Business
Dangote refinery slashes petrol price
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
The Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, marking the fourth downward review within a month and reinforcing the growing competition in Nigeria’s deregulated downstream petroleum market.
The latest price adjustment, which brings the refinery’s ex-depot price to about ₦1,075 per litre, underscores the company’s strategy of aligning prices with prevailing international crude oil market conditions while passing on cost savings to marketers and ultimately consumers.
The repeated price reductions have cumulatively exceeded ₦200 per litre in recent weeks, representing one of the most significant downward adjustments in petrol pricing since the full deregulation of the downstream sector.
Industry stakeholders described the latest reduction as another milestone in the evolving petroleum market, where prices are increasingly determined by market fundamentals rather than government regulation.
The successive downward reviews highlight the refinery’s responsiveness to changes in global crude oil prices, foreign exchange movements and production costs.
The latest cut follows three earlier reductions implemented within the past month, reflecting a sustained decline in wholesale petrol prices as international crude prices softened and refining economics improved.
Energy analysts noted that frequent price reviews have become a defining feature of Nigeria’s liberalised fuel market, with suppliers adjusting prices more rapidly in response to market conditions.
The repeated reductions by Dangote Refinery have intensified competition among petroleum marketers and fuel importers, many of whom have been compelled to adjust their own pricing strategies to retain market share.
Independent marketers are expected to take advantage of the lower ex-depot price to replenish their stocks at reduced costs, paving the way for further reductions in retail pump prices across the country.
Industry observers say the increasing availability of locally refined petroleum products has fundamentally altered the competitive landscape, reducing dependence on imported fuel and encouraging price competition among suppliers.
The development is expected to benefit consumers through lower pump prices and more stable product availability nationwide.
Motorists, transport operators and businesses are expected to be the primary beneficiaries of the latest price reduction as retail filling stations gradually adjust pump prices in line with the lower wholesale cost.
Although retail prices may differ across states due to transportation costs, distribution margins and operating expenses, analysts expect the downward trend to become more visible as marketers exhaust previously acquired stock purchased at higher prices.
Lower petrol prices are also expected to ease transportation costs, reduce operating expenses for small businesses and moderate inflationary pressures across the economy.
Economic experts noted that fuel prices significantly influence the prices of goods and services in Nigeria because transportation accounts for a substantial portion of production and distribution costs.
The latest adjustment has been linked to recent declines in international crude oil prices, which have lowered refining costs globally.
Since crude oil is the principal raw material used in petrol production, any sustained decline in crude prices typically translates into lower production costs for refiners.
In addition, relatively improved foreign exchange stability and increased domestic refining capacity have contributed to easing pricing pressures within Nigeria’s downstream petroleum market.
Analysts say these factors have enabled Dangote Refinery to implement successive reductions while maintaining commercial viability.
Industry experts believe the sustained decline in petrol prices could have broader economic benefits if maintained over time.
Lower energy costs would improve the operating environment for manufacturers, logistics companies, agriculture and other productive sectors that depend heavily on fuel.
Reduced transportation costs could also help slow inflation, improve consumer purchasing power and support broader economic recovery.
Financial analysts noted that lower fuel prices may also reduce pressure on businesses struggling with high operating expenses, thereby improving profitability and encouraging investment.
Stakeholders caution, however, that the sustainability of the downward pricing trend will depend largely on international crude oil prices, exchange rate stability and domestic refining efficiency.
Any sharp increase in global oil prices or significant depreciation of the naira could reverse the current trend.
Nevertheless, with the Dangote Refinery implementing its fourth petrol price reduction within a month, industry observers believe Nigeria’s downstream petroleum sector is entering a new era of market-driven competition, where consumers stand to benefit from increased domestic refining capacity, improved supply security and more responsive fuel pricing.
The latest reduction reinforces the refinery’s growing influence in the country’s energy market and signals an increasingly competitive environment that could continue to reshape petrol pricing dynamics in the months ahead.
Business
North African Airline incurs Nigeria’s wrath
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Business
₦10m monthly made from akara and bread business -Umo Eno
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
Business
All share index gains about 0.81% as NGX rebounds
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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