Business
Petrol price reduction imminent as IPMAN, Dangote agree on direct fuel sale
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.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,422 Sell ₦1,428
GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,910
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.7
8EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1370.00
GBP / NGN ₦1803.95 ₦1871.77
EUR / NGN ₦1537.93 ₦1601.81
ZAR / NGN ₦82.28 ₦86.99
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,364.90
GREAT BRITISH POUND (GBP) ₦1,842.61
EURO (EUR) ₦1,575..50
SWISS FRANC (CHF) ₦1,684.02
JAPANESE YEN (JPN) ₦8.57
CHINESE YUAN (CNY) ₦202.34
WEST AFRICAN CFA (XOF) ₦2. 40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.53SAUDI RIYAL (SAR) ₦363..60
SOUTH AFRICAN RAND (ZAR) ₦84.31
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,423 Sell ₦1,428
Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,600 Sell ₦1,620
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦190 Sell ₦205
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
Central African CFA Buy ₦2,150 Sell 2,250
Australian Dollar Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.78
EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN₦1350.00 ₦1370.00
GBP / NGN ₦1800.68 ₦1868.46
EUR / NGN ₦1539.16 ₦1603.07
ZAR / NGN ₦82.44 ₦87.16
Official CBN Exchange Rates
US Dollar (USD) ₦1,360. 14
Great British Pound (GBP) ₦1,838.50
EURO (EUR) ₦1,571. 10
Swiss Franc (CHF) ₦1,680.85
Japanese Yen (JPN) ₦8.56
Chinese Yuan (CNY) ₦201.61
West African CFA (XOF) ₦2. 40
West African Union Account (WAUA) ₦1,864.27
Saudi Riyal (SAR) ₦362.22
South African Rand (ZAR) ₦84.07
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
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