Business
Dangote raises petrol prices to N955 from N899/litre for bulk buyers
Sequel to a consistent surge in the price of Brent, the global benchmark for crude, the Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its customers.
In a statement on Friday, the refinery announced that its refined products would now be priced at N955 per litre at the loading gantry, marking an adjustment in its pricing structure.
It noted that marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.
The amount marks an increase of N55.5 or 6.17 per cent from N899.50 per litre announced as a holiday discount for Nigerians last year December.
This adjustment applies to all stock balances yet to be lifted by the stated time while pending stock as of the effective time will also be repriced at the updated rates.
The statement added that the new price regime will take effect from 5:30 PM, today.
The notice titled, “Communication on PMS Price Review” read, “Dear Esteemed Customer, Trust this email finds you well.
“Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.
QuantityPrevious Price (NGN/Litre)
2 million-9.99 million -N899.
5010 million Litres & Above N895
Quantity
New Price (NGN/ Litre)
2 million – 4.99 million
N9555 million Litres & Above N950“
Please note that all stock balances yet to be lifted as at the above-stated time are to be repriced at the new reviewed prices.
“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.
”The price increase is expected to have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.
An oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products because of the heavy influence of the refinery.
Jeremiah, who is the Chief Executive Officer of petroleum price.ng, said, “Dangote Refinery’s influence on Fuel price has become unmatched; private depots, Major marketers, and independent Marketers will compete with this new price.
Therefore, Nigerians should expect an increase in Petrol Pump Price.
“Brent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase.
”On Thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.
He said the downstream sector is now fully deregulated with the government no longer involved in setting prices.
Business
Dangote Performs Opening Gong Ceremony At NGX, Present Facts Behind the Offer
Dangote brings his Dangote Petroleum Refinery’s IPO for listing on the exchange.
The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.
Dangote brings his Dangote Petroleum Refinery’s IPO for listing on the exchange.
He is currently making the Facts Behind the Offer Presentation and unpacking the numbers, the offer and the significance of this transaction for Nigeria and the continent.
Details soon..
BLACK MARKET
US DOLLAR ₦1385
POUND (GBP) ₦1880
EURO (EUR) ₦1580
CANADIAN DOLLAR (CAD) ₦1000
SOUTH AFRICAN RAND (ZAR) ₦90
UAE DIRHAM (AED) ₦370
CHINESE YUAN (CNY) ₦190
GHANA CEDI (GHS) ₦100
Central Bank of Nigeria Rates
DOLLAR (USD)₦1326.52
POUND (GBP)₦1794.52
EURO (EUR)₦1540.22
SWISS FRANC (CHF)₦1627.83
JAPANESE YEN (JPN)₦8.64
CFA FRANC (XOF)₦2.34
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1811.58
CHINESE YUAN (CNY)₦197.74
SAUDI RIYAL (SAR) ₦353.20
SOUTH AFRICAN RAND (ZAR) ₦82.24
Business
Dangote Refinery’s IPO Officially Opens Today On NGX
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation…”
Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO) to the investing public.
The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) Limited in Lagos.
The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.
The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.
The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.
We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.”
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