News
Imported Fuel cheaper than Dangote – Marketers, plan to sell below N1,028/litre
Oil marketers, on Friday, revealed that the price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery was between N1,015 and N1,028/litre depending on the quantity being purchased.
Based on this, the dealers vowed to import the commodity and sell it below the Dangote refinery price as well as the price being sold by the Nigerian National Petroleum Company Limited.
Data released by the Major Energies Marketers Association of Nigeria on Thursday showed that the landing cost of petrol was N978.01/litre as of October 31, 2024.
It stated that the landing cost of diesel was N1,069.97/litre, while that of aviation fuel was put at N1,119.67/litre.
The landing cost of these white products is the unit price of the imported commodities on landing on Nigeria’s shores.
Since the Dangote refinery commenced the release of refined petroleum products domestically, it had refused to announce the cost of the commodity despite several demands for the price.
However, a major marketer, who spoke to one of our correspondents on condition of anonymity due to lack of authorisation to speak on the matter, confirmed that the cost of petrol from the Dangote refinery was higher than that of imported PMS.
According to the official, the refinery currently sells to oil marketers making bulk purchase at N1,015/litre and small buyers at N1,028/litre.
The major marketer also disclosed that three cargoes carrying petroleum products recently arrived and had been discharged at seaports along the nation’s borders.
“Dangote is selling to bulk buyers at N1,015/litre, but to marketers who are not buying in bulk, the refinery is selling at N1,028/litre.
“But imported PMS is cheaper than the cost of Dangote’ own, and that is why he is doing all he can to ensure that the government stops the importation of fuel,” the dealer stated.
Commenting on the development, marketers under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria vowed that they would sell imported petrol below the price offered by the Dangote refinery.
The association said its PMS would also be cheaper than that of the NNPCL.
The PETROAN Publicity Secretary, Dr Joseph Obele, however, told Saturday PUNCH that the price of Dangote PMS might be higher because the refinery was still producing with the imported crude it bought at a premium.
He said the association had struck deals with some international fuel suppliers to import PMS at a good price, adding that the product would arrive in Nigeria at a price around N800/litre.
“PETROAN is an association, but we have incorporated our limited liability company called PETROAN Limited. We have got the licence from the Corporate Affairs Commission, and we have applied to the NMDPRA to licence us and give us authority to import. So, as we get that authority to import, I think we will import from the best market.
“And it is good also for the general public to understand that the landing costs in all the nations are not the same. PETROAN has got a partner from the international market, that the product will arrive here at close to N800/litre. So, since PETROAN has the best value for Nigerian citizens, we are calling on the regulatory agency to release our authority to import in no distant time so our first stock will come in.
“And we assure you that PETROAN will sell far less than Dangote. It will sell at prices far less than NNPC. Right now, NNPC is selling to us at N1,040/litre. PETROAN will not sell like that, because we have negotiated. And all our partners and foreign counterparts are on standby to make sure we give Nigerians the best value,” Obele said.
IPMAN urges fair pricing, stronger collaboration with Dangote Refinery
The associations spokesperson stated that he would not be able to disclose the exact quantity to be imported, but stressed that PMS imported by PETROAN would be cheaper.
Obele explained that Dangote was only selling to NNPC directly, while NNPC sold to marketers.
“I am telling you that that the position of NNPC as a middleman is still active till tomorrow. NNPC has refused to announce how much Dangote is giving. Dangote has also refused to announce how much he is selling to NNPC. So, I think there is an agreement that they don’t announce it.
“All we know is how much NNPC is selling it to us. However, the transaction between the two is not in the public domain. NNPC has refused to mention it. And the general public has said, please make these things open,” he said.
Speaking on the landing cost of N978/litre, he emphasised that the landing cost differs from country to country.
“N978 to N1,000, that’s the landing cost. It was about N1,100 as of last month. But because of the drop in the selling price of crude oil in the international market, PMS has witnessed a downward review in the international market too. So, I think we should also witness a downward review,“ he said.
When reminded that the NNPC just jerked up its price, Obele responded, “No, the issue we have is that the only functional refinery we have is the Dangote refinery. And Dangote has announced to everyone who wants to hear that the crude oil stock he is still working on was the one he bought from the international market; that the naira-for-crude stock, he has not started refining that. So, we don’t expect a downward review from someone who bought old stock when crude oil was selling for $80 and $78 per barrel.
“So, now that it has dropped to $72, we are not expecting to review the price automatically. Because you can put it to us that it is still trading with the old stock. But recently, the price of crude oil has dropped. We hope that whoever is buying the new stock of this new trade should review the price downward. But if what Dangote has used to refine the stock available is the old stock got when crude oil was still selling at $80 per barrel, we don’t expect him to review downward.
