Business
Petrol Prices Drop to N935 Per Litre as Dangote and NNPCL Compete for Market Share

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has made an important announcement regarding the reduction in petrol prices.
Starting today, Monday, the price of petrol will be adjusted to N935 per litre.
This change follows a new agreement between IPMAN and the Dangote Petroleum Refinery.
According to Maigandi Garima, the National President of IPMAN, the decision comes as part of a broader effort to standardize petrol prices nationwide.
The decrease in the ex-depot price at the Dangote refinery and the framework being put in place will enable marketers across Nigeria to sell petrol at this new price.
However, they will still be facing a logistical cost of N36.
Garima further explained that Dangote Refinery has introduced a new pricing and loading arrangement.
Under this new system, marketers will now pay a fixed ex-depot price of N899.50 per litre.
This is a significant shift, as the loading price had previously been pegged at N970 per litre.
With this new structure, petrol prices are set to decrease, offering consumers relief in an otherwise volatile market.
He added that Dangote Refinery is implementing a program designed to ensure consistent fuel consumption rates across the country.
“We expect the new arrangement to start today, and it will bring benefits to consumers and marketers alike,” he said.
In addition to this, IPMAN’s publicity officer, Ukadike, emphasized the role of competition between key players in the petroleum sector, particularly between the Nigerian National Petroleum Corporation Limited (NNPCL) and Dangote Refinery.
He explained that this rivalry is not only beneficial but necessary for the Nigerian economy.
The competition has the potential to reveal the true costs associated with producing petrol, as well as the logistical expenses involved in distribution.
“NNPCL has updated its pricing on the portal, which means anyone with access can now pay and be directed to the depot to pick up the products,” he said.
Deregulation allows for multiple sources of petroleum products to compete, driving down prices and offering better value for consumers.
This pricing competition, he noted, benefits Nigerian commuters who will now be able to purchase petrol at a more affordable rate.
He also spoke about the increased consumption that is expected as a result of the price drop.
“With the price decrease, we expect greater demand.
People are no longer buying petrol the way they used to, but with these lower prices, consumption will increase significantly,” Ukadike explained.
Marketers are now preparing to load petrol from both Dangote and NNPCL depots, with a focus on logistics to ensure timely delivery to retail outlets.
Ukadike mentioned that while Dangote’s distribution arrangement is handled through MRS, NNPCL supports loading from other depots, creating a more efficient distribution network.
“Ultimately, the goal is to make sure the petrol is delivered as quickly and efficiently as possible to the retailers,” he said.
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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