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Dangote Refinery, depot owners, and petroleum products marketers have agreed to further slash premium motor spirit prices across the value chain after meeting with the Nigerian government.

Recall that the federal government had insisted on further fuel price cuts by Dangote Refinery, depot owners, and marketers, respectively, on the basis of falling crude oil prices.

The Nigerian government stood on this ground in a meeting with the oil downstream sector’s regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, with the attendance of stakeholders within the value chain, including Dangote Refinery, depot owners and petrol marketers.

Nigerian Government had warned refiners and marketers on adherence to cost-reflection prices commensurate with the $72 per barrel Brent crude price amid war escalation in the Middle East.

NMDPRA’s position is that fuel price, indeed, other petroleum products should drop further.

The chief executive of NMDPRA, Rabiu Umar, stated this during Monday’s stakeholders meeting on cost-reflective pricing of petrol in Abuja.

Providing further details on the meeting, both the president of the Petrol Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, and the president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, in separate interviews with DAILY POST, confirmed that fuel prices would further drop nationwide.

According to them, petrol may decline further to around N1000 or less if crude oil price continues to fall.

Gillis-Harry revealed that fuel price is to be reduced below its current rates of N1150 and N1299 per liter in Abuja and its environs.

According to him, major stakeholders in the country’s petroleum downstream sector were in the same boat on the fuel price drop.

However, he insisted that marketers cannot be compelled to sell fuel below cost.

He provided details of the meeting outcome, stating that it is focused on finding practical solutions that would make fuel more affordable for Nigerians.

“You can quote us that PETROAN is willing to work with the NMDPRA, the Federal FCCPC, the minister of petroleum, and all stakeholders to ensure that price reduction is implemented for the benefit of Nigerians.

“However, nobody is going to be running a business at a loss, and then, you know, basically what that means is that’s the close of business,” he said.

He explained that fuel pricing remains largely dependent on international market forces, noting that fluctuations in crude oil prices and other global factors make it difficult to fix a specific pump price.

“The true cost-reflective price is still determined internationally. That’s the reality,” Gillis-Harry said.

He added that the dynamics affecting pricing change constantly, making it impossible to announce a fixed cost-reflective price.

“It’s not easy to work things out because the dynamics of the input vary. There’s no time that is static,” he stated.

Why fuel pump price hasn’t dropped like crude oil price- Gillis-Harry

Addressing public expectations that petrol prices should immediately fall whenever crude oil prices decline, the PETROAN president said such assumptions do not reflect the realities of the downstream petroleum market.

“The expectations that are put by Nigerians, ‘Oh, the crude oil has come down to $72, therefore, it must affect us.’ But that is not the reality,” he said.

According to him, international oil prices remain volatile, noting that even during the meeting, crude prices rose sharply.

“Even today, as we are sitting there, we were checking the price volatility. Price increased by $7,” he said.

Gillis-Harry stressed that no stakeholder in the petroleum value chain could independently determine fuel prices, adding that efforts are ongoing to reduce costs across the industry.

“We cannot, in reality, make any pronouncements today. Because what we’re trying to do is everybody must take a cut,” he said.

“Every one of us must take a cut. We had earlier issued a press release on this matter, and it hasn’t changed.

“That press release was based on empirical evidence, empirical data, all of which today was very transparently presented.”

Marketers, retailers will not shut down due to fuel price reductions

He also maintained that the government cannot simply direct marketers to sell petrol at a predetermined price without considering market realities.

“If you tell us to go and sell at this price, then business is closed. How do Nigerians get fuel overnight?” He asked.

He added that allowing experienced operators to continue running the business remains the best approach to ensuring uninterrupted fuel supply.

“So as it is today, prices will come down, we know. But how much it will come down, we cannot say.

“And I don’t think it will be fair for me, for anybody, to make that kind of assumption because it will be just, at best. And assumptions are not facts,” Gillis-Harry said.

He noted that refiners, importers, and retailers have already begun adjusting prices downward where possible.

“You can see Dangote has been reducing. Our retail outlets have been reducing. That’s how we continue to go until the price comes down,” he said.

While expressing confidence that petrol prices would continue to decline over time, Gillis-Harry said the pace of reduction would depend on prevailing market conditions.

“It will come down. But how fast and how well is something that we have to keep working on until we get the dynamics of how to make sure that there’s an answer,” he added.

On his part, Maigandi reiterated that Dangote Refinery marketers will continue to reduce the price upon lower crude oil prices.

According to him, the federal government cannot impose fuel prices on stakeholders in the petroleum downstream.

“Fuel prices will go down further; that was our major agreement. Both Dangote Refinery and depot owners assured Nigerians.

“But you can say exactly that the fuel price may come down to below N1,000 per liter,” he stated.

