NNPC Reduces Petrol Pump Price to Match Dangote Refinery Amidst Market Competition

The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump prices of Premium Motor Spirit (PMS) at its retail outlets to align with the rates set by the Dangote Petroleum Refinery, signaling a new wave of competition in the downstream sector.

Our correspondents confirmed that NNPC-owned retail stations in Lagos adjusted their petrol price to N860 per litre on Monday, a significant reduction from the N945 per litre charged the previous day. This price adjustment follows Dangote Refinery’s decision to reduce its ex-depot price from N890 to N825 per litre, which in turn brought the pump price at MRS filling stations to N860 per litre.

Although NNPC Retail has yet to issue an official statement regarding the price reduction, stations in Lagos confirmed the adjustment. NNPC spokesperson Olufemi Soneye neither responded to calls nor messages regarding the development.

The National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the price change, stating, “It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not been reflected on the portal, they told me they are working on updating it.”

Similarly, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), affirmed the development but mentioned that he was yet to receive full details.

Since December 2024, the Dangote refinery has led price adjustments in the Nigerian fuel market, frequently revising its rates based on market dynamics. Observers note that NNPC has been reactive to these changes, lowering its own prices whenever Dangote introduces a reduction.

Shift in Consumer Preferences

It has been observed that fuel queues, once common at NNPC stations, have now shifted to private retail stations such as MRS. This trend is attributed to the perception that Dangote-refined petrol lasts longer in fuel tanks compared to others.

A recent report by Energy Intelligence highlighted how the 650,000 barrels per day Dangote refinery has transformed Nigeria’s petroleum market. The report stated, “The refinery has broken state-owned NNPC’s tight monopoly on refining and products marketing in Nigeria and has structurally shifted Atlantic Basin gasoline balances, pressuring European margins.”

Currently, the Dangote refinery and the NNPC’s Port Harcourt refinery are the only active petrol producers in Nigeria. However, NNPC has clarified that it still procures petrol from Dangote Refinery for its Lagos stations and has not imported fuel this year but remains open to doing so if necessary.

Concerns Over Market Competition

While stakeholders have welcomed the price competition between Dangote and NNPC, concerns remain about the long-term implications. The IPMAN Vice President, Hammed Fashola, described the ongoing price war as beneficial to consumers but warned against monopolistic tactics.

“It’s a good development. I just hope they can sustain it. I pray it will not be a strategy to eliminate competitors. If sustained, it will ease the hardship in the country and benefit everyone,” Fashola remarked.

In a surprising move, Dangote Refinery also announced a refund of N65 per litre for marketers who had purchased PMS at higher rates before the latest reduction. This is aimed at addressing complaints from marketers affected by the sudden price drop.

Fashola acknowledged this effort but noted that not all marketers may benefit. “Those who paid but have not lifted their products will be captured and reimbursed. However, some who bought the product earlier and still have it in their tanks may not be covered,” he said.

Abuja and Other Cities See Price Adjustments

In Abuja, NNPC stations reduced petrol prices to N880 per litre, a drop from the N965 per litre recorded last week. At an NNPC retail outlet in Federal Housing, Kubwa, a pump attendant confirmed the price change, stating that the adjustment took effect on Monday afternoon.

However, independent marketers have struggled to implement price reductions. Many stations along Airport Road, Jabi, and Wuse have either maintained their former prices or made only slight adjustments.

• A.A Rano (Airport Road) reduced its price to N945 per litre from N970 per litre.
• Shema (opposite Dunamis Church) continued selling at N960 per litre.
• Bovas (Airport Road) remained at N970 per litre.
• Mobil (Jabi) adjusted to N960 per litre.
• Conoil (Jabi) sold at N950 per litre.

Citigroup’s $81 Trillion Blunder: The Banking Error of the Century! 

In a jaw-dropping financial mishap, Citigroup mistakenly credited a mind-blowing $81 trillion—yes, TRILLION—to a customer’s account instead of the intended $280, in what could be one of the largest transaction errors in banking history.

