Economy
Petrol Station Owners Set for Price War With Dangote
By Adedapo Adesanya
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) is set to engage the Dangote Oil Refinery in a price war.
On Monday, the association maintained that its members could sell petrol cheaper than the price Dangote refinery was currently offering oil marketers in Nigeria.
Dangote had on Sunday accused PETROAN of planning to make Nigeria a dumping ground for substandard petroleum products.
The company stressed that any organisation that imports fuels lower than it is currently selling was selling low-quality products.
However, in a statement by its National Public Relations Officer, Mr Joseph Obele, the group said its members have already successfully incorporated a strategic business unit for that purpose.
The organisation noted that the agenda of President Bola Tinubu for the oil sector remains inimical to advocates and beneficiaries of a monopolistic market.
PETROAN stressed that President Tinubu’s interventions were meant to liberalise the downstream sector by building an all-inclusive market.
“Intensive or aggressive competition in any market brings the best value for money exchange for a commodity. Consumers get the best value for pricing when competition is at its peak, hence competition should be encouraged.
“Contrary to competition, such a market will be exploitative and strictly for profiteering. The publication by Dangote refinery that PETROAN will import substandard petroleum products is not coming as a surprise to stakeholders, because such is his usual gimmick for maintaining a monopoly,” it added.
PETROAN argued that it has never compared the price of Dangote petrol with any other, based on the fact that Dangote’s price wasn’t known until the company’s disclosure recently.
“PETROAN has concluded plans with her foreign refinery counterparts and financial partners to import the best quality of Premium Motor Spirit (PMS) and then sell far less than the present selling rate of PMS in Nigeria.
“We planned to enter the market before December 2024, pending the approval of our import permit licence by the regulatory agency and access to foreign exchange from the Central Bank of Nigeria (CBN) at the official rate.
“Before now, Dangote Refinery had refused to make public her selling rate of PMS until IPMAN and PETROAN announced readiness to sell less. The rate of N990 as announced by Dangote Refinery was inconsiderate based on the fact Dangote Refinery enjoyed massive concessions for accessing foreign exchange during the construction of the refinery.
“The core determinant for setting the price is a consideration for the cost of production, then the addition of a fair margin. But this wasn’t the case for the determination of PMS price by Dangote Refinery as they said the parameter was in comparison with the international selling rate at the global market,” it accused.
It also noted that diesel as a deregulated product was selling for less than N800 in the Nigerian market a few weeks before the commencement of diesel production by the Dangote Refinery.
“At the entrance of the market by Dangote refinery, we witnessed a rapid surge above N1,000. PETROAN uses this medium to commend Mr President for his commitment towards the revamping of the nation-owned refineries.
“We will maintain our position by counselling that the Port Harcourt and Warri Refinery plant after rehabilitation should immediately be privatised and handed over to a reputable firm that has the technical capability, managerial skills and financial strength in partnership with PETROAN and other critical stakeholders.
“This will enable the operators of the government-owned refineries to withstand aggressive competition that will be posed by the known beneficiaries of the monopolistic market,” it added.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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