News

Marketers plan to sell petrol below N1,028/litre Dangote price

Published

3 weeks ago

November 2, 2024

Oil marketers, on Friday, revealed that the price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery was between N1,015 and N1,028/litre depending on the quantity being purchased.

Based on this, the dealers vowed to import the commodity and sell it below the Dangote refinery price as well as the price being sold by the Nigerian National Petroleum Company Limited.

Data released by the Major Energies Marketers Association of Nigeria on Thursday showed that the landing cost of petrol was N978.01/litre as of October 31, 2024.

It stated that the landing cost of diesel was N1,069.97/litre, while that of aviation fuel was put at N1,119.67/litre.

The landing cost of these white products is the unit price of the imported commodities on landing on Nigeria’s shores.

Since the Dangote refinery commenced the release of refined petroleum products domestically, it had refused to announce the cost of the commodity despite several demands for the price.

However, a major marketer, who spoke to one of our correspondents on condition of anonymity due to lack of authorisation to speak on the matter, confirmed that the cost of petrol from the Dangote refinery was higher than that of imported PMS.

According to the official, the refinery currently sells to oil marketers making bulk purchase at N1,015/litre and small buyers at N1,028/litre.

The major marketer also disclosed that three cargoes carrying petroleum products recently arrived and had been discharged at seaports along the nation’s borders.

“Dangote is selling to bulk buyers at N1,015/litre, but to marketers who are not buying in bulk, the refinery is selling at N1,028/litre.

“But imported PMS is cheaper than the cost of Dangote’ own, and that is why he is doing all he can to ensure that the government stops the importation of fuel,” the dealer stated.

Commenting on the development, marketers under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria vowed that they would sell imported petrol below the price offered by the Dangote refinery.

The association said its PMS would also be cheaper than that of the NNPCL.

The PETROAN Publicity Secretary, Dr Joseph Obele, however, told Saturday PUNCH that the price of Dangote PMS might be higher because the refinery was still producing with the imported crude it bought at a premium.

He said the association had struck deals with some international fuel suppliers to import PMS at a good price, adding that the product would arrive in Nigeria at a price around N800/litre.

“PETROAN is an association, but we have incorporated our limited liability company called PETROAN Limited. We have got the licence from the Corporate Affairs Commission, and we have applied to the NMDPRA to licence us and give us authority to import. So, as we get that authority to import, I think we will import from the best market.

“And it is good also for the general public to understand that the landing costs in all the nations are not the same. PETROAN has got a partner from the international market, that the product will arrive here at close to N800/litre. So, since PETROAN has the best value for Nigerian citizens, we are calling on the regulatory agency to release our authority to import in no distant time so our first stock will come in.

“And we assure you that PETROAN will sell far less than Dangote. It will sell at prices far less than NNPC. Right now, NNPC is selling to us at N1,040/litre. PETROAN will not sell like that, because we have negotiated. And all our partners and foreign counterparts are on standby to make sure we give Nigerians the best value,” Obele said.

The associations spokesperson stated that he would not be able to disclose the exact quantity to be imported, but stressed that PMS imported by PETROAN would be cheaper.

Obele explained that Dangote was only selling to NNPC directly, while NNPC sold to marketers.

“I am telling you that that the position of NNPC as a middleman is still active till tomorrow. NNPC has refused to announce how much Dangote is giving. Dangote has also refused to announce how much he is selling to NNPC. So, I think there is an agreement that they don’t announce it.

“All we know is how much NNPC is selling it to us. However, the transaction between the two is not in the public domain. NNPC has refused to mention it. And the general public has said, please make these things open,” he said.

Speaking on the landing cost of N978/litre, he emphasised that the landing cost differs from country to country.

“N978 to N1,000, that’s the landing cost. It was about N1,100 as of last month. But because of the drop in the selling price of crude oil in the international market, PMS has witnessed a downward review in the international market too. So, I think we should also witness a downward review,“ he said.

