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Petroleum Marketers Poised to Sell Cheaper Petrol with Direct Purchase from Dangote Refinery

Nigeria’s petroleum marketers are optimistic that they will sell Premium Motor Spirit (PMS) at a lower price than the Nigerian National Petroleum Company Limited (NNPCL) once Dangote Refinery begins direct sales to them. This assertion was made by the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, during an exclusive interview with the press on Monday.

Ukadike expressed confidence that purchasing directly from Dangote Refinery would eliminate additional costs imposed by NNPCL, thus allowing marketers to offer petrol at competitive prices. This update follows recent developments in which the Federal Government, through Finance Minister and Chairman of the Naira-for-Crude Implementation Committee, Wale Edun, confirmed that marketers are now authorized to buy petrol directly from Dangote Refinery.

This decision marks a significant shift, ending the previous arrangement where NNPCL acted as the sole offtaker of products from Dangote Refinery. Initially, upon the refinery’s first distribution of PMS, NNPCL held exclusive rights to lift and market the fuel. However, Edun announced last Friday that part of the Naira-for-Crude deal now enables marketers to bypass NNPCL and engage in direct transactions with the refinery.

The new framework arrives amid rising petrol prices, with NNPCL stations in Abuja recently selling at N1,030 per liter, while other stations have prices ranging between N1,100 and N1,200. NNPCL has also set ex-depot prices between N1,040 and N1,100 per liter, but marketers have voiced discontent, rejecting these rates as unfeasible for sustaining business operations.

For many marketers, the approval to purchase from Dangote Refinery offers a lifeline by reducing their reliance on imports. Ukadike emphasized that IPMAN, which controls 70 percent of Nigeria’s filling stations, eagerly anticipates Dangote Refinery’s commencement of direct petrol sales. He noted that eliminating NNPCL’s markup would allow them to offer cheaper petrol to consumers.

“We are waiting for Dangote Refinery to finalize the direct sale arrangements and release their price template,” Ukadike said. “Our petrol price will definitely be more affordable than NNPCL’s retail price. Since we will be sourcing the product directly, the fees that NNPCL adds will be removed, benefiting both marketers and consumers.”

Ukadike further highlighted that, unlike government employees, petroleum marketers rely entirely on business turnover for profits. “We are hopeful that we will meet with Dangote Refinery soon to conclude these arrangements,” he added.

Similarly, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), revealed that his association had submitted a request to Dangote Refinery for direct purchase but was yet to receive a response. Gillis-Harry stressed the importance of receiving a clear price template before transactions can commence.

“They asked us to submit a letter, which we have done, but we are still waiting for feedback,” Gillis-Harry explained. “We cannot send trucks to lift petrol without knowing the product’s price. Nonetheless, we remain committed to supporting Dangote Refinery’s operations.”

While marketers are optimistic, some industry observers remain cautious about the promise of reduced prices. Recent hikes in fuel costs, even after Dangote Refinery’s distribution began, have fueled skepticism about how soon the price drop will materialize.

Oil and gas analyst Olabode Sowunmi remarked that Dangote Refinery’s primary focus may not be selling PMS at discounted rates, given the refinery’s need to maintain profitability. “The refinery wasn’t designed to provide cheap petrol but to ensure local production, reducing the dependence on imports,” Sowunmi noted.

This uncertainty follows a sharp increase in petrol prices under President Bola Ahmed Tinubu’s administration. In June 2023, the removal of fuel subsidies pushed prices from N238 per liter to over N600. By October 9, 2024, NNPCL stations raised prices to N1,030 per liter, with other outlets selling at even higher rates.

The economic impact extends beyond petrol prices. Diesel and cooking gas prices have surged, with a 12kg cylinder of Liquefied Petroleum Gas (LPG) rising from N9,194 in 2023 to N15,552 in 2024. Meanwhile, electricity costs have also skyrocketed following a 240 percent tariff hike approved by the Nigerian Electricity Regulatory Commission (NERC) earlier this year, exacerbating financial pressures on households and businesses.

As marketers await the refinery’s final move, many Nigerians are hopeful that Dangote Refinery’s direct engagement will help stabilize the energy market and reduce fuel prices, offering some relief amid the challenging economic climate.

