Connect with us

News

JUST IN: Filling stations shut after Dangote Refinery’s petrol price drop

Published

on

309 Views

Some filling stations and petroleum products marketers, partners of Dangote Refinery’s petrol, temporarily shut down for the past five days after the latest premium motor spirit price drop by the 650,000 barrels per day refinery.

Recall that for the past five days, MRS filling stations in Abuja, along Kubwa Expressway, and others have not dispensed fuel since Dangote Refinery announced its ex-depot fuel price reduction to N835 per litre on Tuesday, 16 April, 2025.

An official of MRS filling station, who preferred anonymity because he is not authorised to speak said the filling station is grappling with the loss incurred after Dangote’s latest price adjustment.

“It is because of Dangote’s latest price drop. The filling station had old stock, which it couldn’t sell at a loss.

“This is the reason we have shut down since Tuesday. We may reopen on Tuesday,” he said.

Meanwhile, another official at the filling station said the retail outlet is billed to reopen on Tuesday, noting that it has been undergoing minor maintenance.

“We have been on maintenance for the past few days, which is the reason the station was shut. We will reopen on Tuesday,” he said.

According to him, the filling station would commence dispensing at the new price of N910 per litre from Tuesday.

Other partners of Dangote Refinery, such as AP, Ardova, and Optima, are dispensing fuel between N910 and 920 per litre in parts of Abuja as of Monday, 21st April 2025.

Reacting to the development, the National President of Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the latest fuel price drop affected the purchasing power of petrol retailers and marketers.

According to him, indiscriminate price adjustment, whether downward or upward, is not good for the petroleum downstream sector and the Nigerian economy.

At every point, if prices of petrol are indiscriminately changed without any clearly defined economic reason, the chances that it will impact on the buying power of retailers and marketers are there.

“It is not good for business, the economy, and Nigerians.

“Prices of petrol change for reasons that are understandable with proper information to retailers,” he said.

Recall that Gillis-Harry had earlier called for a six-month fuel price stability plan to halt fluctuations.

Earlier, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, had hinted that marketers having old stocks of fuel will incur billions of losses following Dangote’s latest fuel price drop.

Last week became the second time the $20 billion refinery reduced its fuel price nationwide. This indicates a combined downward ex-depot price drop of N45 per litre.

Dangote Refinery had, on 10 April, reduced its gantry price of petrol to N865 per litre.

However, the ex-depot fuel price had further dropped to N835 per litre.

This comes after the federal government’s renewed commitment to the indefinite continuation of the naira-for-crude deal with other local refiners and the drop in global crude prices to around $66 per barrel.

The Nigerian National Petroleum Company Limited recently reduced its retail price to N935 per litre for customers in Abuja in response to Dangote Refinery’s latest price cut.

This means that Nigerians currently buy petrol at between N890 and N950 per litre, depending on the location nationwide.

Continue Reading
Click to comment

Leave a Reply

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

News

Otunba Adekunle Ojora, Industrialist and broadcaster dies at 93

Ojora held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act.

Published

on

By

12 Views

Photo of Otunba Adekunle Ojora

The Head of Ojora Royal Family of Lagos, on Wednesday announced the death of Otunba Adekunle Ojora at the age of 93.

He is survived by his wife, Erelu Ojuolape, and children, including, Mrs. Toyin Saraki, wife of former Senate President Bukola Saraki.

In a statement issued on behalf of the Ojora Family by Prince Adewale Taorid Ojora, stated that Otunba Ojora who was born on June 13th 1932, died on January the 28th 2026.

Widely celebrated as one of Nigeria’s most influential corporate leaders of the post-independence era,

Otunba Adekunle Ojora carved an exceptional legacy that spanned journalism, public service, politics, and big-ticket corporate governance.

He was Chairman of the Board of AGIP Nigeria Limited from 1971 until its acquisition by Unipetrol in 2002.

Ojora’s professional journey began in the early 1950s at the British Broadcasting Corporation (BBC) after studying journalism at Regent Street Polytechnic, London.

