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Petrol Price Hike Looms As Dangote Refinery Raises Ex-Depot Rate

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Dangote Speaks On Price Of Petrol As Refinery Begins Fuel Production
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The Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit (PMS) to ₦880 per litre.

Checks on petroleumprice.ng, a real-time tracker of fuel rates, and a Pro Forma Invoice obtained by The PUNCH confirmed the price hike, a jump of ₦55 from the previous ₦825 per litre.

Industry stakeholders warn that the increase will reverberate throughout the downstream supply chain, with pump prices expected to surpass ₦900/litre in several regions, particularly areas distant from major fuel depots.

Despite a drop in international crude oil prices, with Brent falling by 3.02% to $76.47, WTI to $74.93, and Murban to $76.97, the Dangote refinery says it is contending with higher operational costs and exchange rate instability, which continue to place upward pressure on pricing.

On Thursday, Aliko Dangote, President of Dangote Group, disclosed that his 650,000-barrel-per-day refinery is now “increasingly” reliant on imported crude oil from the United States.

Findings also revealed that the refinery plans to import a total of 17.65 million barrels of crude between April and July 2025, with 3.65 million barrels already delivered over the past two months.

The ongoing supply, insiders say, is part of allocations under the Federal Government’s naira-for-crude initiative.

Dangote, speaking during a session with the Technical Committee of the One-Stop Shop for crude and refined products in naira, admitted that his refinery is still grappling with domestic crude shortages, necessitating increased imports.

Meanwhile, labour leaders have slammed marketers for keeping petrol prices high despite favourable global trends.

On Monday, Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accused oil marketers of exploiting Nigerian consumers.

If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between ₦700 and ₦750 per litre,” Osifo said.

He added, “If Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.”

Osifo’s warning of impending price hikes appears prescient in light of Friday’s new development.

Depot operators and fuel distributors across Lagos and other cities are already reacting to the hike, with sources indicating that new price bands will soon be adjusted to match Dangote Refinery’s revised rate.

Many marketers had delayed updating their prices since Tuesday after the refinery suspended sales and withheld fresh Pro Forma Invoices, a move that fuelled speculation and allowed for opportunistic markups across key depots.

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Nigerian celebrities react to president Buhari’s death

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BREAKING: Akume, Wike, others in Tinubu's committee for Buhari’s burial
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As Nigerian leaders continue to mourn the late President Muhammadu Buhari, many celebrities have also reacted to the news.

OSUNDAILY NG reports that Muhammadu Buhari, Nigeria’s immediate past president, died in a London hospital on Sunday, July 13, 2025, after a prolonged illness.

Following the sad news, the Nigerian government declared seven days of mourning to honour the deceased’s legacy.

The declaration of mourning by the Federal Government sparked controversial tributes from Nigerians, including celebrities.

Reacting to the development, singer Eedris Abdulkareem attributed the negative comments against the late president to the consequences of his actions while alive.

“Your legacies after life are consequences of your deeds. Innalilahi wa innalilahi rajuhun,” he wrote.

Also reacting to Buhari’s passing, celebrated Yoruba nation agitator Sunday Igboho, in a video shared on his Facebook page, stated, “The man that sent DSS to come and kill me in the middle of the night on July 4th 2021 has died today.”

Big Brother Naija reality show star Tacha berated Buhari’s critics on the X platform, noting that criticism cannot erase Buhari’s name from Nigeria’s history.

She wrote, “No matter your views, Muhammadu Buhari was a major part of Nigeria’s story. RIP.”

Actress Kate Henshaw, in a post on X, noted that life is vanity.

She wrote, “Nothing dey this life.”

Former Big Brother Naija housemate and actor Pere Egbi stated that the pain left behind by Buhari resulted in “bitterness and hate.”

While advising President Bola Tinubu to learn from Buhari’s administration, Pere urged him to address Nigeria’s pressing challenges.

“May his soul rest in peace until resurrection morning. President Tinubu, as you reflect on your predecessor’s legacy, I appeal to your conscience: Nigeria is hurting. Millions are broken. Many have lost faith in political leaders because the pain left behind has fermented into bitterness and hate,” he stated.

Singer Portable, in a video on Instagram, said, “Make sure you do good. It’s Buhari that offends us, not Tinubu. Buhari died in London. May God rest his soul.”

Legendary fuji musician KWAM 1 sang Buhari’s praises in a video shared on his Instagram page and wished him “sleep well.”

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Naira appreciates massively against dollar ahead of public holiday to honour Buhari

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Naira appreciates massively against dollar ahead of public holiday to honour Buhari
Stay Ahead with OsundailyNG - Your Daily Dose of Nigerian News & Insights

The naira appreciated significantly against the United States dollar at the official foreign exchange market, beginning the week on a positive note ahead of Tuesday’s public holiday in honour of the late Nigerian former president, Muhammadu Buhari.

Exchange data from the Central Bank of Nigeria showed that the naira strengthened to N1,518.89 against the dollar on Monday, up from N1,530.26 traded at the close of business last Friday.

This means the naira firmed up substantially by N11.37 against the dollar compared to the N1,530.26 rate on Friday.

OSUNDAILY NG reports that, for the first time since last week, the naira is recording this margin of gain at the official market in a single day.

Meanwhile, the naira remained stable at the parallel (black) market on Monday, closing at N1,550 per dollar, the same rate as recorded last week.

The appreciation on the official market comes as the Nigerian government, through the National Bureau of Statistics, is expected to release the country’s inflation rate on Tuesday.

Earlier, the Central Bank of Nigeria fixed its Monetary Policy Committee meeting to decide on Nigeria’s interest rate for July 21 and 22, 2025.

 

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Buhari: ‘Show empathy If you want sympathy in death’ – Eedris Abdulkareem tells Nigerian leaders

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Buhari: 'Show empathy If you want sympathy in death' - Eedris Abdulkareem tells Nigerian leaders
Stay Ahead with OsundailyNG - Your Daily Dose of Nigerian News & Insights

Rapper Eedris Abdulkareem has stated that Nigerian leaders must share in the feelings of citizens if they want the public to sympathise with them in death.

The singer made this statement following the mixed reactions trailing the demise of former President Muhammadu Buhari.

OSUNDAILY NG reports that Buhari died on Sunday afternoon at a UK clinic after an alleged battle with leukaemia.

While his political allies are paying tribute to him, many Nigerians have been criticising and accusing him of various failings.

Addressing citizens in a post on his social media page, former senator, Shehu Sani, pleaded with the public to forgive Buhari his imperfections.

“A living man is still on trial and cannot judge the dead. Let the sleeping soul rest,” Sani said.

Reacting to the development in an Instagram post on Monday evening, Abdulkareem urged Nigerian politicians to show empathy while alive if they wish to receive sympathy in death.

“If you want sympathy in death, then you must show empathy when alive.
“Your legacies after life are consequences of your deeds. Innalilahi wa innalilahi rajuhun,” he wrote.

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