According to the head of the Nairobi Securities Exchange Plc, Aliko Dangote wants to sell shares in his oil-refining company on several African stock exchanges.

According to FirstCap Chief Executive Officer Ukandu Ukandu, Dangote hired Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. to help with the IPO for Dangote Petroleum Refinery and Petrochemicals Fze.

Frank Mwiti, the CEO of the Nairobi exchange, said after a meeting last week in Lagos, Nigeria’s commercial capital, between the heads of African exchanges and billionaire Dangote, “The plan is to structure a pan-African IPO.”

A spokesperson for the Dangote Group told Bloomberg that the meeting between exchange officials did happen, but they wouldn’t give any more information.

The sale of shares on several African exchanges would be a first for the continent. It will help make Nigeria’s equity markets stronger, as well as those of other countries where it is listed. Nigeria is about to return to the FTSE Russell frontier-markets benchmark.

The report said that Dangote wants to increase the refinery’s capacity to 1.4 million barrels per day over the next three years, which would make it compete with Mukesh Ambani’s facility in India.

Right now, Dangote’s refinery can handle 650,000 barrels of oil a day. Last month, the African Export-Import Bank said it had backed $2.5 billion of a $4 billion syndicated loan for the refinery expansion.

Dangote plans to spend at least $40 billion on a growth push over the next five years. This includes expanding the facility, quadrupling fertilizer production, and more than doubling the capacity of its oil refinery.

The plant has been selling refined fuel to other African countries besides Nigeria. These countries are having a hard time getting gasoline and diesel because of the war between the US and Israel and Iran.

According to a spokesperson for the Nigerian exchange, Dangote, the chairman of the refinery, met with officials from the Nigerian Exchange Group and member organizations of the African Securities Exchanges Association earlier this month to talk about letting investors take part in the IPO across all African markets.

As part of efforts to improve transparency and meet Nigeria’s climate commitments, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has told upstream oil and gas companies to use standardized reporting templates and switch to measurement-based systems for methane and Greenhouse Gas (GHG) emissions.

The Commission Chief Executive, Oritsemeyiwa Eyesan, said in a policy directive that operators must set up reliable Measurement, Reporting, and Verification (MRV) practices for emissions inventories. This is in line with the 2022 Guidelines for the Management of Methane and Greenhouse Gases in the upstream sector.

The order comes at a time when there is more and more pressure on fossil fuel companies around the world to take real steps to keep warming to 1.5°C, especially by cutting down on methane emissions, which is a very strong greenhouse gas.

NUPRC said that since 2022, operators have had to use the Intergovernmental Panel on Climate Change’s Tier 1 method to measure emissions, and there has been a planned shift to more advanced methods. Companies must switch to Tier 2 methodologies by the third quarter of 2026 at the latest, and they must fully switch to Tier 3 or a similar high-level measurement-based system by January 2027.

The commission said that operators can still follow other recognized standards like OGMP 2.0, API, and ISO as long as their submissions meet its requirements. It also said that the Intergovernmental Panel on Climate Change (IPCC) framework will continue to be the baseline for reporting under the United Nations Framework Convention on Climate Change.

The regulator says the change is happening because of technical capacity issues and gaps in MRV infrastructure that have been seen across the industry. It said that targeted workshops and guidance sessions had been held to help operators build the skills they needed for the transition.

The commission said that Nigeria needs a strong, science-based, and verifiable emissions accounting system to reach its climate goals, which include net-zero emissions by 2060, no routine gas flaring by 2030, and a 60% cut in methane emissions by 2035.

To make sure everyone is on the same page, operators must now use set templates for Greenhouse Gas Emissions Management Plans (GHGEMP) and detailed inventories of methane and GHG emissions. The commission said that all submissions must be based on evidence, clear, and follow MRV principles.

The NUPRC also said that the changes are meant to make people more responsible, make Nigeria look better in the global energy and carbon markets, and make the upstream sector more appealing to climate-friendly investors.

The commission said again that it would help the industry by continuing to build capacity, give technical advice, and set up MRV infrastructure that makes things easier.

Operators must follow the guidance templates for the Greenhouse Gas Emissions Management Plan (GHGEMP) and the Reporting of Methane and GHG Emissions Accounting and Inventories to make sure that the upstream MRV and emission inventories are all the same.

“All submissions to the Commission that will take effect right away must follow the templates on the NUPRC website and be verifiable, open, and based on evidence in line with MRV principles.”

The commission said, “These steps are meant to make accountability stronger, make Nigeria more credible in global markets, and open up climate-smart investors for the upstream sector.”

