Dangote

By Sabiu Abdullahi

Dangote Petroleum Refinery has ended naira-denominated sales of Premium Motor Spirit (PMS), also known as petrol, and introduced a dollar-based pricing system for its refined petroleum products.

The new pricing structure, which took effect on Monday, fixes the ex-depot price of petrol at $0.779 per litre. Diesel will now sell at $1.087 per litre, while Aviation Turbine Kerosene is priced at $0.942 per litre. Coastal deliveries of petrol have also been fixed at $1,044.62 per metric tonne.

The refinery announced the changes in a notice sent to marketers and customers. It also declared that all naira-denominated Proforma Invoices and Deal Recaps issued earlier for gantry and coastal transactions were no longer valid.

The notice stated: “Following our email on the 9th of July, 2026, regarding the transition from Naira to United States Dollars, please note that all issued Naira Coastal and Gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.

“The applicable USD prices for each product, effective today, July 13, 2026, are provided below.”

The refinery, however, clarified that the new arrangement does not apply to Liquefied Petroleum Gas (LPG). It said, “Also note that this transition to USD does not apply to LPG transactions.”

The latest development marks the end of the naira payment system introduced after the Federal Government’s naira-for-crude initiative began on October 1, 2024. That policy allowed local refiners to purchase crude oil in naira to support domestic refining and reduce pressure on foreign exchange.

Industry sources said the refinery adopted the new framework because of the growing gap between the currency used to purchase crude oil and the currency used to sell refined products. According to them, a larger share of crude supplies from the Nigerian National Petroleum Company Limited (NNPCL) is now obtained through dollar-denominated arrangements.

One source said the change became necessary because the refinery faced increased exposure to foreign exchange risks.

Another source explained, “Dangote refinery is receiving fewer naira-denominated crude cargoes from NNPCL compared with dollar-denominated cargoes, while a larger volume of its petroleum products has been sold in naira. The resulting currency mismatch, combined with volatility in international crude oil prices and continued exchange-rate uncertainty, made it necessary to migrate product sales to dollars.”

The decision is expected to affect petroleum marketers that buy products directly from the refinery. Analysts also believe it could influence retail fuel prices, depending on exchange rates, logistics costs, transportation expenses and other market factors.

By Sabiu Abdullahi

Dangote Industries Limited (DIL) has introduced a whistleblower programme to curb the unauthorised use of its branded trucks across the country.

Under the initiative, the company will pay N500,000 to anyone who provides credible information that leads to the arrest of individuals involved in illegal haulage with Dangote trucks.

In a statement issued on Sunday, DIL said the programme forms part of its efforts to safeguard the integrity of its logistics operations. The company urged members of the public to report any case in which its trucks are used to transport unauthorised goods or passengers.

The company explained that each of its subsidiaries has designated products for transportation. It said Dangote Cement trucks are approved to convey only cement, limestone, high-grade gypsum, coal and clinker. Dangote Sugar Refinery trucks are restricted to sugar products, while NASCON Allied Industries vehicles are meant for Dangote Salt and DanQ Seasoning products.

“Dangote Packaging vehicles are to carry bags and packaging materials, Dangote Petroleum Refinery and Petrochemicals trucks are approved for polypropylene products, while Dangote Fertiliser Limited vehicles are authorised to transport urea fertiliser,” the statement reads.

Dangote warned that any of its trucks found transporting goods outside the approved categories would be regarded as engaging in illegal haulage. It added that drivers and owners of such goods could face arrest, confiscation of the cargo and prosecution.

“Anyone with verifiable information that leads to the arrest of persons involved in illegal haulage activities or the recovery of unauthorized goods transported on Dangote trucks will receive a cash reward of Five Hundred Thousand Naira,” the statement further reads.

The company advised whistleblowers to provide relevant details, including the truck type, registration number, cab number, location, description of the goods, vehicle colour and photographs where available, to support investigations.

Dangote also disclosed that it has created dedicated hotlines for reports of illegal haulage activities. It added that security agencies, including the police, have the authority to arrest drivers who use the company’s trucks for unauthorised commercial haulage.

The company reaffirmed its commitment to transparency and accountability in its logistics operations.

“Public cooperation remains critical in our efforts to eradicate illegal haulage activities,” the company said.

“We encourage anyone with credible information to come forward and help us maintain the integrity of our transportation system.”

According to DIL, the whistleblower programme will help protect the company’s assets, encourage lawful business practices and ensure that offenders face justice.

By Sabiu Abdullahi

The Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre. This marks a reversal of its earlier price increase after a drop in global crude oil prices linked to geopolitical developments.

