Six petroleum depot operators have lowered the prices of Premium Motor Spirit (PMS), commonly known as petrol, as rivalry intensifies within Nigeria’s downstream petroleum market.

The depots that implemented the price cuts on Wednesday include Emadeb, First Royal, MENJ, Aiteo, Pinnacle, and Hyde.

Emadeb brought its depot price down to N827 per litre from N903 per litre, while First Royal adjusted its price to N826 per litre from N828 per litre.

Similarly, MENJ, Aiteo, Pinnacle, and Hyde revised their prices to N826 per litre from N827; N825 per litre from N826; N850 from N856 per litre; and N868 from N869 per litre, respectively.

Petroleumprice.ng reports that petrol depot prices are projected to keep decreasing in the near future, as crude oil prices, which are a key input, stay relatively low at $65 per barrel globally.

An expert in the industry, who chose not to be named, mentioned that stakeholders are anticipating another reduction in the gantry price at Dangote Petroleum Refinery.

He said: With the downward review of depot prices, currently standing at par with the Dangote Refinery N825 per litre gantry price, there are indications that the refinery would soon reduce its price further.

Meanwhile, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, explained that: The depot owners imported commercial quantities of petrol from the global market. Without the downward price adjustment, it would be difficult for them to sell in the domestic market. It is their response to the competition in the domestic market.

He added: We expect further reduction as competition continues. But too much competition could become harmful to the sector. We need healthy competition to impact on consumers and the sector.

The Nigerian Communications Commission has instructed Deposit Money Banks to begin collecting charges for unstructured supplementary service data transactions directly from users’ mobile airtime.

A message sent to customers by the United Bank for Africa on Tuesday indicated that these charges will no longer be taken from customers’ bank accounts. UBA noted that the new instruction becomes effective on Tuesday, June 3, 2025.

The message stated, “In line with the directive of the Nigerian Communications Commission, please be informed that effective June 3, 2025, charges for USSD banking services will no longer be deducted from your bank account.

“Going forward, these charges will be deducted directly from your mobile airtime balance in accordance with the NCC’s End-User Billing model. Under this new billing structure, each USSD session will attract a charge of n6.98 per 120 seconds, which will be billed by your mobile network operator.

“You will receive a consent prompt at the start of each session, and airtime will only be deducted upon your confirmation and availability of the bank to fulfil this service. If you do not wish to continue using USSD banking under this new model, you may choose to discontinue use of the USSD channel.”

UBA encouraged customers to keep using other digital banking alternatives and internet banking for a smoother experience. This directive may represent another step by the NCC to resolve the long-standing issues regarding USSD payments between Mobile Network Operators and commercial banks.

In December 2024, the Central Bank of Nigeria and the NCC instructed both mobile network providers and Deposit Money Banks to find a resolution to the N250 billion USSD debt that had persisted over time.

After telecom companies threatened to halt services due to the debts owed by banks, the NCC responded in January by warning of a possible suspension of USSD services and said it would release the names of defaulting banks.

On January 15, the regulator ordered mobile operators to deactivate the USSD codes allocated to nine banks by January 27 as a result of unsettled debts. Later, on February 28, MTN Nigeria disclosed that it had received N32 billion from banks, part of the N72 billion total debt for USSD services.

Telecom providers had consistently raised alarm about the unpaid USSD charges, prompting continued efforts within the sector to address the issue.

The head of Dangote Group, Aliko Dangote, has pointed out that many Nigerians are not aware they pay only 55 percent of what citizens in other West African nations pay for petrol.

He further mentioned that his refinery has helped bring down fuel prices, currently selling petrol at rates between N815 and N820 per litre.

Dangote made these remarks during a visit to the 650,000-barrels-per-day refinery by ECOWAS Commission President, Dr Omar Touray, and his team, as per a statement released by the Dangote Group on Sunday.

He highlighted the importance of promoting intra-African trade and emphasized that the refinery has contributed to lowering the cost of refined fuel and production expenses in different areas of Nigeria’s economy.

