Connect with us

News

Marketers Pay Us N766/Litre To Lift Dangote Petrol Because It’s Subsidised –NNPC

Published

on

11plc, Total Energies, AA Rano, and other marketers have commenced purchasing Dangote Petrol from the Nigerian National Company (NNPC) Trading Limited at N765.99 per litre.

According to BusinessDay, some petroleum marketers who were able to complete their payment processes on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

Tunji Oyebanji, managing director, 11Plc, confirmed to BusinessDay on Thursday evening that some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC.

“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.

Advertisement

It was learnt that NNPC Retail, 11plc, Total Energies, A.A Rano are among the marketers that have picked up products from the refinery.

He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol.”

Efforts to get the Independent Petroleum Marketers Association of Nigeria (IPMAN) to confirm if its members have picked up products at the Dangote Refinery proved abortive at the time of writing this report.

Adedapo Segun, executive vice-president, downstream at NNPC, said marketers cannot purchase petrol directly from the refinery because the product is still sold at a subsidised rate.

Advertisement

“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.

“The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.

“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable.

“As soon as the price allows for it, you will see the marketers go to Dangote and buy.

Advertisement

“So, instead of saying NNPC is the only off-taker, let’s put it this way: NNPC is the only entity that is willing to offtake because NNPC has a role under the law to be the energy provider of the resort,” Segun added.

On Sunday Evening, Femi Soneye, spokesperson of NNPC, had said that the refinery bought petrol from Dangote refinery at N898 per litre. He said market forces now determine domestic pump prices.

“For instance, now Brent is $70. Let’s say tomorrow, Brent goes to $80. You should note that the price will also rise because those are the market forces. But today, for this initial 16.8 million litre that was given to us, it was at the rate of N898,” Soneye said.

In its reaction, Anthony Chiejina, spokesperson of Dangote Refinery, had described the claim as “misleading and mischievous, aimed at undermining the refinery’s achievement in addressing Nigeria’s energy insufficiency.”

Advertisement

However, the refinery failed to disclose the price it sold the product to NNPC Ltd.

In a counter-statement, the NNPC insisted it bought the product for N898 per litre and would be grateful for any discount from the Dangote refinery that could be passed 100 per cent to the general public.

NNPC Ltd said apart from landing costs from refineries, suppliers must pay statutory and regulatory charges for each litre of petrol.

Those charges include the Nigerian Midstream and Downstream Petroleum Regulatory Authority fee, N8.99; inspection fee, N0.97; distribution cost (Lagos), N15.00; and profit margin, N26.48.

Advertisement

The state oil company said once freight and other statutory costs are added, the product would cost more at the pump—N950.22 per litre in Lagos, N980.22 in Rivers, and N992.22 in Abuja. The selling price in Maiduguri is N1,019.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Agidigbo FM denies organising Oyo’s tragic children’s party sponsored by Ooni’s ex-wife’s foundation

Published

on

Agidigbo FM, a prominent private radio station, has disclaimed involvement in the ill-fated children’s festive party that tragically resulted in multiple deaths on Wednesday morning in Ibadan, Oyo State capital.

The tragedy which struck on Wednesday morning at the Islamic High School in Bashorun, Ibadan when a stampede occurred during a children’s Christmas party.

The station’s management clarified they were not sponsors or organisers of the event, contrary to initial reports. It identified the organiser as WINGS (Women In Need Of Guidance and Support), whose founder is Queen Naomi Silekunola Ogunwusi, the ex-wife of the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi.

Eyewitnesses report that many children were trampled in the chaos, with several others injured and currently receiving treatment at the University College Hospital in Ibadan.

Advertisement

The exact number of fatalities and injuries is still unknown, but the incident has sent shockwaves through the community.

Reacting in a press statement shared via his personal X profile, Governor Seyi Makinde also confirmed the multiple deaths during the stampede as reported by SaharaReporters.

