Dangote Refinery on Thursday said that it has absorbed 20 percent of the cost escalation of global oil price, for now, to cushion the domestic market.

In a statement on its official X , the company reassures Nigerians of its unwavering commitment to serving as a stabilising force amid recent shocks in the international oil market.

The conflict in the Middle East has led to the shutdown of some refineries and cut in refinery production across the world. This is leading to a global scarcity of petroleum products.

China has banned export of gasoline and diesel.

The Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market. This is one of the many benefits of domestic refining.

The conflict has driven global crude and freight prices sharply higher, with benchmark Brent prices rising by about 26% within a short period to above $84.0 per barrel.

In response, the refinery implemented a measured adjustment of N100 per litre in its ex-depot price of Premium Motor Spirit, representing an increase of about 12%.

The refinery has absorbed 20% of the cost escalation, for now, to cushion the domestic market.

This is despite continuing to source crude at prevailing international market prices, whether purchased locally or from foreign suppliers.

It is worth noting that Nigerian crude oil is more expensive than the Brent benchmark price by $3 to $6 per barrel. After adding freight of $3.50 per barrel, crude oil will be landing in our tanks between $88 and $91 per barrel.

For context, crude oil was landing our tanks at about $68 per barrel when our ex-depot price was N774/litre.

Furthermore, while we receive about five cargoes a month from NNPC which we pay for in Naira, these cargoes are priced at international market prices + Premium and fall short of the 13 cargoes which we require to support sales into Nigeria.

We therefore, end up procuring foreign exchange at open market rates to pay for crude cargoes purchased from local and international traders.

The high crude cost is compounded by the fact that Nigeria upstream producers have failed to supply crude oil to the refinery as required under the PIA, forcing us to source a substantial portion through international traders who charge an additional premium.

As a private enterprise operating in a deregulated environment, Dangote Petroleum Refinery has remained responsive and has made significant sacrifices by aligning pricing with market realities to ensure sustainability, particularly as it sources all its crude at prevailing international market prices, whether locally or from foreign suppliers.

Selling below cost would undermine its ability to procure crude, sustain production and guarantee uninterrupted supply to Nigerians.

Despite these pressures, local refining at this scale continues to reduce exposure to international supply disruptions, moderate foreign exchange demand and protect the country from severe shortages during periods of global instability.

The refinery is also accelerating deployment of Compressed Natural Gas-powered trucks to cushion the impact of global shocks, enhance nationwide distribution efficiency, reduce logistics costs and improve delivery timelines across the downstream sector.

The rollout is scheduled to commence this month.

We remain committed to transparency, operational excellence and the long-term objective of securing sustainable energy security and stability for Nigeria at an affordable cost.

Photo: Director -General of BPP, Dr. Adebowale Adedokun, during a courtesy call on the Registrar-General/CEO of Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, March 5, 2026.

The Bureau of Public Procurement (BPP) revealed that in the last 12 months, it saved 1.1 trillion for the government in view of its implementation of a robust price intelligence mechanisms.

The Director General of the BPP, Dr. Adebowale Adedokun, disclosed this today during a courtesy call on the Registrar-General/CEO of Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, to strengthen collaboration in order to support the present administration’s agenda for a trillion-dollar economy.

Dr. Adebowale recalled the long-standing collaboration between the two agencies which dates back to 2008 and therefore applauded the reforms being implemented by the Commission.

Adebowale remarked that the two agencies have a critical role to play in the efforts being made to realize a trillion dollar economy.

While speaking on beneficial ownership, the BPP DG harped on the need to ensure transparency and to, among others, weed out those he called same and multiple bidders.

While highlighting BPP’s reforms, Adebowale stressed the need for robust enforcement measures to ensure compliance and accountability by professional bodies whose executives often overstay their tenure of office in contravention of the code of corporate governance.

In his remarks, the Registrar-General highlighted CAC’s reform initiatives which are in tandem with President Bola Ahmed Tinubu’s renewed hope agenda, especially Item 7 that harps on digitization and innovation.

The CAC boss, who enjoined the BPP to utilize the Commission’s globally acclaimed Beneficial Ownership Register to enhance their operations, also asked for collaboration on capacity development between the two agencies.

By Rukayat Moisemhe

The Publisher of The TMBC Business, Mr Tony Monye, has commended the Monetary Policy Committee (MPC) of the Central Bank of Nigeria for reducing the Monetary Policy Rate by 50 basis points to 26.5 per cent from 27.0 per cent.

Monye made this known in Lagos on Sunday in an interview with the News Agency of Nigeria (NAN).

He said that the committee’s decision to begin a gradual monetary loosening was timely and appropriate, given the improving macroeconomic conditions.

NAN reports that the MPC, at its latest meeting, lowered the benchmark interest rate by 0.50 percentage points, citing sustained dis-inflation and improving economic fundamentals.

Monye described the move as a cautious and responsive approach needed to consolidate recent gains in price stability.

“I doubt there are sane economic players out there that aren’t applauding the members of the MPC.“The system needs this sort of decision at this time. So, members of the committee should be commended,” he said.

Monye noted that recent policy measures by government had helped align key price indicators in the economy, including inflation, exchange rate and interest rate, towards planned targets.

According to him, inflation has maintained a steady month-on-month decline, while the naira has continued to strengthen in the foreign exchange market.

He added that interest rates had remained relatively stable, creating a more predictable environment for investors and other economic agents.

“With policies, appropriateness should be accompanied by right timing buoyed by the right level of implementation,” Monye said, in support of the MPC’s gradual easing stance.

He expressed optimism that the measured rate cut would support investment and economic expansion without undermining price stability.

NAN further reports that The TMBC Business, a monthly non-street journal, aimed at select C-suite executives and online readers, will celebrate its second anniversary in April.

Monye said the anniversary would be commemorated with a series of programmes, including a seminar to be anchored by seasoned experts in the corporate communications community.