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Tag: Dangote Refinery

  • Top 10 News Updates You Should Know Today

    1. Dangote Refinery Imports First Crude Cargoes from UAE

    Dangote Petroleum Refinery has purchased two crude oil cargoes from the United Arab Emirates, marking its first supply from the Middle East as it expands crude sourcing beyond Nigeria. The development follows improved shipping conditions in the Gulf region and forms part of the refinery’s strategy to secure stable feedstock for its 650,000 barrels-per-day facility.

    The refinery plans to process a wider mix of crude grades while reducing dependence on domestic supplies, which have faced production and allocation challenges. Industry analysts say the move strengthens operational stability and supports Nigeria’s drive toward energy security as the company targets further expansion over the coming years.

    2. Tobi Amusan Wins Paris Diamond League Title

    World record holder Tobi Amusan claimed victory in the women’s 100 metres hurdles at the Paris Diamond League, equalling her season’s best time of 12.28 seconds. She overtook early leader Nadine Visser before finishing ahead of American athletes Grace Stark and Alaysha Johnson.

    The victory is Amusan’s second Diamond League win of the season following her triumph in Rabat. Her consistent performances continue to boost Nigeria’s profile in global athletics as preparations intensify for the Diamond League final and the Commonwealth Games.

    3. State Police Bill Moves to State Assemblies

    The National Assembly has forwarded the proposed State Police Bill to the 36 state Houses of Assembly for consideration, bringing Nigeria closer to one of its most significant security reforms in decades. The proposal seeks to establish state-controlled police services alongside the existing federal structure.

    Supporters argue that decentralised policing will improve responses to kidnapping, banditry and other security threats, while critics continue to raise concerns over funding and possible political interference. The outcome of deliberations across the states will determine the next stage of the constitutional amendment process.

    4. Police Arrest 10 Suspects Over Killing of Benue MACBAN Chairman

    Benue State Police Command has arrested 10 suspects over the killing of the state’s Miyetti Allah Cattle Breeders Association of Nigeria chairman, Alhaji Ardo Risku, and his associate, Yakubu Isa. The arrests followed intelligence-led operations after the victims were attacked while returning from a security meeting in Otukpo.

    The incident drew condemnation from both the Federal Government and Governor Hyacinth Alia, who called for justice and calm. Investigators say efforts are continuing to identify other individuals connected to the attack.

    5. NDLEA Seizes N12.4bn Cannabis at Lagos Port

    The National Drug Law Enforcement Agency has intercepted cannabis valued at about N12.4 billion at Lagos Port while dismantling a drug trafficking syndicate linked to passenger shipments. The operation is one of the agency’s biggest seizures in recent months.

    Officials said the action forms part of ongoing efforts to disrupt narcotics networks operating through Nigeria’s maritime routes. Investigations are continuing as authorities work to identify additional members of the syndicate.

    6. Nigeria Records 24 Universities in 2026 Global Rankings

    Twenty-four Nigerian universities have featured in the latest global university rankings, giving the country the highest representation in Sub-Saharan Africa. The rankings reflect improvements in research output, academic performance and institutional development.

    Education stakeholders say the achievement could strengthen international partnerships and attract more research opportunities. The Federal Government also described the rankings as encouraging for Nigeria’s higher education sector.

    7. Court Decision Creates Fresh Uncertainty for NDC Registration

    A Federal High Court in Lokoja has set aside its earlier judgment directing INEC to register the Nigeria Democratic Congress as a political party. The ruling restores the previous position while the substantive case continues.

    Leaders associated with the proposed party have insisted the platform has not been deregistered and have announced plans to challenge the decision. The development has renewed discussions over political alignments ahead of the 2027 general elections.

    8. DSS Releases Wrongfully Detained Herder, Awards N3 Million Compensation

    The Department of State Services has released a herder who spent two years in detention over alleged Boko Haram links after an internal review cleared him of wrongdoing. The agency also approved N3 million as compensation.

    The decision has attracted attention from human rights advocates, who say it highlights the importance of accountability in security operations. Observers believe the move could help strengthen public confidence in the justice process.

    9. Ogun Police Arrest Seven Suspected ‘One-Chance’ Robbers

    Ogun State Police Command has arrested seven suspected members of a robbery gang linked to ‘one-chance’ operations, armed robbery and cult-related activities. Security operatives also recovered stolen vehicles during the operation.

    Police said investigations are continuing to identify additional suspects and recover more stolen property. Residents have welcomed the arrests amid growing concerns over highway robberies and commuter safety.

