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“Petrol Pricing to be Set by Federal Executive Council” – Dangote

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Aliko Dangote, President of the Dangote Group, has disclosed that the pricing of the Premium Motor Spirit (PMS) from his new refinery will be set by the Federal Executive Council, chaired by President Bola Ahmed Tinubu.

In an interview with Channels Television, Dangote shared this development following the announcement of the refinery’s first batch of petrol from its 650,000-barrel-per-day facility, which took place on Tuesday.

He explained that the petrol from the refinery will become available at filling stations within the next 48 hours, contingent on the Nigerian National Petroleum Company Limited (NNPCL).

Dangote also mentioned that discussions are nearing completion between the $20 billion refinery and NNPCL to ensure the product reaches consumers throughout Nigeria.

He emphasized that the Federal Executive Council, under the leadership of President Tinubu, will determine the final price of the petrol.

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“The pricing of the PMS is a process managed and approved by the Federal Executive Council, chaired by His Excellency, President Bola Ahmed Tinubu.

Once the arrangements are finalized, which could happen either today or tomorrow following the FEC meeting, we are prepared to launch the product in the market,” Dangote stated.


 

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Cooking Gas Price Increases by 2.18% as Nigerians Pay More to Refill

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The cost of refilling a 12.5kg cylinder of cooking gas in Nigeria went up slightly in May 2025, rising by 2.18% compared to the previous month. The average price now stands at N20,709.11, up from N20,268.06 recorded in April. This update was captured in the latest Liquefied Petroleum Gas (LPG) Price Watch report for May, released by the National Bureau of Statistics (NBS).

According to the report, Delta State topped the list with the highest refill price at N23,356.56, followed by Abia at N22,953.01, and Ebonyi at N22,943.30. On the other hand, residents in Yobe, Lagos, and Kebbi states paid the least, with refill prices of N18,500, N18,536, and N18,606.60, respectively.

When compared to the same period last year, gas prices have jumped significantly, rising by 32% from N15,627.40 recorded in May 2024 to the current average. The NBS is yet to release figures for June 2025.


 

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GTCO Announces Nationwide Early Closure on June 30 for Half-Year Audit

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Customers of Guaranty Trust Holding Company (GTCO) across Nigeria should brace for early branch closures on Monday, June 30, 2025, as the banking group kicks off its routine half-year audit.

In an official announcement shared on their verified X (formerly Twitter) page, GTCO informed customers that all their branches nationwide will stop attending to walk-in customers earlier than usual to allow for internal review processes.

The bank assured the public that this temporary adjustment is strictly for operational reasons tied to their mandatory half-year audit, a common practice among financial institutions to check financial records, processes, and compliance levels.

While in-person services will pause earlier that day, GTCO encouraged customers to make use of their digital banking platforms. Options such as internet banking, mobile apps, ATMs, and USSD codes, which will remain available 24/7 for essential banking transactions.


 

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MRS Increases Petrol Price to N955 Per Litre as Oil Price Goes Up

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MRS filling stations, a key partner of Dangote Refinery, has announced a new petrol price hike, raising its pump prices across the country. In a price update shared on its official X page on Saturday, the company revealed that the new rates now range from N925 to N955 per litre, up from the previous N825 to N895 range.

This means petrol will now sell for N925 in Lagos, N935 in the South-west, N955 in the North-west and South-east, N945 in the North-central, and N955 in the North-east. For Lagos and Abuja, motorists will now pay N925 and N945 per litre at MRS stations, an increase from N875 and N895 respectively.

Meanwhile, NNPC retail stations have kept their pump prices unchanged at N875 in Lagos and N895 in Abuja as of Saturday evening. The nationwide increase comes amid rising global crude oil prices triggered by tensions in the Middle East, particularly the ongoing Israel-Iran conflict.


 

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