Economy
Dangote Refinery Denies Shutdown Claims, Reaffirms N699 Gantry Price
By Modupe Gbadeyanka
Dangote Petroleum Refinery has denied reports that it has shut down its operations for maintenance, stressing that production remains ongoing, stable, and uninterrupted.
In a statement on Monday, the Lagos-based refinery described the story as false and misleading, noting that on January 4, it produced 50 million litres of premium motor spirit (PMS) and evacuated 48 million litres via its gantry.
It emphasised that “current stock levels cover over 20 days of national consumption, effectively dispelling any concerns about supply.”
“Dangote Petroleum Refinery continues to operate at scale and retains the capacity to supply between 40 million and 50 million litres of PMS daily through January and February, subject solely to market demand,” another part of the statement said.
The refinery clarified that routine maintenance on specific units, including the Crude Distillation Unit (CDU) and Residual Fluid Catalytic Cracking (RFCC), does not interrupt overall production, owing to the sophisticated and integrated design of its processing units. Other critical units, such as the Naphtha Hydrotreater, CCR Reformer, and Hydrocracker, remain fully operational, producing PMS, Diesel (Automotive Gas Oil), and Jet A-1.
“Dangote Petroleum Refinery confirms that it has consistently maintained adequate PMS availability for the domestic market.
“From December 16, 2025, to date, the refinery has loaded between 31 million and 48 million litres of PMS daily from its gantry, in line with prevailing market demand.
“These volumes are fully verifiable against depot loading records maintained by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in the normal course of its regulatory responsibilities,” the statement said.
The refinery also reaffirmed its ex-gantry price of N699 per litre for PMS, available to all marketers and bulk consumers. It encouraged filling stations, large-scale users, and institutional buyers to patronise locally refined products, which are more affordable, reliable, and of high quality, rather than relying on imported alternatives.
“By sourcing PMS locally at N699 per litre, marketers are better positioned to pass on price relief to consumers, enhance market stability, conserve foreign exchange, and support Nigeria’s broader economic recovery and energy security objectives,” the refinery said.
Dangote Petroleum Refinery accused fuel importers of promoting false reports to justify recent, unwarranted increases in petrol pump prices, noting that such actions run counter to national interest and impose unnecessary hardship on Nigerians. According to the refinery, without domestic refining, petrol prices could rise to as much as N1,400 per litre in a post-subsidy environment, highlighting the stabilising role of local production.
“Recent price movements further highlight an uncomfortable reality. In the absence of the Dangote Petroleum Refinery, fuel importers would continue to operate without restraint, with petrol prices potentially escalating to levels estimated at up to N1,400 per litre in a post-subsidy environment. The refinery’s operations have therefore served as a critical stabilising force in the downstream petroleum market,” the statement added.
Reiterating its commitment to energy security and market stability, the refinery said it would continue supplying high-quality petroleum products, maintaining steady availability, and supporting Nigeria’s broader economic growth. Stakeholders and the public were advised to disregard misinformation and rely on verified sources.
“Dangote Petroleum Refinery will continue to act in the national interest by supplying high-quality, locally refined petroleum products while supporting Nigeria’s economic stability, energy independence, and industrial growth,” it concluded.
By Adedapo Adesanya
The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.
At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.
Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.
Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.
Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices plunged by 9 per cent on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.
Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.
Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.
Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.
Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.
US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.
A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.
Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.
Prices had already fallen earlier in the Friday session as possible further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be nearing an end.
The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the longtime US ally.
By Dipo Olowookere
The daily stock trading hours on the floor of the Nigerian Exchange (NGX) have been expanded by an hour to 4.00 pm after extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date.
A statement from the bourse on Friday said the extension was approved by the Securities and Exchange Commission (SEC).
Before now, trading activity on Customs Street resumed from 9.30 am to 2:30 pm, but from Monday, April 27, 2026, the resumption time would be 9.00 am, and the closing gong would be struck by 4.00 pm from Monday to Friday.
It was explained that this action was taken “to deepen market liquidity, enhance price discovery, and broaden investor access.”
The NGX has witnessed renewed investor interest due to increased awareness of equities lately, especially as the nation and the global community await the much-anticipated listing of Dangote Refinery shares later in the year, all things being equal.
The statement also noted that this extended trading window would provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market.
The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.
It further stated that this reform reflects strong regulatory collaboration and underscores the SEC’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.
With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.
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