The new price reflects a reduction of N75 from the previous rate of about N1,275 per litre. The refinery had earlier raised prices due to rising international oil costs and concerns over supply.

A senior official of the refinery confirmed the adjustment on Tuesday night. He explained that the decision followed changes in global crude oil benchmarks and market conditions.

“The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and their impact on crude oil prices. These are external factors that directly influence refined product pricing,” the official, who spoke in confidence due to the lack of authorisation to speak on the matter, stated.

He also said, “Petrol has been reviewed upward by N75 to N1,275 per litre, which is about a five per cent increase, while diesel has increased more significantly by N200 to N1,950 per litre. These changes reflect the realities of the international market.”

By Wednesday morning, the same official confirmed that the refinery had reversed the earlier increase. He said the latest decision followed a sharp drop in crude oil prices after former United States President Donald Trump announced a conditional two-week ceasefire arrangement with Iran. The development reduced concerns about possible supply disruptions in the Middle East.

Data showed that Brent crude fell by 13.28 per cent to $94.76 per barrel on Wednesday. US West Texas Intermediate also declined by 14.72 per cent to $96.31 per barrel.

The drop in prices followed signs of easing tensions after Trump said the United States would suspend planned military action against Iran for two weeks. The move depends on restoring safe passage through the Strait of Hormuz.

“Yes, the price has been reversed. This follows the current price of crude oil,” the official added during a telephone interview.

The refinery also issued a statement to address speculation about further price increases. It clarified that no additional hike had been introduced and that prices were instead adjusted downward.

“A source at the company confirmed that its pricing structure remains intact, with the gantry price at N1,200 per litre and the coastal price at N1,153 per litre.

“We are maintaining our existing price and have not implemented any new pricing for our customers,” the statement read.

The company added that it remains focused on ensuring consistent fuel supply within Nigeria and across the region.

The development comes at a time when Nigeria’s downstream petroleum sector faces continued uncertainty due to fluctuations in global oil prices, exchange rates, and supply chain challenges.

Since it began operations in September 2024, the Dangote refinery has played a major role in shaping fuel supply and pricing in the country. Its latest move highlights the growing link between domestic fuel prices and global market trends following the deregulation of the sector.

By Sabiu Abdullahi

Chairman of the Dangote Group, Aliko Dangote, has urged the international community to step into the ongoing Middle East crisis. He warned that the situation could push many countries back to conditions similar to the COVID-19 period.

Dangote made the remarks on Monday after meeting with President Bola Ahmed Tinubu at his residence in Lagos.

He raised concerns about the instability in global oil prices and its wider economic impact. He noted that Nigeria and other African nations may have no choice but to adopt remote working arrangements if the situation worsens.

Dangote also appealed for prayers and global intervention to bring the conflict to an end, as it continues to influence fuel prices and other energy costs.

He said, “In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.

“I think in Indonesia, they only go to work four days a week. And they will look at the situation. If it doesn’t improve, they will ask everybody not to go to work anymore. We will do like that time of COVID, where people will now go and work from home,” Dangote said.

He further explained that the crisis could encourage opportunistic pricing, which would worsen the burden on citizens.

“It’s not only energy. Some people will try to take a chance and say, ‘Ah, this is an opportunity. So, let me make money. So, if this thing doesn’t de-escalate, it is going to keep going up and governments cannot really now go and add salaries also. So, people will really feel the pinch,” he said.

Dangote stressed that small-scale operators would be among the most affected, especially those who depend on fuel-powered equipment.

“People who are barbers, people who are doing bread, people who have industries who have to pay their own generator, I mean, you can see what is happening,” he said.

On a different note, Dangote commended President Tinubu for his recent visit to the United Kingdom. He pointed to the £746 million infrastructure agreement signed during the trip as a major achievement.

“It has not been easy dealing with the British, getting this kind of money out of them. They, too, are struggling on their own. But I think this is to show confidence—it’s not about the money. It’s about the confidence in Nigeria,” he said.

He expressed optimism that the agreement would attract more international partnerships. Dangote added that Nigerian investors can now access funding support from the UK Export Finance agency, which has remained underutilised for years.

By Abdullahi Mukhtar Algasgaini

A serious allegation has been made against Engr. Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

He is accused of spending over $5 million on the foreign secondary and tertiary education of his four children in Switzerland.

According to the allegation, the estimated cost for each child’s secondary education—covering annual tuition, air tickets, and upkeep—is $200,000. Over six years, this amounts to $1,200,000 per child.

For all four children, the total secondary education expense is estimated at $4,800,000.

