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Marketers Import 156.9m Litres As Petrol Landing Cost Drops To N853

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Amidst an ongoing price war between players in the nation’s downstream oil sector, fresh investigations have revealed that the landing cost of imported Premium Motor Spirit (petrol) dropped to N853 per litre on Tuesday.

This comes as marketers secured regulatory approval to import 117,000 metric tonnes—equivalent to 156.897 million litres—of petrol within eight days, from April 8 to 16, 2025, to boost fuel supply nationwide.

These figures were revealed in separate documents obtained by our correspondent from the Nigerian Port Authority and the Major Energies Marketers Association of Nigeria.

Last week, Nigerians heaved a sigh of relief after the Dangote refinery resumed sales of its refined petroleum products in naira and slashed its loading cost to N865 per litre. The relief was evident after its initial suspension of the sales of petroleum products increased the pump price to almost N1,000.

But a new drop looks imminent as the latest Competency Centre daily energy data showed that the landing cost has reduced to N853 per litre, N12 lower than the price offered by the 650,000-capacity refinery in Lagos.

Dealers said the N853 per litre on-spot estimated import parity into tanks, which factors in various expenses including shipping, import duties, and exchange rates, is a considerable reduction of N3 from the N856.75 per litre landing cost last week Monday and N852.02 on Tuesday.

The document showed that on-the-spot sales at the NPSC-NOJ terminal dropped to N853.12 per litre, while the average cost for 30 days also dropped to N844.84 per litre.

The document also noted that the price of Brent crude was benchmarked at $64.76 per barrel, from $62.82 per barrel quoted on Tuesday, with an exchange rate of N1,603.78 per dollar. This price was calculated based on 38,000 metric tonnes by the marketers.

It further noted that the refinery priced its PMS coastal price at $682.75 per metric tonne, its gantry price at N926.58 per litre and its coastal price at $603.50 per MT for AGO.

It read, “International petroleum product prices declined after President Trump announced new tariffs on Chinese goods, triggering concerns about the global economy and weaker fuel demand. Despite initial fears of supply disruption, the market reacted harshly due to oversupply and slowing industrial activity.

“However, prices began to recover slightly when President Trump later paused some of the tariffs, easing trade tensions and boosting market sentiment. Overall, this highlights how demand-side concerns are increasingly outweighing supply risks in shaping oil market dynamics.

“Dangote Refinery reduced its petrol ex-depot price to N865 per litre during the week, intensifying competition in Nigeria’s downstream oil sector. The foreign exchange rate continues to exhibit significant volatility, with the Naira experiencing renewed depreciation, thereby further delaying imports.

“Nevertheless, as landing costs are directly tied to these variables, they are expected to fluctuate several times intra-day. Cost savings can be achieved through optimising supply chain management by securing long-term contracts at favourable rates and leveraging economies of scale to streamline inland distribution networks.”

Meanwhile, an analysis of the NPA document revealing details of each import showed that the commodities landed at the Tincan port in Lagos and the Calabar port in Cross River State.

The first shipment carrying 21,000 metric tonnes of PMS allocated to the Peak Shipping Agency berthed at the KLT Phase 3A terminal on Tuesday, April 8, 2025, at midnight.

This was followed by the arrival of a 20,000 metric-tonne SL Aremu vessel on Wednesday, April 10, at midnight. It berthed at the KLT Phase 3A terminal and was handled by the Tiger shipping maritime agent.

Similarly, a Fatima Sarah ship handled by Dozzy Oil and Gas berthed at the Calabar port in Cross Rivers carrying 15,000 metric tonnes of imported petrol on Saturday, April 12, at 09:25pm.

On Monday, April 14, at 3:20 pm, another vessel carrying 20,000 metric tonnes of fuel berthed at the Tincan port. It was assigned to Peejay Shipping as its agent.

Also, two vessels carrying a combined sum of 41,000 metric tonnes of fuel are scheduled to berth at midnight on Tuesday and Wednesday, April 15 and 16, respectively. This shipment will arrive at the KLT Phase 2.

This means the six vessels brought in 117,000 metric tonnes.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 156.897 million litres of petrol at an average of 19m.

BIG STORY

JUST IN: Saudi Declares Wednesday As First Day of Ramadan 2026

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After an extensive moon searching exercise, the Supreme Court of Saudi Arabia has declared that Wednesday, February 18, 2026, will mark the beginning of the holy month of Ramadan for this year, 1447 AH.

The announcement followed reports from authorized moon sighting committees across the Kingdom, in accordance with Islamic tradition, that the moon was sighted in the country.

With the confirmation on Tuesday, Muslims across Saudi Arabia will begin fasting at dawn on Wednesday, observing the ninth month of the Islamic lunar calendar with prayers, reflection, and charitable acts.

