Filling stations in parts of Lagos and Ogun states have reduced the price of petrol to an average of N1,205 per litre as of Sunday. The reduction followed the cut in petrol gantry prices by the Dangote Petroleum Refinery last week.

Checks by our correspondent showed that several filling stations along the Lagos-Ibadan Expressway lowered their pump prices from an average of N1,280 per litre in a bid to remain competitive.

It was observed that stations with lower petrol prices attracted more customers than those selling at higher rates. The SGR filling station in Mowe had the lowest pump price, selling petrol at N1,199 per litre as of Saturday.

NIPCO, SAO, AP and MRS sold petrol at N1,205 per litre. Mobil filling stations dispensed the product at N1,220 per litre, while Heyden displayed N1,285 per litre in Iperu and N1,210 per litre in Ibafo, highlighting the competition along the highway. Retail outlets owned by the Nigerian National Petroleum Company Limited also sold Premium Motor Spirit at N1,245 per litre

Last week, petrol and diesel prices began to decline as global crude oil prices retreated following the de-escalation of tensions in the Middle East. The reductions, led by the Dangote refinery and followed by some private depot operators, raised expectations of further cuts in fuel prices, although marketers said the adjustments would be gradual to avoid significant losses on existing stock.

Following the drop in crude oil prices from a high of $120 per barrel during the United States-Iran conflict to about $80 per barrel after a peace deal was reached, the Dangote refinery reduced its petrol gantry price by N75 per litre. Pump prices had risen from N830 to over N1,300 per litre during the crisis.

As crude oil prices declined following the peace agreement between the United States and Iran, the Dangote refinery cut its petrol gantry price from N1,250 per litre to N1,175 per litre.

The reduction prompted some private depot operators to lower their prices to about N1,180 per litre on Tuesday.

Meanwhile, data from petroleumprice.ng showed that the Dangote refinery had reduced its diesel gantry price by N100, bringing it down to N1,500 per litre in its latest adjustment amid sustained downward pressure in Nigeria’s downstream market.

The reduction represents a 6.25 per cent decrease from the previous N1,600 per litre price and marks the second diesel price review within one week, following an earlier adjustment on June 16.

However, many Nigerians argued that the reductions did not adequately reflect the sharp decline in crude oil prices.

Reacting, a source within the Dangote Group told our correspondent that the refinery was still monitoring market developments while processing crude purchased during the period of heightened prices. The source added that those criticising the refinery for not reducing prices more aggressively might not fully understand the dynamics of the oil business.

“Crude prices are still swinging. People making such comments are either insincere or they don’t know the business. Let them go and check the prices all over Africa or the world,” the source said, adding that prices could still drop to as low as N900 per litre, “but we still have the expensive crude in our tanks”.

Advans La Fayette Microfinance Bank has raised N6bn through its maiden commercial paper issuance under its N20bn Commercial Paper Programme, as the lender seeks to expand financing for micro, small and medium enterprises across the country.

The bank disclosed this in a statement on Thursday, 18 June 2026, noting that the Series 1 issuance was oversubscribed, indicating strong investor confidence in its operations, governance structure and growth prospects.

The commercial paper issuance marks the bank’s debut in the Nigerian capital market and is expected to strengthen its funding base, improve liquidity and diversify its sources of funding.

Speaking during a signing ceremony held at the Lagos office of the Lead Issuing House, Anchoria Advisory Services Limited, the Managing Director and Chief Executive Officer of Advans La Fayette Microfinance Bank, Mr Elvis Oheneba, said the transaction represented a major milestone in the institution’s growth journey.

He stated that proceeds from the issuance would be deployed to support lending activities, particularly to MSMEs, which play a critical role in job creation and economic development.

According to him, the successful fundraising exercise demonstrates investors’ confidence in the bank’s strategy and long term vision.

He said, “Today represents more than the execution of a financing transaction. It is a strong statement of confidence in our institution, our strategy, our governance framework and our long-term ambition to deepen financial inclusion while building a stronger and more sustainable financial institution.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has revealed a growing reliance by Dangote Petroleum Refinery on imported gasoline blendstock, mainly to boost its refined fuel production, The PUNCH reports.

Latest industry data obtained from the NMDPRA’s Midstream and Downstream Petroleum Statistics for May 2026 and analysed by our correspondent on Sunday showed that the 650,000 barrels-per-day refinery imported about 1.46 billion litres of intermediates and gasoline blendstock between January and May this year, despite receiving volumes of domestic and imported crude oil.

The industry report showed that the refinery continued to supplement crude oil processing with imported intermediates, helping it sustain daily petrol production of 44.7 million litres and achieve an average capacity utilisation of 101.25 per cent in May.

It also indicates that the refinery continued to rely on imported intermediates and gasoline blendstock to optimise production of Premium Motor Spirit despite increased access to crude oil supplies.

The PUNCH reports that gasoline blendstock refers to intermediate petroleum products used in refining operations to produce finished petrol that meets required quality and environmental specifications.

The product, rather than being sold directly to consumers, serves as an intermediate feedstock that is blended with other refinery streams and additives to produce Premium Motor Spirit that meets required quality, octane and environmental specifications.

