Business
Marketers drop petrol prices below Dangote’s cost
Importers have dropped petrol prices below the price offered by the Dangote Petroleum Refinery, sparking a new wave of competition. This comes amid a call by the President of the Dangote Group, Alhaji Aliko Dangote, for the Federal Government to ban fuel importation.
Findings by our correspondent showed that some filling stations now sell petrol below N860 per litre, while Dangote partners, such as MRS, Heyden, and others, sell at N865 or N875 in Lagos and Ogun States.
A filling station named SGR in Ogun State reduced its price to N847 per litre as of Tuesday. Marketers confirmed to The PUNCH that most importers have reduced their ex-depot petrol prices below that of the Dangote refinery.
As of Tuesday, it was learnt that Dangote refinery was selling petrol at N820 per litre while some depots sold the product at N815 per litre. According to Petroleumprice.ng, Aiteo, Menj and others put their prices at N815/litre as of Tuesday.
Our correspondent learnt that the importers were making efforts to remain in business through competitive pricing. Many had previously complained of recording losses when the 650,000-barrels-per-day capacity Dangote refinery began implementing constant price cuts earlier this year.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the ongoing downward price review by the importers.
“Depot owners are dropping their petrol prices. Some of them are selling N815, some are selling N817, while Dangote is selling N820. NNPC is still selling at N825; it has not dropped its prices yet,” Ukadike disclosed.
He described this as the beauty of market liberalisation, saying President Bola Tinubu should not heed calls to ban fuel importation.
“This is the beauty of the liberalisation of the market. That is why we opined that the President should not ban anybody from importing petroleum products. Nobody should be stopped from bringing in petroleum products. That is the beauty of opening up the market. Implementation and local refining will checkmate unfair pricing. As an indigenous country, you must refine to ensure that you have the best price,” Ukadike said.
On claims that toxic and substandard fuels are being imported into the country, the IPMAN spokesman said the Nigerian Midstream and Downstream Petroleum Regulatory Authority is in place to check substandard fuels.
Today, it appears that importers are daring Dangote by leading the charge in slashing petrol prices, a practice Dangote recently described as unfair competition. According to Dangote, the importation of fuel into Nigeria is killing local refining and discouraging further investments in the sector and even the economy.
To remain viable, he urged governments across Africa to take deliberate steps as the United States, Canada, and the European Union have done to protect domestic producers from what he called unfair competition.
Dangote did not mince words when he said that the Nigeria First policy announced by Tinubu should apply to the petroleum products sector. “The Nigeria First policy announced by His Excellency, President Bola Tinubu, should apply to the petroleum product sector and all other sectors,” he stated.
This request by Dangote seeks to place a ban on the importation of petrol, diesel, and other products being produced locally. He argued that local refiners were finding it difficult to sell their products because of what he called dumping. The billionaire businessman alleged that importers were dumping toxic fuel that would never be allowed in Europe.
“And to make matters worse, we are now facing increased dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America,” he said.
Dangote mentioned that some importers bring subsidised fuel or crude oil from Russia into Nigeria. This, he said, affects local pricing, forcing refiners to lower their prices below production cost.
“Due to the price caps on the Russian petroleum products, discounted petroleum products produced in Russia or with discounted Russian crude find their way to Africa, severely undercutting our local production, which is based on full crude pricing. This has created an unlevel playing field in most African countries. Petrol and diesel are sold for about a dollar net of taxes.
“In Nigeria, due to this unfair competition, this price is just about 60 cents, even cheaper than Saudi Arabia, which produces and refines its own oil. This is due to the fact that we are having too much dumping. To remain viable, we urge the governments across Africa to take deliberate steps as the United States, Canada, and the European Union have done to protect domestic producers from unfair competition,” he stated at a recent event organised by the Nigerian Upstream Petroleum Regulatory Authority in Abuja.
However, marketers disagreed with Dangote, urging the Federal Government not to consider adding petroleum products to the list of items banned from importation under the ‘Nigeria First’ policy.
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President Bola Tinubu has directed the immediate employment of 200 National Youth Service Corps (NYSC) honorees into the federal civil service.
The President speaking on Tuesday also announced ₦250,000 cash award for the 200 honorees in recognition of their outstanding service during the 2020–2023 service years.
Tinubu who was represented by the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, at the combined President’s NYSC Honours Award Ceremony (2020-2023) in Abuja, celebrated the awardees for their “discipline, commitment, selflessness, teamwork, patriotism, and integrity.”