Recall that Dangote Refinery, depot owners, and filling stations have dropped fuel prices by at least N100 per liter in the last three weeks.

This has led to fuel pump drops to between N1150 and N1299 per liter in Abuja and its environs.

At the weekend, Nigerian National Petroleum Company Limited slashed its fuel price to N1,150 per liter.

MRS filling station, AA Rano, Ranoil, NIPCO, and other filling stations dispense between N1,191 per liter and N1,240.

Recall that Brent and West Texas Intermediate crude blends stood at $71 and $68 per barrel at the time of filing this report.

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Aslam Aliyu, a political acolyte of the African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, has dumped the party and joined the ruling All Progressives Congress, APC.

In a statement, Aliyu said the ADC does not have a concrete rescue plan for Nigeria, stating that her decision followed a long reflection on Nigeria’s political direction and the capacity of the opposition to provide alternative governance.

According to her, for almost two decades, she had worked tirelessly within the political camp of Atiku, noting that throughout the entire period, her loyalty never wavered.

She, however, stressed that after almost two decades of dedicated engagement, it has become undeniably clear that the opposition lacks a meaningful development blueprint or a viable and sustainable national rescue plan.

“The ADC has no concrete plan for the country, other than to criticise the government without bringing a single viable solution to the table. Political culture must move past theatrical criticism and embrace measurable progress.

“I am a mother, calling on patriotic Nigerian youths, women, and forward-thinking opposition members to abandon counterproductive politics and join hands with President Bola Ahmed Tinubu,” she said.

“There is no vacancy in Aso Rock Villa, as Bola Ahmed Tinubu will emerge as the winner of the presidential election come 2027, by the grace of Almighty Allah,” she said.

The Zamfara-born politician further stated that her defection was driven by a desire to contribute more effectively to national development under a structured political platform.

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Chief of Staff to the President, Femi Gbajabiamila, has threatened legal action against Prince Adeniyi Adeyemi, demanding N10 billion in damages over allegations linking him to murder, bribery, and other criminal activities.

This was contained in a letter dated July 6, 2026, signed by Senior Advocate of Nigeria, Kemi Pinheiro, on behalf of Pinheiro LP, the legal representatives of the Chief of Staff.

The letter reads in part, “The publication which has been extensively circulated across several print, electronic and social media platforms and has consequently attracted widespread public attention, contains numerous statements which are not only false, malicious, reckless and entirely without factual foundation, but were clearly designed to portray our client as corrupt, dishonest, criminally culpable, morally bankrupt, administratively incompetent, a murderer and unfit to occupy public office.

“In particular, in your press conference, you falsely alleged, among other things, that our client demanded or requested forty-eight percent (48%) of the alleged take-off grant of an entity described as the Presidential Foreign Intervention Promotion Council, received the sum of 400,000,000.00 by proxy in connection with appointments relating to the said entity, abused and exploited his office as Chief of Staff to intimidate individuals and media organizations,

“Knowingly participated in fraudulent governmental processes relating to the national budget acted dishonestly and in a manner warranting his resignation from public office sought to manipulate or misuse security agencies against you may have acted under the influence of intoxicating substances in the discharge of his official duties and engaged in conduct suggestive of corruption, abuse of office, criminality and gross misconduct is a murderer, assassin and participated in a criminal cover-up.

“These allegations are not only false but are gravely defamatory. They plainly convey to ordinary, reasonable members of society that our client is corrupt, dishonest, criminally culpable, morally bankrupt, unfit for public office, violent, dangerous and undeserving of public trust.”

Gbajabiamila’s lawyers demanded that Adeyemi, within 72 hours of receiving the letter, cease making or publishing further defamatory statements, remove the alleged offending press conference and related materials from all platforms under his control, and publish a full, unequivocal and unreserved retraction and apology.

The lawyers further demanded that the apology be published with the same prominence as the original allegation in at least five national newspapers, across all platforms where the disputed publication appeared, and on every social media account used to disseminate it.

In addition, the legal team also requested that a written undertaking be submitted to their law firm, assuring that no further defamatory statements would be made against their client.

However, according to the letter, failure to comply with the demands within the stipulated period would with no option but to initiate both criminal and civil proceedings.

The proposed legal action would include a criminal complaint for alleged criminal defamation under the laws of the Federal Capital Territory, FCT, as well as a civil suit seeking N10 billion in aggravated and exemplary damages, which they said would be donated to charities of Gbajabiamila’s choice.

The legal team also said it would seek a perpetual injunction restraining any further defamatory publications and a mandatory court order compelling Adeyemi to publish a retraction and apology.

Recall that Adeyemi held a press conference on June 25, accusing Gbajabiamila of seeking a share of the alleged take-off funds of the Presidential Foreign Intervention Promotion Council, PFIPC, receiving money through intermediaries, abusing his office and participating in efforts to conceal wrongdoing.