Business
Loading Begins, Marketers And NNPC Agree on New Fuel Price, No More N1,010
For the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Nigerian National Petroleum Company Limited (NNPC) has agreed to lower the ex-depot price of gasoline to N955 per litre following discussions, according to Daily Trust.IPMAN President Abubakar Maigandi said this adjustment should enable fuelloading to restart at depots nationwide.CONTINUE FULL READING>>>>>
The dispute started when IPMAN and NNPC disagreed over the ex-depot price of petrol from the Dangote refinery, which was initially set at N1,010 in Lagos. IPMAN accused NNPC of raising prices beyond what they paid for the petrol, leading members to demand refunds.
Maigandi noted that the Department of State Services (DSS) intervened, resulting in NNPC lowering the price. He mentioned that the loading price in Lagos is now N995 per litre and that fuel will be available soon.
He also indicated that IPMAN is negotiating with Dangote Refinery for direct loading of products, which will start once negotiations are finalized.
The Nigerian government has instructed petroleum marketers to source products directly from Dangote Refinery, moving away from NNPC’s sole distribution role to encourage competition in the market.
This change is a significant step toward resolving fuel scarcity in the country and fostering a more deregulated petroleum market. With the new pricing and direct loading, IPMAN members are expected to resume fuel distribution nationwide.CONTINUE FULL READING>>>>>
A Japanese investor, the Managing Director of Limited, Masahiro Tsuno, has described the 650,000 barrels per day Dangote Refinery as a world miracle.CONTINUE FULL READING>>>>>
In a statement on Sunday by Dangote Spokesperson, Anthony Chijiena, Tsuno disclosed this when a delegation from the Japanese Business Community in Nigeria, led by Japan’s Ambassador-designate to Nigeria, Suzuki Hideo, visited the Lagos-based refinery.
According to him, the sheer size and automation of the Dangote refinery built by a single investor is one of the world’s wonders.
“I’ve seen many standalone refineries across the globe, including in Vietnam and the Middle East.
“However, the size of a refinery built by one single investor is probably a miracle in the world. And I’m just actually witnessing a miracle,” he said.
On his part, the Vice President of Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said that in the last months, Dangote Refinery has exported Premium Motor Spirit (petrol) to three African countries.
“In recent weeks, we’ve exported petrol to Cameroon, Ghana, Angola, and South Africa, among others. Diesel has gone all over the world, and jet fuel is being heavily exported to European markets.
“Our products are already making their mark internationally,” Edwin said.
This comes as Dangote Refinery recently announced that it has commenced the export of petrol to Cameroon.
Recall that Dangote Refinery commenced the rollout of PMS on September 15, 2024.CONTINUE FULL READING>>>>>
Business
BREAKING NEWS: CBN Imposes N150 Million Fine On Banks Releasing Redesigned Naira Notes To Currency Hawkers…
The Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on banks guilty of releasing the redesigned naira notes to currency hawkers.CONTINUE FULL READING>>>>>
The hawking of new naira notes became rampant after the introduction of the redesigned ₦200, ₦500, and ₦1,000 denominations. Reports of these notes being sold on the black market at exorbitant rates prompted the CBN to take stricter action.CONTINUE FULL READING>>>>>
The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja, DAILY POST reports.CONTINUE FULL READING>>>>>
DAILY POST correspondents who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,040 per litre. This represents a reduction of N20.
“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along Kubwa expressway told DAILY POST.
A motorist, Ezekiel Njoku, confirmed the development to DAILY POST.
“The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
This development comes barely three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
Oil marketers, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had also hinted that the deregulation of the sector—coupled with the operations of Dangote and Port Harcourt refineries—would lead to a drop in petrol prices.CONTINUE FULL READING>>>>>
Abuja based Afro Cultural artist Johnbull iyke, Pens a one year Management/Promotional Deal with Avnet Media company
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