Good News as Nigerian Billionaire’s Company Opens Fuel Stations as New Petrol Prices Emerge
- Rainoil has announced it is adding 10 new fuel stations to its collection, bringing its total to over 210 in 27 states
- The oil company plans to reach 400, and the idea is to boost access to petroleum products in urban and underserved areas
- The company is owned by oil tycoon Gabriel Ogbechie and has over 130 tank trucks to facilitate nationwide fuel delivery
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Rainoil Limited, an integrated oil and gas conglomerate owned by Nigerian billionaire Gabriel Ogbechie, has announced the commissioning of 10 new petrol stations across Nigeria.
The move has further cemented its presence in the country's competitive downstream petroleum sector.
Source: Getty Images
The company, in a statement, said the new additions bring Rainoil’s total retail network to over 210 service stations in 27 states.
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Part of the statement noted that the expansion aligns with its ambitious “Road to 400” campaign, a long-term strategy aimed at scaling its nationwide presence to 400 stations in the coming years.
The new stations are located in key areas including Osubi, Ugbolu, Eboh Road, and Patani in Delta State; Yenagoa in Bayelsa; Makurdi in Benue; Ogbomosho in Oyo; and Maraba in Nasarawa State.
The Maraba station is strategically situated at the Sani Abacha Modern Bus Terminal along the high-traffic Abuja–Keffi Expressway.
Ifeanyichukwu Omezi, Brand and Corporate Communications Manager at Rainoil, said:
“Each station represents a commitment to bringing quality energy closer to the people.
"Our growth isn’t just numerical it’s about national impact, energy security, and service delivery.”
Rainoil said the expansion will improve access to petroleum products, especially in underserved regions, while also supporting the country’s fuel supply chain and creating jobs in the host communities.
The company added that the strategic positioning of its new stations is to serve fast-growing transport corridors and peri-urban areas.
Source: Getty Images
New fuel prices in Nigeria
Ranoil oil expansion development comes as petroleum marketers across the country announce new pump prices, adjusting downward in response to market conditions and competition, Punch reports.
A key player in the oil and gas sector, Rainoil’s diversified portfolio, which includes Eterna Plc, indicates its influence on petrol pricing in Nigeria, ThisDay reports.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) in Abuja on Monday, July 14, announced that petrol will be sold between N900 and N920 per litre, down from the previous range of N905 to N945.
He also revealed that in Lagos and other parts of the country, petrol will be sold in the price range of N860 to N890 per litre.
IPMAN indicated plans to reduce fuel price
Legit.ng had earlier reported that Petrol price competition in Nigeria continues as the Ardova and MRS Filling stations have decided to reduce their pump price.
The rate offered by Ardova and MRS filling stations is now the cheapest currently offered across the country.
Ardova is one of the several independent and major petrol marketers buying directly from the Dangote refinery.
Source: Legit.ng
