Tag: Dangote Petroleum Refinery

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CBN Forecasts Petrol Price At N950 Per Litre In 2026

The Central Bank of Nigeria (CBN) has warned that the price of Premium Motor Spirit (PMS), commonly known as petrol, could increase to around ₦950 per litre in 2026.

The Dangote Petroleum Refinery currently puts its gantry price at N699 per litre while the retail price at MRS Oil, authorized distributor stood at N739 per litre.

But in the bank’s 2026 Macroeconomic Outlook, CBN based its assumptions on an average crude oil price of $55 per barrel in 2026.

The bank further assumed an average exchange rate of N1,451.63/$ in Q4 2025 and N1,400/$ in 2026, supported by improved FX market efficiency, stronger capital inflows, and a current account surplus.

The bank also assumed domestic crude production of about 1.5 million barrels per day throughout the forecast period.

Under these conditions, CBN expects Premium Motor Spirit (PMS) prices to hover around N950 per litre in 2026. The bank said increased private-sector investment—especially in domestic refining—will support growth and help contain energy costs. It added that rising crude production, stronger security around oil assets, and expanding refining capacity will improve supply conditions in 2026.

CBN projected that headline inflation will slow to 12.94 per cent in 2026, down from an estimated 21.26 per cent in 2025 while linking the expected moderation to lower food prices and easing PMS costs driven by competition in the midstream sector.

Before December, Petroleumprice.ng, said: “Petrol sold at around N900 per litre or more in many locations. Prices fell after the Dangote Petroleum Refinery cut its ex-gantry rate from N828 to N699 per litre. “The refinery then enforced a ¦ 739 per litre pump price through its partner, MRS Oil. When MRS outlets adopted the new rate in mid-December, rival stations lowered their prices to retain customers.”

Dangote recently warned that petrol prices could rise to as high as N1,400 per litre if Nigeria returns to heavy reliance on imports. In a statement, the refinery said large-scale local production has helped stabilise the downstream market and reduce volatility.

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$5m Swiss Tuition: Dangote Releases Details Of Allegation Against NMDPRA CEO

Aliko Dangote, President of Dangote Refinery and Chairman of Dangote Group, has disclosed details regarding the alleged foreign education tuition controversy involving Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

In a document circulating publicly on Tuesday and personally signed by Dangote, the billionaire investor, it was stressed that Ahmed spent $5 million on the secondary and tertiary education of his four children abroad, particularly in Switzerland and the United States.

This comes barely 24 hours after Dangote called for the probe of Ahmed for allegedly living above his income.

According to the now viral document, Dangote alleged that Ahmed’s children are said to have attended some of the world’s most expensive schools, including Montreux School, Aiglon College, Institut Le Rosey, and La Garenne International School, each reportedly spending about six years at their respective institutions.

The breakdown provided in the document estimates annual tuition, upkeep, air travel, and living expenses at about $200,000 per child, amounting to $800,000 annually for four children. Accordingly, over a six-year period, the total cost was estimated at $4.8 million, with the overall secondary education expenses put at approximately $5 million.

Dangote’s document further alleged that one of Ahmed’s children, identified as Faisal Farouk, recently completed an MBA program at Harvard University, with tuition reportedly costing $150,000, alongside an additional $60,000 for upkeep and other expenses, bringing the total to about $210,000 in 2025.

As of the time of filing this report, Engr. Farouk Ahmed has not publicly responded to the allegations, and no official statement has been issued by the NMDPRA. However, earlier, when the claim surfaced months ago, the regulator had dismissed it as false.

A coalition of civil society organizations under Lawyers in Defence of Good Governance, who first made the allegation against Ahmed, had retracted their claim, describing it as misinformation.

The House Committee on Petroleum Resources and Downstream had earlier called for both Dangote and Ahmed to cease further public attacks.

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BREAKING: Nigerian Filling Stations Reduce Fuel Price As Landing Cost Drops

Filling stations across Nigeria have reduced the pump price of premium motor spirit following a further drop in the landing cost of petrol below Dangote Refinery’s ex-depot price.

According to Daily Post, it was gathered on Wednesday that NIPCO, AA Rano, Eterna, and Empire Energy filling stations across locations in Abuja have reduced their fuel pump price.

NIPCO and AA Rano dropped their fuel price to N940 per litre, down from between N950 and N955.

Similarly, Eterna and Empire Energy retail outlets dispense at N945 and 955 from N955 and N959, respectively.

This means that the filling stations in Abuja reduced their petrol pump prices between N4 and N10 per litre.

It was earlier reported that NNPCL retail outlets in Abuja adjusted their pump price downward to N945 per litre, up from N955.

