Business
Dangote Refinery Lowers Petrol Price to N815 Per Litre
Dangote Refinery has reduced its ex-depot price for premium motor spirit (PMS) to N815 per litre. This adjustment follows a drop in fuel landing costs, which recently fell to N774.82 per litre, lower than Dangote’s previous ex-depot price of N825 per litre.
Industry insiders have confirmed the price reduction, although Dangote Refinery has not made any official statement about it.
Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, acknowledged the change. He explained that speculation about lower prices for imported products is fueling the competition. He added that since Dangote has a large supply of fuel, reducing prices helps to protect its market share.
It’s unclear whether this reduction will affect the pump price at Dangote-affiliated stations like MRS, which currently sells petrol at N860 per litre in Lagos and N880 in Abuja.
In recent months, Dangote Refinery and the Nigerian National Petroleum Company Limited have been locked in a competitive price battle.
Meanwhile, the Petroleum Products Retail Outlet Owners Association recently met with the Minister of State for Petroleum, Heineken Lokpobiri, to push for more stable and competitive fuel prices.
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.
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.
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.