Furthermore, an additional $210,000 was reportedly spent in 2025 for the MBA education of one of his children, Faisal. This brings the approximate total for tuition and upkeep across all children to around $5,000,000.

The statement, signed by Alliko Dangote, emphasizes that “facts don’t lie” and raises critical questions about the source of these funds.

It contrasts the enormous expenditure with the plight of many parents in Engr. Ahmed’s home state of Sokoto, who are said to struggle to afford school fees as low as ₦10,000 for their own children and wards.

The core demand of the allegation is transparency: “Nigerians deserve to know the source(s) of these sums of money paid by a public officer.”

By Anwar Usman

The Petroleum Products Retail Outlets Owners Association of Nigeria has announced a three-day forewarning of suspension of lifting and dispensing of petroleum products commencing from the early hours of Tuesday.

The National President of PETROAN, Billy Gillis-Harry, in a statement issued on Sunday, said the forewarning on suspension of dispensing petroleum products was in advocacy for healthy competition as against any form of monopoly in the sector.

The News Agency of Nigeria reports that the Nigeria Union of Petroleum and Natural Gas Workers had announced that its members would commence a nationwide strike from Monday, September 8.

The strike is in protest against what it described as anti-union labour practices, linked to the deployment of newly imported Compressed Natural Gas trucks by the Dangote Refinery, for direct distribution of petroleum products.

Dangote’s programme on direct distribution of petroleum products to end users aimed at eliminating logistics costs, enhancing energy efficiency, promoting sustainability, and supporting Nigeria’s economic development.

The president reiterated that the action of NUPENG would be both lawful and peaceful, highlighting the association’s commitment to promoting workers’ rights and benefits through constructive engagement.

He added that, “PETROAN underscores its commitment to advancing the interests of Nigerian citizens in the pricing stability of the petroleum sector and promoting a stable and productive industry”.

He called on President Bola Tinubu, Minister of State for Petroleum (Oil), and the Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, to intervene in the proposed actions of NUPENG and PETROAN.

He also urged the Group CEO of Nigerian National Petroleum Company Limited, the Director-General of DSS, and the Inspector General of Police to intervene urgently in the actions.

The intervention, he said, would avert potential hardship and pain on citizens arising from the suspension of lifting and dispensing of petroleum products.He appealed to the president to find a solution to the crisis and ensure the smooth operation of the oil and gas sector to minimise disruptions to the nation’s economy.

Gillis-Harry further said that pump attendants at PETROAN-member filling stations were equally registered members of NUPENG, hence, the strike by NUPENG would mean these attendants would be absent from duty.

He warned filling station owners not to discipline or sack any pump attendant who would be absent from duty until the end of the strike.

By Abdullahi Mukhtar Algasgaini

The Dangote Group has announced its plan to distribute petroleum products across Nigeria free of charge in an effort to reduce the soaring fuel prices in the country.

A fleet of Compressed Natural Gas (CNG)-powered trucks has already arrived in Lagos, signaling the company’s commitment to easing the fuel supply crisis.

This move comes as the Nigerian government tightens regulations on petroleum distribution, potentially displacing independent marketers from the sector.

Meanwhile, Aliko Dangote has announced his retirement from the cement business to focus entirely on the petroleum industry.

The development has sparked mixed reactions among Nigerians, with many questioning how this shift will reshape the nation’s fuel market dynamics.

By Abdullahi Mukhtar Algasgaini

Aliko Dangote, Chairman of the Dangote Group, on Thursday named the road leading to the Dangote Refinery after President Bola Tinubu.

The honour was announced during President Tinubu’s first visit to the refinery, where he also commissioned the Lekki Deep Sea Port concrete road and flagged off Section 2 of the Lagos-Calabar superhighway.

Dangote disclosed that his company is investing N900 billion in road construction across Nigeria, despite paying N450 billion in taxes last year.

The newly named Bola Ahmed Tinubu Road connects the refinery to key infrastructure, including the Sagamu-Benin Expressway.

By Uzair Adam Dangote Petroleum Refinery has once again reduced the gantry price of Premium Motor Spirit (PMS), popularly called petrol, cutting it by 3.5 per cent.

The new rate is now N835 per litre, down from the previous N865, following a steady decline in global crude oil prices, which recently dropped to $64 per barrel from over $70.

This marks the second price cut in recent weeks, after the refinery earlier brought the price down from N880 to N865 per litre.

However, marketers reportedly failed to reflect the reduction at retail outlets.

With a daily refining capacity of 650,000 barrels, the Dangote Refinery continues to shape Nigeria’s downstream petroleum sector and influence market trends.

By Sabiu Abdullahi