News
Petrol may drop to N800/litre as oil prices tumble
This comes as the Dangote Petroleum Refinery reduced its ex-depot price for PMS to N835 per litre, its second downward adjustment in less than seven days.
The industry players, however, pointed out that the N800 per litre price could be achieved if crude drops further to $50 per barrel and marketers depend less on foreign exchange to buy products. Brent, the global benchmark for crude, was about $65 per barrel on Wednesday.
Also on Wednesday, the Dangote refinery again slashed its refined product prices to make them cheaper, cutting its ex-depot rate for petrol to N835 per litre.
The new price represents a N30 reduction from N865 per litre implemented six days ago, marking a 3.5 per cent decrease, and a N45 reduction from the N880 per litre sold by the facility last Wednesday.
This price cut marks Dangote’s third downward price adjustment in six weeks. A pro forma invoice sighted by our correspondent, and checks on petroleumprice.ng confirmed the development.
Confirming this, a statement signed by the Group’s Chief Branding and Communications Officer, Anthony Chiejina, said the refinery reduced its gantry price to reaffirm its commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.
It stated that the new price is inclusive of charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The document detailing the revised price structure shows that PMS at the gantry will now sell for N835 per litre, inclusive of NMDPRA statutory levies, while coastal sales remain on hold. The diesel gantry price is set at $608 plus a $70 surcharge, payable either in naira at N1,650/$ or in USD.
Coastal sales are also on hold. Jet fuel will be sold at $664.75 with a $42 gantry surcharge and a $22 coastal surcharge. Prices for cooking gas at both gantry and coastal points are currently on hold.
The statement added that its partners will sell the products between N890 and N920. These partners include MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Tecno Oil.
The statement read, “Dangote Petroleum Refinery is pleased to announce a reduction in the gantry price of Premium Motor Spirit, commonly known as petrol, from N865 to N835, effective from Wednesday, 16th April 2025. This marks the second price reduction within a week.”
“Key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Tecno Oil, will offer petrol at N890 per litre, down from N920 in Lagos. In the South-West, the price will be N900 per litre, reduced from N930.
“In the North-West and North-Central, the price will be N910 per litre, lowered from N940. In the South-East, South-South, and North-East, the price will be N920 per litre, down from N950.”
Continuing, Chiejina anticipated that the latest reduction in PMS prices would generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth.
He added, “Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers. For example, in February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas have also experienced significant price reductions due to the refinery’s sustained efforts.
“We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.
“Dangote Petroleum Refinery remains steadfast in its commitment to ensuring a steady supply of premium-quality petroleum products, with sufficient reserves to meet domestic demand, along with a surplus for export. This strategy is designed to support the stability of the domestic market while also contributing to the growth of Nigeria’s foreign exchange reserves.
“Furthermore, Dangote Petroleum Refinery calls on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realised across the country.”
Earlier on Wednesday, PUNCH Online hinted at a possible price cut after the landing cost of imported petrol dropped to N853 per litre on Tuesday.
This development comes as marketers secured regulatory approval to import 117,000 metric tonnes—equivalent to 156.897 million litres—of petrol within eight days, from 8 to 16 April 2025, to boost fuel supply nationwide.
These figures were revealed in separate documents obtained by our correspondent from the Nigerian Ports Authority and the Major Energies Marketers Association of Nigeria.
The document showed that on-the-spot sales at the NPSC-NOJ terminal dropped to N853.12 per litre, while the 30-day average cost also declined to N844.84 per litre.
Within the period, marketers brought in six vessels conveying 117,000 metric tonnes through Tin Can Port in Lagos and Calabar Port in Cross River State.
Importantly, the continued price drop coincides with the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension.
The Ministry of Finance disclosed this in a statement published last week on its official X handle, titled: “Update on the Crude and Refined Product Sales in Naira Initiative.”
The statement followed a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery—a major beneficiary of the agreement — to review progress and address ongoing implementation issues.
The committee stated that the policy is not a temporary measure but a long-term strategy to reduce Nigeria’s dependence on foreign exchange for petroleum.
It added that the initiative is a key policy directive designed to support sustainable local refining and strengthen energy security.
Despite these price adjustments, oil marketers have yet to pass on the savings to consumers, with retail pump prices remaining largely unchanged across much of the country.
Commenting, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the development was a direct implication of the revamped naira for crude deal.
Ukadike, speaking in a telephone interview, said, “Yes, the reduced price is a direct implication of the naira-for-crude deal. Global crude price is also a key factor. And I can tell you that if this continues, and prices continue to dwindle in the international market, the impact shall be felt domestically in the prices of refined products.
“When crude price reaches $50 per barrel, then it is possible to reach between N650 to N700 per litre petrol price.”
He, however, lamented the new challenge of losses to be absorbed by business owners.
“It is affecting marketers, but based on the naira-for-crude, the effect must be reflected in the pump price. The issue of exchange has been discounted because the government has started supplying Dangote crude. It won’t be fair for him to remain at the former price.
“Because of the new decision of the New Group Chief Executive Officer of the Nigerian National Petroleum Company, there must be a reflective impact on the price of petroleum products to show that the government has implemented as discussed,” Ukadike stated.
An oil and gas expert, Olatide Jeremiah, said the pump price of petrol would have reached N700 if the local arrangement deal hadn’t been suspended.
He said, “The crude oil decline and renewal of naira-for-crude policy is a double-edged advantage for Nigerians, as pump price may hit N700/litre soon.
“Today’s decline from N865/litre to N830/litre just triggered a price war between Dangote and private Depot owners. As I speak, oil importers are jittering as this price decline will force them to compete, thus pushing them into losses since their landing cost is about 860/litre, and most of them still have stocks in their tank farms.
