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Marketers may snub Dangote fuel as imported petrol costs N922/litre

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Oil marketers have revealed that the landing cost of Premium Motor Spirit (petrol) as of Friday was N922.65 per litre.

Dealers said this cost factors in various expenses including shipping, import duties, and exchange rates.

The amount is a considerable reduction of N32.35 from the N955 per litre offered at the loading gantry of the Dangote Petroleum Refinery.

This decrease in landing cost is expected to influence the price at which petrol is sold to consumers and could increase marketers’ interest in returning to petrol imports.

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“The lower cost of imported petrol is often an incentive to dealers and you won’t blame marketers who import the product,” a major marketer, who spoke in confidence due to lack of authorisation to speak on the matter, stated.

Last Sunday, the Dangote Petroleum Refinery said the rise in petrol price from N899.50 was due to an increase in the cost of crude oil, the major component for refined petroleum products.

However, this latest decline in landing cost, which reflects the price of importing and distributing the product, signals some relief from the pressures of global market fluctuations and supply chain challenges.

But despite this reduction, the retail price of petrol in Nigeria has remained high, with major marketers continuing to sell refined products between N990 and N1,010 per litre in the Federal Capital Territory.

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According to the latest competency centre daily energy data released by the Major Energies Marketers Association of Nigeria on Friday and obtained by our correspondent on Sunday, the on-spot estimated import parity into tanks was N922.65 per litre, a reduction of N21 or 2.2 per cent from the N943.75 per litre quoted on Thursday.

The average cost for 30 days rose to N939.52 per litre on Friday, up from N929.07 per litre on Thursday, and N900.74 per litre on Tuesday.

The document also noted that the price of Brent crude was benchmarked at $78.29 per barrel, down from $78.88 per barrel the previous day, with an exchange rate of N1,550 per dollar.

This cost is viewed as an improvement for importers, providing private depot owners and independent marketers with an alternative route to profitability and the opportunity to source cheaper products.

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With the average ex-depot price across all locations ranging from N950 to N990 per litre, importers stand a chance to cover costs significantly lower than recent historical averages and generate sustainable margins.

The updated landing costs and aligned ex-depot pricing indicate a more profitable environment for stakeholders in the downstream oil and gas sector. However, it also highlights the ongoing influence of exchange rate fluctuations and freight costs on Nigeria’s energy market.

Further checks by our correspondent while analysing petrol price movements at loading depots for last week showed that the loading cost of the commodity was reduced by N10.

Nipco sold its product at N970 from N965 per litre earlier in the week. Aiteo closed the week at N960, while Sahara made a N20 reduction closing at N960 from N980 earlier in the week. Swift opened at N970 and closed at N960. Wosbab and AA Rano closed the week selling their products at N960 per litre.

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In Port-Harcourt, Bulk Strategic Depot opened at N1,005 but closed at N981, indicating a reduction of N24. Also, depots in Delta and Calabar maintained a price range of N972 and N990.

76.84m imported petrol

Meanwhile, fresh findings have shown that oil marketers imported a total sum of 57,301 metric tonnes of fuel between Tuesday, January 21, 202,5 and Wednesday, January 22, 2025.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers brought in about 76.84 million litres of petrol within two days.

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This data sourced from the Nigerian Port Authority also showed that the vessels containing 20,400mt and 36,901mt berthed at the Apapa and Tincan ports in Lagos at 12 midnight and 3:49 pm, respectively. It was handled by Tera Shipping Limited and Peak Shipping Agency Nigeria Limited.

The document also showed that two vessels without documented capacity berthed at the Dangote terminal located at the Lekki Deep Seaport on Sunday.

But commenting on the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said there is an agreement by stakeholders against the importation of refined petroleum products.

Gillis-Harry, in an interview on Sunday, said the Nigerian Midstream and Downstream Petroleum Regulatory Authority is supposed to stop the issuance of import licenses for 180 days to prove the production capacity of the Dangote refinery.

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He said, “Well, is there anybody that has landed imported fuel?”

The amount of litre imported in two days, the official replied, “I am surprised to hear that. I am very surprised to hear that because NMDPRA is the leader of the non-import agreement. The idea was to give the Dangote refinery 180 days to prove its production capacity.

“So I would be surprised if anybody is importing fuel now. Besides now, we have an industry stakeholder forum that was Inaugurated last week, which will direct happenings in the industry. There was an industry agreement that there should be no import, and Dangote was given a certain number of days to produce a certain quantity daily for us.”

