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.
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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