    10. Nigerian Athletes Continue Global Success as Sports Momentum Grows

    Nigeria’s sporting profile continues to rise following another impressive weekend on the international stage, highlighted by Tobi Amusan’s Diamond League victory and strong performances by Nigerian athletes across several competitions.

    Sports analysts say the recent successes demonstrate the country’s growing depth in athletics and other disciplines. Many have called for increased investment in grassroots development to sustain Nigeria’s international competitiveness.

     

  • Dangote Refinery Slashes Petrol Gantry Price by ₦75 to ₦1,175 per Litre

    Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) by ₦75 per litre, bringing it down to ₦1,175 effective June 16, 2026. The adjustment was communicated to fuel marketers in a circular issued by the refinery.

    The price cut comes amid easing global crude oil prices following reduced tensions in the Middle East, which had previously driven up energy costs worldwide.

    Global Oil Shift Triggers Adjustment

    According to the refinery, the decision reflects changing international market conditions, particularly the decline in geopolitical risks affecting crude supply and pricing.

    The coastal price per metric tonne was also reduced from ₦1,595,790 to ₦1,495,215. The company noted that any outstanding but undelivered volumes will now be adjusted to reflect the new pricing structure.

    Industry data from Petroleumprice.ng indicates that Dangote Refinery currently offers the most competitive petrol price among major suppliers in the domestic market.

    Impact on Nigerian Fuel Market

    Before this latest adjustment, marketers were reportedly lifting petrol at around ₦1,240 per litre, making Dangote’s new rate significantly lower than prevailing market levels.

    The refinery’s move follows months of instability in global crude prices, previously driven by conflict-related disruptions that pushed Brent crude above $120 per barrel at peak periods.

    During that phase, petrol prices in Nigeria rose sharply, in some locations exceeding ₦1,300 per litre.

    Market Outlook and Expectations

    Recent easing in global tensions, including a ceasefire agreement and partial reopening of key shipping routes, has helped crude prices decline to around $83 per barrel.

    Analysts suggest that if the current trend continues, pump prices in Nigeria could see further reductions, potentially moving closer to ₦900 per litre, although existing higher-cost crude stock may slow immediate transmission to consumers.

    Marketers and consumers have welcomed the development, describing it as a positive signal for easing fuel costs. The Dangote Refinery, with its 650,000 barrels-per-day capacity, continues to reshape Nigeria’s downstream market as reliance on imports gradually declines.

  • Dangote Refinery Drives 96% Drop in Nigeria’s Petrol Imports as Trade Surplus Climbs

    Nigeria recorded a significant decline in petrol imports in the first quarter of 2026, with import expenditure falling by 96 per cent to ₦87.4 billion from ₦2.27 trillion recorded during the same period in 2025.

    The sharp reduction has been linked to increased domestic refining capacity, particularly the growing output from the Dangote Petroleum Refinery, which has become a major supplier of fuel to the local market.

    Domestic Refining Reduces Dependence on Imports

    The 650,000 barrels-per-day Dangote Refinery is now estimated to be supplying about 80 per cent of Nigeria’s petrol requirements, significantly reducing the country’s reliance on imported fuel.

    Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that local refineries supplied approximately 3.18 billion litres of petrol during the first quarter of 2026, while imports accounted for about 965 million litres.

    The development marks a major shift for Nigeria, which for decades depended heavily on imported refined petroleum products despite being one of Africa’s leading crude oil producers.

    Trade Surplus Records Major Growth

    The reduction in petrol imports also contributed to an improvement in Nigeria’s external trade performance.

    According to available data, the country’s trade surplus rose by 341 per cent to ₦7.55 trillion during the quarter, supported by crude oil exports, agricultural exports and growing contributions from refined petroleum products.

    Analysts say lower fuel imports are helping Nigeria conserve foreign exchange and reduce pressure on the naira by cutting demand for dollars used to finance fuel purchases abroad.

    Benefits Yet to Reflect Fully on Consumers

    Despite the gains recorded at the macroeconomic level, many Nigerians continue to face high petrol prices.

    Industry observers note that global oil market conditions, exchange rate pressures and distribution costs remain factors affecting pump prices across the country.

    As a result, many consumers say the reduction in imports and increased local refining have yet to translate into noticeable relief in transportation and living costs.

    Outlook for the Sector

    The expansion of domestic refining is widely seen as a major milestone in Nigeria’s quest for energy self-sufficiency.

    With the Dangote Refinery expected to sustain production and potentially expand capacity in the future, experts believe Nigeria could further reduce fuel imports and strengthen its position as a supplier of refined petroleum products to neighbouring countries.