Meanwhile, at other filling stations, including MRS (Dangote Petrol) and Ranoil, retail petrol prices have remained unchanged at N950 and N955 per litre, respectively, as of Thursday morning.

“We may reduce our price in the evening or so, but at the moment we still dispense fuel at N950 per litre,” an MRS filling station manager in Abuja told DAILY POST in anonymity.

This comes days after energy prices data released on November 3, 2025, by the Major Energy Marketers Association of Nigeria showed that the price of the landing cost of petrol dropped N827.04 per litre.

This is a drop from N829.77 recorded at the end of last month.

Checks on petrol ex-depot prices showed that Dangote Refinery stood at N872, Pinnacle (N872), NIPCO (N870), BOVAS (N870), Aiteo (N870), and AA Rano (N870). This made Dangote Refinery’s N2 more expensive than depot owners such as NIPCO, AA Rano, and BOVAS, according to Petroleumpricing.

Also, the petrol landing cost at N827.04 per litre is N44.96 cheaper than Dangote Refinery’s ex-depot price for petrol, which stood at N872 per litre.

This comes as President Bola Ahmed Tinubu announced that he has given approval to a 15 per cent import duty tax on petrol and diesel to encourage Dangote Refinery.

The decision by marketers and stakeholders confirmed it would increase imported fuel prices when implemented in the coming days.

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Dangote Announces Fresh Conditions For NNPCL To Increase Stake In $20bn Refinery

The President of Dangote Group, Aliko Dangote, has announced some fresh conditions for the Nigerian National Petroleum Company Limited, NNPCL, to expand its stake in his 650,000-barrel-per-day petroleum refinery.

However, he said this would only happen after Dangote Refinery must have proven to NNPCL what the plant can do.

Dangote stated this in a recent interview with S&P Global Commodity Insights.

“The door remains open for Nigerian National Petroleum Co. to boost its stake after the state oil company trimmed its interest to 7.2 per cent, but not before its next phase of growth is well underway.”

Reiterating the need for the refinery to be listed in the Nigerian Exchange Limited, Dangote said he’s only interested in keeping a 70 per cent stake.

“We don’t want to keep more than 65-70 per cent.”

In 2024, NNPCL announced that it has trimmed its shares in Dangote Refinery to 7.2 per cent, down from 20 per cent.

The then spokesperson of NNPCL, Olufemi Soneye, had said the state-owned firm reduced its stake in Dangote Refinery to invest in compressed natural gas.

Meanwhile, Dangote Refinery recently encountered an operational setback which resulted in a glitch in fuel supply, according to a Bloomberg report.

Petroleum product marketers had in a recent report complained of the non-supply of petrol after paying billions to Dangote Refinery.

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Dangote Refinery: Consumer Forum Says PENGASSAN Plotting To Sabotage Energy Independence

Amid plans by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to shut down Dangote Refinery, the Concerned Nigerian Consumers Forum has urged the Federal Government and the Department of State Services (DSS) to investigate what it described as a union plot to sabotage the nation’s energy independence.

The Forum, while expressing alarm over PENGASSAN’s threat to picket the $20 billion refinery over recent mass sacking of workers, described Dangote Petroleum Refinery as a critical national asset aimed at achieving Nigeria’s energy independence.

In a statement signed by Comrade Olabisi Taiwo, President, and Dr. Justice Akani Alikor, Secretary, the Forum accused PENGASSAN of plotting to return Nigerians to the agonies of fuel scarcity, with attendant economic instability and national embarrassment.

Urging Nigerians to question PENGASSAN’s motives, the Forum said, “PENGASSAN, alongside NUPENG, played a significant role in the collapse of Nigeria’s public refineries in Port Harcourt, Warri, and Kaduna.

“They resisted reforms, blocked privatization, and crippled fuel supply with strikes. Their actions contributed to the rot that turned these refineries into relics of corruption and mismanagement.”

According to the Forum, Dangote Refinery is a private initiative designed to end Nigeria’s reliance on imported fuel while stabilizing prices and creating jobs.

It further noted that the refinery, which employs over 3,000 Nigerians and continues to recruit, is not anti-labor but focused on operational efficiency and safety.

The Forum criticized PENGASSAN’s threat to picket the refinery despite a court order restraining industrial action, describing its actions as “union overreach” and a violation of the rule of law.

“Who benefits if the refinery fails? Certainly not the Nigerian people but fuel importers and rent seekers who profit from chaos,” the Forum noted.

Condemning what it termed “irresponsible unionism”, the Forum urged PENGASSAN to engage in dialogue, respect the courts and prioritize national interest.

In the same vein, the Forum called on the ministries of Labour, Petroleum Resources and Justice to intervene and stop the threat to shut down the refinery.

