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Dangote Refinery Should Sell Petrol Below N800 Per Litre — Marketers

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The Independent Petroleum Marketers Association of Nigeria has expressed that Dangote Petroleum Refinery ought to offer Premium Motor Spirit (petrol) at a price lower than the current N825 per litre being charged by the Lekki-based facility.

According to IPMAN’s Publicity Secretary, Chinedu Udadike, during a chat with our reporter, the refinery has all the necessary advantages to provide petrol at a rate lower than the current ex-depot price.

Udadike was responding to remarks made by Aliko Dangote, President of the Dangote Group, who said that the refinery had helped reduce fuel prices to the extent that Nigerians now pay only about 55 percent of what citizens in other West African countries pay.

Recently, Dangote also informed ECOWAS officials and President Bola Tinubu that the Federal Government’s naira-for-crude initiative has contributed positively to the pricing of refined fuel products.

While Udadike acknowledged that petrol is currently more affordable in Nigeria compared to other West African nations, he argued that the price should be even lower locally, suggesting a rate around N750.

He noted that many of the countries referenced in Dangote’s comparison neither produce crude oil nor have the ability to refine crude in their local currencies.

He stated that petrol in Nigeria should be considerably cheaper since the country produces crude oil and the president has agreed to supply Dangote crude in naira, eliminating the foreign exchange issues and related costs, which should also benefit Nigerians.

Udadike credited Dangote with resolving the issue of fuel scarcity, which had previously led to long queues at fuel stations. He urged the government to work on strengthening the naira so fuel prices can be more affordable.

He explained that Dangote has successfully addressed the availability of fuel. However, regarding pricing, he believes there is room for improvement. Once the government stabilizes the naira and improves its value, the price of petroleum products should drop further.

When asked whether he believed Dangote’s fuel was priced fairly, he responded that given the favorable conditions and facilities available to the refinery, the petrol price could be more affordable.

He added that he personally feels the price is still high and estimates petrol should sell for around N770 per litre. Based on what he has learned about refinery production and depot landing costs, the price of petrol shouldn’t exceed N780 or N750, depending on the current dollar rate.

He further stated that if the Federal Government can maintain a stronger naira, petrol prices are likely to fall. The current exchange rate, he believes, is one of the main factors keeping prices elevated.

He predicted that if the naira strengthens to about N1,100 against the dollar, petrol could be sold at a price below N750 per litre.

Udadike noted that since the exchange rate is around N1,600 currently, if it drops to about N1,200, the pump price of petrol could go below N750.

While addressing ECOWAS leaders recently, Dangote pointed out that many Nigerians do not realize they are paying only 55 percent of what other West African countries pay for petrol.

He shared that his refinery has helped lower fuel prices, currently selling petrol in the range of N815 to N820 per litre.

During a tour of the 650,000 barrels-per-day refinery facility by the President of the ECOWAS Commission, Dr Omar Touray, Dangote highlighted that Africa stands to benefit from increased intra-continental trade, which will help reduce costs of refined goods and inputs across sectors.

He recalled that when diesel production started last year, the refinery managed to cut its price from N1,700 to N1,100 almost immediately. Today, the price has dropped even further, positively impacting sectors such as mining and agriculture.

He added that Nigerians have been enjoying the benefits of local refining, as petrol prices have fallen compared to those in neighboring countries.

He explained that in neighboring countries, petrol averages about $1 per litre, or N1,600, while his refinery sells for between N815 and N820. Most Nigerians, he said, may not realize they are paying significantly less than others in the region.

During President Tinubu’s recent visit to the refinery, Dangote again noted that the naira-for-crude deal has helped him maintain consistent reductions in petrol prices. However, a report by S&P Global pointed out that fuel prices from the refinery remain high relative to the recent drop in crude prices.

As at press time, the refinery’s spokesperson, Tony Chiejina, had not responded to the statements made by IPMAN.

BIG STORY

Forgive Fubara Like Sanwo-Olu, Reinstate Him In The Spirit Of June 12 — Bode George To Tinubu

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Bode George, a chieftain of the Peoples Democratic Party (PDP), has appealed to President Bola Tinubu to “reinstate Siminalayi Fubara,” the “suspended governor of Rivers,” in the “spirit of the June 12 celebrations.”

In an open letter addressed to Tinubu, George said since the president recently “forgave Babajide Sanwo-Olu,” governor of Lagos, the “same gesture should be extended to Fubara.”

George, a former PDP deputy national chairman (south-west), said the president should “reinstate Fubara” to “honor the memory of the June 12 struggles.”

“If Tinubu could forgive Governor Babajide Sanwo-Olu of Lagos State, then he should extend the same gesture to Fubara,” he was quoted as saying by NAN.

“On June 12, we will be celebrating Democracy Day. This is a reminder of the true meaning of democracy — the will of the people.

