Business
Oil marketers intend to lift from the Dangote refinery and modify New Fuel prices across the country.
According to Vanguard, major oil marketers in Nigeria have increased the price of Premium Motor Spirit (PMS), also known as gasoline, from N1,010 to N1,050 per litre. This represents a 4% rise in Lagos and the surrounding areas. Local markets and consumers are under pressure as a result of the continued economic difficulties and changes in the price of oil globally…. CLICK TO READ THE FULL NEWS HERE▶️▶️
On the other hand, independent marketers have adjusted their prices to a range of N1,100 to N1,200 per litre, up from around N1,060, with rates varying by location. The price hikes have sparked concerns among consumers, as many rely on petrol for transportation and daily activities, contributing to rising costs of goods and services.
Due to the deregulated market, petrol prices are not fixed,” leading to “slight price differences among filling stations,” although some stations still have “similar pricing.” This deregulated environment has resulted in increased competition among marketers, but it has also made it challenging for consumers to predict fuel costs.
The Nigerian government has been under pressure to address these price hikes, as they coincide with broader economic difficulties, including inflation and currency devaluation. Analysts warn that if global oil prices continue to rise, further increases in petrol prices could lead to protests and unrest among the populace, who are already grappling with high living costs.
Additionally, the Nigerian National Petroleum Corporation (NNPC) has been closely monitoring the situation, emphasizing the need for transparency and stability in the fuel market. Stakeholders are calling for improved infrastructure and refining capacity to reduce reliance on imported fuel, which could help stabilize prices in the long run.
As the situation evolves, consumers are urged to stay informed about price changes and explore alternative means of transportation to mitigate the impact of rising fuel costs on their daily lives.CLICK TO READ THE FULL NEWS HERE▶️▶️
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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