Business
A New Dawn for Nigerians: Dangote Slashes Petrol Price to ₦699/Litre
A New Dawn for Nigerians: Dangote Slashes Petrol Price to ₦699/Litre.
By George Omagbemi Sylvester | Published by saharaweeklyng.com
“A Strategic Breakthrough in Economic Relief and Energy Sovereignty.”
In a momentous development poised to reverberate across Nigeria’s economic and social landscape, Dangote Petroleum Refinery has officially reduced the ex-depot price of Premium Motor Spirit (PMS), commonly referred to as petrol, to ₦699 per litre, effective December 11, 2025. This significant reduction (from the previous gantry price of ₦828 per litre) marks a ₦129 drop, representing an approximate 15.58% decrease and stands as one of the most impactful fuel price adjustments of the year.
This landmark shift in pricing is more than a headline, it is a decisive blow to the entrenched pain point in the daily lives of Nigerians. For years, the spiralling cost of petrol has been cited as a catalyst for inflationary pressures, high transportation costs, and widespread hardship for ordinary citizens. Now, with petrol costing significantly less at the gantry, the potential for broader socio-economic relief cannot be overstated.
A Strategic Shift in Nigeria’s Fuel Economy. To fully appreciate the significance of this price cut, it is essential to contextualise its broader implications:
1. A Shift from Import Dependence to Local Refining
Nigeria though one of Africa’s largest crude oil producers has historically relied heavily on imported refined petroleum products, losing billions of dollars annually in foreign exchange expenditures. The result has been volatile prices, supply uncertainties, and an economy tethered to the whims of global markets.
The Dangote Refinery, with a refining capacity of 650,000 barrels per day, was constructed precisely to break this cycle of dependence. By locally refining crude oil into marketable petroleum products, the refinery represents a monumental step towards energy sovereignty, reducing foreign exchange outflows and stabilising domestic fuel availability.
Indeed, industry insiders have repeatedly pointed out that local refining should lead to more stable and affordable pricing over time, barring market distortions and distortive practices within the downstream sector.
Economic Relief: What ₦699 Means for Nigerians
For the average Nigerian commuter, trader, farmer, and small business owner, daily life is inextricably linked to the cost of fuel. Transport costs dictate the price of goods, and fuel affordability directly affects disposable income for millions.
Immediate Consumer Impact. Lower Gantry Cost: With the refinery selling petrol at ₦699 per litre, there is immediate potential for retail stations to offer petrol at significantly lower pump prices. Already, indications suggest that in Lagos, petrol may retail around ₦740 per litre, though final prices will vary across states and retailers.
Market Reaction: Private depots in key markets like Lagos have already responded to the competitive pricing environment by reducing their own ex-depot prices (in some cases to as low as ₦710 per litre) a direct ripple effect of Dangote’s pricing strategy.
Macro-Economic Implications. The reduction in gantry price can result in downward pressure on inflation. Transport operators, armed with access to cheaper petrol, may recalibrate their freight and passenger fares, offering relief to consumers and curbing cost-push inflation pressures commonly observed when fuel prices surge.
Furthermore, as fuel prices correlate with the cost of logistics, cheaper petrol can contribute to lower food prices, easing hunger and reducing the strain on household budgets.
Stakeholder and Expert Perspectives. The move has elicited wide commendation from industry experts and former policymakers who view it as a welcome relief to millions of Nigerians.
Citing Financial and Economic Expertise
Titus Okunronmu, a respected former Director of the Research Department at the Central Bank of Nigeria (CBN), hailed the price reduction as “a welcome development that would bring significant relief to millions of Nigerians.” He emphasised that a persistent downward review of petrol prices (of which this is one of many) strengthens market stability and consumer confidence.
Such expert assessments underscore the broader positive externalities of the price cut (beyond mere cost savings) into market confidence and economic stability.
Market Dynamics: Competition, Losses, and Strategic Disruption
While the reduction is a boon for consumers, it challenges established market actors and particularly petrol importers who have traditionally dominated Nigeria’s fuel supply chain.
Industry reports indicate that this aggressive pricing strategy by Dangote’s refinery may be inflicting substantial financial strains on independent marketers and importers, with estimated monthly losses in the region of ₦102 billion due to compressed margins as a result of Dangote’s competitive pricing.
Such a profound market shift is not just a pricing decision; it is a strategic disruption of a sector long dominated by import-heavy players commanding higher retail prices.
Dangote’s Strategic Vision and Nigeria’s Energy Future
Aliko Dangote (Africa’s richest businessman and the visionary behind the refinery) has reiterated the company’s steadfast commitment to ensuring that Nigerians are the primary beneficiaries of local refining capacity. He has highlighted that despite challenges from vested interests and resistance from some import-centric stakeholders, the refinery’s mission is to stabilise fuel supply, improve quality, and ensure competitive pricing.
Dangote’s rhetoric underscores a broader belief: Nigeria does not merely need a refinery; it needs a fuel system that prioritises citizens over profit margins skewed by imported pricing dynamics.
In his own words during a recent press engagement, Dangote stressed that “Nigerians have a choice: to buy better-quality fuel at an affordable price, or to buy blended PMS at a higher rate. Importers can continue to lose, as long as Nigerians benefit, I am happy.”
This declaration, bold and unapologetic, signals an embrace of market competition as a means of benefitting the populace with a refresher in corporate responsibility that aligns profit with the national interest.
Challenges on the Horizon. While this fuel price reduction is transformative, significant challenges remain:
Retail Pass-Through: Ensuring the gantry price reduction is fully and transparently reflected at petrol stations nationwide is not guaranteed. Logistics, retailer mark-ups, and regional cost variances may dilute the intended benefits.
Distribution Infrastructure: Nigeria’s vast geography and uneven distribution networks mean that urban centres like Lagos may see benefits sooner than rural regions.
Regulatory Uncertainties: Downstream regulatory frameworks, including tariff structures and import levies, continue to shape fuel pricing dynamics.
Nevertheless, this strategic pricing adjustment by a private refinery in a deregulated market signals renewed competition and a poignant counter-narrative to decades of import-dependent pricing. It throws a spotlight on the potential for domestic energy infrastructure to redefine national economic performance.
Final Word: A Pivotal Moment of Relief and Hope
Dangote Petroleum Refinery’s reduction of petrol’s ex-depot price to ₦699 per litre is far more than a numerical adjustment, it represents a tectonic shift in Nigeria’s fuel economy. It is a strategic blow against inflationary pressures, a relief for the struggling masses, and a rebuke of import-heavy pricing models that have long burdened the Nigerian economy.
As Nigerians watch this development unfold at the petrol pump and in the wider economy, one thing is clear: this is not merely a price cut, it is a clarion call for structural transformation in Nigeria’s energy sector.
In the words of one economic expert: “Relief does not come from rhetoric; it comes from tangible impacts on people’s lives.” With petrol now priced at ₦699 per litre, that relief may finally be here.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
Business
BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port
BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions
Abu Dhabi, UAE – Monday, 16th February 2026
BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.
The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.
Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group
Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.
BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.
Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:
“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”
He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”
A representative of MAIR Group added:
“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”
A spokesperson from AD Ports Group commented:
“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”
This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.
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