According to a report by the Financial Times, the stunning blunder occurred in April 2024 and shockingly slipped past two separate employees before getting the green light for processing. It wasn’t until an hour and a half after the transaction was approved that a third worker caught the error—setting off a frantic reversal operation that took several hours to complete.

 A Near-Miss of Epic Proportions 

Though no actual funds left Citigroup’s vaults, the error was serious enough to be flagged to U.S. financial regulators, including the Federal Reserve and the Office of the Comptroller of the Currency.

“Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger accounts, and we reversed the entry,” a Citi spokesperson explained in an emailed statement.

The blunder did not financially impact the customer or the bank, but it sheds light on Citi’s ongoing struggles with internal controls. The FT report revealed that the bank recorded 10 ‘near-miss’ transactions of $1 billion or more in 2024 alone, a slight improvement from 13 major errors in 2023.

 A Costly Pattern? 

Citigroup is no stranger to high-profile transaction errors. In 2020, the bank infamously wired $900 million by mistake to creditors of Revlon, sparking a lengthy legal battle. While the $81 trillion error was caught before any funds could be moved, it underscores the potentially catastrophic risks lurking in the world of high-speed digital banking.

With regulators closely watching, the pressure is on for Citi to tighten its financial controls—before the next error turns into an irreversible disaster.

…Signs MOU with Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)

Reinforcing its reputation as an institution committed to empowering SMEs, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has undertaken an initiative to empower 800,000 Nigerian Businesses; following its MOU Signing with Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) on February 25th, 2025 in Lagos, Nigeria.

SMEDAN is a national agency established in 2003 with the goal of promoting the development of the Micro, Small and Medium Enterprises (MSME) sector of the Nigerian Economy. The partnership with Wema Bank is focused on training MSMEs on soft skills, technical skills, and business skills, empowering them to build profitable businesses, gain more visibility and scale sustainably. To execute this grand initiative, Wema Bank will provide the training and resources for the 800,000 businesses who will be curated by SMEDAN. This initiative will take course over the next 12 to 18 months.

Commenting on the partnership, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s lifelong commitment to empowering Nigerians to thrive. According to him, “At Wema Bank, we don’t pay lip service to SME matters.

From inception in 1945, Wema Bank was built with a purpose to provide financing for the indigenous people of Nigeria. It wasn’t because banks didn’t exist during those years, it was because we identified the gaps in access to finance for our people.

This is why Wema Bank came to life; to provide tailored financial services and empower Nigerians to thrive on both individual and business levels”.

“Over the past 8 decades, Wema Bank has been driving this lifelong mission of empowering Nigerians with access to finance, constantly reinventing to develop more efficient ways of delivering value to the people. One cardinal thing that we haven’t deviated from is that we are fully committed to empowering entrepreneurs and small businesses in Nigeria.

The petty traders we provided for in the 1900s are the entrepreneurs and MSMEs that we continue to empower in the 2000s, and we will never relent in fulfilling this promise. So, MSME empowerment for us is not just a buzzword.

It is what we have always done, what we are doing through this partnership with SMEDAN and what we will continue to do beyond 80 years”.
Commending Wema Bank’s evident commitment and key role in empowering business and stimulating growth in the MSME Sector, Charles Odili, the Director General of SMEDAN expressed confidence in the success of this partnership with Wema Bank towards building a sustainably successful future for Nigerian MSMEs.

Closing out, he added, “I want to again, thank Wema Bank. This is a prime example of how collaboration and determination to create impact can make a positive difference. I thank you for their constant support to MSMEs and for not paying lip service to MSME Empowerment in Nigeria”.

Wema Bank has earned an admirable reputation as Nigeria’s SME Bank, going above and beyond in empowering businesses with access to finance, visibility, market access, tailored trainings, mentorship and various other forms of support.

Through this partnership with SMEDAN, Wema Bank is set to advance Nigeria’s MSME industry, building formidable Nigerian businesses and reinforcing Wema Bank’s position as the Bank that is committed to empowering MSMEs.