPMAN,” “#DangoteRefineryIsANationalAsset,” “#StopSabotage, among others.” Wearing matching shirts emblazoned with, “Don’t Kill Dangote Refinery,” the students said the protest is aimed at drawing government attention to what they describe as a “coordinated attempt by vested interests” to frustrate the operations of the refinery, Nigeria’s biggest industrial investment and Africa’s largest single-train refinery. The NAOS President, Olalere Adetunji, called on President Bola Tinubu and relevant government agencies to intervene urgently. “We want to use this period to appeal to the Federal Government to protect the refinery and ensure that labour and marketers’ actions do not derail Nigeria’s move toward fuel self-sufficiency.” Security operatives, including the police and Federal Road Safety Corps, are on ground to maintain order as the protest continues.

UPDATED: Dangote Refinery Slashes Petrol Price Again

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  Fresh from implementing a ₦15 price reduction in its loading cost for Premium Motor Spirit, also known as petrol, the Dangote Refinery has again slashed its refined product prices to make them cheaper, cutting its ex-depot rate to ₦835 per litre. The new price represents a ₦30 reduction from ₦865 per litre implemented six days ago, marking a 3.5 per cent decrease, and a ₦45 reduction from the ₦880 per litre sold by the facility last Wednesday. This price cut marks Dangote’s third downward adjustment in under six weeks. PUNCH Online gathered that the refinery informed its customers in a notice sent out on Wednesday morning. A pro forma invoice was sighted by our correspondent, and checks on petroleumprice.ng also confirmed the development. It stated that the new price is inclusive of charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The document detailing the revised price structure shows that PMS at the gantry will now sell for ₦835 per litre, inclusive of NMDPRA statutory levies, while coastal sales remain on hold. The diesel gantry price is set at $608 plus a $70 surcharge, payable either in naira at ₦1,650/$ or in USD. Coastal sales are also on hold. Jet fuel will be sold at $664.75 with a $42 gantry surcharge and a $22 coastal surcharge. Prices for cooking gas at both gantry and coastal points are currently on hold. On Wednesday, PUNCH Online hinted at a possible price cut after the landing cost of imported petrol dropped to ₦853 per litre on Tuesday. This development comes as marketers secured regulatory approval to import 117,000 metric tonnes—equivalent to 156.897 million litres—of petrol within eight days, from 8 to 16 April 2025, to boost fuel supply nationwide. These figures were revealed in separate documents obtained by our correspondent from the Nigerian Ports Authority and the Major Energies Marketers Association of Nigeria. Dealers said the ₦853 per litre spot import parity into tanks, which includes expenses such as shipping, import duties, and exchange rates, marks a notable ₦3 reduction from ₦856.75 per litre last Monday and ₦852.02 on Tuesday. The document showed that on-the-spot sales at the NPSC-NOJ terminal dropped to ₦853.12 per litre, while the 30-day average cost also declined to ₦844.84 per litre. Within the period, marketers brought in six vessels conveying 117,000 metric tonnes through Tin Can Port in Lagos and Calabar Port in Cross River State. Importantly, the continued price drop coincides with the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension. The Ministry of Finance disclosed this in a statement published last week on its official X handle, titled: “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement followed a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery—a major beneficiary of the agreement — to review progress and address ongoing implementation issues. The committee stated that the policy is not a temporary measure but a long-term strategy to reduce Nigeria’s dependence on foreign exchange for petroleum. It added that the initiative is a key policy directive designed to support sustainable local refining and strengthen energy security. Punch

Dangote Refinery Slashes Petrol Price To N899.50

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  Dangote Refinery has announced a reduction in the price of Premium Motor Spirit to N899.50 per litre, in a bid to offer Nigerians some relief as the holiday season approaches. This was contained in a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, on Thursday. The refinery, Africa’s first privately-owned oil refining facility, had previously cut the price to N970 per litre on November 24. The latest reduction aims to ease transportation costs during the festive period, a time when Nigerians often face increased travel expenses. Announcing the special purchase offer, Chiejina said consumers can now buy an additional litre of fuel on credit for every litre purchased in cash, provided they secure a bank guarantee from Access Bank, First Bank, or Zenith Bank. “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. “Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” Chiejina said. The refinery thanked Nigerians for their continued patronage and reiterated its commitment to supplying high-quality, environmentally friendly petroleum products at competitive prices. Chiejina emphasised that the Dangote Refinery is ending Nigeria’s dependence on substandard and blended imported petroleum products, which have historically harmed human health, machinery, and the environment.

