The Dangote Petroleum Refinery has reduced its ex-gantry price of Premium Motor Spirit, popularly known as petrol, from N1,125 per litre to N1,075 per litre, The PUNCH reports.

The latest adjustment represents a N50, or 4.4 per cent, reduction from the previous price and is expected to further intensify competition in Nigeria’s downstream petroleum sector.

The new N50-per-litre ex-gantry price reduction marks the second cut within seven days, bringing the price down from N1,175 to N1,125 per litre and now to N1,075 per litre.

Findings by The PUNCH on Thursday showed that the refinery also aligned its coastal loading price with the ex-gantry price at N1,075 per litre, effectively removing the earlier price differential between coastal and gantry sales.

A senior official of the Dangote Petroleum Refinery, who confirmed the development to our correspondent on condition of anonymity because he was not authorised to speak publicly, said the new pricing regime took effect immediately.

“The refinery has reduced the ex-gantry price of PMS from N1,125 per litre to N1,075 per litre. The coastal loading price has also been adjusted to N1,075 per litre. This is part of the refinery’s efforts to make products more accessible and competitive in the market,” the official said.

The official further disclosed that the refinery had suspended its 20-member consortium arrangement, opening product loading to all qualified marketers.

“The consortium arrangement has been cancelled. Loading at both the gantry and coastal terminals is now open to all marketers who meet the necessary requirements. The objective is to deepen market access and ensure seamless distribution of products across the country,” the source added.

Checks on Petroleumprice.ng also confirmed the new ex-depot price of N1,075 per litre at the Dangote refinery. The latest reduction could compel filling stations to adjust their pump prices downward in the coming days, especially those sourcing products directly from the refinery.

The development comes amid increasing competition in the downstream sector and renewed efforts by the Federal Government to ensure that Nigerians benefit from the deregulation of the petroleum market.

Earlier this week, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, insisted that fuel prices in a deregulated market would be determined by market forces and competition rather than government directives.

The minister maintained that the era of government-fixed fuel prices was over, stressing that increased domestic refining capacity would naturally lead to more competitive pricing and improved energy security.

Similarly, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has repeatedly stated that petrol prices must remain cost-reflective under the deregulation regime.

The authority recently warned against profiteering and arbitrary pricing practices in the downstream market, insisting that operators must adhere to the principles of fair competition and transparency.

Shell Nigeria Exploration and Production Company Limited has partnered with nine Nigerian banks to launch a $3bn contract finance facility aimed at improving access to credit for indigenous oil and gas contractors executing projects for the company.

According to a statement, the financing scheme, unveiled on Thursday, is designed to provide credit support to local contractors handling projects for SNEPCo and will be available in both naira and United States dollars.

The participating banks are First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC, Standard Chartered Bank, First City Monument Bank, and Fidelity Bank.

Speaking at the signing of the Memorandum of Understanding in Lagos, the Managing Director of SNEPCo, Ronald Adams, said the initiative aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act by promoting greater in-country value retention.

“The initiative reflects the spirit of the Nigerian Oil and Gas Industry Content Development Act, which is aimed at in-country value retention. Our partner banks offer capital and discipline.

“SNEPCo brings contracts and domiciliation of payments that de-risk lending.

On their part, the contractors provide performance. Each is accountable to the others, and the mutual accountability gives the arrangement its strength,” he said.

The Vice President, Finance, Shell Nigeria, CJ Akwaeze, said the financing scheme demonstrates Shell’s commitment to supporting the growth of oil and gas operations in Nigeria.

The Chairman of the Petroleum Technology Association of Nigeria, Wole Ogunsanya, who was represented by Dr Joan Faluyi, described the facility as a major boost for indigenous contractors.

Ogunsanya lauded the initiative as a “gateway to unlocking contractor financing issues, which will also drive efficiency in contract execution.”

Representatives of the participating banks also commended SNEPCo for introducing the financing arrangement, saying the partnership would strengthen local contractors, and pledged their continued support for the initiative.

SNEPCo said Nigerian companies have continued to play significant roles in its operations and project delivery. It noted that earlier this year, 43 wholly Nigerian companies participated in the turnaround maintenance exercise at the Bonga Floating Production Storage and Offloading vessel out of the 53 companies involved in the exercise.

According to the company, the Contract Finance Facility is expected to further strengthen the capacity of Nigerian companies and enhance value delivery in the operations of Nigeria’s premier deepwater producer.

Foreign airlines and other organisations owe the Nigerian Airspace Management Agency more than N67bn in unpaid charges, a debt burden that is deepening the financial strain on the country’s air navigation service provider and threatening industrial peace in the aviation sector.

