Connect with us

News

Marketers plan to sell petrol below N1,028/litre Dangote price

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Oil marketers, on Friday, revealed that the price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery was between N1,015 and N1,028/litre depending on the quantity being purchased.

Based on this, the dealers vowed to import the commodity and sell it below the Dangote refinery price as well as the price being sold by the Nigerian National Petroleum Company Limited.

Data released by the Major Energies Marketers Association of Nigeria on Thursday showed that the landing cost of petrol was N978.01/litre as of October 31, 2024.

It stated that the landing cost of diesel was N1,069.97/litre, while that of aviation fuel was put at N1,119.67/litre.

Advertisement

The landing cost of these white products is the unit price of the imported commodities on landing on Nigeria’s shores.

Since the Dangote refinery commenced the release of refined petroleum products domestically, it had refused to announce the cost of the commodity despite several demands for the price.

However, a major marketer, who spoke to one of our correspondents on condition of anonymity due to lack of authorisation to speak on the matter, confirmed that the cost of petrol from the Dangote refinery was higher than that of imported PMS.

According to the official, the refinery currently sells to oil marketers making bulk purchase at N1,015/litre and small buyers at N1,028/litre.

Advertisement

The major marketer also disclosed that three cargoes carrying petroleum products recently arrived and had been discharged at seaports along the nation’s borders.

“Dangote is selling to bulk buyers at N1,015/litre, but to marketers who are not buying in bulk, the refinery is selling at N1,028/litre.

“But imported PMS is cheaper than the cost of Dangote’ own, and that is why he is doing all he can to ensure that the government stops the importation of fuel,” the dealer stated.

Commenting on the development, marketers under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria vowed that they would sell imported petrol below the price offered by the Dangote refinery.

Advertisement

The association said its PMS would also be cheaper than that of the NNPCL.

The PETROAN Publicity Secretary, Dr Joseph Obele, however, told Saturday PUNCH that the price of Dangote PMS might be higher because the refinery was still producing with the imported crude it bought at a premium.

He said the association had struck deals with some international fuel suppliers to import PMS at a good price, adding that the product would arrive in Nigeria at a price around N800/litre.

“PETROAN is an association, but we have incorporated our limited liability company called PETROAN Limited. We have got the licence from the Corporate Affairs Commission, and we have applied to the NMDPRA to licence us and give us authority to import. So, as we get that authority to import, I think we will import from the best market.

Advertisement

“And it is good also for the general public to understand that the landing costs in all the nations are not the same. PETROAN has got a partner from the international market, that the product will arrive here at close to N800/litre. So, since PETROAN has the best value for Nigerian citizens, we are calling on the regulatory agency to release our authority to import in no distant time so our first stock will come in.

“And we assure you that PETROAN will sell far less than Dangote. It will sell at prices far less than NNPC. Right now, NNPC is selling to us at N1,040/litre. PETROAN will not sell like that, because we have negotiated. And all our partners and foreign counterparts are on standby to make sure we give Nigerians the best value,” Obele said.

The associations spokesperson stated that he would not be able to disclose the exact quantity to be imported, but stressed that PMS imported by PETROAN would be cheaper.

Obele explained that Dangote was only selling to NNPC directly, while NNPC sold to marketers.

Advertisement

“I am telling you that that the position of NNPC as a middleman is still active till tomorrow. NNPC has refused to announce how much Dangote is giving. Dangote has also refused to announce how much he is selling to NNPC. So, I think there is an agreement that they don’t announce it.

“All we know is how much NNPC is selling it to us. However, the transaction between the two is not in the public domain. NNPC has refused to mention it. And the general public has said, please make these things open,” he said.

Speaking on the landing cost of N978/litre, he emphasised that the landing cost differs from country to country.

“N978 to N1,000, that’s the landing cost. It was about N1,100 as of last month. But because of the drop in the selling price of crude oil in the international market, PMS has witnessed a downward review in the international market too. So, I think we should also witness a downward review,“ he said.

