News
Marketers may snub Dangote fuel as imported petrol costs N922/litre
Oil marketers have revealed that the landing cost of Premium Motor Spirit (petrol) as of Friday was N922.65 per litre.
Dealers said this cost factors in various expenses including shipping, import duties, and exchange rates.
The amount is a considerable reduction of N32.35 from the N955 per litre offered at the loading gantry of the Dangote Petroleum Refinery.
This decrease in landing cost is expected to influence the price at which petrol is sold to consumers and could increase marketers’ interest in returning to petrol imports.
“The lower cost of imported petrol is often an incentive to dealers and you won’t blame marketers who import the product,” a major marketer, who spoke in confidence due to lack of authorisation to speak on the matter, stated.
Last Sunday, the Dangote Petroleum Refinery said the rise in petrol price from N899.50 was due to an increase in the cost of crude oil, the major component for refined petroleum products.
However, this latest decline in landing cost, which reflects the price of importing and distributing the product, signals some relief from the pressures of global market fluctuations and supply chain challenges.
But despite this reduction, the retail price of petrol in Nigeria has remained high, with major marketers continuing to sell refined products between N990 and N1,010 per litre in the Federal Capital Territory.
According to the latest competency centre daily energy data released by the Major Energies Marketers Association of Nigeria on Friday and obtained by our correspondent on Sunday, the on-spot estimated import parity into tanks was N922.65 per litre, a reduction of N21 or 2.2 per cent from the N943.75 per litre quoted on Thursday.
The average cost for 30 days rose to N939.52 per litre on Friday, up from N929.07 per litre on Thursday, and N900.74 per litre on Tuesday.
The document also noted that the price of Brent crude was benchmarked at $78.29 per barrel, down from $78.88 per barrel the previous day, with an exchange rate of N1,550 per dollar.
This cost is viewed as an improvement for importers, providing private depot owners and independent marketers with an alternative route to profitability and the opportunity to source cheaper products.
With the average ex-depot price across all locations ranging from N950 to N990 per litre, importers stand a chance to cover costs significantly lower than recent historical averages and generate sustainable margins.
The updated landing costs and aligned ex-depot pricing indicate a more profitable environment for stakeholders in the downstream oil and gas sector. However, it also highlights the ongoing influence of exchange rate fluctuations and freight costs on Nigeria’s energy market.
Further checks by our correspondent while analysing petrol price movements at loading depots for last week showed that the loading cost of the commodity was reduced by N10.
Nipco sold its product at N970 from N965 per litre earlier in the week. Aiteo closed the week at N960, while Sahara made a N20 reduction closing at N960 from N980 earlier in the week. Swift opened at N970 and closed at N960. Wosbab and AA Rano closed the week selling their products at N960 per litre.
In Port-Harcourt, Bulk Strategic Depot opened at N1,005 but closed at N981, indicating a reduction of N24. Also, depots in Delta and Calabar maintained a price range of N972 and N990.
76.84m imported petrol
Meanwhile, fresh findings have shown that oil marketers imported a total sum of 57,301 metric tonnes of fuel between Tuesday, January 21, 202,5 and Wednesday, January 22, 2025.
Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers brought in about 76.84 million litres of petrol within two days.
This data sourced from the Nigerian Port Authority also showed that the vessels containing 20,400mt and 36,901mt berthed at the Apapa and Tincan ports in Lagos at 12 midnight and 3:49 pm, respectively. It was handled by Tera Shipping Limited and Peak Shipping Agency Nigeria Limited.
The document also showed that two vessels without documented capacity berthed at the Dangote terminal located at the Lekki Deep Seaport on Sunday.
But commenting on the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said there is an agreement by stakeholders against the importation of refined petroleum products.
Gillis-Harry, in an interview on Sunday, said the Nigerian Midstream and Downstream Petroleum Regulatory Authority is supposed to stop the issuance of import licenses for 180 days to prove the production capacity of the Dangote refinery.
He said, “Well, is there anybody that has landed imported fuel?”
The amount of litre imported in two days, the official replied, “I am surprised to hear that. I am very surprised to hear that because NMDPRA is the leader of the non-import agreement. The idea was to give the Dangote refinery 180 days to prove its production capacity.
“So I would be surprised if anybody is importing fuel now. Besides now, we have an industry stakeholder forum that was Inaugurated last week, which will direct happenings in the industry. There was an industry agreement that there should be no import, and Dangote was given a certain number of days to produce a certain quantity daily for us.”
But the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the non-import directive was a “mutual understanding” and not a binding agreement.
Ukadike, in an interview, stated, “There was no agreement like that, but it was a mutual understanding not to import. It was because, at the time, Dangote products were cheaper than imported ones.
“NMDPRA is supposed to give (licence to) anyone who can import at a cheaper rate. We all are looking at cheaper rates, and that is what is happening.”
By Kayode Sanni-Arewa
The National Working Committee (NWC) of the Peoples Democratic Party (PDP) is preparing for a pivotal meeting today to finalize arrangements for the upcoming National Executive Committee (NEC) gathers momentum.
This meeting takes place amid escalating tensions over the party’s national secretaryship, a dispute that has deepened divisions within the PDP.
The crisis has intensified as the South-East zonal caucus has threatened to withdraw from the party unless their nominee, Sunday Ude-Okoye, is officially confirmed for the national secretary role.
