Connect with us

News

FG Reportedly Directs Dangote Refinery To Set Petrol Prices

Published

on

By Kayode Sanni-Arewa

The federal government is considering granting Aliko Dangote’s refinery the authority to set petrol prices

According to reports by Bloomberg, the decision could reshape the government’s control over fuel prices paid by consumers.

The report indicates that Nigeria will permit Dangote to set the price of gasoline for petroleum marketers starting next month, according to officials familiar with the matter.

Advertisement

These officials requested anonymity, as they are not authorized to speak to the media.

Before now, Nigeria—Africa’s largest oil producer—relied entirely on imported petrol, subsidizing the cost at a significant annual expense. However, with Dangote’s refinery in Lagos beginning local petrol production, the burden of imports on the NNPC is expected to ease.

Since August 2023, the Nigerian National Petroleum Company Ltd., the sole importer of petrol, has been reselling the product below market rates to control prices, following a brief removal of the subsidy that worsened inflation and fueled public dissatisfaction.

This week, the NNPC raised the price by 45% to N897 per liter, bringing it closer to market levels after acknowledging substantial debt to international suppliers, which has impacted its ability to maintain a sustainable supply of petrol nationwide.

Advertisement

These changes come in the midst of severe petrol scarcity across major Nigerian cities, as debts incurred by NNPC—partly due to the subsidy—have hindered its capacity to supply fuel.

The NNPC disclosed that the government owes it N7.8 trillion in subsidy debts for the seven months leading up to July. Looking ahead, petrol marketers will be permitted to purchase products directly from the Dangote Refinery, according to sources.

Dangote says it cannot fix petrol prices
The plan to allow the Dangote refinery to set petrol prices come amidst a recent statement by the Dangote Group that it cannot influence, set prices of petrol from its refinery stating that only the federal government’s regulatory authorities can do so.

It also stated that NNPC has not began lifting petrol from the refinery as the issue of pricing has not been concluded

Advertisement

It stated, “We would like to state that NNPC has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.”

“Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalize our contract with NNPC.”

“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government
authorities.”

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

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

News

Brazilian Wanted For Coup Attempt Arrested

Published

on

By Kayode Sanni-Arewa

Argentinian police on Thursday arrested a Brazilian, Joelton Gusmao de Oliveira who was declared wanted over attempted coup last year in support of former far-right leader, Jair Bolsonaro.

The police statement also said Brazil had previously issued a warrant for his “arrest and detention” for extradition.

Forty-seven-year-old Oliveira was arrested in Argentina’s La Plata, 60 kilometers (37 miles) south of Buenos Aires, according to a police statement

Advertisement

A Brazilian court had in February handed Oliveira a 17-year prison sentence in absentia for the attempted coup and armed criminal association.

Thousands of pro-Bolsonaro activists invaded the presidential palace, Congress and the Supreme Court on January 8, 2023, demanding the intervention of the armed forces to depose the newly elected left-wing President Luiz Inacio Lula da Silva.

Brazilian news site UOL said Oliveira was a refugee arrested while trying to renew his papers.

In October, the Argentine government amended the law preventing foreigners charged or convicted over “serious crimes” from being granted refugee status.

Advertisement
Continue Reading

News

Miss South Africa Pulls Out From Miss Universe Over Health Issues

Published

on

By Kayode Sanni-Arewa

Mia Le Roux, who was recently crowned Miss South Africa 2024, has announced her withdrawal from the Miss Universe competition because of health issues.

This was contained in a statement released on Friday by the Miss South Africa Organisation, Le Roux expressed gratitude for the support she has received from South Africans, describing the decision to step back as “incredibly challenging” but necessary to focus on her health.

“I am profoundly thankful for the unwavering support from South Africa during my time at Miss Universe. Making this decision has been incredibly challenging, knowing the dreams and hopes that have been placed upon me.

Advertisement

“However, I am deeply grateful to have the opportunity to focus on my health and recovery so that I may continue to serve my country with full strength,” she said.

The Miss South Africa Organisation also expressed its support, emphasising Le Roux’s resilience and prioritising her health.

“Mia has shown incredible courage and grace throughout this difficult period,” the organisation stated.

“Her health and well-being are our utmost priority, and we stand by her side, dedicated to ensuring she regains her strength and returns to full health,” it added.

Advertisement
Continue Reading

News

London Russian TV Chef Found Dead In Belgrade Hotel

Published

on

By Kayode Sanni-Arewa

A Russian TV chef who ran a restaurant in central London has been found dead in Serbia.

Alexei Zimin, 52, was an outspoken critic of Russian President Vladimir Putin’s invasion of Crimea in 2014. He had spent his final years exiled in the UK.

The 52-year-old ran a cookery show on the Russian NTV channel, which was axed after he posted anti-war messages on social media following the full-scale invasion of Ukraine in February 2022.

Advertisement

Serbian authorities told the BBC there were “no suspicious circumstances” related to his death and that an autopsy and toxicology report were ongoing.

Mr Zimin was found dead in a hotel room in Belgrade, according to reports in Russian media.

He had travelled to the Serbian capital to promote his new book about Britain Anglomania.

[/b]Katerina Ternovskaya, co-owner of the restaurant where Zimin had presented his book and prepared food, said people were “in shock” adding that “the last time we have seen him, he was smiling and in a great mood”[/b].

Advertisement

The diner was wonderful and Alexei was very happy,” she said.

Mr Zimin’s restaurant in London, Zima, confirmed the chef’s death on Instagram.

For us, Alexei was not only a colleague, he was our friend, a close person with whom we were lucky to go through a lot – both good, kind and sad,” the restaurant said.

Thank you to everyone for the words we [have received] today about Alexei. We are hurting together with you.

Advertisement

“The entire Zima team expresses condolences to Alexei’s family and mourns together with them.”

Written in Russian, Anglomania covers how “modern ideas about democracy, freedom of speech, human rights, capitalism with an inhuman face and socialism with a human face, science, literature, Christmas turkey and afternoon tea” originate from the UK, according to Mr Zimin’s website.

In May 2022, he told the BBC his restaurant had been targeted with abuse and arson threats after Russia’s invasion.
“My partners thought about changing the name,” he said.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News