Ramadan is a period of spiritual devotion marked by daily fasting from dawn to sunset, increased worship, and community gatherings.

Mosques across the Kingdom are preparing to receive worshippers for Taraweeh prayers, while authorities have finalized arrangements to ensure smooth services during the holy month.

Government entities and private institutions are also set to implement adjusted working hours in line with Ramadan schedules.

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BIG STORY

JUST IN: Senate Passes Electoral Act Amendment Bill

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The Senate on Tuesday passed the Electoral Act, 2022 (Repeal and Re-Enactment) Bill 2026.

Before the passage, there was a rowdy session as the upper chamber resumed proceedings with a demand for division over Clause 60 raised by Senator Enyinnaya Abaribe (ADC/Abia South).

The Senate President, Godswill Akpabio, stated that he believed the demand had previously been withdrawn, but several opposition senators immediately objected to that claim.

Citing Order 52(6), the Deputy Senate President, Barau Jibrin, argued that it would be out of order to revisit any provision on which the Senate President had already ruled.

This submission sparked another uproar in the chamber, during which Senator Sunday Karimi had a brief face-off with Abaribe.

The Senate Leader, Opeyemi Bamidele, then reminded lawmakers that he had sponsored the motion for rescission, underscoring that decisions previously taken by the Senate are no longer valid.

He maintained that, consistent with his motion, Senator Abaribe’s demand was in line.

Akpabio further suggested that the call for division was merely an attempt by Senator Abaribe to publicly demonstrate his stance to Nigerians.

The Senate President sustained the point of order, after which Abaribe rose in protest and was urged to formally move his motion.

Rising under Order 72(1), Abaribe called for a division on Clause 60(3), specifically concerning the provision that if electronic transmission of results fails, Form EC8A should not serve as the sole basis, calling for the removal of the proviso that allows for manual transmission of results in the event of network failure.

During the division, Akpabio directed senators who supported the caveat to stand.

He then asked those opposed to the caveat to rise.

Fifteen opposition senators stood in opposition.

However, when the votes were counted, the Senate President announced that 15 senators were not in support of the proviso, while 55 senators voted in support of it.

Clause-By-Clause Consideration

Earlier, proceedings in the Senate were momentarily stalled as lawmakers began clause-by-clause consideration of the Electoral Act, 2022 (Repeal and Re-Enactment) Bill 2026, following a motion to rescind the earlier amendment.

The motion to rescind the bill was formally seconded on Tuesday, paving the way for the upper chamber to dissolve into the committee of the whole for detailed reconsideration and reenactment of the proposed legislation.

During the session, the Senate President, Godswill Akpabio, reeled out the clauses one after the other for deliberation.

However, the process stalled when at clause 60, Senator Enyinnaya Abaribe (ADC/Abia South), raised a point of order, drawing immediate attention on the floor.

Following the intervention, murmurs spread across the chamber as lawmakers began speaking in small groups and approaching the Senate President’s desk for consultations.

The session immediately moved into a closed-door session.

 

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BIG STORY

Dangote Signs $400 Million Equipment Deal, Set To Become Largest Refinery In The World

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Dangote Group has signed a $400 million construction equipment agreement with XCMG Construction Machinery Co., Ltd., one of China’s leading manufacturers of construction machinery, in a move set to accelerate the expansion of the Dangote Petroleum Refinery & Petrochemicals from 650,000 barrels per day to 1.4 million barrels per day, positioning it to become the largest refinery in the world.

The agreement will enable the Group to acquire additional wide range of advanced construction equipment to support ongoing and forthcoming projects across refining, petrochemicals, agriculture, and large-scale infrastructure development. The new equipment will complement existing assets deployed for the refinery expansion, which is expected to be completed within three years.

Beyond refining, the expansion programme will see polypropylene production increase from 900,000 metric tonnes per annum to 2.4 million metric tonnes per annum. Urea capacity in Nigeria will be tripled from 3 million to 9 million metric tonnes per annum, in addition to the 3 million metric tonnes per annum capacity in Ethiopia, strengthening the Group’s position as the largest urea producer globally.

Production capacity for Linear Alkyl Benzene (LAB) will also be increased to 400,000 metric tonnes per annum, positioning the Group as the largest producer in Africa and strengthening supply to the detergent and cleaning agents manufacturing industry. Additional base oil production capacity also forms part of the broader expansion programme.

In a statement, the Group described the agreement as a strategic investment aimed at deepening its construction footprint and accelerating its ambition to build a $100 billion enterprise by 2030.

“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects. With this investment, we are positioning ourselves to become the number one construction company in the world,” the statement said.

Dangote Group is currently accelerating expansion and regional market development as it advances toward its long-term vision of building a $100 billion enterprise by 2030.

 

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