At the heart of the conflict is the leadership tussle between Samuel Anyanwu and Ude-Okoye. Despite a general agreement among PDP governors to replace Anyanwu, who lost the 2023 Imo State governorship election, the matter remains unresolved.
However, a key PDP figure, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, insists that Anyanwu should be allowed to complete his tenure. Wike has even threatened legal action, warning that any communication with the Independent National Electoral Commission (INEC)—including the notice for the NEC meeting scheduled for May 27—must bear Anyanwu’s signature.
The forthcoming NEC meeting, set for May 27, is viewed as a crucial opportunity to address the party’s internal challenges and lay the groundwork for the national convention slated for August.
To help mediate the crisis, PDP governors and stakeholders have formed a seven-member committee, led by former Senate President Bukola Saraki, tasked with finding a resolution.
Besides tackling the leadership dispute, today’s NWC meeting will also address ongoing security issues at the PDP national secretariat, Wadata Plaza in Abuja. The secretariat has been repeatedly targeted by thugs amid the secretaryship conflict, raising safety concerns among staff, some of whom have requested that meetings be held offsite in the past.
The NWC is expected to consider restructuring the security arrangements to enhance protection. The recent endorsement of acting national secretary Setonji Koshoedo by 83 PDP administrative staff underscores the urgency of resolving these matters.
Sources within the party, speaking to Daily Trust, say the NWC is committed to ensuring the NEC meeting proceeds as planned despite attempts by some factions to obstruct it.
“One faction is still working to block the NEC meeting, but the NWC is focused on getting the process started and making sure the meeting happens,” one source said.
The source added, “Security concerns are also high on the agenda. The secretariat has been invaded multiple times during the secretaryship dispute. Staff safety remains a serious issue — at one point, even the Board of Trustees had to hold meetings outside the secretariat. The NWC aims to implement a comprehensive security overhaul.”
By Kayode Sanni-Arewa
As of Wednesday, May 14, 2025, the exchange rate for the US Dollar to the Nigerian Naira on the Lagos Parallel Market (commonly referred to as the black market) stands at ₦1,625 for buying and ₦1,630 for selling.
This information is based on data obtained from reliable sources within the Bureau De Change (BDC) community.
It is important to emphasize that the Central Bank of Nigeria (CBN) does not endorse or recognize the black market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to make use of official channels by contacting their respective commercial banks.
USD to NGN (Black Market) Exchange Rate
Buying Rate ₦1,625
Selling Rate ₦1,630
Official CBN Dollar to Naira Rate – May 14, 2025
USD to NGN (CBN Rate) Rate
Highest Rate ₦1,600
Lowest Rate ₦1,595
Please keep in mind that the rates listed here are subject to market fluctuations and may vary depending on the location, time of transaction, and volume of currency exchanged.
Exchange rates are constantly changing due to market dynamics. This article provides indicative rates and should not be considered as financial advice. For the most accurate and up-to-date rates, consult with your bank or a licensed Bureau De Change operator.
By Kayode Sanni-Arewa
The family of Nnamdi Kanu has again demanded an outright ban of the News Agency of Nigeria, NAN from coverage of Kanu’s trial on alleged terrorism related crimes over alleged biased reportage.
In the alternative, the aggrieved family asked the court to permit live streaming of trial proceedings to guarantee fairness, transparency and accountability.
A statement signed by Prince Emmanuel Kanu for the Kanu Family, expressed the family “deep concern and outrage over what it called the continuous shameless manipulation of court proceedings by the News Agency of Nigeria (NAN) in the ongoing trial of their son and brother, Mazi Nnamdi Kanu.”
“It is now beyond question that NAN has abandoned any pretense of professional journalism. They have become the unofficial megaphone of the State Security Services (SSS) and the prosecuting authority, spreading one-sided propaganda, while deliberately ignoring crucial courtroom developments that dismantle the Government’s case.
“Today’s distortion is a case in point. Instead of reporting on the damning cross-examination of government witness PW-BBB—who embarrassingly admitted that no investigation report exists to support the charges against Mazi Nnamdi Kanu, NAN chose to publish a useless story about a death certificate.
This document has zero evidentiary relevance, and its tendering was clearly a diversionary tactic to cover up the implosion of the prosecution’s case.
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“We find it unacceptable and improper that NAN is given exclusive access to report court proceedings—particularly when their reports serve only to mislead the public and undermine judicial transparency.
“We therefore call on Justice James Omotosho to immediately ban the News Agency of Nigeria (NAN) from further courtroom access in this matter for repeated, unethical conduct and biased reporting;
” In the alternative, the court should permit live streaming of the trial proceedings to guarantee fairness, transparency, and accountability.
“Furthermore, we reject the spin being spread regarding DSS allegedly denying Kanu Agabi SAN access to Mazi Nnamdi Kanu.
What occurred in court today was a moment of statesmanship by Kanu Agabi SAN—a respected legal elder, former Senator, Attorney-General, and Minister of Justice—who chose not to expose the DSS’s misconduct openly to save the court and its officers from scandal. His restraint should not be misrepresented by a discredited press agency.
“This trial is not just about Mazi Nnamdi Kanu—it is a test of the integrity of the Nigerian judiciary, the independence of the media, and the rule of law in a democracy. Continued distortion of proceedings can only serve to deepen national division and erode public trust.
The eyes of the world are on Nigeria. Let justice be done—openly and without propaganda” the family said.
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