Advertisement

When reminded that the NNPC just jerked up its price, Obele responded, “No, the issue we have is that the only functional refinery we have is the Dangote refinery. And Dangote has announced to everyone who wants to hear that the crude oil stock he is still working on was the one he bought from the international market; that the naira-for-crude stock, he has not started refining that. So, we don’t expect a downward review from someone who bought old stock when crude oil was selling for $80 and $78 per barrel.

“So, now that it has dropped to $72, we are not expecting to review the price automatically. Because you can put it to us that it is still trading with the old stock. But recently, the price of crude oil has dropped. We hope that whoever is buying the new stock of this new trade should review the price downward. But if what Dangote has used to refine the stock available is the old stock got when crude oil was still selling at $80 per barrel, we don’t expect him to review downward.

“Until the refinery commences production with the stock it just received last week in naira, that’s when people can criticise it. But at the moment, I think the selling rate reflects the former cost of crude oil.”

Meanwhile, the National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria, Yakubu Suleiman, also stated that the cost of Dangote petrol was higher than the imported commodity at the moment.

Advertisement

Suleiman, speaking in an interview with Arise TV, on Friday, stated that the price of fuel from Dangote refinery was higher than the cost of commodities imported.

According to him, the price of petrol at Dangote refinery was set at around N995 and higher than other sources.

Suleiman also accused the Chief Executive Officer of the Dangote refinery, Aliko Dangote, of sidelining key stakeholders in its fuel supply strategy, claiming that limited engagement with independent marketers had hampered their ability to lift petrol from the facility.

When contacted, the Chief Corporate Communications Officer of Dangote Group, Tony Chiejina, said the figures being bandied were not correct.

Advertisement

He described reports on Dangote petrol price as fake news, wondering where they emanated from.

“This is fake news. People are just posting what they like,“ he said.

Chiejina, however, declined to give the actual price.

Advertisement
Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

Nigerian govt cuts vehicle import levies, introduces Green Tax

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Federal Government’s revised vehicle import levy regime has officially come into effect, raising expectations of possible reductions in automobile prices.

However, auto dealers seek clarification on the newly introduced Green Tax before determining the overall impact of the policy.

Implemented under the 2026 Fiscal Policy Measures, the new arrangement reduces the import levy on brand-new vehicles from 20 per cent to 10 per cent, while the levy on used vehicles has been slashed from 15 per cent to five per cent.

The policy is intended to lower import costs, stimulate economic activities and provide relief for businesses and consumers in the automotive sector.

Advertisement

In addition to the levy cuts, the government introduced a Green Tax surcharge on selected categories of imported vehicles as part of its environmental sustainability agenda.

However, stakeholders in the automobile industry say uncertainty surrounding the exact structure and cost implications of the Green Tax makes it difficult to determine whether consumers will eventually benefit from lower vehicle prices.

Speaking in an interview with Vanguard, President of the National Association of Motor Dealers and Chief Executive Officer of Mitchel Automobile Limited, Prince Ajibola, described the levy reduction as a welcome development but stressed that the full impact would depend on the magnitude of the Green Tax.

“We don’t know what the surcharge is going to be. If they reduce the levy on vehicles and then introduce another surcharge, we need to know how much it is before we can say there will be any considerable change,” he stated.

Advertisement

Ajibola noted that although the reduction in levy on used vehicles from 15 per cent to five per cent represents a major concession, the benefit could be neutralised if the Green Tax is substantial.

“If the surcharge is far less than what has been reduced, then it’s a plus. But if it is the same or even higher, then it has not really changed anything,” he explained.

According to him, import duties remain one of the major reasons behind the high cost of vehicles in Nigeria, alongside foreign exchange pressures.

He added that the revised policy could help reduce vehicle prices, especially for commercial vehicles where the tariff adjustment is more significant, provided the Green Tax remains relatively low.

Advertisement

“The development is a very good one. There’s no doubt about that. But to know exactly how it will affect prices, we need to know what the Green Tax is. If it is very little, then the reduction in levies will still be significant and consumers will feel the impact,” Ajibola said.