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Tragic Blaze at Spanish Retirement Home Claims 10 Lives

"Tragic Blaze at Spanish Retirement Home Claims 10 Lives"

A deadly fire that broke out overnight at a retirement home in Villafranca de Ebro, located in northeastern Spain, claimed the lives of at least 10 individuals, according to the local emergency service on Friday.

The emergency services in the Aragon region shared limited information in their X post, though Spanish media reported that 82 people were present at the facility when the fire started around 5:00 am (0400 GMT), with the cause still unknown.

More details later…

AFP

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Customs Chief Honors Late COAS Lagbaja’s Legacy in Strengthening Nigeria’s Security

Customs Chief Honors Late COAS Lagbaja's Legacy in Strengthening Nigeria's Security

The Comptroller-General of Customs, Bashir Adeniyi, praised the late Chief of Army Staff, Taoreed Lagbaja, for his invaluable contributions to national security, describing him as a leader known for his unwavering commitment and selflessness.

Customs Chief Honors Late COAS Lagbaja's Legacy in Strengthening Nigeria's Security
The Comptroller General of Customs Bashir Adeniyi

Adeniyi shared these remarks in a statement released on Thursday by NCS spokesperson, Abdullahi Maiwada.

He expressed that Lagbaja’s passing is a tremendous loss not only for his family, the military, and the government but for the entire Nigerian people.

Adeniyi extended his condolences to Lagbaja’s family, his colleagues, and the Nigerian Armed Forces.

He announced that the NCS had rescheduled its Gala and Award Night, originally planned for Friday in Abuja as part of the Comptroller-General of Customs conference, to pay tribute to the military leader.

“This decision is taken to allow NCS to identify with the mood of the nation in mourning Lagbaja.

“The NCS acknowledges the weight of this moment; we join all to mourn the passing of a steadfast leader,” he said.

According to the News Agency of Nigeria, Lagbaja’s body was brought to Abuja on Thursday ahead of his burial set for Friday.

Lagbaja passed away on November 5 in Lagos following a short illness.

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Stephen Akintayo dreams Trump’s appointment as US International Secretary

Nigerian entrepreneur, Stephen Akintayo is dreaming of President Donald Trump's appointment as the US International Secretary for Housing and Land Banking

Nigerian inspirational speaker and serial entrepreneur, Stephen Akintayo is dreaming of landing an appointment from President Donald Trump as the United States (US) International Secretary for Housing and Land Banking.

Akintayo revealed his dream on Friday morning in a post he shared on his official X account.

“BREAKING NEWS! Wow! Who would have thought that one day, I’d be part of a story where Donald Trump and Stephen Akintayo are mentioned in the same breath?,” he wrote.

“Looks like all my posts supporting Trump’s policy direction on housing and land banking over the years have finally come full circle.”

Akintayo who is currently the Chief Executive Officer (CEO) of Stephen Akintayo Consulting International, Gtext Group and Investment Limited, however, added jokingly: “This news just had me cracking up, now if only this were true.

“From my posts about his business sense to my cheers for his election strategies, it is clear I have seen a lot of values in Trump’s approach to leadership, love him or not.

“And here is the thing: if Trump did offer me this position, I would bring some African flair to it. Imagine mixing our culture’s resilience with American land strategies!

“We would make property investment great again in ways no one has ever seen before! So, what do you all think? If this was real, should I take the role?”

Akintayo is a graduate of Microbiology from the Olabisi Onabanjo University (OOU), Ogun State, Nigeria.

While in his fifth year in the university, the 38-year-old entrepreneur started a Student Trade Fair on his campus.

He thereafter studied Digital Marketing Consultancy at the Digital Marketing Institute and Harvard University in the US.

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Lagos State Demolishes 138 Illegal Shanties Charging N100,000 Annual Rent

Lagos State Demolishes 138 Illegal Shanties Charging N100,000 Annual Rent

The Lagos State Government has torn down several makeshift structures along the Ajao Estate Canal bank, where tenants pay an annual rent of N100,000.

This information was revealed in a statement from Tokunbo Wahab, the State Commissioner for Environment and Water Resources, shared on X.com on Friday.