“Since Tinubu has forgiven Sanwo-Olu, then it makes a lot of sense, spiritually, to also forgive Fubara and let him return to office. I am talking as an elder.

“He (Tinubu) later joined NADECO to fight for democracy. Some of those who fought alongside him for democracy have died. It is not of his making that he is alive today.

“So, he should thank God, honour the memory of those who fought alongside him for democracy and return Fubara to office immediately.

“I also appeal to him, in the spirit of my maternal grand uncle who founded the first political party in Nigeria in 1922, Herbert Macaulay, to please reinstate Fubara.

“Tinubu should listen to and honour this appeal in memory of all those who died in the journey to our democracy.”

On “June 8,” during a “meeting with the Governor’s Advisory Council (GAC) and other Lagos stakeholders,” Tinubu said he had “forgiven Sanwo-Olu.”

“June 12” has been declared as a day to “commemorate democracy in Nigeria” to “posthumously honor MKO Abiola,” presumed winner of the “June 12, 1993, presidential election.”

BACKGROUND

On “March 18,” Tinubu declared “emergency rule” in the “oil-rich Rivers” over the “political crisis and instability” in the state.

He also “suspended Fubara,” his “deputy, Ngozi Odu,” and “all members of the Rivers assembly” for an “initial period of six months.”

The president immediately appointed Ibok-Ete Ibas, a “retired naval chief,” as the “state’s sole administrator.”

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BIG STORY

NIHOTOUR Calls For Calm Engagement After Field Officer Provoked During Lagos Compliance Exercise

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On Tuesday, June 10, 2025, during a “scheduled compliance and standardization exercise” by the “National Institute for Hospitality and Tourism (NIHOTOUR)” at the “Federal Palace Hotel, Victoria Island, Lagos,” a “moment of tension arose” between a “hotel staff member” and a “law enforcement officer” attached to the NIHOTOUR delegation who was “striped off his uniform” by the hotel staff.

The misunderstanding—which “does not reflect the tone of the broader engagement”—escalated when a “hotel staff physically confronted the officer,” resulting in “damage and striping of his official police uniform.”

The officer, “caught off guard” and “naked with only his pants trousers,” got “visibly provoked” and responded with a “slap,” which made “direct contact with the staff member’s face.”

While the incident is “regrettable and avoidable,” it serves as a “sober reminder” of the importance of “composure, clarity, and professionalism” during such exercises.

The Institute reiterates that its mandate is anchored on “collaboration, capacity enhancement, and stakeholder engagement”—”not hostility or confrontation.”

Commenting on the situation, NIHOTOUR’s Director of Inspection and Enforcement, Barrister Chike Ukuekwe, urged practitioners and operators in the industry to “shun aggressive and combative engagement” when officers of the law arrive at their premises for a “compliance exercise.”

He further emphasized the “need for mutual understanding” and a “professional approach to enforcement efforts.”

“Our collective mission is the upliftment of Nigeria’s hospitality, tourism, and travel sectors through standardization and compliance. These exercises are not meant to antagonize operators but to align practices with national expectations and global standards,” he said.

“We commend establishments like Eko Hotel, Sojourner Hotel, Marriot Hotel, Radisson Blu Hotel VI, Black Diamond Hotel, Four Points By Sheraton and others that open their doors to these engagements, and we urge all stakeholders to embrace dialogue, not disruption. It would interest you to know that most of the hotels visited, the compliance issues were resolved within the premises of most hotels, and our team left peacefully after assurances were made by most management of those hotels to comply within 7 days’ time.”

As “Nigeria’s lead institution” for the “standardization of the hospitality, tourism, and travel industry practice,” NIHOTOUR remains “committed to ensuring a professional and safe operational environment.”

“Initiatives such as the ongoing national compliance drive” are designed to “reinforce quality, ethics, and service excellence” across the board.

Moving forward, NIHOTOUR is taking “deliberate steps” to “enhance communication protocols” and “on-site preparedness” during field exercises, ensuring “clarity of purpose and mutual respect” among all parties involved.

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BIG STORY

Democracy Day: President Tinubu To Address Nigerians At 7am Tomorrow

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To commemorate the 2025 Democracy Day, President Bola Tinubu is scheduled to deliver a nationwide broadcast on Thursday at 7am.

This was disclosed in a statement released on Wednesday by the Inter-Ministerial Committee on Democracy Day.

Abdulhakeem Adeoye, who signed the statement on behalf of the committee’s Director, Information & Public Relations, stated that following the address, the president will participate in a joint session of the National Assembly at noon.

The session is expected to include speeches about the State of the Nation, reflections on Nigeria’s democratic evolution, and calls for greater unity and reform across the country.

Later in the evening, a public lecture titled “Consolidating on the Gains of Nigeria’s Democracy: Necessity of Enduring Reforms” is set to take place at 4pm at the State House Conference Centre in Abuja.

In contrast to previous celebrations, there will be no Democracy Day parade this year.

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