He added that the organisers of the event had been arrested and that an investigation was ongoing to unravel the cause of the tragedy.

Queen Naomi Silekunola Ogunwusi, the former wife of the Ooni of Ife, was a key organiser of the tragic children’s festive party. Additionally, Agidigbo 88.7 FM, owned by Oriyomi Hamzat, had actively promoted the event in the days leading up to the devastating incident.

Advertisement

A press statement signed by Olayinka Abdul Wahab, Director of Programmes at Agidigbo FM on Wednesday evening, however, denied the involvement of Oriyomi and its organisation in the planning of the event.

The statement reads: “This is to inform the general public that the management of Agidigbo FM, Ibadan, received the news of the tragedy that heralded the children’s fun fair at Islamic High School, Bashorun, Ibadan, organized by the WINGS foundation with great shock and wholeheartedly commiserate with the families involved.

“Amidst the tragedy, the news making the rounds says that Agidigbo FM is the organizer of the children’s funfair. However, the management wishes to state that Agidigbo FM is not the organizer of the event but one of the media outfits used to promote the event.

“Upon receiving the notice that a mammoth crowd had assembled before 5 am this morning at the venue, Agidigbo FM, the people’s voice, used all media strategies to sensitize the populace with jingles and public service announcements, from that time that people should stop going to the venue of the funfair.

Advertisement

“The organizers of the event also did all they could to ensure that the tragedy was curtailed by deploying security apparatus, medical officials, and other relevant agencies to come to the aid of those affected by this tragic event.

Continue Reading

News

Video: Tinubu Arrives Lagos, Meets Old ‘Friend’ Papa Ajasco

Published

on

President Bola Ahmed Tinubu has arrived in Lagos for the Christmas and New Year celebrations.

Tinubu arrived at the Presidential Wing of the Murtala Mohammed International Airport, Lagos, at noon on Wednesday, December 18.

Tinubu had earlier today presented the 2025 Appropriation Bill to the 10th National Assembly in Abuja.

His arrival was disclosed in a post via the X handle of his Special Assistant on Social Media, Dada Olusegun, on Wednesday, December 18.

Advertisement

The caption reads: “President Tinubu arrives in Lagos where he will spend the Christmas. He is received by H.E #jidesanwoolu and members of the Lagos Executive Cabinet.”

Upon arrival at the Lagos airport, Tinubu met his ‘longtime friend’, Abiodun Ayo Yinka (a.k.a Papa Ajasco).

Disclosing this, Olusegun wrote: “Beautiful moment between PBAT and his long-time friend, Mr Abiodun Ayo Yinka (a.k.a Papa Ajasco) at the Presidential Wing of the Muritala Muhammed International Airport, Lagos.”

watch video

Advertisement

https://twitter.com/TrendingEx/status/1869482391645106394?s=19

Continue Reading

News

How FG paid N199billion as electricity subsidy for Nigerians in December

Published

on

The Nigerian Electricity Regulatory Commission (NERC) has stated that the government of Nigeria paid N199 billion as electricity subsidy for December 2024, up from N194.26 billion in November.

The disclosure was made in NERC’s December 2024 Multi-Year Tariff Order (MYTO) report, published on its website.

According to the report, Band-A customers continued to pay N209/kWh, while tariffs for customers in Bands B to E remained frozen at December 2022 rates.

However, the Nigerian government is expected to pay N29.10 billion in subsidies for consumers under Abuja Electricity Distribution Company (DisCo) and N26.68 billion for those under Ikeja Electric.

Advertisement

The rise in subsidies is attributed to a higher exchange rate pegged at N1,687.45 per dollar, an inflation rate increase of 33.9%, and adjustments in available power generation capacity.

NERC also retained the benchmark gas-to-power price at $2.42/MMBTU, as determined by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Meanwhile, the Commission noted that tariffs would remain subject to monthly adjustments based on key indicators, including inflation, exchange rates, and gas-to-power prices.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News