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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.
Watch video depicting moment Akwa Ibom North West Senatorial District townhall/stakeholders meeting convened by the President of the Senate, Senator Godswill Akpabio in Ikot Ekpene, the people renewed their resolve to stand on the mandate of President Bola Ahmed Tinubu.
Watch below:
Popular Nigerian gospel singer Asu Ekiye has finally opened up on how his estranged wife, Kunemofa Asu, initiated the divorce proceedings that led to the dissolution of their 28-year marriage.
Ekiye, popularly known as the “Prince of the Niger Delta”, made the clarification in a statement shared on social media.
The clarification followed reactions to his earlier announcement on Thursday that his marriage to Kunemofa, which began in 1998, had ended.
The announcement sparked widespread reactions from fans of the award-winning singer, especially netizens, with many expressing shock at why a marriage of that length could have been salvaged.
However, following public curiosity, the singer, in a new post, clarified that his wife initiated the split and filed for divorce without a prior quarrel, and that reconciliation efforts failed.
Ekiye said his wife had expressed her desire to end the marriage, moved out of their home, and subsequently instituted divorce proceedings.
“The decision regarding the dissolution of my marriage was not one I initiated.
“Having done all I could to seek reconciliation, I eventually came to the difficult decision to accept the reality of the situation,” he said.
The singer said he spent about a year making efforts to reconcile with his wife and preserve the marriage, but she remained firm in her decision.
Ekiye said he decided to clarify the circumstances surrounding the divorce after receiving numerous calls and messages following his announcement about the end of the marriage.
He said he bore no bitterness or ill will towards his former wife and had chosen to approach the new phase of his life with dignity and respect for all concerned.
“I bear no bitterness or ill will toward anyone,” he said.
The Nigerian Navy (NN) has handed over nine suspected stowaways to the Nigeria Immigration Service (NIS) after rescuing them from a merchant vessel in Lagos.
The Nigerian Navy Ship (NNS) Beecroft effected the handover on Friday following the discovery of the suspects concealed in the propeller compartment of MT *Evgenia* two days earlier.
According to a statement by the Commander of NNS Beecroft, Commodore Aiwuyor Adams-Aliu, the suspects were found on Wednesday, August 19, and evacuated to the naval base for preliminary investigation and profiling.
He said investigations revealed that the suspects boarded the vessel while it was berthed at the Flour Mills Jetty in Apapa, allegedly intending to travel illegally to Europe.
The suspects were identified as Thompson Vincent, 23; Emmanuel Philip, 24; Tobi Olalekan, 32; Omotayo Adebowale, 43; Abdullahi Idowu, 21; Tunde Mustapha, 19; Jamiu Ismaila, 25; Ibrahim Alabi, 30; and Christian Kadiri, 22.
Adams-Aliu said the handover was part of ongoing collaboration among security agencies to curb illegal migration and strengthen maritime security.
He urged parents, guardians and other authority figures to discourage young people from attempting to board seagoing vessels illegally, noting that the dangers associated with the practice extended beyond Nigeria to other West African coastal states.
He added that NNS Beecroft would continue to support the Chief of the Naval Staff, Vice Admiral Idi Abbas, in deploying a professional naval force to safeguard Nigeria’s maritime interests and support national security operations.
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