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Marketers Predict Cheaper Petrol Nationwide As Dangote Begins Naira Sale
Twenty-two days after suspending the sale of petroleum products in naira, the Dangote Refinery has resumed sales of its refined petroleum products to its partners and marketers in the local currency, The PUNCH exclusively gathered on Thursday.
The 650,000 barrels facility has also informed marketers and customers of a downward review of its loading cost, reducing its ex-gantry price to N865 per litre—a move that could ease pressure on fuel prices across the country.
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.
The notice sent to marketers indicated that a litre of petrol will now be sold at N865 inclusive of charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
It disclosed that other products are still priced in dollars, while the sale of PMS via coastal vessels remains on hold.
The notice read, “Good morning. Our updated prices for 10.04.25 are: PMS Gantry: 865 in Naira for gantry (inclusive of NMDPRA), PMS coastal: On hold
“AGO Gantry: $579.00 + $77, AGO Coastal: $579.00 + $8, ATK Gantry: $622.25 + $42, ATK Coastal: $622.25 + $22 and LPG Coastal: On hold.”
Recall that marketers had exclusively informed our correspondent that the 650,000-barrel 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 policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilising the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.
The ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure.
While acknowledging that the transition involves complexities, the government admitted that existing challenges are being systematically addressed.
“As with any major policy shift, the committee acknowledges that implementation challenges may arise from time to time.
“However, such issues are being actively addressed through coordinated efforts among all parties. The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement concluded.
With the latest development, filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with the Dangote Refinery are expected to reduce their pump price to N910 to reflect the marginal reduction in the ex-depot price of the premium commodity.
Meanwhile, the refinery’s decision to adjust its pricing in line with market conditions has drawn mixed reactions from petroleum marketers. While many Nigerians have welcomed the new, lower pump price as a much-needed relief, some marketers say the move has put them at a disadvantage.
Industry sources told our correspondent that on Tuesday, MRS filling station lifted 90,000 metric tonnes of PMS (120 million litres) from the refinery at the previous rate of N880.
With the recent price slash, marketers like MRS are now faced with the prospect of selling at a loss, raising concerns about the financial strain on operators in the downstream sector.
The IPMAN national publicity Secretary said, “We are relieved, although it’s a mixed one. Some of us who bought and haven’t exhausted our stock are now selling at a loss—it’s a huge loss. The new price will help us buy more and sell faster, but we still have mixed feelings about it.”
The Vice President of IPMAN, Hammed Fashola, had described the move as a good development.
“It is a good development; it is what we have been telling the government that it should be sustained because it would bring a lot of benefits and make the price stable. Once that happens, the price of fuel will come down, and this is good for Nigeria.
He said Nigerians should expect a drop in fuel prices, adding that the suspension of the policy caused the surge in prices after the Dangote refinery halted the sale of petrol in naira.
“Now that the naira policy has been restored, we expect a reverse in the price,” Fashola said.
Commenting, an oil and gas expert, Olatide Jeremiah, said the latest development has sparked fresh competition in the downstream segment.
Olatide, in an interview with our correspondent, said, “Dangote Refinery’s resuming sales of petrol in Naira has reactivated healthy competition, and the result will drive down fuel prices.
“As FG reaffirms the naira for crude policy to local refineries, private depots will need to be competitive to remain in business, they have been showing competitive strength lately with their pricing. Though according to Tanker Reports, we have been seeing massive inflows of tanker vessel loading from Dangote refinery, that’s commendable.
“The crude oil crash, coupled with the naira for crude policy renewal, just offers Nigerians another chance to buy affordable fuel at the pump, if only the retail outlets are regulated not to overprice for abnormal profits.”
Efforts to reach the Dangote group’s Chief of Corporate Communications, Anthony Chiejina, to get official confirmation were unsuccessful as of 7:14 pm when this report was filed.
News
I Have Delivered On Yahaya Bello Prosecution Promise — EFCC Chairman Olukoyede
EFCC Chairman, Ola Olukoyede has declared that he has fulfilled his 2024 promise to oversee the prosecution of former Kogi State Governor Yahaya Bello.
Addressing public questions regarding his previous vow to resign if Bello was not prosecuted, Olukoyede stated during an interview on Sunday Politics aired by Channels Television that his mandate to investigate and bring the matter to court has been achieved.
“A sitting governor, because he knew he was about to leave office, moved money directly from government to a bureau de change and used it to pay his child’s school fees in advance $720,000,” Olukoyede said.
