Business
Marketers Forecast Petrol Price Drop to N600-N650 per Liter with Dangote Refinery
Nigeria’s oil marketers have projected that the price of petrol could decrease to between N600 and N650 per liter once the Dangote Refinery begins operations, depending on the production costs.
Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, shared this forecast in a statement on Monday.
Fashola’s remarks come amid recent updates indicating that the $20 billion Dangote Refinery might not commence fuel production as anticipated in mid-August 2024, contrary to previous statements from Aliko Dangote, the president of Dangote Group.
Fashola highlighted that the refinery is currently facing challenges with crude oil supply, which remains a significant issue for the Lagos-based facility.
Presently, the official price of petrol from the Nigerian National Petroleum Company Limited (NNPCL) is around N570 per liter, while private depots are selling at approximately N700 per liter.
He expressed optimism that once Dangote’s refinery is operational, it could potentially reduce the pump price to between N600 and N650 per liter, although the exact price will depend on the refinery’s production costs.
“While the official rate from NNPC is around N570 per liter, private depots are charging much higher at around N700 per liter.
We are hopeful that Dangote’s fuel will be priced between N600 and N650 per liter, with N600 being a reasonable expectation, depending on their production costs,” Fashola noted.
Additionally, last week saw a dispute between the Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission over the allocation of 26 million barrels of crude oil, highlighting ongoing tensions in the sector.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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