The President Tinubu also showed empathy to 10 physically challenged former corps members, who sustained varying degrees of disability while serving, directing that they should be offered federal employment and assuring them that the government will never forget their sacrifice.
He assured the honorees that the “Head of the Civil Service of the Federation and Chairman of the Federal Civil Service Commission will immediately begin their employment process.”
Beyond automatic employment and cash awards, every honoree—including those with disabilities—will receive a scholarship to pursue a postgraduate degree at any Nigerian university.
According to him: “In appreciation of their service to the nation, all the awardees will receive N250,000. Finally, each award recipient will be granted a scholarship to pursue postgraduate programs up to a degree in any university in the country,” he declared.
He reinforced the administration’s commitment to youth empowerment, saying: “In appreciation of these critical roles played by youth in national development, and to put them in the foreground of our economy, the government developed several youth-related programs, covering education, skills development, technology, and information sustainability.”
He called on the honorees and Nigerian youths alike “to continue to have faith in Nigeria,” urging them not to yield to those “seeking to destabilize the nation.”
The ceremony recognized the best overall performers among both male and female awardees.
The top four male awardees were: Nunaya Polycarp Nunaya (20B – KW/20B/0001) from Adamawa State, who served in Kwara State; Okpogbo Alvin Chinedu (21A) from Imo State, who served in Cross River State; Dr. Ugwa Obinna Mark (23B) from Abia State, who served in Cross River State and Rabiu Quadri Mayokun (23C) from Osun State, who served in Rivers State.
In the female category, the best overall awardees were: Akase Pati Ence Nguwasen (21A) from Benue State, who served in Gombe State and Igwe Anne Chikaodi (23C) from Enugu State, who served in Sokoto State.
Minister of Youth Development, Ayodele Olawande, lauded President Tinubu’s unwavering commitment to the future of Nigerian youth.
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The bank was founded 77 years ago by *Late Chief Matthew Adekoya* *Agbonmagbe* *Okupe* .
It didn’t start as a bank at first, though. Chief Mathew started out as a famous government-approved money lender before he established the bank.
He started the bank in May 1945 after his business expanded beyond the status of a cottage money lender.
After obtaining a banking license, Chief Matthew registered the Wema Bank we know today, with the name “Agbonmagbe Bank”. The word “Agbonmagbe” loosely translates as “the source that never runs dry”
As the first indigenous bank in Nigeria, Agbonmagbe Bank had branches in Ebute Metta, Mushin, Ifo, Sagamu, Ago Iwoye, Ijebu Igbo and Zaria.
Agbonmagbe Bank became Wema Bank through acquisition by Wema Board in 1969. 18 years later in 1987, the bank went public as Wema Bank Plc.
Chief Matthew Agbonmagbe Okupe died on November 1, 1984 at the age of 86 years.
He had 10 wives and 40 children.
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The Lagos State Government has called on the Medical Guild to suspend its planned three-day warning strike, assuring doctors that the concerns they have raised are receiving urgent attention.
It was reports that doctors in the state’s public health sector, under the umbrella of the Medical Guild, are set to begin a warning strike today, Monday, July 28, 2025, to protest what they described as “unlawful and disrespectful” deductions from their salaries. The strike is scheduled to run from 8:00 a.m. today until 8:00 a.m. on Thursday, July 31.
In a statement issued on Sunday by Tunbosun Ogunbanwo, Director of Public Affairs at the Lagos State Ministry of Health, the government acknowledged the press briefing held by the Medical Guild on Saturday, July 26, and expressed concern over the issues raised regarding alleged unauthorized deductions and related matters.
While appealing to the doctors to reconsider the industrial action, the state government assured that steps are already in motion to resolve the situation.
“The Lagos State Government wishes to assure the general public that all grievances of the doctors are currently being looked into with utmost sincerity and urgency. Negotiations and engagements with the Medical Guild are ongoing,” the statement said.
According to the Ministry, this is the first time in recent years that such a development has occurred within the state’s health sector. It reiterated the administration’s commitment to the welfare and motivation of all health professionals.
The government disclosed that a Conciliation Committee, made up of representatives of both parties, had already been constituted. The committee has held meetings and is reviewing documents submitted by the Medical Guild in line with established policies and fiscal guidelines.
“As a responsible Government, we value the critical role our healthcare professionals play in delivering quality and timely health services to the over 20 million residents of Lagos State. We urge the Medical Guild to continue on the path of dialogue while we work to reach a peaceful and just resolution in the interest of all parties, especially the residents who may bear the brunt of any service disruption,” the statement added.
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