Dangote refinery and importers in pricing dispute as petrol remains above N1,000 per litre
via Punch Nigeria13 min read
Fuel prices in Nigeria are unlikely to drop below N1,000 per litre soon, unless importers engage in a price war with the Dangote Petroleum Refinery. Despite global crude prices falling to around $70 per barrel, following the return of oil supply through the Strait of Hormuz, Nigerian fuel prices have remained high. The Dangote refinery, which became Nigeria's primary petrol, diesel, and aviation fuel supplier in late 2024, has made only marginal price reductions. A senior official from the Dangote Group, who wished to remain anonymous, suggested that the Federal Government should instead urge licensed importers to lower their prices, questioning why importers of cheaper Russian products have not done so. The official also stated that the refinery still holds significant volumes of crude purchased at higher prices, making immediate drastic price cuts difficult. Furthermore, the official noted that the government is not supplying the refinery with sufficient crude, forcing it to import crude while exporting refined products. Data from the Major Energies Marketers Association of Nigeria indicates that the landed cost of imported petrol was N1,023 per litre, while Dangote's gantry price was N1,075. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, explained that importers are cautious due to uncertainty regarding Dangote's pricing strategy, fearing significant losses if Dangote makes drastic reductions. Meanwhile, petrol
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
Oyo State Governor Seyi Makinde has initiated the Contributory Pension Scheme for civil servants, a move praised as a significant policy shift. This decision places Oyo among the Federal Capital Territory and six other states, including Edo, Ekiti, Kaduna, and Lagos, that have implemented the pension law. Previously, Oyo was one of 23 Nigerian states yet to operationalize this legislation. The Chairman of the Oyo State Pensions Board, Tunji Adekunle, announced that the scheme will apply to officers employed in the Oyo State Civil Service from January 1, 2025, with full implementation beginning on July 1, 2026. The contribution structure involves a 12 percent contribution from the Oyo State Government as the employer and 8 percent from employees, totaling 20 percent, which exceeds the statutory minimum of 18 percent prescribed by the Pension Reform Act. The government has also committed to paying accrued pension benefits immediately upon the scheme's commencement and has directed all Ministries, Departments, and Agencies to submit comprehensive lists of employees recruited from January 1, 2025, to ensure a smooth rollout. The Contributory Pension Scheme, enacted in 2004, replaced the unsustainable Defined Benefit Scheme, leading to a significant increase in Nigeria's pension assets, which reached N31.32 trillion as of May 31, according to the National Pension Commission.
Beta Glass Plc announced a first-quarter revenue of N37.54 billion, attributing it to strong operational performance and asset utilization. The company also reconstituted its Board of Directors, appointing four new non-executive directors: Nitin Kaul, Olusola Carrena, Bolaji Olatunbosun Osunsanya, and Boye Olusanya. The Chairman of the Board, Dr. Vitus Ezinwa, stated that the new board composition would support the company's long-term strategy, aiming to accelerate sustainable growth, strengthen shareholder value, and enhance regional supply chain resilience. Chief Executive Officer Alex Gendis emphasized continued focus on operational efficiency, innovation, and strategic partnerships. An independent socio-economic impact report by Deloitte estimated Beta Glass contributed over N1 trillion to Nigeria鈥檚 economy in the past decade. The company plans further investments in manufacturing technology and climate-related initiatives, including furnace infrastructure upgrades to improve thermal efficiency and reduce emissions, as part of its strategy for operational efficiency and sustainable manufacturing. Shareholders, like Williams Adebayo, expressed satisfaction with the dividend declaration and earnings retention plan, as well as youth skills empowerment initiatives.
Bayer Leverkusen forward Victor Boniface was the first player to report for the club's pre-season training ahead of the 2026/27 campaign. Boniface returned to his parent club after a loan spell at Werder Bremen. After fitness assessments, the Nigerian striker will join teammates for a pre-season training camp in Blankenhain, Germany, from August 1 to 7. Boniface had a strong debut season in 2023, scoring 21 goals and providing nine assists in 34 appearances, helping Bayer Leverkusen secure their first Bundesliga title. He also won four Bundesliga Rookie of the Month awards. However, injuries affected his performance in the 2024/25 season, where he managed 11 goals and one assist in 27 appearances. Concerns about recurring knee problems and failed transfer moves to Al-Nassr and AC Milan due to medical issues were also noted. During his loan at Werder Bremen, Boniface failed to score in 11 appearances due to injuries and fitness issues. Sporting director Simon Rolfes expressed confidence that Boniface can regain his form. Leverkusen will start their 2026/27 Bundesliga season on August 29 against SV Elversberg.