He described the alleged action as disturbing, particularly in view of the economic condition of Kogi State.
“In a poor state like Kogi, you want me to close my eyes to that under the excuse that I am being used? Being used by who at this stage of my life?” he asked.
Olukoyede also recalled a public statement he made in April 2024, when he vowed to resign if Bello was not prosecuted.
“If I do not personally oversee the completion of the investigation regarding Yahaya Bello, I will tender my resignation as the chairman of the EFCC,” he had said.
Addressing public concerns over the pace of the case, the EFCC chairman said the commission had fulfilled its responsibility and that the matter is now before the courts.
“Have I not fulfilled that promise? Is Yahaya Bello not being prosecuted? The case is in court,” he said.
He stressed that the EFCC’s role is to investigate and prosecute, not to determine guilt or secure convictions.
“I have three cases against Yahaya Bello. Am I the judge who will decide conviction? I have done my work and fulfilled my mandate,” Olukoyede added.
Bello is currently facing multiple charges before different courts. He is standing trial on a 16-count charge involving alleged property fraud amounting to N110 billion, alongside Umar Oricha and Abdulsalami Hudu.
In a separate case before the Federal High Court, the former governor is also facing a 19-count charge bordering on alleged fraud and money laundering involving N80.2 billion.
The EFCC had earlier declared Bello wanted in April 2024 over alleged financial crimes estimated at about N80 billion, a development that sparked widespread political debate.
News
Atiku Issues Stern Warning To Tinubu Govt Over Detention Of Critic Abubakar Musa
Former Vice President Atiku Abubakar demanded the immediate and unconditional release of Abubakar Salim Musa (known as @AM_Saleeeem on X), a prominent critic of President Bola Tinubu’s administration.
Atiku’s statement characterized the arrest as part of a “growing crackdown on dissent” and warned that such repression threatens Nigeria’s democratic future as the nation approaches a critical general election period.
Atiku made the call in a statement issued on Monday, following a report by Amnesty International Nigeria on the arrest of the young Nigerian on Sunday, January 11, 2026.
“This case is yet another stark example of the repressive nature of the President Bola Tinubu administration, which continues to bare its fangs against dissent, whether expressed through public protests or online criticism,” Atiku said.
According to him, Musa’s only offence was his persistent criticism of the worsening security situation in Northern Nigeria and across the country.
“Abubakar’s only ‘offense’ was his consistent and legitimate criticism of the deteriorating security situation in Northern Nigeria and across the country,” he stated.
Rather than engage with the concerns raised, Atiku said the government resorted to intimidation and prosecution.
“Instead of addressing these serious concerns, the government’s response has been to arrest him and subject him to what Amnesty International rightly describes as ‘bogus charges and a sham trial,” he added.
The former vice president stressed that Musa’s arrest was not an isolated incident, noting that several Nigerians had suffered similar treatment for expressing dissent.
“Numerous Nigerians, including journalists, schoolchildren, entertainers and even NYSC members, have faced arrest, assault and intimidation simply for criticising the President or members of his family,” Atiku said.
He warned that such actions pose a grave threat to Nigeria’s democratic foundations.
“This dangerous trend undermines the very foundations of democracy, which rest on the protection of fundamental human rights and freedom of expression,” he said.
Atiku further argued that Nigeria’s democratic credentials were being eroded by the continued repression of critics.
“Nigeria cannot claim to be part of the free world while its citizens are routinely arrested, assaulted and intimidated for voicing criticism of their government,” he stated.
With general elections approaching, Atiku cautioned against an atmosphere of fear and repression.
“As the nation approaches a critical general election, neither the people nor the opposition can operate effectively in an atmosphere of fear and repression,” he warned.
He demanded the immediate and unconditional release of Musa and others detained for exercising their constitutional rights.
“I call on the Tinubu administration to immediately and unconditionally release Abubakar Salim Musa and all others detained for exercising their constitutional rights,” Atiku said.
He also urged the government to halt arbitrary arrests and intimidation, while calling on the international community to intervene.
“I urge the international community, particularly countries and organisations that champion democracy and human rights, to hold the Tinubu regime accountable and demand an end to these violations,” he said.
Atiku concluded by calling on Nigerians and civil society groups to resist any further erosion of civil liberties.
“I encourage fellow patriots, civil society groups and all Nigerians of conscience to join this demand and stand firmly against any further erosion of our freedoms,” he added.
News
Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim
A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.
One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.
Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.
In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”
He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.
“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.
He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.
The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.