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Following Dangote Refinery’s proposed fuel decrease to N1,200 per liter, petrol prices are anticipated to drop nationally starting on Friday, providing Nigerians with some much-needed respite.

In an attempt to outbid petroleum depot owners’ prices, which ranged from N1,240 to N1,255 per liter, Dangote Refinery cut its petrol price on Thursday by N85, or 6.6 percent, to N1,200 per liter from N1,285.

The development occurs as West Texas Intermediate and Brent crude oil prices dropped to less than $100 per barrel for a portion of the week before ending at $107 and $93 per barrel on Friday morning.

According to reports, the $20 billion refinery’s most recent evaluation of petrol prices coincides with demands that the local refinery lower its fuel costs in response to declining crude oil prices.

The most recent change in petrol prices could result in a cut in retail fuel prices at major filling stations around the country of between N50 and N70 per liter, or between N1,311 and N1,291.

Chinedu Ukadike, a spokesman for the Independent Petroleum Marketers Association of Nigeria, affirmed that members who purchase gasoline products from the Dangote Refinery will have their pricing adjusted.

Ukadike stated, “Our member will have to adjust to a new retail price.”

MRS filling station managers announced on Thursday that they would wait to modify their pricing until they received the new gasoline price template circular.

An anonymous manager at the MRS filling station in Abuja stated, “We would await a fresh price template from the head office in Lagos.”

Nigeria, like other economies around the world, has been negatively impacted by the surge in crude oil prices over the past 26 days as a result of supply interruptions brought on by the intensifying conflict between Iran, the United States, and Israel.

Retail petroleum costs in Nigeria have increased by more than 50%, from approximately N875 and N900 per liter in Abuja in March 2026 to N1361 and N1370 per liter.

Fuel prices have increased nationwide as a result of Dangote Refinery’s at least five price increases.

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The ex-gantry price of gasoline has been raised to N995 per litre by the Dangote refinery.

The pricing was evaluated on Friday, according to high-level refinery sources.

“The price of ex-gantry gasoline is now N995 per litre,” a source stated.

This occurs five days after the refinery raised the price of gasoline to N874 a litre.

The refinery recently raised its pricing by N121 to N995 per litre in response to rising oil costs worldwide.

Crude oil prices shot up to $91 a barrel on Friday as the conflict between the US, Israel, and Iran stretched throughout the Middle East and showed no signs of abating.

Amid supply interruptions, Brent crude increased from $72 on February 28 to $85 per barrel on March 3.

A commercial
The energy minister of Qatar, Saad Al-kaabi, issued a warning on Friday that if ships are still unable to cross the Strait of Hormuz, oil prices might increase to $150 per barrel in “two to three weeks.”

Due to growing security concerns in the Gulf, major container shipping companies have halted operations through the Suez Canal and the Strait of Hormuz.

The Nigerian National Petroleum Company (NNPC) Limited raised the price of gasoline at its retail locations to N933 per liter in Lagos and N960 per liter in Abuja on March 5.

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The Nigerian National Petroleum Company Limited’s 7.25 percent stake in the Dangote Refinery has been justified by Philip Agbese, the deputy spokesperson for the House of Representatives, who said it was a calculated decision to safeguard Nigeria’s interests.

In response to mounting criticism following President Bola Tinubu’s recent Executive Order mandating the direct payment of oil profits to the Federation Account—a move that has reportedly decreased certain of the state-owned oil firm’s revenue streams—Agbese made a statement on Friday.

In Nigeria’s oil and gas industry, the Executive Order has sparked discussion.

In an attempt to strengthen ties with the private sector, the Group CEO of Nigerian National Petroleum Company Limited, or NNPCL, recently led a group to the 650,000-barrel-per-day Dangote Refinery despite the controversy.

In response, Agbese emphasized that the collaboration between NNPCL and the refinery will greatly improve Nigeria’s industrial development and energy security.

In addition to bolstering energy security, this would boost trust in Nigeria’s industrial capacity.

According to him, “the national oil company guarantees that national interest is embedded in its success when it maintains a 7.25 percent stake in a strategic asset of this magnitude.”