  • Dangote Refinery Cuts Petrol, Diesel Prices Again After Recent Increase

    The Dangote Petroleum Refinery and Petrochemicals has announced a fresh reduction in the prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel.

    The latest adjustment comes weeks after the refinery increased its ex-gantry petrol price, a move that triggered reactions across the downstream petroleum sector.

    Petrol Price Reduced by ₦25

    According to the new pricing structure, the refinery has cut the gantry price of petrol by ₦25 per litre.

    The product will now sell at ₦1,250 per litre, down from the previous price of ₦1,275 per litre.

    The reduction is expected to influence retail pump prices in various parts of the country, depending on transportation and distribution costs.

    Diesel Price Drops by ₦100

    The refinery also announced a significant reduction in the price of diesel.

    Automotive Gas Oil will now be sold at ₦1,700 per litre at the gantry, representing a ₦100 decrease from the previous price of ₦1,800 per litre.

    The adjustment is expected to provide some relief for businesses, manufacturers, transport operators and other diesel-dependent sectors.

    Comes Weeks After Price Hike

    The latest development comes about three weeks after reports emerged that the refinery had increased the ex-gantry price of petrol.

    The earlier increase was linked to market dynamics and fluctuations within the global energy sector.

    The new reduction is likely to be welcomed by consumers and industry operators who have continued to grapple with rising energy costs.

    Potential Impact on Consumers

    Industry observers say the reduction could eventually reflect in pump prices if marketers pass on the savings to consumers.

    However, the final retail price will still depend on factors such as logistics, transportation costs, depot charges and market competition.

    The Dangote Refinery remains a major player in Nigeria’s downstream petroleum sector, with its pricing decisions often influencing fuel market trends nationwide.

  • Otedola Commits $100m Stake in Dangote Refinery Amid Billion-Dollar IPO Plan

    Business mogul and Chairman of First HoldCo, Femi Otedola, has announced plans to invest $100 million in Dangote Refinery, marking a fresh boost to the multibillion-dollar energy project.

    Otedola made the disclosure on Wednesday after leading a delegation of top executives from First HoldCo on a visit to the refinery owned by Africa’s richest man, Aliko Dangote.

    The investment is part of a broader private placement exercise targeting about $2 billion ahead of the refinery’s eventual public listing.

    “Personal commitment to Dangote project”

    Otedola said his decision followed repeated engagements with Dangote and a personal interest in supporting the refinery’s expansion and long-term vision.

    He noted that his investment would come through allocated shares in the ongoing private placement, describing it as a strategic shift of his portfolio.

    According to him, “From a personal note, I’ve appealed to him. I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement.”

    He also revealed that proceeds from the sale of his stake in Geregu Power would be redirected into the refinery investment.

    Dangote Refinery IPO plans gather momentum

    The development comes as Dangote Refinery prepares for a potential initial public offering (IPO), which could see up to 10 percent of the company floated on the market.

    Reports suggest the refinery could be valued at as much as $5 billion during listing, with projections pushing overall valuation toward $50 billion.

    Dangote has previously stated that the IPO is aimed at widening ownership and allowing more Africans participate in the continent’s industrial growth.

    Strategic push for energy investment

    Otedola’s latest move adds to growing investor confidence in the refinery, which is regarded as one of the largest single-train refineries in the world.

    Analysts say the investment signals renewed momentum in Nigeria’s downstream oil sector and could attract more high-net-worth participation ahead of the listing.

  • Dangote Refinery Denies Fuel Price Hike, Says Petrol Price Remains Unchanged

    Dangote Petroleum Refinery has dismissed reports suggesting an increase in the gantry price of Premium Motor Spirit (PMS), insisting that its ex-depot price remains unchanged.

    The clarification was issued on Wednesday in response to viral claims circulating on social media that the refinery had adjusted its petrol price upward.

    Refinery counters viral price hike claims

    According to the company, the reports alleging a ₦75 increase in ex-depot price from ₦1,275 to ₦1,350 per litre are false.

    It described the speculation as misleading and urged the public to disregard unverified information being shared online, particularly on X.

    Commitment to price stability

    Dangote Refinery said it has maintained its current pricing structure as part of efforts to support stability in Nigeria’s energy market.

    It added that the decision is aimed at cushioning the impact of global economic pressures and reducing inflationary risks.

    “Price remains unchanged” — company insists

    The refinery stressed that it continues to absorb cost pressures to ensure steady fuel supply and affordability in the domestic market.

    It also reaffirmed its commitment to energy security and the consistent distribution of petroleum products across Nigeria.

