By Aduragbemi Omiyale

The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been cut down by Dangote Petroleum Refinery and Petrochemicals by N50 to N1,075 per litre from N1,125 per litre.

The company announced this reduction in a statement on Thursday, saying this move was to make the product available to consumers at lower prices.

The refinery explained that petroleum product pricing cannot mirror daily movements in international crude oil markets because crude is purchased weeks, and sometimes months, before it is processed.

According to the refinery, the petroleum products currently being supplied to the market are being produced from crude inventories acquired during periods of substantially higher prices.

It disclosed that the average landed cost of crude processed stood at approximately $124.80 per barrel in May and $95.25 per barrel in June, compared with the current international benchmark of about $71.01 per barrel.

The Lagos-based refinery also clarified that its crude procurement costs are not based solely on the headline ICE Brent benchmark commonly quoted in the media.

Rather, crude is purchased on a Dated Brent basis together with applicable market premiums, freight and logistics costs, resulting in actual feedstock costs that differ materially from benchmark prices.

Despite the sharp increase in crude acquisition costs during the period, Dangote Refinery said it deliberately refrained from transferring the full impact to consumers, choosing instead to absorb a significant portion of the additional costs in order to support market stability and cushion Nigerians from the volatility in global energy markets.

“[The latest] N50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS. This approach ensures that pricing decisions are anchored on actual production economics and inventory costs rather than short-term fluctuations in international oil markets,” it said.

“Nigeria today benefits from the stabilising role of domestic refining capacity. The Dangote Petroleum Refinery currently supplies volumes sufficient to meet national demand, helping to strengthen energy security, eliminate dependence on imports, conserve foreign exchange and provide greater price stability for consumers and businesses,” it added.

The company expressed confidence that if international crude prices remain favourable and lower-cost feedstock continues to replace higher-priced inventories, Nigerians should expect further moderation in petroleum product prices.

By Adedapo Adesanya

Oil prices made marginal gains on Thursday as buyers sought to assure supply over the long ​Independence Day weekend in the world’s largest oil producer, the United States.

Brent futures settled at $71.80 a barrel, up 23 cents or 0.32 per cent, and the US West Texas Intermediate (WTI) crude finished at $68.69 a barrel, up 11 cents or 0.16 per cent.

Also, Qatar, which is mediating talks between the US and Iran, said progress has been made ​toward a permanent peace agreement ending the four-month war that shut the key oil shipping through the Strait ⁠of Hormuz.

The talks made “positive progress” on matters related to the memorandum that halted the war in June, a Qatar Foreign Ministry spokesperson said ​in a post on X. There was no sign yet that the sides made headway towards a lasting peace.

The next meeting between Iran and US negotiators will take ​place after the July 9 funeral processions for Iran’s late Supreme Leader Ayatollah Ali Khamenei.

Iran’s joint military command warned on Thursday that all oil tankers transiting the Strait of Hormuz must follow routes approved by Iran or face an immediate and forceful response. The warning, carried by Iranian state television, also cautioned that any US interference in the waterway would prompt a rapid and decisive reaction.

Tanker traffic has recovered from the near standstill seen during the height of the conflict. However, it is well below pre-war levels. According to AP, 258 vessels transited the strait last week, up from 138 the previous week, while traffic this week has settled into roughly 30 to 60 crossings per day—still nowhere near the roughly 130 daily transits seen before the war.

Despite this, Saudi oil giant Aramco, the world’s single largest crude oil exporter, has already managed to ship at least five supertankers from Ras Tanura through the strait.

UBS cut its Brent forecasts, citing the increase in oil shipping through the Strait of Hormuz, through which 20 per cent of the world’s oil is carried by tanker ships. The bank lowered ​its Brent crude price forecasts. It cut its third-quarter estimate by $25 per barrel to $80 and reduced its fourth-quarter forecast by $10 per barrel to $80. It trimmed its ​2027 outlook by $10 ⁠per barrel to $75.

By Aduragbemi Omiyale

Shareholders of Dangote Cement Plc have been assured of lasting value for their investment and trust in the cement producing firm.

This assurance was given by the chief executive of Dangote Cement, Mr Arvind Pathak, at the company’s Annual General Meeting (AGM), where shareholders approved the payment of N753.8 billion as dividend for the 2025 financial year.

The cement brewer paid a cash reward of N45 per share for the year, a 50 per cent increase in dividend payout from the N30 per share a year earlier, reaffirming the company’s position as one of the most rewarding investments on the Nigerian Exchange (NGX).

The increase follows the company’s outstanding 2025 financial performance and underscores its unwavering commitment to shareholder value creation.

It was the highest dividend payout in the history of Dangote Cement and reflects the strength of its earnings capacity, robust cash generation ability, and disciplined execution of its growth strategy

Dangote Cement delivered a landmark financial performance in 2025. Earnings per share rose significantly to N59.86, demonstrating the company’s resilience and operational excellence despite prevailing macroeconomic challenges.

Mr Pathak said the dividend increase is backed by the organisation’s strong financial performance and healthy balance sheet.

“The decision to increase our dividend by 50 per cent to N45 per share demonstrates the strength of Dangote Cement’s earnings capacity and cash generation capability.

“As we continue to execute our pan-African growth strategy, we remain committed to creating lasting value for our shareholders, investing in the future of the business, and supporting Africa’s industrial development. Our shareholders have stood by us throughout our journey, and we are delighted to reward that trust with another significant increase in returns,” he stated.

The chief executive noted that the firm continues to strengthen its footprint across Africa through strategic investments and capacity expansion projects.

In 2025, Dangote Cement commissioned a 3-million-tonne-per-annum grinding plant in Côte d’Ivoire, reinforcing its presence in West Africa and increasing total installed capacity to 55 million tonnes per annum (Mta) across eleven African countries.

He added that the Company remains focused on its long-term objective of expanding installed capacity to 80Mta by 2030, while driving operational efficiency, increasing exports, enhancing sustainability initiatives, and improving shareholder returns.

On his part, the chairman of Dangote Cement, Mr Emmanuel Ikazoboh, said the increase in dividend payout reflects the company’s determination to reward shareholders for their continued confidence and support.

“Our commitment remains to create sustainable value for all stakeholders. This significant increase in dividend demonstrates the strength of our business model, our disciplined approach to capital allocation, and our confidence in the future. We are grateful for the trust our shareholders have placed in us over the years and remain committed to delivering superior returns while maintaining the highest standards of corporate governance and operational excellence,” he stated.

The organisation’s dividend history has continued to set benchmarks in the Nigerian capital market. Over the past 15 years, Dangote Cement has distributed more than N3.3 trillion in dividends to shareholders, reinforcing its reputation as a dependable creator of long-term wealth.

The latest dividend increase follows a previous 50 per cent rise from N20 per share to N30 per share, underscoring a consistent record of rewarding shareholders.