NEWS
Bring Global Realities Home – PETROAN
A call has gone to the stakeholders in Nigeria’s oil and gas sector to reduce their ex-depot and retail pump prices in line with the current global realities.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), hinged the call on dousing of war flames between the United States and Iran.
According to the National President of PETROAN, Billy Gillis-Harry, the drop in global crude oil prices offers an opportunity for operators in the downstream petroleum sector to pass on the benefits of lower crude costs to consumers.
This was detailed in a statement issued under the signature of the National Public Relations Officer of PETROAN, Dr Joseph Obele, on Friday, in which Gillis-Harry expressed desire to see market realities reflected in both ex-depot and retail pump prices.
“The recent decline in global crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass the benefits of lower crude oil costs to Nigerian consumers. Market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public,” Gillis-Harry said.
According to the association, recent developments in the global oil market indicate that crude oil prices are on a downward trend, with Brent crude falling to about $77–$78 per barrel following the ceasefire agreement between the United States and Iran and expectations that oil exports through the Strait of Hormuz will gradually normalise.
The PETROAN noted that market analysts believe crude oil prices are currently under downward pressure, although geopolitical risks remain. The association said current projections suggest that Brent crude may trade within the range of $75–$82 per barrel next week, while West Texas Intermediate crude is expected to trade between $72 and $79 per barrel.
ALSO READ: Petrol Imports Surge 59.5% Despite Higher Local Refining Output
It identified the continued implementation of the US-Iran peace agreement, increased crude oil exports from the Middle East and concerns over weaker global oil demand as factors contributing to the decline in crude prices.
Showing concern over pricing trends in the domestic market, Gillis-Harry said, “In some instances, the landing cost of imported petroleum products appears to be lower than the prices offered by domestic refiners. This development is surprising and underscores the need for a more competitive downstream petroleum market that guarantees consumers access to the most affordable products available.”
The PETROAN president called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (MNDPRA) to continue issuing import licences to qualified marketers, saying increased competition would help moderate prices and ensure adequate supply.
“Increased competition among suppliers would help moderate prices, discourage monopolistic tendencies, and ensure a steady supply of petroleum products across the country,” the statement read.
Gillis-Harry maintained that competition remained one of the most effective ways of driving efficiency and reducing costs. “Competition remains one of the most effective mechanisms for driving efficiency, reducing costs, and protecting consumers,” he stated.
He added that a competitive market environment would encourage operators to reduce prices in line with prevailing market conditions. PETROAN also called on the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to facilitate discussions with two Chinese firms interested in operating the Port Harcourt and Warri refineries.
Gillis-Harry said, “If these refineries are successfully revived and operated as private-sector-driven facilities, petroleum product prices are expected to decline further due to improved efficiency and increased domestic refining capacity.
“The resumption of operations at the Port Harcourt and Warri refineries under competent private management would enhance supply stability, promote healthy competition, and ultimately lead to more affordable petroleum products for Nigerians.”
The association stated that sustained moderation in crude oil prices, combined with stable exchange rates and refining costs, should support lower petrol prices and provide relief for consumers and businesses.
Gillis-Harry reiterated PETROAN’s commitment to a competitive downstream petroleum sector, saying the association would continue advocating “for a transparent, competitive, and consumer-friendly downstream petroleum sector that delivers fair pricing, energy security, and sustainable economic growth for all Nigerians”.
The much awaited Africa’s largest Initial Public Offering by the Dangote Petroleum Refinery and Petrochemicals (DPRP) has been formally flagged off on the Nigerian Exchange (NGX).
President and Chief Executive Officer, Dangote Industries Limited (DIL), Aliko Dangote, marked the commencement of the offer by ringing the opening bell at the NGX trading floor in Lagos on Monday.
The transaction marks a significant milestone for Nigeria’s capital market, as the DPRP becomes the first refinery in the Nigerian Exchange’s 66-year history to open its shares to public subscription.