Industry stakeholders said they would continue monitoring the implementation of the fiscal measures as the Nigeria Customs Service rolls out the revised tariff structure.

They noted that clearer details on the Green Tax would ultimately determine whether the reduction in import levies leads to meaningful price relief for vehicle buyers across the country.

Advertisement
Continue Reading

News

Panic in Kano as medical doctor slumps and dies 15 minutes after arriving to treat patients

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

A senior consultant physician based in Kano State died after collapsing barely 15 minutes after arriving at a hospital to attend to patients who had been waiting several hours for his evening clinic.

The incident occurred last Saturday at Arewa Surgery Hospital, Hotoro, Kano, where the doctor reportedly responded to a request to replace another consultant who was unavailable for scheduled appointments.

The account was made public by Suleiman Harbo, an aide to the Jigawa State Governor, who said he was among the patients’ relatives present when the tragedy unfolded.

Harbo explained that he had taken his elderly mother to the hospital at about 5 p.m. for an appointment with a consultant physician.

Advertisement

On arrival, hospital staff informed them that the doctor originally scheduled to attend to them would not be available and recommended the deceased simply identified as Dr. Ibrahim.

According to him, about six patients, most of them above 80 years old, waited for the physician, prompting him to contact the hospital reception to enquire about the delay.

He said the receptionist reached the doctor by telephone and informed him that elderly patients, including his mother, were waiting.

Dr. Ibrahim reportedly assured them he would come after observing the Maghrib prayer.

Advertisement

Harbo said the consultant arrived shortly afterwards but suddenly became dizzy immediately after stepping out of his vehicle.

He said fellow medical personnel rushed the physician to the hospital’s emergency unit, where doctors battled to revive him.

“Within 15 minutes, he was confirmed dead,” Harbo wrote, describing the incident as shocking and deeply painful.

He added that the development left both patients and medical personnel devastated.

Advertisement

“The painful irony was this: all the patients waiting to see him were above 80 years of age, while about five senior consultant doctors fought to save him, yet all of them broke down in tears,” he said.

Harbo recalled that his mother was initially unaware of the incident and asked whether the doctor had arrived.

Before he could respond, another patient reportedly informed her that the physician they had all been waiting to see had just died.

On hearing the news, Harbo said his mother immediately offered prayers for the deceased.

Advertisement

“‘Innalillahi wa inna ilaihi raji’un. So that was the doctor they rushed inside? May Allah have mercy on him. Let us just go home. I am already healed,’ she said.”

Harbo said he struggled to contain his emotions as he drove his mother home after the incident.

He also disclosed that those present during the doctor’s final moments said his last audible words were, “La ilaha illallah,” the Islamic declaration of faith.

Describing the loss as one that would remain with him for a long time, Harbo prayed for Allah to forgive the late physician’s shortcomings and grant him Al-Jannah Firdaus.

Advertisement

The cause of Dr. Ibrahim’s sudden collapse was not immediately known.

Continue Reading

News

Tinubu Orders Construction of New Roads for Abuja Communities, Declares End to Abandoned FCT Projects(Photos)

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

President Bola Ahmed Tinubu on Thursday, directed the immediate expansion of road infrastructure to more communities in the Federal Capital Territory (FCT), declaring that his administration would continue to extend development to underserved areas while ending the era of abandoned projects in the nation’s capital.

Tinubu, who gave the directive while commissioning the rehabilitated over 16-kilometre Old Keffi Road, linking Kado Fish Market to Dei-Dei Junction through Life Camp, approved the construction of the Kaba – Kagini – Zaudna road, after residents displayed banners highlighting the poor state of access roads in their communities.

Represented by Senate President Godswill Akpabio at the ceremony held along the Gwagwa Rail Station Road in Abuja, the President said his administration remained committed to ensuring that every district and community benefited from the dividends of the Renewed Hope Agenda.

