<< Back             Poser >> Dangote Refinery reduces petrol price to N1,250/litre By Udeme Akpan The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, PMS, also known as petrol, to N1,250 per litre from N1,275 per litre, representing a two per cent decrease. Market checks by Vanguard confirmed the development as competition intensifies in Nigeria’s deregulated downstream petroleum market amid declining crude oil prices in the international market. An official of the refinery confirmed the price adjustment, attributing it to the sustained drop in global crude oil prices, the refinery’s major feedstock. “It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock. In a deregulated market, such adjustments should be expected,” the official said. He added: “We are still monitoring developments and will continue to adjust prices in line with market realities.” However, findings showed that many filling stations across the country are yet to reflect the new pricing, with petrol still selling above N1,350 per litre depending on location and marketer. Meanwhile, the refinery recently stated that it has become a major driver of Nigeria’s improving economic outlook following the country’s sovereign credit rating upgrade by S&P Global Ratings. According to the company, S&P upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising oil production and increased domestic refining capacity as key factors supporting the nation’s economic recovery. The refinery noted that the global ratings agency specifically identified the operational ramp-up of the 650,000 barrels-per-day Dangote Petroleum Refinery & Petrochemicals as a significant contributor to Nigeria’s improving balance of payments position and broader economic resilience. “Significant refining capacity is now also online; Dangote Industries Ltd.’s large-scale refinery and petrochemical complex has ramped up to near its maximum capacity of 650,000 barrels per day,” the company stated. Vanguard Business News	Nigeria’s economic recalibration good for business — Jumia CEO By Etop Ekanem  Chief Executive Officer of Jumia Group, Francis Dufay, has offered a perspective that placed Nigeria not at the margins of risk, but at the centre of reform, growth and stability. Speaking during a panel on emerging markets, at the Sohn Conference in New York, Dufay described the period between 2021 and 2024 as […] Dangote Refinery reduces petrol price to N1,250/litre Dangote Refinery has reduced the gantry price of petrol, to N1,250 per litre from N1,275 per litre, representing a two per cent decrease. Over 100 imported vegetable oil brands dominating local market despite ban — Ikoro ….Accuses Customs, NAFDAC, SON of enforcement failure By Cynthia Alo Despite the retention of vegetable oil on the Federal Government’s prohibition list under the 2026 fiscal policy measures, the National Chairman of the Vegetable/Edible Oil Producers Association of Nigeria (VEOPAN), Okey Ikoro, said the local market is still dominated by more than 100 imported oil brands, […] India turns to Nigeria, other African countries for Soybeans By Cynthia Alo, with Agency report India has turned to Nigeria and other African countries for soybean imports after soaring domestic prices forced Indian traders to cancel soymeal export contracts for the first time since 2021. According to a Reuters report, Indian traders cancelled about 25,000 metric tons of soymeal export contracts and secured about 80,000 […]  ITAS implementation will not introduce new taxes – GRA assures businesses  Mr Anthony Kwasi Sarpong The Commissioner-General of the Ghana Revenue Authority (GRA), has assured the business community that the introduction of the Integrated Tax Administration System (ITAS) will not lead to the imposition of new taxes. CBN unveils new FX guidelines, approves cash movement of $50,000 By Emma Ujah,  Abuja Bureau Chief The Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange Guidelines which provides that an individual can move cash of up to $50,000, but must be declared at the point of exit. The bank also retained the earlier provision for the movement or import of cash of up to […]