But the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the non-import directive was a “mutual understanding” and not a binding agreement.

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Ukadike, in an interview, stated, “There was no agreement like that, but it was a mutual understanding not to import. It was because, at the time, Dangote products were cheaper than imported ones.

“NMDPRA is supposed to give (licence to) anyone who can import at a cheaper rate. We all are looking at cheaper rates, and that is what is happening.”

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Telecom tariff hike: NLC plans mass rally on Feb. 4

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The Nigeria Labour Congress on Wednesday declared it would embark on a nationwide protest against the proposed 50 per cent telecom tariff hike announced by the Nigerian Communications Commission on February 4 in a communiqué signed by its National President, Joe Ajaero.

The decision was taken at the National Administrative Council meeting of the NLC on January 29.

Similarly, Civil Society Organisations have pledged their support for the nationwide protest.

Failure to reverse the hike, Ajaero warned, might result in a nationwide boycott of telecommunication services.

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Endorsing the rally, the Civil Society Legislative and Advocacy Centre, National Civil Society Council of Nigeria and the Take It Back Movement condemned the tariff hike and assured that they would participate in the protests.

The Federal Government had approved a 50 per cent increase though the telecom operators requested a 100 per cent increase.

In response to the development, the NLC rejected the hike describing it as insensitive, unjustifiable, and a direct assault on Nigerian workers and the general populace already burdened by the worsening economic hardship.

Ajaero said, “After extensive discussions, the following resolutions were reached: NAC-in-session totally rejected the 50 per cent telecom tariff hike which it considers as too harsh for citizens. It therefore strongly condemns the Nigeria Communications Commission’s decision to approve the increase in telecommunications tariffs.

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“This decision is insensitive, unjustifiable, and a direct assault on Nigerian workers and the general populace, who are already burdened by worsening economic hardship foisted on them by the policies of the government which was no fault of theirs.”

He noted that the union would embark on a nationwide protest on February 4 to warn against the decision of the government.

Ajaero said, “To express our collective opposition to this arbitrary tariff hike, the NLC will embark on a nationwide mass rally on Tuesday, February 4, 2025.

‘’The rally will serve as a warning on the dangers of imposing such an unfair increase on a struggling population earning a minimum wage of only N70,000; a population that has suffered outrageous hikes in the price of petrol, high cost of food, hike in electricity tariff and general rising inflation.”

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Ajaero directed all NLC affiliates to mobilise their members for the rally.

He said, “All NLC affiliates and state councils are directed to begin full mobilization in preparation for the February 4, 2025, nationwide protest rally. Willing civil society allies are also encouraged to join the preparation.

“The congress calls on all Nigerian workers, the informal sector, and the general public to stand in solidarity against this unjust policy.”

He demanded an immediate suspension of the 50 per cent tariff hike, calling on the Federal Government to dialogue with stakeholders.

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The labour leader warned that failure to do this might result in a nationwide boycott of telecommunication services.

He stated, “NAC-in-session demands an immediate suspension of the 50 per cent tariff hike. It calls on the Federal Government, the Nigeria Communication Commission and the National Assembly to engage in meaningful dialogue with critical stakeholders to review the proposed tariff adjustment within the context of the economic realities facing Nigerians.

“Should these not be heeded, the Nigeria Labour Congress will escalate its actions, including the possibility of a nationwide boycott of telecommunication services and further mass actions which may involve nationwide withdrawal of our service to resist policies that exacerbate poverty and inequality.

“The Nigeria Labour Congress remains committed to protecting the interests of Nigerian workers and citizens against exploitative economic policies. We will not relent in our struggle against policies that undermine the welfare and dignity of our people.

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‘’Nigerian workers and citizens must unite and take action to prevent further economic oppression. We must resist any policy that prioritizes corporate profits over the well-being of the people.”

Commenting on the planned protest, the Executive Director of CISLAC, Auwal Musa Rafsanjani, said the organisation will always side with the people and “support any action to bring down these prices and reduce the hardship Nigerians are facing.”

He added, “CISLAC will always side with the people, will always support the Nigerian people, as against the multinational corporations that are extorting Nigerians, and their collaborators within the government.

‘’We will always uphold efforts at ensuring that the welfare of Nigerians and the living conditions of Nigerians improve. Whatever the position the NLC has taken, CISLAC will support any action that is going to help the masses and is going to bring down the prices for Nigerians that are suffering.’’

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The Director of Mobilisation for the Take It Back Movement, Damilare Adenola, mentioned that the group would participate in the nationwide protests.