“We are not slowing down. Across the FCT, from the centre to the area councils, we are building for inclusion, for safety and for growth. Every district deserves access. Every citizen deserves to feel the impact of government where they are,” Tinubu said.

He declared that the completion of the Old Keffi Road signalled the end of abandoned infrastructure projects in the FCT.

“When we assumed office under the Renewed Hope Agenda, we told Nigerians the era of abandoned projects in Abuja was over. Some doubted. Today, doubt has no ground to stand on.

“From Saburi 1 and 2, to this corridor, and to many others we started unveiling last month to mark the third anniversary of this administration, the pattern is clear: we identify the pain, we fund the solution, and we deliver.”

Advertisement

The President described the newly rehabilitated road as a practical demonstration of government’s resolve to improve the daily lives of residents.

“It gives great honour today to open a road that restores dignity to daily movement.

“The fully rehabilitated 15-kilometre Old Keffi Road, from Kado Village through Life Camp to Dei-Dei Junction by the Outer Northern Expressway, is now open for use. This is not a promise on paper. It is asphalt you can drive on, lights you can trust after dark, and drainages that serve both homes and markets.”

Tinubu explained that the project was initiated after the Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, reported the deplorable condition of the strategic economic corridor serving Kado, Saburi, Gwagwa, Karmo, Idu and Dei-Dei.

Advertisement

“He brought the report to me. We acted,” the President said, adding that the Federal Executive Council subsequently approved the project and awarded it to Lubrik Construction Company Limited based on its proven capacity.

“Under this government, we do not reward patronage. We reward competence. If you deliver, you get more work. If you fail, you are out. Lubrik has delivered again.”

Tinubu also commended Wike for transforming the FCT through visible infrastructure development.

“Minister, you have turned the FCT into a site of visible results. You inspect, you decide, you follow through. You have matched development in the city centre with development in the districts and area councils so that no community is left behind.

Advertisement

“Mr. Projects’ is not a slogan. It is the record of roads opened, lights installed and deadlines met. I trust you. I rely on you. And Abuja is better because you are at the wheel.”

He equally praised the Minister of State for FCT, Dr. Mariya Mahmoud, and the FCT Administration for delivering the project within schedule without compromising quality.

The President described the road as “an economic artery” that would reduce travel time, lower transportation costs and improve commercial activities by linking Kado, Saburi, Gwagwa, Karmo, Idu and Dei-Dei directly to the Outer Northern Expressway.

He added that the integrated streetlights under the Light Up Abuja initiative would improve security and support night-time economic activities.

Advertisement

Tinubu urged residents to protect the infrastructure by preventing vandalism of streetlights and keeping drainage channels free from refuse.

“This infrastructure belongs to you. Guard it. Do not vandalise streetlights. Do not block drains with refuse. Report any damage early.”

Earlier, FCT Minister, Barr. Nyesom Wike said the project fulfilled a long-standing promise made to residents and traders who had repeatedly appealed for the rehabilitation of the Old Keffi Road after the successful completion of the Saburi Road.

He recalled that during the Area Council election campaign, traders had appealed to him to tell President Tinubu that completing the road would earn their lasting appreciation.

Advertisement

“They told me, ‘Please tell Mr. President, if he completes this road for us, Mr. President should go home and sleep with his two eyes closed,’” Wike said.

The minister noted that the promise had now been fulfilled with the commissioning of the road.

In a dramatic moment during the event, Wike invited residents of Kaba, Kagini and Zaudna, carrying banners requesting another road project to come forward and announced that President Tinubu had approved immediate intervention.

“I have told the Executive Secretary of the FCDA to direct Lubrik Construction Company to move to this area immediately and construct the road,” Wike announced.

Advertisement

He said the decision reflected the true essence of the Renewed Hope Agenda.

“The whole essence of the Renewed Hope Agenda is to bring back hope where people have lost hope. Once Mr. President becomes aware of critical infrastructure needs that will improve connectivity and economic activities, he acts.”

Wike thanked Tinubu for approving the Old Keffi Road project and pledged that work on the newly approved road would commence without delay.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News