₦airaland Forum

As exclusively predicted by The PUNCH, the Dangote refinery has informed marketers and its customers of a downward review of its ex-gantry loading cost to N865 per litre.

The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday.

Our correspondent gathered that the refinery informed its customers in a notice sent out on Thursday morning.

A Pro forma invoice was sighted by our correspondent and checks into petroleumprice.ng also confirmed the development.

Recall that marketers had exclusively informed our correspondent that the 650,000 barrels refinery was anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement.

On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.

It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”

The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.

The committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.

It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.

The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”

The landing cost of imported premium motor spirit increased to N885 per litre on Wednesday from N797.

The Major Energy Marketers Association of Nigeria disclosed the rise in the landing cost of petrol in its daily energy bulletin released on Wednesday.

This represents 88 increase from the N797 per litre landing cost of petrol last week.

The implication is that the price of imported petrol at Nigerian filling stations may increase to about N1,000 per litre from between N940 and N970.

The current landing cost of petrol is N797 compared to the ex-depot price of Dangote Refinery’s petrol, which stood at N815 per litre. To this end, Dangote Petrol is sold at a retail price in MRS fillings at N860 and N880 per litre in Lagos and Abuja.

Meanwhile, Dangote Refinery’s decision last week Wednesday to halt petroleum products sales in Naira may impact the company’s fresh price template.

Going by the development in the country’s downstream sector, the prices of Dangote Petrol and import fuel are expected to go up in the coming days.

On Tuesday, the Petroleum Products Retail Outlets Owners Association of Nigeria warned Nigerians against panic buying amid petrol price uncertainty.

PETROAN urged the Nigerian government to continue its Naira-for-Crude deal with Dangote Refinery and at the same time ensure fair pricing competition in the country’s downstream sector.

“PETROAN has also noted reports circulating in the media that the temporary suspension of sales in naira by Dangote Refinery is the reason for the panic buying.

“We wish to reassure the public that this is not a justification for panic buying,” it said.

PETROAN further kicked against the sale of petroleum products in dollars in the Nigerian local market

Bill to Remove Immunity for Vice President and Governors Passes Second Reading

A bill seeking to strip the vice president, governors, and their deputies of constitutional immunity has passed its second reading in the House of Representatives.

The proposed amendment aims to strengthen accountability, curb corruption, and eliminate impunity in public office.

The bill is part of a broader constitutional review process, with 42 amendment bills advancing on Wednesday. This follows the approval of 39 similar bills the previous day, bringing the total to 81.

Among the other notable proposals is a bill to separate the offices of the Attorney-General of the Federation and state attorneys-general from the Minister of Justice and state commissioners for justice.

Another bill seeks to grant citizenship rights to foreign spouses of Nigerian women and establish a minimum quota for youth and women in specific government appointments.

The House also considered bills advocating the creation of new states, including Ijebu, Ife-Ijesa, Tiga, Orlu, and Etiti.

The proposed amendments were not debated and now move forward for further legislative action.

sillysally:
But it's okay for people from the same country to fight each other both off and online?

There are indications that the Federal Government’s Naira-for-crude panel will be reconvening a meeting on Monday to consider continuation of the crude sales deal with Dangote Refinery amid petroleum products price uncertainty.

Reliable sources in the Ministries of Petroleum Resources and Finance, who preferred anonymity, made this known on Thursday.

This comes after Dangote Refinery on Wednesday announced the suspension of its petroleum products sales in Naira.

Dangote Refinery’s decision to suspend petrol product sales in Naira indicated that there is a stalemate in discussion between the Nigerian National Petroleum Company Limited and the Dangote Refinery over the continuation of the Naira-for-crude sale contract.

However, official sources familiar with the matter told DAILY POST that the scheme may continue.

It was confirmed that NNPCL faced a crude availability crisis following the fact that the state-owned firm had pre-sold large volumes to foreign creditors under its crude-backed loans.

“The scheme won’t end. The challenging point is the issue of crude availability, with NNPC claiming it has pre-sold large volumes of crude.

“The committee agreed to reconvene on Monday (next week) to review options that the Nigeria Upstream Petroleum Regulatory Commission has been mandated to come up with. The committee is trying to dimension solution options,” the official stated.

Recall that the committee last week met at the Ministry of Finance Headquarters in Abuja to assess developments and reaffirm commitments to the naira-for-crude policy framework.


The meeting had in attendance the Minister of Finance and Coordinating Minister of the Economy, Wale Edun (who joined virtually); the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji; the Chief Financial Officer of the Nigerian National Petroleum Company; the Executive Commissioner of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (who also joined virtually); and other stakeholders.

Reacting to the development, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said its members will not hesitate to seek alternative sources of petroleum products.

“The market is making preparations for any surprises. So, if there are surprises, we’ll have alternatives to go to,” he said.


On his part, the president of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, appealed for government intervention in the continuation of the Naira-for-crude policy in order to maintain the tempo of the petrol price template.

“I would like to advise the FG to look into the agreement with Dangote again to maintain the tempo of the prices of petroleum products,” he said