“For both blocs, it’s all about who has the largest share and dominates the petroleum market, but for Nigerians, they should expect and enjoy a continuous reduction of fuel pump prices.
“If not for the suspension of naira-crude policy that gave private depot owners the autonomy to jack up prices, petrol pump price would have dropped to around N700/litre.”
However, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Dr Billy Gillis-Harry, offered a different perspective on the development, noting that the arbitrary change of price is causing significant instability in the sector.
Families displaced by the recent fire outbreak in the Asata area of Enugu have received immediate relief from the Enugu State Government following the intervention of Governor Peter Mbah, who directed that palliative support be provided to ease their suffering.
Chairman of the Enugu State Emergency Management Agency (ESEMA), Chinasa Mbah, disclosed that the agency promptly delivered the relief materials in compliance with the governor’s directive.
“We have given them some palliative as directed by His Excellency. Our report has equally gone in, and we await further instructions,” Mbah said.
She explained that ESEMA has completed its assessment of the incident and submitted its recommendations to the state government, adding that additional assistance for the affected families will depend on the governor’s approval of the agency’s report.
The swift response underscores Governor Mbah’s commitment to standing with citizens in times of distress. The victims, whose homes and belongings were destroyed in the fire that gutted two flats in a two-storey building on Church Road, Asata, are expected to receive further support as the government considers ESEMA’s recommendations.
The National Commission for Almajiri and Out-of-School Children’s Education (NCAOOSCE) has defended the inclusion of projects outside its statutory mandate in the 2026 budget, insisting they are National Assembly constituency projects assigned to the commission for implementation.
However, the explanation has done little to quell public scrutiny, with critics questioning why a commission established to tackle the Almajiri system and out-of-school children—challenges largely concentrated in Northern Nigeria—is overseeing projects reportedly located in parts of the South-West.
The controversy has also been fuelled by concerns over the scale of the allocations, as the value of the disputed constituency projects is said to far exceed the funds earmarked for the commission’s core education programmes.
Responding to the criticism in a statement issued on Monday, the commission’s Special Assistant on Media and Communications, Nura Muhammad, said the projects were included in the 2026 Appropriation Act under the long-standing practice of assigning constituency projects to Ministries, Departments and Agencies (MDAs) for execution.
According to the commission, once such projects are approved in the federal budget and allocated to an agency, they become part of its implementation responsibilities.
“As part of a duly enacted federal budget, every project assigned to the commission forms part of its implementation responsibilities and will be executed in strict compliance with extant laws, financial regulations and due procurement processes,” the statement said.
NCAOOSCE maintained that the inclusion of the projects does not alter its statutory mandate, stressing that it remains focused on addressing the Almajiri system and reducing the number of out-of-school children across Nigeria.
The commission cited its achievements, including the profiling of more than 700,000 out-of-school children, the establishment of 119 learning centres, ward-to-ward advocacy campaigns, and the implementation of the National Policy on Almajiri Education, as evidence of its commitment to its core responsibilities.
This version attributes the concerns to critics and public scrutiny rather than stating them as established facts.
A Police Inspector, Dr. Obodo Paul Ikechukwu, has reportedly died after he was involved in a fatal road accident allegedly involving a police convoy in Enugu State.
The deceased, who hailed from Nkpologu in Enugu State, was serving in the Operations Department of the Enugu State Police Headquarters at the time of the incident.
Details surrounding the circumstances of the accident remain unclear, but sources said the inspector was fatally injured after being struck by a vehicle in a police convoy.
Dr. Obodo, who was also a PhD holder, was described by colleagues and associates as a dedicated officer whose death has come as a shock to members of the police command and his community.
As of the time of filing this report, the Enugu State Police Command had not issued an official statement on the incident, while further details are being awaited.
The Spiritual Director of the Adoration Ministry Enugu, , has offered prayers for , praying for God’s favour, protection, and victory as the state approaches the coming elections.
Speaking during a church gathering, Mbaka declared that Governor Mbah would succeed, expressing confidence that God, whom he said had begun a great work through the governor, would bring it to completion.
“It shall be well with Peter Mbah; may the favour of God be with him. We back him with our prayers. The Adoration family throws our prayers around him, that he will succeed, in the name of Jesus. May God grant him the power of victory at the end of the whole election,” Mbaka said.
The cleric further expressed hope that Mbah’s leadership would bring joy to the Igbo people, the people of Enugu State, and the Church, adding that the Igbo economy could witness greater advancement under his administration.
According to Mbaka, the progress recorded so far gives hope that greater achievements lie ahead, stressing that God would perfect the work already begun.
His remarks come as political activities continue to gather momentum ahead of the forthcoming elections.
ENUGU — Governor Peter Mbah has directed the Enugu State Emergency Management Agency (ESEMA) to provide immediate relief materials and other palliative support to two families displaced by the fire that razed a two-storey building at No. 22 Church Road, Asata, Enugu, on Saturday.
The governor’s directive followed reports by Everydaynewsngr that the inferno destroyed two flats and consumed household property, valuables, and important documents belonging to the affected families, leaving them homeless.
The General Manager of ESEMA is expected to assess the extent of the damage and coordinate the distribution of emergency relief items to ease the hardship faced by the victims while further interventions are considered.
Residents of the area welcomed the governor’s swift response, describing it as a demonstration of compassion and responsible leadership at a difficult time for the affected families.
One of the victims, an employee of a higher institution in Enugu State who is said to be approaching retirement, had lamented that the fire wiped out decades of savings and destroyed all his household belongings, including vital documents and certificates.
No lives were lost in the incident, while the cause of the fire is yet to be determined. Authorities are expected to investigate the circumstances surrounding the outbreak as affected families begin the difficult task of rebuilding their lives.
The state government urged residents to remain safety conscious and report fire emergencies promptly to relevant agencies to minimise damage and loss of property.
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