“The government must send a clear message: industrial blackmail will not be tolerated.

“Nigerians have suffered enough from fuel queues and economic hardship. The Dangote Refinery is our best chance at energy independence, and we must not allow vested interests to destroy it,” the Forum added.

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Fuel Price Hike Averted As Dangote Refinery Resumes Sales Of Petrol In Naira

Following the intervention of the Federal Government, Dangote Refinery has resumed the sale of Premium Motor Spirit (PMS) in naira.

This was disclosed in an email to customers on Saturday.

The refinery stressed that the development followed the intervention of the Naira for Crude Technical Committee Chairman.

“Dear Valued Customer, following the intervention of the Naira for Crude Technical Committee chairman, we are pleased to inform you of the resumption of PMS sales in Naira commencing immediately.

“You may kindly proceed to place your orders in Naira for both self-collection and free delivery of PMS to the earlier advised location(s) across the country.

“Thank you for your continued patronage. Warm regards, Group Commercial Operations.

“For: Dangote Petroleum Refinery and Petrochemicals FZE”, the statement reads.

The development has averted a nationwide fuel price hike.

Recall that the 650,000-barrel-per-day refinery had suspended petrol sales in naira.

The Independent Petroleum Marketers Association of Nigeria had earlier on Saturday announced plans to hike fuel prices.

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Fuel Price Hike Looms As Dangote Refinery Suspends Petrol Sale In Naira

Fuel prices in Nigeria may soar as the Dangote Petroleum Refinery prepares to suspend petrol sales in naira.

The development was communicated to customers in a notice made available to journalists on Saturday.

According to the notice signed by the Group Commercial Operations of Dangote Petroleum Refinery & Petrochemicals, the decision would take effect from Sunday, September 28, 2025, citing the exhaustion of its crude-for-naira allocation as the reason.

Part of the notice read, “We write to inform you that Dangote Petroleum Refinery & Petrochemicals has been selling petroleum products in excess of our Naira-Crude allocations and, consequently, we are unable to sustain PMS sales in Naira going forward.

“Kindly note that this suspension of Naira sales for PMS will be effective from Sunday, 28th of September, 2025. We will provide further updates regarding the resumption of supply once the situation has been resolved.

“All customers with PMS transactions in Naira who would like a refund of their current payments should formally request the processing of their refund.”

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Dangote Refinery Reorganises Workforce Over Sabotage, Denies Mass Sack

The management of Dangote Petroleum Refinery and Petrochemicals has initiated a major reorganisation of its operations and staff structure.

The refinery said the decision was taken in response to repeated sabotage by staff members that threatened the operational safety of the 650,000 barrels per day facility.

In a letter dated September 24, 2025, and signed by the Chief General Manager, Human Asset Management, Femi Adekunle, the refinery said it was “constrained to carry out a total reorganisation of the plant” following “many recent cases of reported sabotage in different units of the Petroleum Refinery leading to major safety concerns.”

Affected staff were directed to hand over all company property to their line managers and await clearance before receiving their entitlements, which the Finance Department would compute in line with their conditions of service.

However, a senior official of Dangote Petroleum Refinery & Petrochemicals dismissed reports that the company sacked workers en masse, insisting that the recent development was a reorganisation exercise aimed at curbing sabotage within the plant.

Speaking to The PUNCH on Friday, the official, who confirmed the authenticity of the disengagement letter, stressed that its interpretation had been largely misrepresented.

“Yes, the letter is correct. But the interpretation is wrong. The interpretation is that it affects some people because of certain things discovered in the refinery. It has nothing to do with unionism or anything like that,” the official said.

According to him, the move was designed to plug leakages and protect the company’s assets following repeated acts of sabotage.

“It doesn’t mean they have been sacked. That is incorrect. What was done was to put a check in place. It is more like a clean-up in the system to check where those sabotage and leakages are coming from and then address them. As soon as the issues are addressed, they will be reabsorbed. That is why it is not a sack and that word wasn’t used,” he explained.

He added that the exercise was carried out suddenly to prevent those involved in the alleged sabotage from concealing their actions.

“Some acts of sabotage have been noticed repeatedly and the company is only trying to safeguard its assets. Also, you cannot do things like this and give two weeks’ notice; otherwise, those in the act would cover up and complicate issues,” he said.

The official further clarified that refinery operations were ongoing and that both Nigerians and expatriates were still actively working at the plant.

“As we speak, people are still working at the refinery. The people affected know themselves, and those who did not get the letter are not affected. Anyone who doesn’t have a hand in sabotage has nothing to worry about,” he stressed.

When contacted, Dangote spokesperson, Anthony Chiejina, did not respond to messages sent to him by our correspondent

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