Economy

Marketers Speak On New Fuel Price As Another Refinery Prepares To Release Product After Dangote

Published

9 months ago

April 28, 2024

After a long wait, the Port Harcourt refinery is getting closer to beginning operations while oil marketers wait patiently There is optimism that when the refinery finally starts releasing products, it will help reduce fuel prices by N150 The Dangote Refinery has already taken the bold step of reducing the diesel price from N1,700 to N1,000 per litre

Oil marketers have visited the Port Harcourt Refinery Company in Rivers State and have expressed readiness to load Premium Motor Spirit, popularly called petrol, from the facility soon. The Nigerian National Petroleum Company Limited has also instructed workers to prepare the refinery as soon as possible.

PH refinery is almost ready and marketers are ready to buy at a new pricee. Punch reports that oil marketers confirmed after a visit to the PH refinery that the facility is almost ready to release products. They also expressed optimism that the refinery and Dangote Petroleum Refinery would crash fuel prices below N500/litre when it starts releasing products. Legit.ng had earlier reported that the Dangote refinery is projected to start supplying petrol to the market in May.

Marketers speak on new fuel prices

The Independent Petroleum Marketers Association of Nigeria said PH refinery might start releasing refined petroleum products this month. IPMAN National Public Relations Officer Chief Ukadike Chinedu said independent dealers have started planning to purchase and load products from the refinery, adding that operators are optimistic about a price reduction. On the expected petrol prices from the refinery, he said: “NNPC is still giving us PMS at N567.7/litre, so we want to believe that the Port Harcourt refinery should give us the product at N500/litre or less than that.

Also, Punch reports that the National President of IPMAN, Abubakar Maigandi, said the refinery might sell petrol at N500/litre or below. IPMAN president noted: “We are happy the price of diesel is coming down, thanks to Dangote refinery. As for petrol, the sale has not started. We hope petrol too will come down to like N500. “But if the dollar continues falling, it may go back to the normal rate”. Dangote crash diesel to N1,000 per litre Earlier, Legit.ng reported that the diesel price from the Dangote Refinery has now been reviewed from N1,200 to a new record of N1,000 per litre. This came as marketers advocated reducing Dangote Petroleum Refinery’s diesel pump price to N700 to N850 per litre.

Economy

SEE Exchange Rates Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 28 January 2025

Published

19 hours ago

January 28, 2025

Naijablitznews

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Tuesday, January 28, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 28 January 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Tuesday, January 28, 2024, players bought a dollar for N1685 and sold it for N1700.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Tuesday, January 28, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

Economy

Naira rebounces against US Dollar, gains N10

Published

22 hours ago

January 28, 2025

Naijablitznews

The Nigerian Naira appreciated against the dollar in the parallel exchange market on Monday, recording a gain of ₦10.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, disclosed to DAILY POST that the Naira strengthened to ₦1,650 per dollar on Monday, compared to ₦1,660 recorded last Friday.

This improvement in the parallel market indicates a positive development for the local currency, which has faced persistent challenges in recent months.

However, in the official foreign exchange market, the Naira experienced a slight drop. According to data from the Financial Markets Dealers Quotation (FMDQ), the currency traded at ₦1,533.63 per dollar on Monday, compared to ₦1,531.20 last Friday, reflecting a marginal depreciation of ₦2.43.

The Naira’s performance continues to show mixed sentiments across different market segments. While the parallel market has seen a modest gain, the official window reflects a slight loss. This volatility underscores ongoing challenges despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency.

Recent Trends
Over recent months, the Naira has fluctuated in value due to a combination of factors, including fluctuating forex demand, limited dollar supply, and monetary policy adjustments. The CBN’s interventions, including forex reforms and measures to improve liquidity, have aimed to address these issues, though the currency continues to experience periodic pressure.

Economy

We’ll fix economy, security , fight corruption — VP Shettima

Published

1 day ago

January 28, 2025

Kayode Sanni-Arewa

Vice President Kashim Shettima has assured Nigerians of the commitment of the ruling All Progressives Congress, APC, administration to fight corruption, fix the economy, improve national cohesion and strengthen the independence of the judiciary.

Shettima gave this assurance at the national conference on strengthening democracy in Nigeria on Monday in Abuja.

The conference themed, ‘Strengthening Nigeria’s democracy: Pathways to good governance and political integrity’,was organised by the African Centre for Leadership, Strategy and Development.

Shettima, who was represented by his Special Adviser on political issues, Hakeem Baba-Ahmed, admitted that while democracy is not a perfect system, compared to others, it is the best form of government.

“We will listen and adjust where necessary, and we will account for our stewardship in all matters our challenging democratic systems demand.

“I am convinced that Nigeria shall rise again, answer to its full potential and lead the way to a future that has learnt lessons from a difficult past into a world in which our country will be a key player, and our young will be active champions of a democratic system because it speaks to them.

“It has been said many times that democracy is an imperfect system, yet superior to all others.

“We will continue to seek to provide evidence of the values of the democratic systems by, among others, fixing major weaknesses of our economy, securing our communities, fighting corruption, supporting free and fair elections, strengthening the independence of the judiciary and improving national cohesion,” he said.

Shettima urged Nigerians to support the current administration in this challenging but ultimately rewarding journey, dtressing that the Bola Tinubu administration has a major interest in the quality of the democratic system.