    Public urged to rely on official updates

    The company advised Nigerians to depend only on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate pricing and operational information.

  • Otedola Breaks Silence, Denies Funding Dangote Refinery, Calls Report ‘Complete Falsehood’

    Billionaire businessman Femi Otedola has firmly denied reports linking him to the financing of the Dangote Petroleum Refinery, describing the claims as entirely false and misleading.

    The clarification comes amid growing speculation online suggesting that Otedola and other top Nigerian business figures played a role in funding the multibillion-dollar project.

    Otedola dismisses claim outright

    In a statement released on Monday, Otedola stated clearly that he had no financial involvement in the refinery project.

    He said, “Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. I have not invested a single kobo, not one dollar, not one naira.”

    His response directly counters viral claims that have circulated across social media platforms in recent days.

    Clarifies actual interest in refinery

    Otedola explained that his only connection to the project was a request to participate in its planned public offer.

    He noted that this detail had been ignored by those spreading the claims.

    According to him, the narrative being pushed online does not reflect the true situation surrounding the refinery’s financing.

    Other business leaders also not involved

    The businessman also addressed reports linking other prominent figures, including Tony Elumelu and Mike Adenuga, to the refinery’s funding.

    He stated that none of them were approached for financial support by the Dangote Group.

    “I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself,” he said.

    He added that the Dangote Group has the capacity to raise structured capital independently without relying on personal borrowing.

    Warns against ‘mischief’ and misinformation

    Otedola described the circulating reports as a deliberate attempt to create division within Nigeria’s business community.

    He said such claims undermine the credibility of individuals who have spent decades building businesses and contributing to the economy.

    “These are men who have built businesses, created jobs, and invested in this nation for decades. They deserve better than to be used as props in a social media fabrication,” he said.

    Dangote Group had earlier reacted

    The development follows an earlier response by the Dangote Group, which also denied claims that the refinery was funded through personal borrowing.

    The company insisted that its projects are financed through structured and institutional funding channels, not informal arrangements.

    Calls for focus on facts

    Otedola urged the public to disregard false narratives and rely on verified information.

    He stressed the need for accuracy in public discourse, especially on issues involving major economic investments.

  • Dangote Refinery Raises Petrol Price by ₦75, Signals Fresh Pressure on Pump Rates

    Dangote Refinery has increased the ex-depot price of petrol by ₦75, pushing its loading cost to ₦1,275 per litre. The adjustment, confirmed on Wednesday, is already stirring concerns of a possible rise in pump prices across Nigeria.

    The price hike comes amid operational changes and rising global crude oil costs.

    New Depot Price Takes Effect as Supply System Adjusts

    Data from industry sources shows the refinery raised its petrol loading price from ₦1,200 to ₦1,275 per litre, while coastal supply prices climbed to ₦1,215. A refinery official confirmed the adjustment, describing it as part of ongoing operational realities.

    The increase has quickly filtered through the downstream market, with marketers recalibrating their pricing expectations.

    Supply Disruption Adds to Market Tension

    Sources familiar with operations said the refinery halted its Proforma Invoice entry process around 4:00 pm on Tuesday. The move disrupted normal supply scheduling and temporarily stalled transactions within its loading system.

    The disruption reportedly led to a brief halt in the sale of petrol and Automotive Gas Oil, tightening supply conditions and adding pressure to an already sensitive market.

    Marketers Brace for Ripple Effect Nationwide

    Industry operators say such adjustments typically cascade through the value chain, affecting transportation, distribution, and retail pricing. Many marketers are now anticipating higher depot costs, which could translate into increased pump prices in the coming days.

    The development has heightened uncertainty, particularly as fuel pricing remains a major concern for consumers and businesses.

    Global Oil Price Surge Drives Cost Increase

    The price adjustment comes as international crude oil prices climb sharply. Brent crude was trading around $114.80 per barrel, while West Texas Intermediate rose to about $103.40, reflecting sustained upward momentum.

    Analysts link the surge to geopolitical tensions around the Strait of Hormuz, a key global oil supply route, which has pushed up feedstock costs for refiners.

    Rising Costs Set Stage for Possible Fuel Price Hike

    With higher crude prices feeding into refinery costs and supply disruptions tightening the market, attention is now on how quickly the increase will reflect at filling stations. The latest adjustment underscores the sensitivity of Nigeria’s fuel market to global shifts and operational changes.

  • Dangote Refinery Exports Jump 770% as NNPC Hits Five-Year Trading Peak

    Dangote Petroleum Refinery has recorded a sharp rise in jet fuel exports, surging by about 770 per cent over two years, as global demand and supply disruptions reshape the aviation fuel market.