“Until the refinery commences production with the stock it just received last week in naira, that’s when people can criticise it. But at the moment, I think the selling rate reflects the former cost of crude oil.”
Meanwhile, the National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria, Yakubu Suleiman, also stated that the cost of Dangote petrol was higher than the imported commodity at the moment.
Suleiman, speaking in an interview with Arise TV, on Friday, stated that the price of fuel from Dangote refinery was higher than the cost of commodities imported.
According to him, the price of petrol at Dangote refinery was set at around N995 and higher than other sources.
Suleiman also accused the Chief Executive Officer of the Dangote refinery, Aliko Dangote, of sidelining key stakeholders in its fuel supply strategy, claiming that limited engagement with independent marketers had hampered their ability to lift petrol from the facility.
When contacted, the Chief Corporate Communications Officer of Dangote Group, Tony Chiejina, said the figures being bandied were not correct.
He described reports on Dangote petrol price as fake news, wondering where they emanated from.
“This is fake news. People are just posting what they like,“ he said.
Chiejina, however, declined to give the actual price.
The Executive Secretary of the Igbo Oriental Think Tank, Dr. Kenneth Anozie, has highlighted the vision of Dr. Chukwuma Anyichuks Odii for Ebonyi State ahead of the 2027 governorship election.
In a statement titled “Anyichuks Odii 2027: I Have a Dream for Ebonyi State,” Anozie compared Odii’s vision for Ebonyi with the transformational ideals associated with American civil rights leader Martin Luther King Jr.
According to the political analyst, Odii believes that Ebonyi State possesses enormous potential capable of benefiting the wider population rather than serving the interests of a few.
Anozie said Odii’s proposed agenda includes a restructuring of government to ensure equitable representation and development across the different zones of Ebonyi State.
He also listed improved infrastructure as a key component of Odii’s vision, particularly roads and other projects that would facilitate the movement of agricultural produce, stimulate industrial development and create employment opportunities for youths.
The analyst further said Odii plans to make the civil service more responsive to the needs of residents, establish major healthcare centres across the state’s local government areas to help reduce child mortality, and provide extensive ICT training for young people.
Anozie said the ICT initiative could position Ebonyi as a hub for technology talent, with trained professionals able to compete for opportunities locally and internationally.
“Anyichuks has a dream. Ndi Ebonyi need to cue in to that dream for the benefits of all,” Anozie said.
He urged Ebonyi residents to pay attention to the proposed agenda and participate actively in determining the direction of the state ahead of the 2027 election.
Dr. Kenneth Anozie is the Executive Secretary of the Igbo Oriental Think Tank and a political analyst.
…Governor trounces APC’s Oyebamiji with 66,252
The Independent National Electoral Commission has declared Governor Ademola Adeleke, of the Accord Party, the winner of the 2026 governorship election.
Announcing the final results, INEC Returning Officer, Prof. Joshua Ogunwole, the Vice- Chancellor of the Federal University, Oye-Ekiti declared Adeleke winner and returned him elected.
Ogunwole announced that the Accord candidate secured 511,067 while his closest challenger, Bola Oyebamiji of the All Progressives Congress, recorded 444,815 votes.
Adeleke trounced his major opponent with 66,252 votes amid wild jubilation by party supporters and other residents.
Details later…
The Osun State Governor and Accord Party candidate, Ademola Adeleke, has won 19 of the 30 Local Government Areas in Saturday’s governorship election, while the candidate of the All Progressives Congress, Bola Oyebamiji, secured victory in 11 LGAs.Download Offline Maps
The results are being collated and announced, with the Independent National Electoral Commission expected to make the official declaration after the completion of the process.
Adeleke recorded notable victories across several parts of the state, including Ede South, Ede North, Osogbo, Ife Central, Ife East, Ife North, Ilesa West, Odo Otin, Egbedore and Iwo.
Oyebamiji, however, won key LGAs including Ilesa East, Boripe, Irepodun, Obokun, Atakumosa West, Atakumosa East, Irewole, Isokan, Ola-Oluwa, Ife South and Olorunda.
The results announced so far show a closely contested election between the two major candidates, with the other candidates recording significantly lower figures in most of the LGAs.Download Interactive Maps
In Boluwaduro, Adeleke polled 7,118 votes against Oyebamiji’s 7,050. In Ede South, Adeleke secured 26,188 votes while the APC candidate scored 6,219.
Adeleke also won Ife North with 13,879 votes to Oyebamiji’s 9,613; Ilesa West with 16,196 against 12,756; Ifedayo with 7,427 against 6,836; and Ife Central with 21,171 against 15,913.
