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Dangote: Our Petrol is 15% Cheaper Than NNPCL’s Imported Fuel

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Aliko Dangote, President of the Dangote Group and Africa’s wealthiest man revealed that petrol produced by the Dangote Refinery is 15% cheaper than the fuel imported by the Nigerian National Petroleum Company Limited (NNPCL).

He made this statement during an interview with Bloomberg Television, addressing recent developments in Nigeria’s fuel pricing.

His comments followed NNPCL’s announcement that it purchased petrol from the Dangote Refinery for N898 per litre on September 15, 2024.

Shortly after, NNPCL raised fuel prices across the country, with costs ranging from N950 to N1,100 per litre at filling stations.

This sudden price increase created confusion in the oil and gas sector, fueling public concern about the rising cost of fuel.

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Dangote clarified the situation, explaining that NNPCL had purchased approximately 800,000 metric tons of imported gasoline around the same time it bought fuel from the Dangote Refinery.

He emphasized that the petrol produced by his refinery was sold at a lower price compared to NNPCL’s imported fuel.

According to Dangote, the price NNPCL quoted for his refinery’s fuel was not the actual cost but rather the final price after adding profit margins and other expenses incurred by the state-owned company.

He stressed that Nigerians were unaware of the full cost NNPCL incurs when importing fuel, noting that imported gasoline is about 15% more expensive than the petrol produced domestically by Dangote’s refinery.

Dangote explained that NNPCL’s higher price reflects these added costs, making his refinery’s fuel more affordable by comparison.

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Addressing the broader fuel pricing issue, Dangote suggested that NNPCL could opt for a basket price approach or consider removing the remaining fuel subsidies altogether.

He stated that removing the subsidies would create a more transparent pricing structure and allow the market to adjust accordingly.

This discussion on fuel pricing comes amid calls from Dangote and other industry stakeholders for the Nigerian government to eliminate fuel subsidies.

Earlier reports indicated that petrol marketers had been purchasing NNPCL’s imported fuel at an average price of N870 per litre, further highlighting the price discrepancy between locally produced and imported fuel.


 

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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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Aliko Dangote to Step Down as Dangote Sugar Chairman After 20 Years

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Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.

The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.

During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.

As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.

Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.

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Ecobank Announces $250M Capital Boost at Annual General Meeting in Togo

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Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.

This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.

The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”


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