Dangote Refinery Commences Fuel Exports to W’African Countries

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  The Dangote Petroleum Refinery has begun the export of refined petroleum products to neighbouring West African countries, a sign to traders that the mega-refinery’s operations could soon potentially shake up regional fuel markets. A report by Bloomberg on Tuesday, quoting data sourced from Vortexa, Kpler, Precise Intelligence, a port report, and ship-tracking platform, said a tanker has hauled a shipment of gasoline from the Dangote Petroleum Refinery to waters off the coast of Togo, a neighbouring West African country. The report said a CL Jane Austen recently loaded more than 300,000 barrels from Dangote and sailed west. Recall that last month, the chairman of the Ghana National Petroleum Authority, Mustapha Abdul-Hamid, said the country is considering buying petroleum products from the Dangote refinery to help the country cut more expensive exports from Europe which cost the country about $400m monthly. The chairman of NPA, Ghana, who spoke at the OTL Africa Downstream Oil Conference in Lagos, said importing from Nigeria rather than Europe would reduce the prices of other goods and services by removing freight costs. “If the refinery reaches 650,000bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,” Hamid said. Similarly, The PUNCH exclusively reported two weeks ago that the refinery was set to begin fuel exports to South Africa, Angola, and Namibia. It added that four other African countries – Niger Republic, Chad, Burkina Faso, and Central Africa Republic – had also started negotiations with the refinery. A highly credible source, who confirmed this exclusively to one of our correspondents, said the management of the 650,000bpd capacity refinery was at the advanced stages of talks with the countries to start lifting fuel. “I can confirm to you that talks are actually at the advanced stage with Ghana, Angola, Namibia, and South Africa, while the initial discussion is coming up with Niger, Chad, Burkina Faso, and the Central African Republic,” the source said. The report further stated that the petroleum product shipment is now floating off the coast of Lome, a popular area for ship-to-ship transfers. It’s also not certain where the CL Jane Austen’s cargo will ultimately end up. Although it’s off Togo, the area is often used for Ship-to-ship transfers, meaning the fuel could subsequently be taken elsewhere. “While the shipment is tiny in the context of the global gasoline market, it signals the ramp-up of Dangote’s production and the potential to export significant volumes of gasoline beyond Nigeria, which could upend regional markets.” The refinery last month shipped its first seaborne gasoline cargo to the nearby commercial hub of Lagos. Whether large amounts of Dangote’s gasoline output end up being exported remains to be seen. Last month, the Federal Government ended its state-owned oil company’s monopoly on buying the fuel from the plant for domestic use but has allowed the continued importation of fuel from Europe and the US in line with the regulatory act. According to the report, a Dangote spokesperson didn’t respond to a request for comments.

300 Trucks Arrives at Dangote Refinery Ahead of Petrol Loading

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  The Nigerian National Petroleum Company Limited (NNPC) has confirmed that around 300 trucks have arrived at the Dangote Refinery in Ibeju-Lekki. This milestone sets the stage for the planned commencement of petrol loading, scheduled for Sunday, September 15, 2024. Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, disclosed this development via the social media platform X. “NNPC Ltd. trucks are arriving at the Dangote Refinery in preparation for the scheduled petrol loading,” Soneye stated. He emphasized that by the end of Saturday, at least 300 trucks would be stationed at the refinery’s fuel loading gantry, ready for action. In addition to the trucks already on-site, NNPC has mobilized an extensive fleet to facilitate the loading process. As of Saturday afternoon, the company reported that over 100 trucks had been deployed, with hundreds more en route to support the operation. This loading marks a significant milestone, as it follows the announcement last week by Aliko Dangote, Chairman of the Dangote Group, regarding the commencement of fuel production at the refinery. The NNPC, acting as the sole off-taker of petrol from the facility, projects to lift the product at prices ranging from N960 to N980 per litre, with expectations that it will be sold to marketers at approximately N840 to N850 per litre. This could potentially lead to a reduction in pump prices for consumers, with petrol estimated to retail between N857 and N865. Despite optimism over lower price points, the uniformity of these rates at filling stations nationwide remains uncertain. Presently, petrol prices at NNPC retail stations in Lagos are around N855 per litre, making it the most affordable option compared to major marketers who charge approximately N920. Independent sellers are even higher, with prices exceeding N1,000 per litre in some areas, while some regions of the country report prices above N1,200. As the NNPC prepares for tomorrow’s loading at the Dangote Refinery, all eyes will be on the impact this operation will have on petrol pricing and availability across Nigeria.

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