The mounting debt has emerged as a key factor in the dispute between NAMA and the Nigerian Meteorological Agency, with aviation unions warning that the agency cannot remit funds it has not received.

Meanwhile, despite the huge debt, The PUNCH learnt that international airlines remain the major contributors to NAMA’s revenue, while many domestic airlines have been reluctant to meet their payment obligations.

The PUNCH gathered that the cumulative debt owed to NAMA by both foreign and domestic airlines, as well as other companies, exceeds N90bn, with domestic airlines identified as the most difficult debtors from whom to recover payment

Findings by The PUNCH from NAMA’s Credit Control Records, an internal document obtained by our correspondent, showed that as of April 30, 2026, the agency was owed N34.69bn in domestic receivables and $49.48m in foreign receivables. At prevailing exchange rates, the combined debt exceeds N67bn.

The revelation comes amid rising tension in the aviation industry following NiMet’s threat to embark on a nationwide industrial action over the alleged non-remittance of its statutory revenue by NAMA.

The PUNCH reported last week that the NiMet Unions Joint Action Committee accused NAMA of failing to remit the statutory 10 per cent of en-route and overflight charges due to the agency.

The unions alleged that the non-remittance persisted despite the intervention of the Minister of Aviation and Aerospace Development, Festus Keyamo.

A strike by NiMet workers could have far-reaching consequences for the aviation industry, as the agency’s meteorologists provide the weather briefings and forecasts pilots rely on before take-off and landing. Any disruption to those critical services could significantly affect flight operations nationwide.

But in a letter jointly addressed to the minister, aviation unions defended NAMA, insisting that the agency’s financial challenges were largely caused by huge outstanding debts owed by airlines, government agencies, state governments and corporate organisations.

The letter was jointly signed by the Branch Chairman of the Air Transport Services Senior Staff Association of Nigeria, Oluwole Dada; Branch Chairman of the Association of Nigeria Aviation Professionals, Afatakpa Patrick; Branch Chairman of the National Union of Air Transport Employees, Abah Mathias; and Branch Chairman of the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees, Turkur M.

According to the unions, NAMA had continued to make payments to NiMet despite its financial difficulties. The letter read in part, “While we recognize and respect the legitimate rights of every worker and every aviation agency to pursue its welfare within the law, it has become imperative to present the complete financial picture surrounding this issue in order to ensure that the government is fully apprised of the underlying facts.

“Available records indicate that despite NAMA’s severe financial constraints, the Agency has continued to demonstrate good faith by paying approximately N400 million to NiMet between April and June 2026 towards the settlement of its outstanding obligations. This clearly demonstrates NAMA’s commitment to meeting its statutory responsibilities even under extremely difficult financial conditions.

“However, it is important to state that NAMA itself is operating under enormous financial constraints largely because huge statutory revenues due to the Agency remain unpaid by several government agencies, airlines, state governments, corporate organisations and other debtors. Simply put, NAMA cannot reasonably be expected to pay what it has not received.”

Documents obtained by The PUNCH further corroborate the unions’ position. The agency’s Credit Control Records stated that “as at 30th April 2026, NAMA is owed over N34.69bn in domestic receivables and approximately US$49.48m in foreign receivables.”

According to the unions, the development showed the growing financial pressure facing the country’s aviation agencies, with concerns mounting that unless the debts are recovered promptly, funding challenges could continue to disrupt critical industry services and fuel further labour unrest across the sector.

When contacted, the spokesperson for NAMA, Abdullahi Musa, confirmed the development but said the agency’s major concern was domestic operators, adding that both the Nigeria Civil Aviation Authority and NAMA’s commercial and legal departments were handling the debt recovery process.

He said, “Our major debtors are airline operators in Nigeria. The NCAA, Commercial Department, and Legal Department are on top of the situation for debt recovery.”

He added, “Many of the foreign airlines have been paying because IATA stands as their intermediary.” He further stated that the larger chunk of the foreign debts was owed by African airlines, adding that “they behave like domestic airlines.”

Efforts to obtain the minister’s reaction on the issue were unsuccessful. A message seeking clarification on the Federal Government’s plans to address the mounting debts was sent to him, but as of the time of filing this report, he had yet to respond.

Attempts to obtain the reaction of the Airlines Operators of Nigeria on the reasons for not paying charges due to NAMA were also unsuccessful. Calls and text messages sent to the spokesperson for AON, Prof Obiora Okonkwo, were not responded to.