    Latest shipment data shows exports climbed to 158,000 barrels per day in April 2026, up from about 18,000 bpd in April 2024.

    Europe, Africa Drive Growth

    The refinery’s expansion has been driven largely by increased demand from Europe and African markets.

    European-bound shipments rose to about 70,000 bpd by April 2026, while exports to African countries grew by roughly 115 per cent within the last year.

    Industry data indicates that ongoing tensions in the Middle East have pushed buyers to seek more stable and closer supply sources, boosting demand for Dangote’s output.

    Shift in Global Supply Chains

    The refinery’s location in West Africa has offered a strategic advantage, reducing transit time to Europe and avoiding high-risk routes such as the Red Sea.

    Between December 2025 and April 2026 alone, total exports nearly doubled, rising from 81,000 bpd to 158,000 bpd.

    NNPC Reports Strong Performance

    Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) announced a five-year peak in crude oil trading, reaching 1.71 million barrels per day.

    The figures were disclosed in its one-year mandate report covering April 2025 to April 2026.

    Operational Milestones Highlighted

    The report also noted increased production by NNPC Exploration and Production Limited, which hit 365,000 bpd in December 2025.

    Progress was recorded in gas infrastructure, including the completion of key sections of the Ajaokuta-Kaduna-Kano pipeline.

    NNPC further highlighted its partnership with the Dangote Refinery, including the crude-for-naira initiative and its equity stake in the facility.

    Reforms and Expansion Efforts

    The company said it had resumed consistent remittances to the Federation Account since July 2025 and introduced new crude grades and lubricant products to expand market reach.

    It also noted internal reforms, including staff expansion and leadership inclusion programmes.

    The latest figures point to growing momentum in Nigeria’s oil and gas sector, as both public and private players scale operations to meet shifting global demand.

     

  • Dangote Refinery Gets Only 5 of 15 Crude Cargoes Monthly — CEO

    The Dangote Petroleum Refinery is receiving barely a third of the crude oil it is entitled to under the Federal Government’s crude-for-naira arrangement, the refinery’s Chief Executive Officer, David Bird, said on Wednesday.

    The shortfall and what it means

    Bird made the disclosure during an interview on ARISE News, saying the refinery currently receives only about five crude oil cargoes per month, against an agreed volume of 13 to 15 cargoes.

    “What we see under that agreement, we should be getting about 13 to 15 cargoes a month. And that’s what we could process to meet Nigeria’s domestic fuel requirements. Currently, we’re only getting five. So, that’s an underperformance against that pre-agreed volume contract,” he said.

    The gap means the refinery is sourcing preferred Nigerian crude grades from the international market at significantly higher costs, a difference Bird said Nigeria is effectively losing.

    “That value between the purchase price and the premium that we’re now seeing is money that Nigeria is leaking to the international trading community,” he said.

    What the crude-for-naira deal is designed to do

    Bird pushed back against the common assumption that the crude-for-naira arrangement was set up primarily to benefit Dangote Refinery.

    “Crude for naira is not there to benefit Dangote Refinery. That is a fundamental misunderstanding,” he said. The crude-for-naira programme is designed to provide resilience to the foreign exchange rate. It is the benefit of the country to process domestic crude in the domestic currency.”

    Under the arrangement, the refinery purchases crude oil in naira rather than dollars, with the aim of reducing pressure on Nigeria’s foreign exchange reserves and stabilising the naira.

    Refinery running at full capacity

    Despite the crude supply shortfall, Bird said the facility is currently operating at its full installed capacity of 650,000 barrels per day, supplying both domestic and regional markets.

    However, he noted that the Middle East conflict has pushed up operational costs across the board, including freight, insurance, and logistics expenses.

    He also confirmed that the refinery operates without subsidies or discounts on its crude inputs, meaning fuel pricing remains tied directly to international market forces.

    What Bird is asking for

    Bird called for improved crude allocation to the refinery and urged long-term strategic planning, including the building of national petroleum reserves, to strengthen supply chain resilience across Nigeria’s oil sector.

    The shortfall in crude supply is significant for ordinary Nigerians. If the refinery cannot consistently process enough local crude to meet domestic fuel demand, it increases the country’s exposure to imported fuel costs — putting further pressure on pump prices at a time when many Nigerians are already struggling with the high cost of living.

    The Federal Government and the Nigerian National Petroleum Company Limited have not publicly responded to Bird’s figures. The refinery’s ability to receive its full crude allocation under the crude-for-naira deal is expected to remain a key issue in ongoing negotiations between Dangote and NNPCL.