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