“Last year, when we began diesel production, we were able to reduce the price from N1,700 to N1,100 at a go, and as of today, the price has crashed further. This reduction has made a significant impact across various sectors. It has supported industries, benefited those of us in mining, and provided vital relief to the agricultural sector. The effect has been far-reaching,” he said.

He added that local refining has brought advantages for Nigerians, as they now pay much less for petrol compared to neighboring nations.

“In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. But here at our refinery, we’re selling at between N815 and N820. Many Nigerians don’t realise that they are currently paying just 55 per cent of what others in the region are paying for petrol,” he noted.

He also revealed that there are “a much larger initiative in the pipeline, something we’ve not yet announced.” Dangote assured Nigerians that “this refinery is built for them, and they will enjoy the maximum benefit from it.”

Leading the ECOWAS delegation on a comprehensive tour of the refinery, Dangote outlined the hurdles and achievements encountered while building the world’s biggest single-train refinery. He restated his view that Africa’s reliance on imports is unsustainable and weakens its economic independence.

“As long as we continue importing what we can produce, we will remain underdeveloped. This refinery is proof that we can build for ourselves at scale, to global standards,” it was stated.

He affirmed that the Dangote refinery has the capacity to satisfy petroleum demands in both Nigeria and the West African region, addressing concerns that the refinery cannot meet local or regional needs.

“There have been many claims suggesting that we don’t even produce enough to meet Nigeria’s needs, so how could we possibly supply other West African countries? But now, they (ECOWAS officials) are here to see the reality for themselves and, more importantly, to encourage other nations to embark on similarly large-scale industrial projects,” he said.

He pointed out that the drop in fuel prices is a direct benefit of refining locally, which not only boosts energy security but also makes fuel more affordable and reduces dependency on imports.

In response, the ECOWAS Commission President described the refinery as a symbol of hope for Africa’s future and a powerful example of what private enterprises can accomplish in pushing industrial development across the region.

“What I have seen today gives me a lot of hope, and everybody who doesn’t believe in Africa should come here. Visiting here will give you more hope because this is exactly what our continent should focus on.

“We have seen something I couldn’t have imagined, and really, the capacity in all areas is impressive. We congratulate Alhaji Dangote for this trust in Africa because I think you do this only when you have the trust, and he has a vision for Africa, and this is what we should all work to encourage,” Touray was quoted.

He pointed out that the refinery, which produces fuel that meets Euro V standards, is essential for ECOWAS countries to achieve their target of 50ppm sulphur content in fuels – a requirement that many imported products fail to meet and which poses risks to both health and the environment.

“We are still importing products below our standard when a regional company such as Dangote can meet and exceed these requirements. The private sector must take the lead in ECOWAS industrialisation,” he advised.

During the tour, Touray called for greater cooperation between governments and private businesses, saying that policies should reflect the true experiences and hurdles faced by industrialists across the continent.

“We believe our visit also serves as an opportunity to hear directly from Mr Dangote, about what the private sector expects from the ECOWAS community,” Touray explained, noting that as ECOWAS celebrates its 50th anniversary, the community is more committed than ever to bringing the private sector to the table, to listen to their perspectives, and to understand how best to create an environment that works for them.

“We cannot continue to make decisions on behalf of the private sector from a distance. Visits like this provide us with first-hand experience and direct insight into the challenges they face—challenges that authorities and government officials must work to address,” he added.

He noted that the time had come for the region to implement an industrial plan that tackles fundamental problems such as high youth unemployment, widespread poverty, and insecurity.

Touray promised the full support of the ECOWAS Commission in helping companies like Dangote Group gain access to broader markets within the region. He also urged other African countries to replicate Nigeria’s model by building infrastructure that benefits the continent as a whole.

“Once again, I congratulate the Dangote Group and commit that the ECOWAS commission will do everything to open up the ECOWAS market for them, if not the entire African continent,” he declared.

The visiting team included Sediko Douka, ECOWAS Commissioner for Infrastructure, Energy and Digitalisation; Prof. Nazifi Darma, Commissioner of Internal Services; Dr Tony Elumelu, Director of Private Sector/SME; and Abdou Kolley, Chief of Staff to Dr Touray, among others.