READ ALSO: Dangote Refinery Opens Landmark IPO Today
The offer comprises 4.1 billion new ordinary shares priced at N525 per share, allowing investors to acquire an equity stake in Africa’s largest refinery.
Retail and institutional investors, as well as eligible investors across Africa, can participate in the public offer.
Investors can subscribe for a minimum of 10 shares, requiring an investment of N5,250 at the offer price.
The offer opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the offer prospectus.
At the ceremony, Dangote highlighted that the public offer was part of a broader effort to expand public participation in owning his companies.
“We will lease every company that we operate,” he said.
The launch attracted prominent dignitaries, including Lagos State Governor Babajide Sanwo-Olu, members of the Dangote family and captains of industry.
The Securities and Exchange Commission (SEC) has warned prospective investors against fraudsters, fake platforms and unauthorised individuals seeking to take advantage of the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO).
The Commission issued the warning in a public notice dated Monday, September 14, 2026, following its approval for the IPO by Dangote Petroleum Refinery and Petrochemicals FZE to open to the public.
The SEC urged investors to exercise caution and ensure that all applications and payments relating to the IPO are made only through the officially designated and approved receiving agents, subscription channels and platforms.
ALSO READ: Dangote Calls Refinery IPO ‘People’s IPO’ as N2.15tn Offer Opens
The Commission advised prospective investors to obtain information about the IPO only from the SEC’s official channels, the issuer’s official channels and other official channels established and approved for the offer.
It also urged investors to verify the authenticity of any website, platform or link before providing personal or financial information.
According to the SEC, investors should follow only the officially announced subscription or application process and IPO timetable and should “Avoid transferring funds to any person or entity claiming to receive applications/subscriptions outside the approved channels.”
The Commission further advised investors to verify that their chosen registered Capital Market Operator’s channels or platforms for the offer are duly authorised and approved.
The SEC also warned investors to “Avoid responding to unsolicited calls, WhatsApp messages, social media advertisements, emails or other channels/platforms that offer or guarantee allotments or preferential allocation.”
The regulator urged prospective subscribers to carefully read the approved Prospectus and understand the terms, conditions and risks associated with the investment before making any subscription.
SEC warns against fake IPO agents
The Commission stressed that the existence of an individual, company, digital platform or social media account does not, by itself, constitute approval or authorisation to receive applications or funds from investors in respect of the offer.
The SEC therefore advised prospective investors to contact SEC-registered stockbrokers, banks or registered Investment advisers for guidance before subscribing.
The Commission also urged the public to “VERIFY” the registration status of companies, entities, platforms or individuals offering investment opportunities before entering into any transaction with them.
Investors can verify the registration status of operators through the SEC’s dedicated portal for registered fintech operators or through the Commission’s Capital Market Operators platform.
The warning comes as the Dangote Petroleum Refinery and Petrochemicals IPO officially opens on Monday, September 14, 2026, following the Commission’s approval.
The Commission listed its contact details as +2342094621168-9 and [email protected], while its WhatsApp contact is 0916 772 3240.
The SEC urged investors to remain vigilant and rely only on verified and authorised channels throughout the IPO process.
Investor demand for the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) has reached a historic level, with subscription activity surging across digital investment channels.
Data released by the Nigerian Exchange (NGX) on its official X handle on Monday showed that total transaction volume had surpassed 402,634, pushing the total subscription value to ₦1,476,171,994,112, approximately ₦1.476 trillion.
The figures, displayed on the #NGXInvest command centre dashboard, highlight the strong appetite among investors for the landmark offering.
More details shortly.
Saudi Pipeline Disruption Pushes Nigeria’s Crude Beyond $115/barrel
DPRP IPO: Dangote Rings Opening Bell at NGX
Dangote Commends Fuel Subsidy Removal
Dangote Refinery IPO: SEC Warns Investors Against Fraudsters, Fake Platforms
NDC Condemns Attack on Members in Enugu, Accuses APC of Sponsoring Thugs
Dangote Calls Refinery IPO ‘People’s IPO’ as N2.15tn Offer Opens
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
