Business
NNPCL, Dangote Refinery in Talks to Roll Out Cheaper Petrol by September 15
The Nigerian National Petroleum Company Limited (NNPCL) has confirmed ongoing negotiations with Dangote Refinery for the purchase of Premium Motor Spirit (PMS), commonly known as petrol, ahead of the refinery’s planned rollout on Sunday, September 15, 2024.
Olufemi Soneye, the spokesperson for NNPCL, shared this during an interview on Thursday.
His comments were in response to a recent statement made by Devakumar Edwin, Vice President of Dangote Industries Limited, who mentioned that local petrol marketers have been avoiding the purchase of fuel from Dangote Refinery, even though it is being offered at lower prices.
Soneye, however, disagreed with the notion that local marketers would boycott a more affordable product.
He expressed optimism that the lower prices being offered by Dangote Refinery would be attractive to the local market, making a boycott improbable.
“I don’t believe local marketers will boycott PMS with lower prices; that seems unlikely,” he said.
He went on to emphasize that NNPCL is currently engaged in discussions with Dangote Refinery to finalize the pricing of petrol, as the company looks forward to the refinery’s official commencement of PMS supply.
“We are currently negotiating prices with Dangote Refinery. We were informed that it would be available by September 15, so we are waiting for that,” Soneye added.
In a previous update, Adedapo Segun, Executive Vice President of NNPCL’s Downstream sector, had confirmed that NNPCL would indeed be lifting petrol from Dangote Refinery once the product becomes available.
This announcement comes on the heels of an early September statement made by the President of Dangote Group, who officially revealed the long-anticipated launch of the refinery’s petrol output.
The success of these negotiations and the timely supply of petrol from Dangote Refinery could mark a significant shift in the Nigerian fuel market.
This collaboration between NNPCL and the refinery is expected to address local fuel demands more efficiently, potentially bringing down prices and reducing Nigeria’s dependence on imported fuel.
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.
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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