When reminded that the NNPC just jerked up its price, Obele responded, “No, the issue we have is that the only functional refinery we have is the Dangote refinery. And Dangote has announced to everyone who wants to hear that the crude oil stock he is still working on was the one he bought from the international market; that the naira-for-crude stock, he has not started refining that. So, we don’t expect a downward review from someone who bought old stock when crude oil was selling for $80 and $78 per barrel.

“So, now that it has dropped to $72, we are not expecting to review the price automatically. Because you can put it to us that it is still trading with the old stock. But recently, the price of crude oil has dropped. We hope that whoever is buying the new stock of this new trade should review the price downward. But if what Dangote has used to refine the stock available is the old stock got when crude oil was still selling at $80 per barrel, we don’t expect him to review downward.

“Until the refinery commences production with the stock it just received last week in naira, that’s when people can criticise it. But at the moment, I think the selling rate reflects the former cost of crude oil.”

Meanwhile, the National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria, Yakubu Suleiman, also stated that the cost of Dangote petrol was higher than the imported commodity at the moment.

Suleiman, speaking in an interview with Arise TV, on Friday, stated that the price of fuel from Dangote refinery was higher than the cost of commodities imported.

According to him, the price of petrol at Dangote refinery was set at around N995 and higher than other sources.

Suleiman also accused the Chief Executive Officer of the Dangote refinery, Aliko Dangote, of sidelining key stakeholders in its fuel supply strategy, claiming that limited engagement with independent marketers had hampered their ability to lift petrol from the facility.

When contacted, the Chief Corporate Communications Officer of Dangote Group, Tony Chiejina, said the figures being bandied were not correct.

He described reports on Dangote petrol price as fake news, wondering where they emanated from.

“This is fake news. People are just posting what they like,“ he said.

Chiejina, however, declined to give the actual price.

News

See Photos of World’s Tallest and Shortest Women Meet for Afternoon Tea in London

Published

8 hours ago

November 22, 2024

Naijablitznews

The world’s tallest woman and the world’s shortest woman met for the first time this week, sipping tea from china cups — and bonding over what they have in common while celebrating their differences.

Jyoti Amge, shortest woman, and Rumeysa Gelgi, tallest woman, meet for the first time and share afternoon tea

Rumeysa Gelgi, from Turkey, stands at 7 feet and 0.7 inches, while Jyoti Amge, from India, is 2 feet and 0.7 inches.

Jyoti Amge, shortest woman, and Rumeysa Gelgi, tallest woman, meet for the first time and share afternoon tea

“You’re so beautiful,” said Gelgi, 27. “Thank you — you too,” replied Amge, 30.

Their meeting, over afternoon tea at London’s Savoy Hotel on Tuesday, came ahead of Guinness World Records Day, which is held annually in November to mark record-breaking achievements and encourage people to attempt records. The pair have been honored as “World Record icons” in the 70th anniversary edition of the Guinness World Records book.

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“Meeting Jyoti for the first time was wonderful,” Gelgi said in a release Wednesday. “She’s the most gorgeous lady. I was waiting to meet her for a long time.”

Gelgi said the pair bonded over their love for makeup, jewelry and doing their nails.

Video footage showed them sitting down for tea, cakes and sandwiches stacked next to them, with the London Eye visible from the window.

Amge said in the release that she was “so happy to look up” and see the world’s tallest woman, whom she called “good-natured.” She added that it was difficult at times for the pair to make eye contact “due to our height difference.”

“Guinness World Records is all about celebrating differences,” its editor in chief, Craig Glenday, said in a statement ahead of Guinness World Record Day, which is on Thursday.

“By bringing together these two amazing, iconic women, they can share their perspectives on life with each other and, also, with us,” Glenday said.

Gelgi’s record-breaking height is due to a rare genetic condition called Weaver syndrome, which causes rapid growth, according to the National Organization for Rare Disorders.

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The primary symptom is growth and bone development that occurs faster than usual, making those affected taller than average. People with Weaver syndrome may have rigid muscles and difficulty extending their elbows or knees.

