About 42.3 million litres of imported Premium Motor Spirit (PMS), commonly known as petrol, is set to arrive in Nigeria, according to oil marketers on Friday. They emphasized the need for local refineries to boost output as importation remains necessary to meet domestic fuel demand.

Petrol dealers pointed out that imports would continue until Nigeria’s local production, including from modular refineries and the Dangote Petroleum Refinery, can sufficiently supply the market. As of now, production levels at these refineries fall short, compelling dealers to rely on imported supplies of diesel and petrol.

In early September, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the Dangote Refinery would initially supply 25 million litres of petrol daily, rising to 30 million litres starting in October 2024. According to NMDPRA, an agreement was reached with NNPC to supply local crude to Dangote’s refinery in Nigerian currency.

“NNPC has agreed to commence crude oil sales to Dangote Refinery in naira, starting with a supply of 25 million litres of PMS this September, which will increase to 30 million litres by October 2024,” NMDPRA posted on social media.

However, oil marketers claim the Dangote facility, valued at $25 billion and based in Lekki, has not yet reached these volumes, making further imports necessary to fill the gap. One major dealer, who requested anonymity, reported, “We expect about 32,000 metric tonnes of PMS to arrive next week, equivalent to around 42.3 million litres.”

Two prominent marketers are collaborating on the importation, supplementing supplies previously brought in by other dealers. “The consignments are shared between major marketers. This doesn’t exclude us from buying from Dangote Refinery, but in a deregulated market, we have the freedom to source competitively,” the dealer explained.

From October 18 to 20, 2024, four vessels carrying approximately 123.4 million litres of petrol docked at Nigerian ports, enhancing fuel supplies nationwide. These deliveries confirm a recent report that revealed oil marketers are actively importing fuel to support the Dangote Refinery’s limited output.

Another dealer commented, “Many marketers are ramping up imports, while those who cannot import buy from Dangote. The market’s now open, so everyone sources as they need. It’s essential, especially since local production is still insufficient.”

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Ukadike Chinedu, confirmed that while IPMAN members haven’t yet started importing PMS, the market is now open to anyone with the capacity to import.

Elon Musk’s Starlink has announced the suspension of its monthly service tariff hike for Nigerian users weeks after regulatory sanction by the Nigerian Communications Commission, NCC.

The company disclosed this in a statement to users on Thursday.

According to Starlink, the decision to put on hold the tariff hike was due to regulatory challenges.

Explaining that the hike was on account of inflation and designed to help “maintain operations and continue delivering reliable service,” the company, on Thursday, however, said it temporarily suspended the new price regime due to regulatory challenges.

“If you’ve already been charged at the higher rate, a one-time credit will be applied to your account to cover the difference. You also have the flexibility to cancel your service at any time,” the company stated.

DAILY POST recalls that last month, Starlink announced a 97 per cent tariff hike for monthly subscriptions from N38,000 to N75,000.

However, Nigeria’s telecommunications regulator, NCC, said in a statement on October 9 that Starlink increased the subscription tariff without its approval and vowed to sanction the company.

In the past months, mobile telecommunications operators in Nigeria had demanded a tariff hike but did not receive greenlight from NCC.

The Central Bank of Nigeria (CBN) has dispelled claims suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024.

The CBN made the clarification following media reports that it has fixed a deadline for the withdrawal of the old notes.

In a release by the Ag. Director of Corporate Communication, Hakama Sidi, the apex bank said: “We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.

“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old naira banknotes ad infinitum, subsists.

“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs) remains in force.”

Recall that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions. Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.

The apex bank advised members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024.

It urged Nigerians to continue to accept all naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.

The bank also encouraged the public to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.