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Petrol price reduction imminent as IPMAN, Dangote agree on direct fuel sale

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The Independent Petroleum Marketers Association of Nigeria has said the commencement of direct sales of Dangote’s Premium Motor Spirit (Petrol) to its members will crash the price of fuel in the country in the coming days.

The National Secretary of the Independent Petroleum Marketers Association of Nigeria, James Tor, disclosed this on Monday.

His statement comes after IPMAN National President, Abubakar Maigandi, announced on Monday that Dangote Refinery has agreed to sell petrol directly to his members.

The agreement between IPMAN and the 650,000 barrels per day Dangote Refinery brings an end to the middleman posture played by the Nigerian National Petroleum Company Limited on the inaugural lifting of Dangote Petrol on September 16, 2024.

Similarly, the direct sale agreement means that petrol marketers have dumped imported fuel for Dangote petrol.

Speaking on the impact of the direct purchase agreement between IPMAN and Dangote Refinery, Tor explained that Nigerians will experience a drastic reduction in the price of petrol and a boost in the products’ availability nationwide.

According to him, the agreement would make the pump price of petrol at Independent marketers’ retail outlets drop below N1,150 per litre.

“If the business agreement kicks off, you will see a drastic reduction in the price of gasoline.

“For obvious reasons, it will lead to easy availability of the product and price factor.

We are the major stakeholders who have filling stations across the country.

“The price of petrol in our filling station will go much below N1,150 in our retail outlets depending on what Dangote Refinery agreed to give to us,” he said.

The spokesperson of Dangote Group, Anthony Chiejina, confirmed that IPMAN and Dangote Refinery have agreed on the direct sale of PMS.

Recall that petroleum marketers had in the last weeks sought the partnership of Dangote Refinery on direct sale of PMS.

This comes after the Nigerian government announced that NNPCL will no longer be the sole off-taker of Dangote Petrol, which is part of the implementation of the Naira-for-crude deal.

The Naira-for-crude implementation committee led by the Minister of Finance, Wale Edun, on October 11, 2024, permitted petrol marketers to lift Dangote Petrol.

Meanwhile, the latest agreement between IPMAN and Dangote Refinery on direct petrol sale has brought an end to the controversy between oil marketers and Dangote Refinery over fuel price in the last few days.

Dangote Refinery last week revealed that its gasoline is sold at N960 and N990 per litre for ships and trucks.

Earlier, IPMAN had insisted that imported fuel is cheaper than Dangote’s petrol.

According to report, petrol landing cost dropped to N971 per litre in November 2024, according to the Major Energies Marketers Association.

Despite this, Nigerians buy petrol between N1,060 and N1,200 across filling stations in the country.

However, with the IPMAN and Dangote Refinery direct PMS sale agreement, Nigerians are likely to buy the product within N1060 per litre price or below.

Meanwhile, the details of the petrol pricing agreed upon between IPMAN and Dangote Refinery will determine the price of the product in the coming days.

Recall that in the last two months, the price of petrol had doubled to between N1060 and N1,200 from N617 per litre traded in August 2024.

The hike in energy costs directly affects Nigeria’s inflation, which stood at 32.70 percent in September 2024.

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PENGASSAN – Dangote Rift: A needless attack on private enterprise

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The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

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FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

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