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In an effort to expedite the expansion of the Dangote Petroleum Refinery & Petrochemicals from 650,000 barrels per day to 1.4 million barrels per day, the Dangote Group has inked a $400 million construction equipment agreement with XCMG Construction Machinery Co., Ltd., one of China’s top producers of construction machinery. This agreement will position the refinery to become the largest in the world.
Through the arrangement, the Group will be able to purchase a greater variety of cutting-edge construction equipment to support current and upcoming projects in the fields of agricultural, petrochemicals, refining, and large-scale infrastructure development. The expansion of the refinery, which is anticipated to be finished in three years, will be complemented by the new equipment.
In addition to refining, the expansion program will boost the output of polypropylene from 900,000 metric tonnes year to 2.4 million metric tonnes annually. Together with Ethiopia’s 3 million metric tonnes of urea capacity annually, Nigeria’s urea production will be treble from 3 million to 9 million metric tonnes annually, solidifying the Group’s position as the world’s largest urea producer.

The Group will become the largest producer in Africa and improve supplies to the detergent and cleaning agent manufacturing sector by increasing its production capacity for Linear Alkyl Benzene (LAB) to 400,000 metric tons annually. The larger expansion scheme also includes more capacity for producing base oil.
The Group said in a statement that the deal was a strategic investment meant to expand its building footprint and accelerate its goal of creating a $100 billion business by 2030.
“The extra equipment we are purchasing as part of this collaboration will greatly improve project execution across the board. We are setting ourselves up to become the world’s top construction company with this investment,” the statement read.
As it works toward its long-term goal of creating a $100 billion company by 2030, Dangote Group is now speeding up market development and expansion in regional areas.

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The retail price of Premium Motor Spirit would rise by N100 per liter nationwide, according to Dangote Refinery.

This was revealed by the business in a statement on Monday.

The $20 billion refinery plant claims that the retail price of gasoline is now N839 per liter, up from N699 and N739 per liter since December of last year. The gantry price is currently N799 per liter.

According to the firm, “the PMS gantry price is N799 per liter under the current alignment, while MRS retail outlets are selling at N839 per liter.”

According to David Bird, the CEO of Dangote Petroleum Refinery, the refinery is still producing about 50 million liters of PMS per day for the domestic market, and evacuation and distribution across the country are running smoothly.

Kpler noted that during the outage of its Residual Fluid Catalytic Cracker, or RFCC, Dangote Refinery turned to gasoline imports to increase its capacity.

Nigerian National Petroleum Company Limited and other retail filling stations were charging between N805 and N830 a liter as of Monday night.

Dangote’s gasoline price increase, however, might lead to an increase in gas prices throughout the downstream sector of the nation.
Remember that the refinery’s president, Aliko Dangote, stated in December of last year that its retail fuel price of N739 per liter will remain the same nationally in order to outbid importers?

“We don’t want people to sell petrol for more than N740 nationwide,” Dangote stated during the press conference on Sunday, December 14.

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In December 2025, Nigeria’s domestic Premium Motor Spirit (PMS), also referred to as petrol supply, averaged 32.01 million liters per day (MLD), up from 19.5 MLD earlier. Dangote Refinery contributed 5.783 MLD at up to 71% capacity utilization.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) published a December 2025 data sheet on Thursday that details notable advancements in fuel delivery, refinery operations, and stock sufficiency across key products.

According to independent reports, the increase was caused by improved performance by Oil Marketing Companies (OMCs), NNPC, and Dangote Petroleum Refinery Products (DPRP), which increased the country’s PMS sufficiency to 29 days, the highest level in more than a year.

Sufficiency increased by 77% from November, with marine supplies at 4.2 days and inland stocks at 25.1 days.

PMS at 63.7 MLD (compared to a benchmark of 50 MLD), Automotive Gas Oil (AGO) at 16.4 MLD (compared to a benchmark of 14 MLD), Aviation Turbine Kerosene (ATK) at 2.7 MLD (compared to a benchmark of 3 MLD), and LPG at 4,380 metric tonnes per day (mtd) (compared to a standard of 3,900 mtd).

The AGO, ATK, LPG, and Low Pour Fuel Oil (LPFO) sufficiency levels were 25 days, 20 days, 8 days, and 51 days, respectively.

PMS sufficiency peaked at 29.2 total days in December 2025, indicating supply chain stabilization, according to trends from October 2024 to December 2025.

While AGO remained closed after May 2025, Dangote Refinery had an average capacity utilization of 64.02% and supplied the scheduled PMS supply.

Train 1 at Waltersmith Refinery ran for 13 days at 63.24% utilization, supplying 0.051 MLD AGO; Train 2 (5,000 barrels per stream day) finished pre-commissioning and is scheduled for hydrocarbon introduction in January 2026.

With OPAC and Duport out, modular refineries such as Edo (85.43% utilization, 0.052 MLD AGO) and Aradel (53.89%, 0.289 MLD AGO) added up to 0.392 MLD AGO.