Gelgi used a walking aid for support during the pair’s meeting. Her case of Weaver syndrome was the 27th ever diagnosed and the first in Turkey, according to Guinness World Records.

Weaver syndrome is generally caused by changes in the EZH2 gene, according to the NORD, though the organization notes that some people with Weaver syndrome do not have a mutation in the gene.

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Amge, an actor who played the character of Ma Petite in the television series “American Horror Story,” has a genetic growth disorder that occurs in the early stages of fetal development, known as achondroplasia.

According to Johns Hopkins, the condition causes shorter bones, abnormally shaped bones and shorter stature. While the genetic defect can be passed from parent to child, in about 80 percent of cases, achondroplasia results from a spontaneous mutation that occurs in the developing embryo.

On Thursday, Gelgi shared photos on Instagram of the two exploring London despite the cold weather, posing side by side in front of Tower Bridge.

News

Speaker Abbas Decries Gross Inadequacy In Health Sector Despite Annual Allocation

Published

9 hours ago

November 22, 2024

Gloria Ikibah

By Gloria Ikibah

The Speaker of the House of Representatives, Reps. Tajudeen Abbas, has lamented that the health sector is still grossly inadequate and far below what is invested in other countries, despite the considerable amount is allocated annually by the Federal Government.

The Speaker also said alot more needs to be done if the life expectancy of the average Nigerian is to rise as well as a reduction in infant mortality.

Abbas stated this at a public hearing for four bills organised by the House Committee on Healthcare Services at the National Assembly Complex on Friday.

The Bills are “A Bill for an Act to to Amend the National Residency Training Act 2018”; “A Bill for an Act to Amend the National Insurance Authority Act 2021”; “A Bill to Amend the National Tobacco Control Act”; and “A Bill to Establish the Institute of Healthcare Service Administrators of Nigeria”.

The Speaker who was represented by Rep. Obordor Mitema, member representing Ogbia Federal Constituency of Bayelsa State, said it was for this reason that President Bola Tinubu, recognizing the urgency of this situation, prioritized healthcare as one of the pillars of his Renewed hope Agenda for Nigeria.

According to him, this was to revive the country’s healthcare sector and to ensure it receives the necessary support partnerships with the private sector within and outside Nigeria are being explored and hopefully in the not too distant future we shall see vast improvement.

He said, “Though the Federal Government appropriates a considerable amount yearly to the health sector, the amount is still grossly inadequate and far below what is invested in other countries.

“It is no longer news that despite the committed efforts, the health Sector has sadly over the years faced several challenges associated with outbound medical tourism, emigration of skilled healthcare workers, poor salaries and insufficient budgetary allocation.

“It is also sad to note that even though Nigeria has the highest Gross Domestic Product (GDP) in Africa the progress it has achieved in health has been rather slow and disappointing hence, more effort is needed if we are going to be at par with Western countries.

“Indeed more needs to be done if the life expectancy of the average Nigerian is to rise as well as a reduction in infant mortality.”

Speaker Abbas commended the Acting Chairman of the Committee, Rep. Bassey Akiba and the entire members of the committee for organizing this hearing.

He said it is a reflection of their commitment and support to do their quota towards helping Nigerians achieve not only better health but having access to better healthcare.

“We all know the significance of having a Health Sector that works. Western countries have taken bold steps to make their Health sector first class and second to none and we must do the same.

“The House Committee on Healthcare Services and other Health related Committees of the House of Representatives and indeed the National Assembly are fully committed to doing their part by initiating and amending laws that will always be people friendly with the aim of bringing succor and positive changes towards the Health sector in Nigeria.,” he said.

Rep. Akiba, said the healthcare sector in Nigeria over the past few years has gone through a myriad of challenges.

The challenges, according to him, includes the rising cost of healthcare services, financial challenges for providers, preventable medical errors, high mortality rates in both cases, lack of insurance coverage, the need for an improved mental health system, increased demand for personalized care, and a well-regulated health care system among others.

“As parliamentarians, it is our responsibility to discuss critical legislation that will not only shape the future of our nation’s health but impact possibly other people.