“I can say that we instigated the NLC to take action. So, for us to have done that implies that we are part and parcel of the action. We stand for the reversal of the tariff hike, unequivocally. We are not asking for a reduction,” Adenola stated.

The Executive Director of the NCSCN, Blessing Akinlosotu, said the declaration of the nationwide protest by organised labour showed that Nigerians were unhappy with the tariff hike.

He added that the council would picket the Federal Competition and Consumer Protection Council office.

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“We have submitted a letter officially to the Federal Competition and Consumer Protection Council office, and we let them understand that from the Civil Society Council that we lead, over 20 different organisations have written to the council to express displeasure over the frivolous and high increment without proper consultation.

‘’We wrote them officially today, and in the letter, it was there that we will start a protest on Monday. So, I was not even aware of the NLC calling for a protest. But we have notified them officially of picketing their office on Monday morning.

‘’The economy is not friendly to the poor masses, fuel has been increased, electricity tariff has been increased, which is extremely high on Nigerians. And now, to reach out to loved ones will be extremely difficult. That is the height of suffocation,’’ he complained.

However, the telecommunications companies and subscribers have strongly opposed the NLC over for its planned protest.

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Speaking with The PUNCH, the Association of Telecommunications Companies of Nigeria Chairman, Tony Emoekpere, questioned the Congress for singling out telecom operators in its protest, while price hikes in other sectors have gone largely unchallenged.

“When the prices of tomatoes, onions, or bread increased, did we see any protests? No one took to the streets when transport fares rose due to increasing fuel costs,” he remarked.

He stressed the need for fairness, pointing out that telecom operators have absorbed significant financial pressures over the years.

Emoekpere emphasised that the tariff adjustment was necessary to ensure that improvements in service quality accompany the price hike.

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“This tariff adjustment is not simply an increase; it is intended to coincide with enhancements in service quality.

Our primary focus should be on improving the quality of service to benefit consumers,” he explained.

He further warned that resistance to the hike could undermine the sector’s sustainability and negatively affect service delivery.

“If the industry is not allowed to thrive, it will be unable to meet the service demands of consumers. Remember, this is a private sector service, not a government agency,” he added.

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The National Association of Telecommunications Subscribers supports the tariff hike but calls on the NCC to reduce it to 10 per cent.

Last week, it initiated dialogue with the telecom regulator, but the parley ended in a deadlock.

As a result, the association has expressed its intention to challenge the approved tariff increase in court.

The National President of ATCIS, Sina Bilesanmi, dismissed the NLC’s planned protest, asserting that the 50 per cent tariff hike had been finalised.

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As a key participant in the discussions that led to the decision, Bilesanmi noted that the tariff adjustment followed extensive consultations between stakeholders, including the NCC, the Ministry of Communications and Digital Economy, and telecom industry representatives.

“The 50 per cent hike has been implemented and is here to stay. There’s no need for protest or further action,” he stated. “ATCIS was part of the decision-making process, alongside other stakeholders, during meetings held from January 8 to January 13.”

Bilesanmi expressed concern that the NLC’s involvement in the matter was misplaced, suggesting that the union should focus on advocating for workers’ welfare instead of engaging in disputes over telecom tariffs.

“This is not their area of concern. They should focus on workers’ welfare. The NCC has engaged the appropriate stakeholders, and we were all part of those meetings,” he said.

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He also pointed out that previous opposition to tariff adjustments had impeded industry progress.

“Where was the NLC when we were battling telcos and former ministers over this issue? Now, after careful deliberations, the decision has been made, and we stand by it. Let’s see what they intend to do next,” he noted.

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Wike’s day of glory at THISDAY/Arise awards as APC stalwart showers him with praises (Video)

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By Emmanuel Agaji

Barrister Nyesom Wike as Governor of Rivers State won the most outstanding award in projects development in Nigeria, earning the title of Mr Projects in 2022.

Again as it’s widely acclaimed worldwide, ‘a gold fish has no hiding place’, Wike emerged as the minister of the year 2024.

He has proven it at state level and at the apex level Wike got it right again.

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In this clip, APC South South Chairman, Victor Giadom nailed it appropriately as he poured encomiums on Wike.

Watch clip below:

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Watch PDP’s show of shame (Video)

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The lingering crisis engulfing the major opposition party in Nigeria, the PDP has continued to escalate.

In this video clip, despite the presence of security operatives, the scheduled BoT meeting was disrupted by members.

WATCH video below;

 

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