One new refinery establishment license and one construction license were issued by NMDPRA.

The average daily supply of wholesale gas was 4.787 billion standard cubic feet (Bscf/d), of which 2.912 Bscf/d went to Nigeria LNG (NLNG), 1.875 Bscf/d went domestically (0.586 Bscf/d to electricity, 0.430 Bscf/d to industries), and 0.569 Bscf/d was exported.

NLNG Trains 1-6 at 82.67%, Gbaran-Ubie at 86.36%, and Soku at 105.69% all shown strong utilization.

With retail rates ranging from N1,120 to N1,600 per kg, the domestic supply of LPG reached 5,201 mtd.

While real averages touched N861-N935 across cities, with maximums reaching N975, indicative PMS pump prices (at N1,450.97/USD NFEM rate, Brent at $62.68/bbl) ranged from N832.31 (Lagos) to N900.49 (Maiduguri).

These numbers highlight market dynamics in the context of increased domestic output and reduced imports.

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Several petroleum products depot owners and marketers in Nigeria have increased their ex-depot petrol price over the alleged planned shutdown of Dangote Refinery’s petrol unit for maintenance and upgrades.

The latest ex-depot price hike is linked to the reported planned turnaround maintenance at the Dangote Refinery.

Speaking on the plan, Devakumar Edwin, Vice President of Dangote Industries, explained, as reported by Platts (S&P Global): “In most departments, our production levels have gone beyond 100 percent. We just need to remove constraints to raise overall output.”
Meanwhile, retail fuel prices stood between N739 and N910 per liter across major filling stations in Nigeria as of Saturday afternoon.

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Dangote Petroleum Refinery & Petrochemicals has declared that it will reimburse consumers who buy Premium Motor Spirit, also known as gasoline, from any of its major partners in Nigeria—AP (Ardova Plc), Heyden, or MRS—at prices higher than those that are quoted.

This action comes after the refineries recently lowered the price of its product from N890 a litre to N825 per liter. “This is in line with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate the economy, and part of our ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction,” the refinery said.

Prior to the new rate of N825 per litre, marketers had bought almost 200,000 metric tons of PMS at the previous gantry price of N890 per litre. The refinery confirmed in a statement released over the weekend that it will reimburse N65 per litre for these purchases. The Dangote refinery also recovered N16 billion in losses by giving traders a rebate of N65 per liter so that Nigerians may take advantage of cheaper fuel.

The action ensures that none of our esteemed business partners will suffer a loss as a result of the pricing adjustment, and it will take effect on February 27, 2025. For the advantage of Nigerians, it guarantees that the new, reduced rate is implemented immediately across the country, which is more significant, the statement stated.

The refinery emphasized that this program is not limited to Heyden, Ardova Plc (AP), or MRS Holdings. It encouraged other marketers that source stock from it to share the advantages of the new pricing with retail customers, fostering a shared dedication to reasonably priced, high-quality goods.

Dangote denounced any abuse of the new pricing system as well. For any party to buy for N825 per litre and then sell to customers at N945 or more per litre is both unpatriotic and harmful to Nigerians’ well-being. Nigerians are being further burdened for personal benefit by this undue profiteering, the statement continued.

In an attempt to provide Nigerians with high-quality and reasonably priced fuel, Dangote Refinery is collaborating with its partners to lower this price. Customers who buy fuel at any of its major partners, Heyden, MRS, or AP (Ardova Plc), anywhere in Nigeria, in excess of the quoted price are urged to bring their receipts to Dangote Refinery so they can receive a complete refund.

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These are the authorized prices per liter: The MRS is N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East; Heyden and AP are N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.

Regardless of location or gas station, Dangote Refinery anticipates that no Nigerian will spend more than N900 per litre for PMS with the new gantry price fixed at N825 per litre. The refinery also emphasized its dedication to offering premium, environmentally sustainable fuel that enhances vehicle performance and promotes public health.

The goals of President Bola Tinubu’s Renewed Hope Agenda, which promotes self-sufficiency in vital areas like energy, are in line with our mission. The refinery stated, “We are committed to helping Nigeria’s economy flourish and making sure all Nigerians have access to reasonably priced, superior energy solutions.”

“Dangote Petroleum Refinery & Petrochemicals continues to contribute to a prosperous and sustainable future for our country in a number of ways,” the refinery concluded. Together with the Nigerian people, we are on this path to energy security, constantly working to offer long-term fixes and a brighter future for everybody.

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