“Public hearings are essential because it is one of the crucial avenues used to sample opinions on any matter of public relevance and importance. Like I mentioned, there are four bills.

“Three of these bills are an amendment bill, three of the bills are an amendment bill, and one is an establishment bill. I wish to assure you all that as legislators and members of the Committee on Health Care Services.

“We are conscious of our constitutional and legislative resources towards the people. We are ready to partner with relevant stakeholders and support any genuine effort required to improve the healthcare system in Nigeria,” he said.

The Nigerian Medical Association (NMA) said, A Bill to Amend the National Residency Training Act should be dropped for more input by relevant stakeholders.

The Association said the Medical Residency Training Act was a bill primarily sponsored by Nigeria Association of Resident Doctors (NARD), an affiliate member.

First Vice President of the NMA, Dr Benjamin Oluwatosin, said It was a surprise to them that the primary constituency on the Bill was never contacted for input.

He urged that the Bill be stepped down to get more input of relevant stakeholders.

“So, in solidarity to our affiliate NARD and the validation of the Medical Residency Training Act we strongly advise that this bill be stepped down until every stakeholder involved and primarily NARD and then NMA is on the table from the very beginning,” he said.

Stakeholders who attended the hearing included representatives of the Nigeria Association of Resident Doctors, Medical and Dental Consultants Association of Nigeria, Committee of Chief Medical Directors among others.

News

Reps Demand Details Of Project Undertaken From Ministry Of Solid Minerals In 2024 Budget

Published

9 hours ago

November 22, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has directed the Ministry of Solid Minerals Development to provide details of all projects embarked on in the last year.

The Chairman Committee on Solid Minerals, Rep. Jonathan Gbefwi gave the directive when the Permanent Secretary in the Ministry, Mary Ogbe, appeared before it to defend the 2024 budget.

The committee members expressed displeasure with the inconsistencies in the presentation by the Permanent Secretary and resolved that all documents pertaining to all jobs carried out by the Ministry be made available before next Tuesday.

The lawmakers also queried the Ministry for not capturing most of the projects it embarked on in the presentation it made.

Gbefwi said, “We are expecting the budget and we cannot appropriate if we do not know the true status of the utilisation of what has been given you in 2024.

“We were quite detailed when we sent you then documents we required. You must provide details of all the projects, budget codes, budget items, appropriated amount, contractors, amount awarded, date of award, the status of the projects, the percentage with regards to performance, and the lot numbers among others.

“So all these individual items must be captured in detail in this document so that Nigerians would know how the money that has been appropriated has been utilised.

“There are a number of projects that were not captured in the presentation to the Committee. There was no explanation whatsoever.

“Don’t give us any half baked documents again. Every line must be adhered to. And give us the advertisment that was done, the code the contractors and everything. Even if it is before. FEC. Kindly put it in the remark section. Go and work on your documents again and make proper presentation. Let’s have a comprehensive submission,” he said.

Earlier the Permanent Secretary said a total of N25.05 billion was appropriated as expenditure outlay for the ministry in the 2024 budget.

“This comprised of 894.4 million as overhead cost and 23.15 billion as capital expenditure. The personnel cost of the Ministry was captured in the captured still in the Ministry of Steel Development for 2024 because the personnel separation had not been fully executed.

“On appropriation releases to the Ministry, she said for overhead, the total appropriation is N895, 441, 335. As at October 31st 2024, N745, 367, 779 had been released. Balances as at October 31, is N149, 073, 555. Percentage of releases of the appropriation for the overhead is 83 percent. Expenditure on release is the same amount that has been released. So there is a hundred percent performance. For capital appropriation it is N23, 150, 884, 863. Out of which N2, 724, 818, 977 has been released. 11 percent had been released and percentage performance is 100 percent.

“The Ministry achieved a 100 percent utilisation mainly of non debt recurrent expenditure and the percentage utilisation in capital as at the end October is 11 percent. This is because procurement process is still ongoing and some are awaiting FEC approval. With the bottom up cash plan, works must be executed before payment,” she said.