By Peter Egwuatu

Dangote Petroleum Refinery has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), effective Thursday 6th of August, thereby reaffirming its commitment to providing affordable, high-quality petroleum products to the Nigerian market.

The company in a statement said, under the new pricing structure, the refinery has reduced the ex-depot price of PMS to N1,165 per litre, down from N1,215 per litre, representing a reduction of N50 per litre. Similarly, the ex-depot price of Diesel has been reduced to N1,570 per litre from N1,650 per litre, amounting to a decrease of N80 per litre.

The price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria. The refinery remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.

As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.

The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.

•As crude oil prices drop

By Udeme Akpan, Energy Editor

Competition among petroleum marketers and depot operators intensified on Tuesday as the prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), also called diesel, recorded downward adjustments across major depots in Lagos, Port Harcourt, Warri and Calabar.

This came on the heels of significant reduction in crude oil prices with international benchmark Brent crude falling below the critical $80 per barrel mark.

The development, however, raises fresh concerns over oil-exporting countries’ revenues, including Nigeria’s, if the downward trend persists.

Market data showed that Brent crude dropped by $4.68, or 5.59 per cent, to $79.09 per barrel, while West Texas Intermediate (WTI) declined by $4.79, or 5.96 per cent, to $75.55 per barrel.

The OPEC Basket suffered the biggest decline among the major benchmarks, plunging 10.04 per cent to $79.50 per barrel after shedding $8.87. Similarly, the Indian Basket slipped 5.78 per cent to $88.12 per barrel.

In Nigeria’s refined product market the latest Mid-Day Price Report showed that while leading suppliers, including Dangote Petroleum Refinery, retained their petrol prices, several independent depot operators reduced both petrol and diesel prices in a move that could further support lower pump prices if sustained.

In Lagos, Dangote Petroleum Refinery retained its ex-depot petrol price at N1,215 per litre, keeping it among the most competitive suppliers in the market.

Similarly, Pinnacle and Nipco maintained their PMS prices at N1,215 and N1,216 per litre respectively, while Ardova trimmed its price by N1 to N1,216 per litre.

African Terminal and Integrated Depot, however, raised prices marginally by N1 each to N1,217 per litre, while MRS held its price at N1,218 per litre.

The report indicates that the narrow pricing band of N1,215-N1,218 per litre among major Lagos depots reflects heightened competition for marketers’ patronage.

On the diesel market, prices were largely stable in Lagos, although Emadeb reduced its AGO price by N10 to N1,620 per litre from N1,630, providing modest relief to industrial consumers and transport operators.

Dangote, however, increased its diesel price slightly by N1 to N1,651 per litre, while most other depots maintained prices between N1,620 and N1,625 per litre.

In Port Harcourt, Matrix lowered its petrol price by N 2 to N1,220 per litre, while Liquid Bulk maintained N1,220 per litre.

On the diesel side, Bulk Strategic cut its AGO price by N10 to N1,665 per litre, while Matrix reduced its price by N5 to N1,670 per litre.

Warri witnessed some of the sharpest reductions during the trading session.

Matrix reduced its PMS price by N7 to N1,221 per litre, while A.Y.M. Shafa lowered its price by N4 to N1,223 per litre.

Optima and Rain Oil also cut petrol prices by N2 each to N1,225 per litre.

Diesel prices in the oil hub also declined, with Matrix and A.Y.M. Shafa reducing prices by N10 each to N1,670 and N1,665 per litre respectively.

Nipco posted the biggest diesel adjustment in Warri, cutting its AGO price by N15 to N1,650 per litre, while Rain Oil and Zamson maintained N1,650 per litre.

Checks by Vanguard showed that MRS that takes supplies directly from Dangote Petroleum Refinery reduced its fuel price to N1,245 per litre from N1,280 per litre, yesterday.

The checks also showed that other oil marketers reduced their petrol prices from more than N1,280 per litre to between N1, 245 per litre to N1, 250 per litre in Lagos and its environs.

By Elizabeth Adegbesan

The withdrawal of the Central Bank of Nigeria’s (CBN) COVID-19 regulatory forbearance given to banks has pushed banks’ Non-Performing Loans (NPLs) ratio to 9.94 per cent in the first quarter of 2026 (Q1’26), significantly above the apex bank’s prudential benchmark of 5.0 per cent.

The development was disclosed in the CBN’s first quarter 2026 (Q1’26) Economic Report, which attributed the increase to the end of the long-standing pandemic-era relief measures introduced to support borrowers and strengthen financial system stability during the COVID-19 crisis.

According to the report, the NPL ratio rose by 2.43 percentage points from 7.51 per cent in the fourth quarter of 2025.

The CBN stated: “With the withdrawal of the Bank’s long-standing COVID-19-related forbearance measures to promote transparency and accountability in the banking system, the non-performing loans (NPLs) ratio stood at 9.94 per cent, above the 5.00 per cent threshold.” Despite the rise in bad loans, the apex bank maintained that the Nigerian banking industry remained resilient, with key financial soundness indicators largely above regulatory requirements.

The banking sector’s Liquidity Ratio (LR) increased to 67.32 per cent in Q1’26 from 57.22 per cent in the previous quarter, remaining well above the statutory minimum of 30 per cent.

Similarly, the Capital Adequacy Ratio (CAR) improved by 0.84 percentage point to 13.19 per cent, exceeding the regulatory minimum of 10 per cent.

According to the CBN, the stronger liquidity position reflects banks’ capacity to meet short-term obligations while continuing to extend credit to the economy, and the improved capital position underscores the industry’s ability to absorb potential credit and market shocks.

The report stated: “The Nigerian banking sector remained resilient and stable, as reflected in the performance of key financial soundness indicators, most of which were within regulatory thresholds.”

Meanwhile, credit extended by Other Depository Corporations (ODCs) to the economy rose by 5.95 per cent to N60.73 trillion in Q1’26 from N57.32 trillion in Q4’25, indicating continued support for productive sectors despite the tight monetary environment.

The services sector accounted for the largest share of total credit at 59.54 per cent, followed by industry with 34.10 per cent, while agriculture accounted for 6.36 per cent. However, consumer lending weakened during the period.

The report suggests that while the banking sector remains adequately capitalised and liquid, the withdrawal of COVID-19 forbearance has exposed previously restructured or distressed loans, leading to a marked deterioration in asset quality even as banks continue to expand lending to critical sectors of the economy.