News
It Might Be Too Expensive – Marketers Express Fear As Dangote Petrol Move To Hit Local Markets
By Kayode Sanni-Arewa
Petroleum marketers have expressed fear over the price of petrol from Dangote Petrochemical Refinery.
The product is set to hit the Nigerian local market in two to three weeks.
However, petrol marketers do not seem to look forward to the development as they claim that the product’s price may be higher than expected.
They spoke against the backdrop of the 650,000-capacity refinery’s failure to get feedstock locally from the international oil companies.
Dangote Refinery has continued to import crude oil from the United States and other countries at a higher cost.
This development has reportedly made its diesel and aviation fuel not very attractive to some local marketers due to price reasons.
Speaking in an interview with Punch, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said crude imports would jerk up the price of Dangote petrol.
According to Fashola, the refusal of IOCs to sell crude oil to Dangote will be a big challenge to the $20bn refinery, even as he acknowledged that the IOCs also have other business commitments.
According to him, “The non-supply of crude is a big challenge for Dangote. You know Dangote cried out too. The international oil companies too will have their reasons; you know they have their commitments too. It’s not like they will start feeding Dangote only. People should understand that.
I think Dangote should consider that. I know this prompted Dangote to go outside the soil of Nigeria to seek crude oil. You know when he keeps bringing crude oil from the United States, that is another cost. That is another problem we are scared of because it will still boil down to the high cost of petrol, unlike where he can source the crude locally in Nigeria.”
To resolve this, the IPMAN leader asked the Federal Government to assist Dangote with the supply of crude oil. This, he said, would solve the problems Nigerians face with fuel availability and affordability.
“I will advise that the government should assist Dangote in the supply of crude oil. If Dangote can get an adequate supply of crude oil locally, I think the whole problem will be solved somehow. I don’t think there will be any need for anybody to go and bring in petrol again, especially if Dangote is selling at a reasonable price,” he added.
Fashola, however, enjoined Dangote not to monopolise the petroleum if he eventually got the support of the government, saying the refinery must sell PMS at a reasonable price.
“Dangote too should not see it as an advantage to start monopolising the market by raising fuel prices. Dangote has to come with a clean mind by selling at a reasonable price to the public,” he said.
By Kayode Sanni-Arewa
The Joint Security Patrol team led by the Anambra state police command has neutralized a notorious suspected kidnapper along the Enugu/Ukwu road .
The operation according to the state police command spokesperson Tochukwu Ikenga was carried out with local vigilante group who identified the suspect before he was chased and engaged in an exchange before he was neutralized.
The joint security patrol team was said to have responded to a distress call of the planned attack by the gang members of the suspect, before acting swiftly to the scene and engaged them, which led to some of the gang members escaping with bullet wounds.
One AK 47 rifle, two magazines and five rounds of live ammunition were recovered from the suspect, as manhunt for the fleeing suspects continue according to the police. The Anambra police command urges residents to remain vigilant and report any suspicious activities in their area to the nearest police station for prompt action.
The Dangote Group has announced a reduction in the price of its Premium Motor Spirit (PMS) to N970 per liter.
This was contained in a statement issued by Anthony Chiejina, the Group’s Chief Branding and Communications Officer, on Sunday.
Chiejina stated that the refinery has lowered its petrol price for marketers from N990 to N970 per liter, providing them with a N20 discount per liter.
Furthermore, he emphasized that despite the price reduction, the quality of the company’s products remains uncompromised.
The statement regarding the price adjustment reads:
“Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for the marketers.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the Refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being.
While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Bandits have k!lled seven farmers, including a vigilante, and burnt 50 bags of maize inside a truck in Bangi, Mariga Local Government Area of Niger State.
Sources on Saturday, November 23, told Daily Trust that the victims had gone to bring the harvested maize home from their farm when the bandits ambushed them, k!lled all the occupants in the truck and set the truck.
Bandits have killed seven of our farmers who had gone to farm to bring the maize they had harvested home. The attackers hid and waited until after the victims had loaded the 50 bags of maize into the truck and were about to take off to return home when they opened fire on them. After k!lling the victims, they also set the truck and the 50 bags of maize already loaded ablaze,” a source said.
He said it was difficult for farmers in Mariga to harvest their crops this year due to k!llings and kidnappings by bandits.
Joint Security Patrol Team wastes Kidnapper in gun duel along Enugu/Ukwu Road
Just in : Dangote Refinery reduction in petrol price, now N970 per litre
Insecurity! Bandits k!ll 7 farmers, burn 50 bags of maize in Niger state
Just in: Terrorists ambush military truck, kill all soldiers on board
Nigerian Dancer, Korra Obidi Attacked with acid, stabbed on stage In UK
Meet Rare Gem 16 Years Old Chiaza, CEO of ‘RUN MARKET PLACE’
-
News13 hours agoSimon Ekpa: FG’s attempt to extradite self acclimated freedom fighter may hit brickwall
-
News22 hours agoNUJ-FCT Elections: Comrade Ike To Flag-Off Campaign With Free Medical Checks, Treatment
-
Metro23 hours agoAnambra Police arrest native doctor, one other for armed robbery, kidnapping
-
Politics12 hours agoHardship: PDP Governors seek review of governance policies
-
News13 hours agoRetired 85-year-old Col bags P.hd
-
Sports23 hours agoChelsea narrowly escape at King Power Stadium, trounce Leicester 2-1
-
News13 hours agoMinimum wage: Yobe Gov approves N70k for workers
-
Politics13 hours agoINEC Announces Date To Resume Nationwide Voter Registration