Connect with us

Business

Dangote raises petrol to N1,200/l despite crude price decline

Published

on

Dangote Petroleum Refinery and Petrochemicals FZE has increased the gantry price of Premium Motor Spirit (petrol) from N1,185 to N1,200 per litre, effective August 26, 2026.

In an official communication to customers issued on Tuesday, the refinery’s Group Commercial Operations announced revised depot prices for gantry and coastal deliveries.

The email, titled ‘PMS Price Change Communication (N1,185 per Litre To N1,200 Per Litre)’, asked customers to take note of the revised DPRP PMS gantry and coastal price, which is effective 26th August 2026.

According to the table contained in the notice, the coastal price rose from N1,562,265 per metric tonne to N1,582,380, while the gantry price increased from N1,185 to N1,200 per litre.

The refinery further directed customers to return all Authorisation to Collect documents for repricing, adding that a new volume contract would be issued for immediate loading resumption.

“You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption. Should you require any further clarification, please do not hesitate to contact us,” the notice said.

The latest adjustment represents a N15 per litre increase in the gantry price and comes barely days after the refinery raised the price from N1,165 to N1,185 per litre. The previous increase took effect from midnight on August 21, 2026, according to industry trackers.

However, the latest hike comes against a backdrop of falling international crude oil prices. Data from oilprice.com on Tuesday showed West Texas Intermediate crude trading at $82.13 per barrel, down $2.88 or 3.39 per cent, while Brent crude stood at $88.37 per barrel, declining by $3.80 or 4.12 per cent. Murban crude also fell to $92.71 per barrel, shedding $8.73 or 8.61 per cent.

See also  Marketers fault Dangote’s 500,000-litre fuel delivery threshold

Our correspondent gathered that marketers and depot operators who received the circular might have begun returning existing ATCs for repricing in line with the refinery’s directive.

The N15 increase could result in higher pump prices as oil marketers factor in transportation, landing and other downstream costs. Petrol is expected to return to an average of N1,250 per litre.

The Dangote Group has yet to respond to messages from our correspondent.

The price increase comes at a time of renewed volatility in the international oil market amid the ongoing US-Iran conflict. Reuters reported that oil prices fell as investors viewed the latest US sanctions against Iran as less threatening to global oil supplies than a military escalation. However, analysts warned that the decline could be an overreaction, noting that prices could rise sharply if Iran retaliates militarily.

Reuters also reported that supply disruption risks remained, with only two commodity vessels transiting the Strait of Hormuz on Monday, the lowest daily tally since early May. The waterway handled about one-fifth of global oil consumption before the conflict began, leaving the market vulnerable to further disruptions.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

ARE NIGERIANS BUILDING CHINA’S ECONOMY WHILE NEGLECTING THEIR OWN?

Published

on

While other nations are busy producing, manufacturing and exporting, Nigeria must ask itself a difficult question: Are we building our own economy, or simply creating a bigger market for other countries?

Nigeria has a huge population, abundant natural resources and a massive consumer market. Yet the country continues to depend heavily on imported finished products—from electronics and clothing to machinery, household goods and other consumer items.

The issue is not simply about Chinese businesses or businesses from any other foreign country operating in Nigeria. Foreign investment can bring capital, technology, jobs and expertise.

The bigger issue is whether **Nigerian businesses are being given the opportunity and support to manufacture competitively at home.

Instead of remaining primarily a consumer of finished products, Nigeria needs to strengthen its manufacturing sector and move further up the value chain.

Nigeria needs to produce, not just consume.

A stronger manufacturing economy could help Nigeria:

* Create more jobs for Nigerians
* Add value to locally available raw materials
* Develop industrial skills and technology
* Reduce excessive dependence on imported finished goods
* Build competitive Nigerian companies
* Increase the country’s ability to export

The goal should not be to drive legitimate foreign businesses out of Nigeria. The goal should be to build an economy where **Nigerian manufacturers can compete, grow and eventually take Nigerian-made products to markets around the world.

The question Nigerians should be asking is simple:

**Why should Nigeria remain one of the world’s biggest markets for finished products when we have the potential to manufacture many of them ourselves?

See also  CBN, NCC to combat SIM-related fraud

🇳🇬 **Nigeria must move from being predominantly a consumer nation to becoming a stronger producer, manufacturer and exporter.

What do you think?

Which products should Nigeria prioritize for local manufacturing instead of relying heavily on imports?

Share your thoughts in the comments.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

ICRC defends toll pricing on highways

Published

on

The Infrastructure Concession Regulatory Commission has defended the toll pricing structure under the Highway Development and Management Initiative, saying charges are evaluated against the quality and benefits of the upgraded roads.

In a statement made available to PUNCH Online on Thursday, the Director-General, Dr. Jobson Ewalefoh, cited the 227-kilometre Akwanga–Makurdi road corridor as an example.

He said the route has four toll gates, and motorists pay as they travel along it.

He argued that toll payments should be viewed against the previous costs imposed by the poor condition of the road, including lost man-hours, vehicle damage and accident risks.

Feedback from road users, he said, shows many motorists are willing to pay tolls where they see clear improvements in road quality.

Some drivers have expressed support for similar arrangements on other major corridors if the roads are upgraded to the same standard.

“That, to me, is the beauty of a well-structured PPP,” Ewalefoh said.

He explained that negotiators carefully consider toll pricing to keep charges fair. A portion of the revenue is set aside specifically for road maintenance. Under the concession agreements, the government does not bear additional maintenance costs for the duration of the contract.

The government must repair potholes within 48 hours, and it funds major routine repairs from the dedicated toll revenue.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

See also  Marketers fault Dangote’s 500,000-litre fuel delivery threshold
Continue Reading

Business

Nigeria raises N748.6bn from FGN bonds as rates ease

Published

on

The Federal Government raised N748.64bn from its September 2026 domestic bond auction, with investors showing strong demand for both the newly issued 10-year instrument and the reopened 15-year bond.

The Debt Management Office allotted N288.83bn from the N400bn offered on the 10-year FGN bond at a marginal rate of 16.79 per cent.

Investors submitted bids worth N546.90bn for the 10-year paper, pushing demand 36.7 per cent above the amount offered.

The stronger demand for the new 10-year instrument came alongside a moderation in the yield compared with recent borrowing levels, suggesting some improvement in investor appetite for longer-dated government securities.

For the 15-year FGN bond, which was offered as a N600bn reopening, investors submitted N947.83bn in bids.

The DMO allotted N460.01bn from the reopening at a marginal rate of 16.85 per cent, significantly below the 17.79 per cent rate recorded at the previous auction.

Overall, investors sought N1.49tn across the two securities, representing about 49.5 per cent more than the N1tn offered by the DMO.

However, the debt office allotted N748.64bn, leaving about N746.59bn of the bids unaccepted.

The auction results indicate that while demand for Nigerian government securities remained strong, the DMO was selective in determining the volume of debt to issue.

The decline in the marginal rate on the 15-year bond also points to a gradual easing in investors’ required returns on longer-term government debt, although borrowing costs remain elevated.

The latest auction comes as the Federal Government continues to rely heavily on the domestic debt market to finance its fiscal requirements and manage its debt portfolio.

See also  Nigeria needs 25m tonnes of maize annually – FG

The outcome of the auction will also be closely watched by investors in the secondary bond market, where movements in government bond yields influence pricing across fixed-income assets, including treasury bills, corporate bonds and other debt instruments.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Trending