The blendstocks can be mixed with products generated from crude oil refining to increase petrol output, improve fuel quality and enhance refining flexibility. Common gasoline blendstocks include reformate, alkylate, naphtha and other high-octane blending components.

By introducing gasoline blendstocks into the refining process, a refinery can increase the volume of finished petrol produced without relying solely on crude oil inputs. This can be particularly useful when domestic demand is strong or when refiners seek to maximise returns from specific products.

In the case of Dangote Refinery, the NMDPRA data suggest that imported blendstocks may be helping the facility sustain high petrol output and reach its nameplate capacity of 650,000 barrels per day.

An analysis of the report by our correspondent showed that Dangote Refinery imported 658.31 million litres of gasoline blendstock in January, 306.89 million litres in February, 102.35 million litres in March, 147.37 million litres in April and 240.59 million litres in May.

The cumulative volume imported during the five-month period stood at approximately 1.46 billion litres. The latest data showed that after three consecutive months of decline between January and March, the refinery increased its blendstock intake in April and May, signalling stronger feedstock purchases as production activities expanded.

The May volume of 240.59 million litres represented a 63.3 per cent increase from the 147.37 million litres imported in April. The development comes as the refinery sustained high utilisation rates and continued to dominate Nigeria’s domestic fuel supply market.

According to the NMDPRA report, the refinery operated at an average capacity utilisation of 101.25 per cent in May, underscoring strong operational performance at the facility.

The report further showed that the refinery produced an average of 44.7 million litres of Premium Motor Spirit per day during the month. Out of the total PMS produced, about 41.5 million litres per day were supplied to the domestic market, while closing stock stood at 9.4 million litres.

The refinery also produced 24.5 million litres of Automotive Gas Oil, commonly known as diesel, daily. Of this volume, 18.2 million litres were supplied locally while 6.5 million litres were exported. For aviation fuel, the refinery recorded daily production of 21.9 million litres. Domestic supply stood at 2.8 million litres per day, while exports reached 17.5 million litres daily.

Further analysis of the NMDPRA data showed that the refinery continued to receive a combination of domestic and imported crude oil feedstock. In May, domestic crude supplied to refineries stood at 15.84 million barrels, while imported crude accounted for 2.08 million barrels, bringing total crude receipts to 17.92 million barrels.

This compares with total crude receipts of 18.37 million barrels in April, made up of 17.96 million barrels of domestic crude and 410,000 barrels of imported crude. The figures suggest that despite improvements in local crude supply, imported feedstocks and intermediates remain an important component of the refinery’s operations.

On a comparison of imported gasoline feedstock and capacity output, the data suggests that Dangote Petroleum Refinery is increasingly deploying imported gasoline blendstock as a strategic feedstock to maximise petrol production and sustain operations at levels close to, and even above, its installed refining capacity.

Total crude receipts increased from 9.53 million barrels in January to a peak of 20.92 million barrels in March before moderating to 17.92 million barrels in May.

In January, when crude receipts stood at 9.53 million barrels, Dangote recorded its highest gasoline blendstock import volume of the year at 658.31 million litres. The high level of imports during the period likely reflected efforts by the refinery to supplement feedstock availability and maintain product output as crude supply arrangements were still being stabilised.

As crude supplies improved in February and March, the refinery’s dependence on imported blendstock declined sharply. Total crude intake rose to 13.11 million barrels in February and further to 20.92 million barrels in March, while gasoline blendstock imports dropped from 306.89 million litres in February to just 102.35 million litres in March, the lowest level recorded during the five-month period.

The pattern suggested that increased access to crude oil reduced the refinery’s immediate need for imported gasoline components, allowing more products to be generated directly from refining operations.

However, the trend changed again in April and May. Despite maintaining strong crude receipts of 18.37 million barrels in April and 17.92 million barrels in May, the refinery increased its intake of gasoline blendstock from 147.37 million litres in April to 240.59 million litres in May, representing a 63.3 per cent rise within one month.

The increase coincided with some of the refinery’s strongest operational performance indicators since the commencement of production.

According to the NMDPRA report, Dangote Refinery achieved an average capacity utilisation rate of 101.25 per cent in May, surpassing its installed nameplate capacity. The refinery also produced 44.7 million litres of Premium Motor Spirit daily during the month, while supplying 41.5 million litres per day to the domestic market.

With a nameplate processing capacity of 650,000 barrels per day, the refinery would require about 20.15 million barrels of crude to operate at full capacity throughout a 31-day month. However, total crude receipts in May stood at 17.92 million barrels, below that threshold.

Yet, despite receiving less crude than the volume theoretically required for full-capacity operations, the refinery still reported utilisation above 100 per cent, suggesting that imported intermediates and gasoline blendstock played a complementary role in boosting finished product output.

The latest statistics also highlighted the continued absence of contributions from state-owned refineries. According to the report, the Port Harcourt Refining Company, Warri Refining and Petrochemical Company and Kaduna Refining and Petrochemical Company were all classified as being under shutdown status as of May 2026.