Business
Dangote Refinery Begins Petrol Production, Considers Export Amid Local Blockade

The Dangote Petroleum Refinery has officially commenced petrol production at its facility in Lagos State, marking a significant milestone for the country’s energy sector.
The announcement was made on Monday by Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited, during an interview on the Brekete Family show.
Edwin revealed that petrol production at the refinery began on Sunday, signalling the completion of one of the refinery’s key phases.
He added that while the company is prepared to meet domestic demand, there is a possibility that the petrol may be exported if local traders or the Nigerian National Petroleum Company Limited (NNPCL) do not purchase the product.
The refinery, which had already been producing aviation fuel, kerosene, and diesel, encountered challenges in distributing these products within Nigeria due to what Edwin described as a “blockade” by traders.
If similar issues arise with petrol, Dangote Refinery will be forced to export the fuel to other markets.
“We’ve been exporting aviation fuel, producing kerosene, and manufacturing diesel, but yesterday, we moved to the final stage by starting the production of Premium Motor Spirit (PMS), commonly known as petrol,” Edwin said.
“The only thing left now is to start producing petrochemicals, which will happen soon.”
Edwin emphasised that Dangote Refinery is ready to supply as much petrol as the country needs. However, if the NNPCL or local traders continue to delay or block the lifting of products, the company will have no choice but to export the petrol, as they are already doing with jet fuel and diesel.
“While we are prepared to pump as much petrol as possible into the Nigerian market, if there’s no uptake from traders or the NNPC, we will export the product just like we’ve been doing with aviation fuel and diesel,” he explained.
This development is seen as a potential game-changer for Nigeria’s fuel supply, as the Dangote Refinery has the capacity to significantly reduce the country’s dependence on imported fuel.
However, the refinery’s readiness to export fuel if local consumption is not prioritised raises questions about the domestic distribution network and the role of traders and government agencies in ensuring a smooth flow of products within the country.
Business
Cooking Gas Price Increases by 2.18% as Nigerians Pay More to Refill

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

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

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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