He rose to the position of assistant editor, and later returned to Nigeria in 1955 to join the Nigerian Broadcasting Corporation (NBC) as a reporter.

He later moved to Ibadan, where he served as an information officer in the office of the then regional premier.In 1961, he transitioned into the corporate world, joining the United African Company (UAC) as Public Relations Manager and becoming an Executive Director in 1962.

His interest in commerce and enterprise deepened in the years that followed, marking the start of a lifelong influence in Nigerian boardrooms.

Following the military coup that ended the First Republic, Otunba Ojora was nominated to the Lagos City Council in 1966.

In 1967, he held two key appointments: Managing Director of WEMABOD, a regional property and investment company, and Chairman of the Nigerian National Shipping Line, succeeding Chief Kola Balogun.

After he left WEMABOD, he expanded his footprint as a major investor and entrepreneur.

Ojora held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act.

He acquired equity stakes in numerous foreign companies operating in Nigeria, including Bowring Group, Inchcape, Schlumberger, Phoenix Assurance, UTC Nigeria, Evans Brothers, and Seven-Up.

Beyond the boardroom, Otunba Ojora was deeply rooted in tradition. He was the Otunba of Lagos, Lisa of Ife and Olori Omo Oba of Lagos.

Continue Reading

News

FCTA workers back to work in compliance with court orders

Our correspondent observed a steady flow of staff across departments, pointing to a gradual return to normal operations within the FCTA and FCDA.

Published

on

By

14 Views

STAFF of the Federal Capital Territory Administration (FCTA) and the Federal Capital Development Authority (FCDA) have resumed work following a court order directing the suspension of the strikes action.

Consequently, the main gate of the FCTA Secretariat showed workers arriving and proceeding to their various offices, signalling compliance with the court directive.

Our correspondent observed a steady flow of staff across departments, pointing to a gradual return to normal operations within the FCTA and FCDA.

Schools across the Federal Capital Territory have also reopened, bringing relief to residents and raising hopes that ongoing engagements between government and labour unions will remain peaceful and constructive.

Continue Reading

News

UK begins Alison-Madueke’s trial on bribery charges

Alison-Madueke sat in the dock alongside oil industry executive Olatimbo Ayinde, 54, who is charged with one count of bribery relating to Alison-Madueke and a separate count of bribery of a foreign public official.

Published

on

By

16 Views

The alleged corruption trial of the former Minister of Petroleum Resources, Diezani Alison-Madueke commenced on Tuesday at the London’s Southwark Crown Court.

Alison-Madueke sat in the dock alongside oil industry executive Olatimbo Ayinde, 54, who is charged with one count of bribery relating to Alison-Madueke and a separate count of bribery of a foreign public official.

British prosecutors told the court that Alison-Madueke took bribes including luxury goods and the use of high-end properties from industry figures interested in lucrative oil and gas contracts, when she was minister for petroleum resources between 2010 and 2015 under then-president Goodluck Jonathan and was also briefly president of the Organization of the Petroleum Exporting Countries (OPEC), the first woman to hold either role.

According to Reuters, the 65-year-old is now one of the most high-profile former energy officials to stand trial for alleged corruption, having been charged in 2023 with five counts of accepting bribes and a charge of conspiracy to commit bribery, which she denies.

Prosecutor Alexandra Healy told jurors at London’s Southwark Crown Court that Alison-Madueke “enjoyed a life of luxury in London”, where she often stayed, provided by those interested in being awarded or retaining contracts with Nigerian state-owned companies.

Healy said Alison-Madueke was given the use of high-end properties and vast quantities of luxury goods by people who “clearly believed she would use her influence to favour them”.

There was no evidence that Alison-Madueke awarded contracts to someone who should not have had one, Healy said.

But given Alison-Madueke’s role “she should not have accepted benefits from those who were no doubt doing extremely lucrative business in oil and gas with government-owned entities”, Healy added.

Continue Reading

Trending