By Adedapo Adesanya

Dangote Petroleum Refinery has reduced its ex-depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), marking the first downward adjustment after several sharp increases recorded in recent days.

According to the refinery’s latest pricing template released on March 10, 2026, the gantry price of petrol has been cut by N100 to N1,075 per litre, down from N1,175 per litre previously.

The 650,000 barrels per day capacity refinery also disclosed that PMS supplied through coastal distribution will now sell at N1,050 per litre, reflecting a marginal price differential for marine deliveries.

In addition, the gantry price of AGO, commonly known as diesel, has been reduced to N1,430 per litre, representing a N190 drop from the earlier price of N1,620 per litre.

The company noted that the quoted gantry prices exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The price adjustment came amid a recent decline in global crude oil prices, which has started to ease cost pressures across the international petroleum market and is influencing pricing trends in the downstream sector.

US President Donald Trump reassured markets and claimed the war would end soon, but Iran on Tuesday vowed not to let “a litre” of oil be exported from the Middle East until the United States and Israel stop bombing it.

Brent crude price, which hit a high of $109 per barrel, has now dropped to $90 per barrel, as the largest oil producers in the Middle East Gulf have deepened production cuts and are already lowering output by a combined more than 5 million barrels per day, as the blockade of the Strait of Hormuz has started to affect upstream production.

However, there are worries that, unlike the speed at which petrol stations hiked their cost at the pump, the revised ex-depot prices will not reflect through depot channels and translate into lower retail pump prices nationwide.

By Adedapo Adesanya

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Nigerian National Petroleum Company (NNPC) Limited to urgently strengthen domestic refining capacity to shield the country from global petroleum market shocks.

The National President, PETROAN, Billy Gillis-Harry, on Monday called on the Group Chief Executive Officer of the state oil company, Mr Bayo Ojulari, to facilitate the immediate commencement of production at Nigeria’s local refineries.

Mr Gillis-Harry said that production at the refineries was paramount, particularly the Area five Plant at Port Harcourt Refinery and the Warri Refinery, which previously operated briefly before shutdown for profit index evaluation.

He said that this had become imperative due to the ongoing conflict involving Israel, the United States and Iran, which was pushing global petroleum prices to alarming levels.

Projecting future trends, he warned that Premium Motor Spirit (PMS) could rise close to N2,000 per litre while Automotive Gas Oil (AGO) may approach N3,000 per litre if the situation persists.

He said that sustained drone and missile attacks now threaten critical oil routes and infrastructure, creating uncertainty in global supply chains.

“With no clear end to the conflict, petroleum product prices in both international and domestic markets are expected to rise sharply in the coming days.

“Before the crisis, PMS, known as fuel sold at N774 per litre, but now sells above N1,000 per litre, representing an increase of about 30 per cent.

“Diesel, previously sold at N950 per litre, has risen to N1,400 per litre and above, an increase of about 49 per cent,” he said.

Mr Gillis-Harry said that rehabilitating Nigeria’s refineries for immediate domestic production was critical.

On local refining, he said that it would reduce exposure to international market volatility, especially as Nigeria had abundant crude oil resources under the custody of NNPC Limited.

He said that government-owned refineries were less vulnerable to global supply disruptions compared to privately owned refineries dependent on imported crude.

The PETROAN president said that continued fuel price increases would worsen inflation, cause job losses, deepen economic hardship, increase transportation costs, and raise prices of goods and services nationwide.

“Fuel remains essential for daily mobility, while diesel is vital for manufacturing and industrial operations,” he said.

He commended President Bola Tinubu for the ongoing bold policies to reform the oil and gas sector, and called on Tinubu to direct the immediate rehabilitation and commencement of production at the government-owned refineries.

According to him, this will ultimately bring relief to citizens and stimulate economic growth.

By Adedapo Adesanya

The Governor of Cross River State, Mr Bassey Otu, has imposed a statewide ban on illegal mining, directing all unlicensed operators to immediately shut down their activities.

The directive followed a strategic meeting with stakeholders in the mining industry, where the governor expressed concern over the growing security and environmental risks associated with unregulated mining operations.

Mr Otu said the ban takes immediate effect and applies to all operators without legitimate approvals from the Federal Government of Nigeria, while those with proper documentation will be allowed to continue their activities.

“This sector is strategic to the economic future of our state,” the governor said. “But instead of bringing prosperity to our communities, it is gradually becoming a source of serious concern. We believe wealth can still be created from mining, but it must be done ethically, legally and with full responsibility.”

He revealed that intelligence reports had shown an increasing influx of unregulated mining operators, including foreign nationals whose identities and operations remain largely unknown to the state authorities.

“I have been receiving reports about the influx of strangers and aliens into our various communities,” Otu said. “The truth is that we do not even know the number of these operators. We must know those who are in our state and what exactly they are doing in our environment.”

The governor also accused some local actors of aiding illegal mining activities.

“Some of the people complicating this situation are unfortunately within our own communities,” he said. “Some clan heads and village heads have become part of the problem by facilitating activities that are not properly regulated.”

Mr Otu revealed that the state government had initially attempted to address the problem through dialogue with federal authorities and security agencies responsible for monitoring mining operations, but noted that progress had been slow.

“I personally initiated discussions with federal authorities and security agencies to strengthen monitoring in the sector,” he said. “There were assurances that rangers would be deployed to assist us, but the process has taken far too long.”

He said the state could no longer wait, adding that the government had now decided to act decisively.

“We have given enough time of grace,” the governor declared. “There comes a point where government must act decisively. That time has now come.”

Announcing the directive, he said all illegal mining activities must stop immediately across the state.

“I am imposing a total ban on illegal mining in this state,” he said. “Let everyone return to their locations. When you are ready to come back, you must first report to the ministry and be properly profiled before any activity resumes.”

Mr Otu stressed that only operators with verifiable federal approvals and proper documentation would be allowed to continue operating.

“Those who have legitimate approvals from the federal government and whose activities are already known to the ministry will not be affected,” he said. “But anybody entering our communities to mine without proper authorisation should understand that those days are over.”

He warned that unregulated mining had begun to threaten public safety and agricultural livelihoods in many communities.

“This situation is affecting our security,” he said. “It is affecting our farmers and creating too many problems for our communities. Cross River is a hospitable state, but there is a limit to what we can continue to manage.”

To enforce the directive, the governor ordered the State Security Adviser to coordinate immediate enforcement operations and directed the Anti-Illegal Mining Task Force to commence round-the-clock surveillance in mining areas.

“There must be 24-hour monitoring to ensure that nobody goes behind the government to continue these activities illegally,” he said.