In Osogbo, Adeleke recorded 36,480 votes while Oyebamiji polled 30,474. He also won Oriade with 21,343 votes to 14,863 and Odo Otin with 18,003 votes against 15,435.
Other LGAs won by Adeleke included Ife East, where he scored 27,201 votes against Oyebamiji’s 18,600; Ifelodun, 21,107 against 18,396; Iwo, 27,085 against 19,660; Ede North, 35,427 against 10,283; Ila, 16,211 against 12,934; Ayedire, 11,073 against 9,910; Egbedore, 19,278 against 11,194; and Ayedaade, 16,681 against 15,719.Design Campaign Signs
Oyebamiji secured victories in Ilesa East with 16,208 votes against Adeleke’s 12,280; Boripe with 19,963 against 12,448; Irepodun with 15,713 against 14,504; and Obokun with 16,120 against 12,023.
He also won Atakumosa West, polling 10,037 votes to Adeleke’s 7,479; Irewole, 29,972 against 10,934; Atakumosa East, 9,936 against 7,872; Isokan, 14,063 against 13,765; Ola-Oluwa, 10,782 against 10,063; Ife South, 14,678 against 13,507; and Olorunda, 24,671 against 23,514.
The outcome places Adeleke ahead in the overall LGA tally, although the final result remains subject to the completion of the official collation and declaration by INEC.
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As of about 4:30pm on Saturday, INEC had uploaded 903 of the 3,763 expected polling-unit results to its Result Viewing Portal (IReV), representing about 24 per cent of the results expected across the state.
The emerging figures show Adeleke’s party making an early statement, particularly in Osogbo, where results from two polling units reviewed showed the Accord Party ahead of the All Progressives Congress (APC).
At Ward 4, Unit 39, Osogbo Local Government Area, Accord secured 65 votes, while the APC polled 43. The ADC recorded two votes, while ZLP, AA and AAC each scored one vote.
Another result from Ward 4, Unit 13, also in Osogbo, further tilted in favour of the Accord Party, which scored 134 votes against 75 votes for the APC. The ADC polled four votes, while ADP, AAC and APGA recorded one vote each.
The figures have placed Adeleke ahead in the early results emerging from the available uploads, although the lead cannot yet be treated as an indication of the final statewide outcome.
The race remains open, with thousands of polling-unit results still to be uploaded, verified and collated through the official INEC process.
The emerging results are nevertheless significant because they provide the first concrete picture of how the three leading contenders — Adeleke of the Accord Party, APC candidate Bola Oyebamiji and African Democratic Congress candidate Najeem Salaam — are performing in areas where results have been made available.
The early advantage for Adeleke comes after a tense election day marked by complaints over delays in the electronic transmission of results, alleged incidents of intimidation and vote-buying, as well as isolated reports of violence.
Adeleke had earlier expressed confidence in victory after casting his vote, while Oyebamiji also declared that he expected to win the contest. Salaam, meanwhile, raised concerns over the alleged non-recognition of some ADC agents and later reported an attack at his polling unit in Ejigbo.
Attention has now shifted from voting to the results battle, with parties and supporters closely monitoring the IReV portal and the official collation centres.
Following the conclusion of voting, presiding officers have commenced the sorting and counting of ballots at polling units, with results beginning to emerge from different parts of the state in Saturday’s governorship election.
Three major candidates in the Osun governorship election had expressed confidence in emerging victorious as the polls entered the sorting and collation stage, with each candidate and their supporters optimistic about securing the mandate of the electorate.
Governor Ademola Adeleke of the Accord Party, on Saturday, expressed confidence in emerging victorious in the ongoing governorship election after casting his vote at Sagba Abogunde Ward 2, Unit 9, in Ede North Local Government Area.
Meanwhile, the African Democratic Congress governorship candidate in Osun State, Najeem Salaam, raised concerns over the alleged non-recognition of his party agents in several areas across the state during Saturday’s election.
Meanwhile, as at 4.30pm, a check by our correspondent to the IReV portal indicated that 903 out of 3,763 units have been uploaded
Results announced so far:
1. Ward 4, Unit 39, Osogbo Local Government Area
ZLP — 1
AA — 1
AAC — 1
ADC — 2
APC — 43
Accord Party — 65
Presiding Officer: Oyeranmi Deborah
2. Ward 4, Unit 13, Osogbo Local Government Area
Accord Party — 134
APC — 75
ADC — 4
ADP — 1
AAC — 1
APGA — 1
Presiding Officer: Mabel Olowolayemo
3. From Ede North, 007/02/07/29
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