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Dangote Refinery crashes diesel price from N1,075 to N1,020 per litre
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Dangote Petroleum Refinery & Petrochemicals has reduced the cost of its diesel product from N1,075 to N1,020 per litre at the gantry price in an effort to better serve its customers and Nigerians in general.
Since it began diesel production in January 2024, Dangote Refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.
The latest reduction of N55 per litre for diesel follows the revelation by Development Economist and Public Policy Analyst, Prof. Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price nationwide during the Yuletide period.
He also praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.
Speaking on the transformative impact of the refinery on Arise TV, Prof. Ife explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country.
But it has been reported that the fund owes marketers over N80 billion, according to the development analyst.
“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector.
The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role. If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation.
However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.
“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food.
In response, during this last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” he said.
Prof Ife also said the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit (PMS) towards a diversified range of petroleum-based exports.
He added that with major international players such as BP and Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market.
The analyst expressed confidence that Nigeria is on the path to self-sufficiency in petroleum products, while simultaneously positioning itself as an energy export powerhouse.
News
Ooni welcomes baby girl with Olori Oluwatosin
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has welcomed the birth of a baby girl with his wife, Olori Oluwatosin Ogunwusi.
This is contained in a statement on Sunday in Ile-Ife by the Ooni’s Senior Media Officer, Mr Sodiq Lawal, on behalf of the Director of Media and Public Affairs, Mr Moses Olafare.
Olafere expressed gratitude to God for the safe delivery, describing the newborn as a divine blessing to the House of Oduduwa.
According to him, the Ooni thanked Almighty Olodumare for His grace and faithfulness, which made the successful delivery possible.
“The Royal Father prayed that the newborn princess will grow in wisdom, grace, honour and divine favour throughout her lifetime.”
He added that both Olori Oluwatosin and the baby princess were in excellent health.
He quoted the Ooni as further praying for God’s continued protection over the royal family and for enduring peace, prosperity and abundant grace for the House of Oduduwa.
The Ooni wished the newborn princess a purposeful, honourable and fulfilled life under God’s guidance.
News
10th Senate processed over 1,000 bills in three years – Plang
Chairman of the Senate Committee on Labour, Employment and Productivity, Diket Plang, has said the 10th Senate has processed more than 1,000 bills in its first three years in office, with over 200 already signed into law by President Bola Tinubu.
Plang, who represents Plateau Central Senatorial District, said the upper chamber had also adopted several resolutions through motions and carried out extensive oversight of Ministries, Departments and Agencies (MDAs), describing the period as one of the most productive in Nigeria’s legislative history.
Speaking in an interview to mark the third anniversary of the 10th Senate, the lawmaker said the chamber’s committee system had also enabled lawmakers to closely monitor government performance and budget implementation.
“At the moment, the Senate has had over 1,000 bills. About 900 have passed either second or third reading, and we have over 200 bills that have been signed into law,” he said.
“So, for me, there is a lot of achievement in terms of making laws. We have had very important motions with beautiful resolutions and sufficient oversight functions as far as the first three years of the Senate are concerned.”
“Each of the ministries, departments and agencies brings its proposals during budget defence, and you go back to find out what has been achieved and what has not been achieved. It helps us know what government has been able to do,” he said.
On the recently passed State Police Bill, Plang commended President Bola Tinubu for supporting what he described as one of Nigeria’s most difficult but necessary constitutional reforms.
He argued that creating state police would strengthen intelligence gathering because officers recruited from local communities understand the language, culture and terrain better than officers deployed from other parts of the country.
“The locals know the language, they know the terrain, they know the culture of where they are policing. Information gathering and rapid response to criminality will improve significantly,” he said.
The senator also dismissed fears that governors would abuse state police, insisting that constitutional safeguards and oversight by the National Police Council, National Assembly and State Houses of Assembly would prevent excesses.
“No governor will employ people from his community and ask them to oppress their own people. There are oversight mechanisms that will check abuse,” he said.
He explained that although the bill had passed both chambers of the National Assembly, it still requires approval by at least 24 State Houses of Assembly before it can be transmitted to the President for assent as part of the constitutional amendment process.
Plang added that the reform would improve Nigeria’s police-to-population ratio through fresh recruitment across the states while creating employment opportunities for thousands of young Nigerians.
Commenting on the recent xenophobic attacks against Nigerians in South Africa, Plang urged both governments to pursue diplomacy rather than retaliation.
He said, “It is unfortunate that brothers are turning against one another. There should be immediate engagement between the Nigerian and South African governments. Rather than retaliation, both countries should sit down and resolve these issues as brothers.”
News
Tinubu’s Remarks On Flyovers Not Directed At Oborevwori – Waive
Member representing Ughelli North, Ughelli South and Udu Federal Constituency in the House of Representatives, Rt. Hon. (Revd.) Francis Ejiroghene Waive, has said President Bola Tinubu’s recent remarks cautioning state governments against constructing unnecessary flyovers were not directed at Delta State Governor, Rt. Hon. Sheriff Oborevwori.
Waive, in a statement, argued that the flyovers completed and those under construction in Delta State were necessitated by persistent traffic congestion in their respective locations, adding that the projects were undertaken after due consideration of the state’s infrastructure needs.
According to him, the Federal Government had, on several occasions, acknowledged Delta State’s strides in road infrastructure and flyover construction, alongside other developmental achievements, before similar projects gained momentum in other states.
He maintained that Governor Oborevwori had pursued infrastructure development without neglecting key sectors of the state’s economy, insisting that the administration had continued to invest in roads, bridges, healthcare, education and social welfare programmes.
“The flyovers constructed and those currently under construction by Governor Sheriff Oborevwori are absolutely necessary. Deltans can testify that they are all located in areas where severe traffic gridlock is a regular occurrence,” Waive said.
The lawmaker dismissed criticisms of the projects by opposition figures, describing them as politically motivated and disconnected from the realities on the ground.
He expressed confidence that the governor’s performance would earn him another term in office, saying residents of the state remained committed to the continuation of the administration’s M.O.R.E. Agenda in synergy with President Tinubu’s Renewed Hope Agenda.
Waive urged Governor Oborevwori to sustain the pace of infrastructure development through the construction of more roads, bridges and flyovers, while expanding social investment programmes aimed at improving the welfare of the people.
He also congratulated the governor in advance on what he described as his expected victory in the 2027 governorship election, expressing optimism that the administration would continue to deliver democratic dividends across the state.
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