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Dangote deal: Oil marketers promise reduced fuel prices

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By Francesca Hangeior.

 

Oil marketers have assured that Premium Motor Spirit (PMS) prices will drop once they start directly lifting products from the Dangote Refinery.

The Nigerian National Petroleum Company Limited (NNPCL) is the sole entity lifting products from the refinery, which led to a significant surge in petrol prices.

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Prices in Lagos have skyrocketed to ₦950 per litre, with consumers in northern areas paying up to ₦1,000 per litre.

The sharp increase has placed an additional strain on businesses and households already dealing with rising inflation.

However, in a move expected to provide relief to Nigerians facing soaring petrol prices, the Spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, yesterday, provided an optimistic outlook during an interview on National Television, monitored by The Nation.

He confirmed that discussions between marketers and the Dangote Refinery for direct product lifting are underway, and expressed confidence that prices will drop once these arrangements are finalised.

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Ukadike emphasised the critical role independent marketers could play in stabilising petrol prices across the country.

“It is just very simple. It shows that the liberalisation of the market is on the course because there is no way Dangote refinery will be producing petrol in Nigeria without considering IPMAN as one of its strategic stakeholders,” he remarked.

Highlighting IPMAN’s extensive network of filling stations, which account for approximately 85 percent of the country’s distribution outlets, Ukadike suggested the involvement of independent marketers in product lifting from the refinery could resolve current pricing disparities.

He said: “We were even thinking that one of his first points of call was to discuss with IPMAN and not NNPCL because we can distribute every single drop of products produced by Dangote Refinery.”

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He noted that competition and independence in sourcing products would drive down petrol prices, saying, “Immediately after we discuss and commence direct lifting of product from Dangote, the issue of pricing and differential in pricing will be gone. What we are seeing here is price disparity. But if IPMAN becomes independent, prices will drop.”

Drawing from the successful reduction in diesel (AGO) prices when independent marketers began sourcing directly from Dangote, Ukadike expressed optimism for a similar outcome with petrol.

“Dangote also opened up to IPMAN when he started producing AGO, diesel. We entered the market and started buying it, and prices of AGO came down from N1,600 to between N1,000 to N1,100,” he explained.

He concluded by calling for an inclusive market, noting, “This is a deregulated economy, and every stakeholder and player should be given equal opportunity.”

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UK Court Jails 35-yr-old Nigerians 10 Yrs After Brutal R3pe Of Woman In Nottingham

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By Kayode Sanni-Arewa

A 35-year-old Nigerian, Timilehin Olatunji, has been sentenced to 10 years in prison for the rape of a woman at a property in Nottingham during the early hours of September 29, 2024.

It was gathered that the victim courageously used a mobile app to record audio evidence of the attack before escaping and reporting the crime to Nottinghamshire Police.

Following the report, Olatunji was arrested shortly afterward and subsequently charged with three counts of rape.

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He pleaded guilty to the charges.

During the sentencing at Nottingham Crown Court on Wednesday, January 15, Judge Michael Auty described the assault as “despicable and vile” and “beyond rational understanding.”

He condemned Olatunji’s actions, saying: “You took it upon yourself to rape her in the most brutal, sadistic, and cruel way imaginable.”

Olatunji has also been placed on the Sex Offenders’ Register for life and is subject to an indefinite restraining order to protect the victim.

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In a statement released on Thursday, Nottinghamshire Police commended the victim’s bravery and reaffirmed their commitment to supporting survivors of sexual violence.

Detective Constable Emily Bucklow, of Nottinghamshire Police, said: “The recorded evidence of Olatunji’s horrific assault made this case particularly harrowing for all the officers who worked on it.

“It is one of the most upsetting things I have had to listen to in my policing career and only enhances my admiration for this victim’s bravery.

“I would also like to commend her for the courage she showed following Olatunji’s arrest and dignity during the subsequent court proceedings,” Emily said.

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The detective said, “He subjected her to a violent, degrading and sustained ordeal but she has shown immense bravery to help us bring him to justice.

“I hope the sentence handed down will at least provide some closure to what must have been an acutely distressing period of her life.

“I also hope the sentencing of Olatunji will encourage other victims of rape and serious sexual assault to have the confidence to come forward and report offenders.

“Our experienced officers are here to help the victims of appalling crimes like this,” Emily added.

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Tinubu Exhausted N9.74bn Supplying Rice, Beans Palliatives To Nigerians In 2024 – Report

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By Kayode Sanni-Arewa

The President Bola Tinubu-led Nigerian government reportedly spent a total of N9.74billion for the procurement and distribution of food items as part of its efforts to mitigate the nationwide food crisis in 2024.

This was revealed by BudgIT on its platform, GovSpend, a civic-tech organisation advocating for transparency and accountability.

According to the report, a large portion of the funds was dedicated to supplying essential food staples such as rice, beans, maize, and other commodities.

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The report showed that the Federal Ministry of Agriculture and Food Security led the initiatives, making multiple payments to contractors responsible for the emergency supply of palliative foodstuffs to various federal constituencies.

Key transactions included payments for the delivery of rice, beans, and garri to help alleviate hunger in vulnerable communities.
Payments, averaging around N85.45 million per constituency, were made between February and November 2024 across different regions.

Data from the platform reportedly indicate that N85,454,545.46 was spent on each constituency in states including Kano, Ogun, Osun, Akwa Ibom, Cross River, Adamawa, Kaduna, Jigawa, Ekiti, Oyo, Lagos, Bauchi, Rivers, Borno, Sokoto, and Enugu, bringing the total expenditure to N9.74 billion.

However, despite the significant financial outlay, there are concerns about the programme’s effectiveness in addressing the root causes of food insecurity.

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Shedrach Israel, an economist at Lotus Beta Analytics, argued that food palliatives alone cannot solve Nigeria’s food crisis, according to PUNCH.

“While food palliatives are essential for addressing immediate hunger, they fail to address the underlying systemic issues, such as inflation and the deficiencies in the agricultural sector,” Israel said.

Israel added, “We need long-term economic policies focused on boosting local agricultural productivity and improving distribution networks to reduce dependence on external food aid.”
Israel further said that the N9.74 billion spent on palliatives could have been better invested in agricultural innovation and infrastructure development, which would provide sustainable solutions to food insecurity.
Also, La’ah Dauda, an agricultural economist based in Kaduna, emphasised the need for a more comprehensive approach to addressing the food crisis.

“The government’s reliance on palliatives is a short-term fix to a deeper agricultural crisis. While necessary, these measures do not tackle critical issues like inadequate irrigation, poor storage facilities, and limited market access, all of which continue to impede agricultural productivity across the country,” he said.

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SEE Dollar (USD) to Naira Black Market Rate Today January 18, 2025 Aboki

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By Kayode Sanni-Arewa

As of January 18, 2025, the Nigerian Naira (NGN) has continued to experience some level of volatility against the US Dollar (USD), while this has been the norm for decades now, this largely to some extent reflects the ongoing economic challenges.

See the Naira performance across various currencies

A quick check at the parallel market at Abuja Zone 4 market,as at January 18, 2025 , the black market exchange rate stands firmly at approximately ₦ 1,682.00 per USD. This means if you want to buy a dollar now, it is ₦ 1,682.00 while if you want to sell it is approximately ₦ 1,670.00 .

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Please be aware that the parallel market or the black market rates are mostly and notably higher compared with what you get from the official market or CBN rate

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Selling Rate ₦ 1,682.00

Buying Rate ₦ 1,670.00

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