Wahab wrote, “In continuation of concerted measures to reduce the scourge of environmental infractions and illegal encampment in public spaces, the Lagos Environmental Sanitation Corps (LAGESC) popularly known as KAI on Thursday demolished 138 shanties around the canal bank in Ajao Estate Canal where illegal occupants pays between N60,000 to N100,000 rent.”

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How God stopped naira from falling to ₦10,000 per dollar- Adeboye

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, has said that without divine intervention, the exchange rate could have skyrocketed to ₦10,000 for $1.

Speaking at the Special Holy Ghost Congress in Abuja, Adeboye explained that Nigeria’s financial difficulties are largely linked to its reliance on fuel imports, despite the country having significant oil resources.

He noted that billions have been spent on refineries, many of which remain non-functional, resulting in a continued dependence on imported petrol.

Adeboye also addressed the controversy surrounding the government’s decision to eliminate costly fuel subsidies, a move that angered those who profited from the previous system and contributed to further economic challenges.

“We need help, and it’s not human help; it’s divine help,” he stated.

“Before our current president took office, we were aware that the root of our financial issues lay in the importation of petrol. Despite having oil, we continued to import petrol and waste billions on refineries that did not operate effectively.

“When the president cancelled the subsidy on petrol imports, those who benefited from it became upset and created more problems.”

As the naira continued to decline rapidly, Adeboye said that he prayed and was grateful that others joined him in prayer.

“If God hadn’t intervened, $1 could have been worth N10,000 by now. This illustrates how much we need prayers,” he said.

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Ondo Election: LP Dismisses Claims of Candidate Disqualification

As the Ondo State governorship election approaches, the Labour Party (LP) has refuted claims that its candidate, Olusola Ebiseni, has been disqualified.

The party has called on Nigerians, especially voters in the state, to disregard reports suggesting that Ebiseni is no longer in the race.

The controversy stems from a judgment by the Abuja Division of the Court of Appeal, which reportedly disqualified Ebiseni.

The three-member panel of justices, led by Justice Hamma Barka and with the ruling delivered by Justice Adebukola Banjoko, allegedly ruled in favor of an appeal against Ebiseni’s candidacy.

However, the LP insists that the matter had already been resolved internally before the court’s judgment. Ondo State LP Chairperson, Mrs. Remilekun Ojo, dismissed the reports as false, accusing opposition parties of spreading misinformation to destabilize the party.

“These reports are all lies,” Ojo said in a statement to Newsmen on Thursday.

“The issue was settled internally, and our candidate remains in the race.

This is an attempt by politicians from other parties, who feel threatened by our growing influence, to create confusion.”Ojo emphasized that Ebiseni’s name remains on the Independent National Electoral Commission (INEC) portal and that the party had no official communication from the electoral body indicating otherwise.

The LP’s legal challenges began with a previous Federal High Court ruling by Justice Emeka Nwite, which recognized Ebiseni and his running mate, Ezekiel Awude, as the valid candidates for the election.

Justice Nwite ruled that Ebiseni’s second primary election was valid, noting that he had paid the required nomination fees and compensated another aspirant, Festus Olorunfemi, who had withdrawn from the race.

The appellate court’s decision, however, has been contested by the LP, which maintains that the issue has been resolved.

The party also criticized media outlets for publishing misleading information about Ebiseni’s candidacy.

The party’s youth leader in Ondo State, Hon. Samuel Boniface, supported the Chairperson’s position, alleging that some politicians had attempted to bribe him to dismantle the LP structure in favor of the People’s Democratic Party (PDP).

“Three weeks ago, PDP stakeholders offered me over ₦100 million to collapse the LP structure into their party, but I declined,” Boniface revealed in an interview. “I have a goal and cannot sell my conscience.

This election is not about money but about the future of Ondo State.”Boniface also hinted at legal action against media platforms that reported the purported disqualification of Ebiseni.

“We are suing newspapers that claimed our candidate was removed from the race. The claims are baseless and disruptive.

The Olorunfemi who started this matter stepped down for Ebiseni and was duly compensated. We have all the records to prove it.

”As the November 16 election draws near, the Labour Party remains determined to challenge the dominance of the APC and PDP, asserting that it offers a viable alternative for the people of Ondo State.

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