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

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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.

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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.

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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.

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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.

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“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.

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“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.

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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.

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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.

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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.

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Road Safety confirmed 13 People Dead In Edo Road Accidents

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The Federal Road Safety Corps (FRSC) has reported that at least 13 people lost their lives in road accidents across Edo State in November 2024. The Sector Commander of the FRSC, Cyril Mathew, confirmed this tragic news during an address to journalists in Benin City on Sunday.

According to Mathew, the fatalities resulted from multiple accidents that occurred throughout the state during that month. In addition to the 13 deaths, he noted that 76 passengers sustained injuries, and 1,524 drivers were apprehended for various traffic violations.

He explained that the primary causes of the accidents were factors such as brake failure, speeding, reckless driving, and the use of mobile phones while driving. Other contributing factors included route violations and failure to adhere to basic traffic regulations. Mathew also outlined that the 1,524 traffic offenders were arrested for a range of violations, including driving without a fire extinguisher, not installing a speed-limiting device, tyre violations, seat belt violations, overloading, driving against traffic, and using phones while driving.

All offenders were arraigned in a mobile court, where they were fined according to the severity of their violations.

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The FRSC official issued a stern warning to motorists, urging them to avoid dangerous practices such as overspeeding, driving under the influence of alcohol, driving at night, and using phones while driving. He emphasized that these behaviors contribute significantly to road accidents and endanger the lives of everyone on the road.

In a separate incident, barely two weeks ago, a deadly automobile accident occurred near Tage Bridge in the Kafin Hausa Local Government Area of Jigawa State. On the Monday of that week, a passenger vehicle was involved in a crash that resulted in the deaths of at least 14 people. Eyewitnesses described the scene as horrifying, with numerous bodies scattered across the area.

The Jigawa State Police Command confirmed the incident through its Public Relations Officer, DSP Shi’isu Adam, who stated that the driver of the vehicle survived the crash and is currently cooperating with the police to determine the cause of the accident. The incident occurred when a Golf 3 Wagon, with the license plate GML 842 XA, was traveling from Hadejia town to Makera village. The vehicle reportedly overturned and plunged into a river.

Adam further revealed that the identities of the victims have not yet been disclosed, pending notification of their families. The police are continuing their investigation into the circumstances surrounding the crash.

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Nigerian Man Who Rained Curses On President Tinubu Nabbed

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A Nigerian man has been nabbed after he went on social media to rain curses on President Bola Tinubu and Lagos State Governor Babajide Sanwo-Olu.

The arrest of the unnamed man who cursed President Bola Tinubu and rained insults on Governor Babajide Sanwo-Olu followed a recent warning by the Nigerian Police Force, which cautioned against making offensive statements or insults directed at public officials.

The police had followed up with the assertion that such acts were punishable under the law.

In the controversial video, the man unleashed curses at President Tinubu, holding him responsible for Nigeria’s challenges and criticizing his leadership. He also directed scathing remarks at Governor Sanwo-Olu, accusing him and other politicians of contributing to the nation’s plight.

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Some of his statements included:

“The Inspector General of Police said anyone who insults others should be arrested. It won’t be well with Bola Tinubu. He won’t have peace of mind wherever he is.”

“Sanwo-Olu, the Lagos State Governor with the black eye, it won’t be well with you either. You’ll know no peace wherever you are.”

“You politicians, spoiling this country without accountability, none of you will know peace. You’ve brought Nigeria to this state, and you shall face the consequences.”

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Despite knowing the authorities were after him, the man expressed defiance in the video, claiming he had been declared wanted and daring the police to take action.

“They said they’re looking for me and have declared me wanted on their platform. Senseless set of people,” he said.

“People like Yahaya Bello, who are destroying the country, are free, yet you declare me wanted. Those stealing money are untouched, but you’re after me.”

However, a follow-up clip confirmed that the man had been arrested for his remarks. The police have not disclosed further details about his detention, but his case has reignited debates on freedom of speech and the boundaries of criticism in Nigeria.

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Watch the video below of the man as he cursed President Tinubu

Man was arrested a few hours after insụlting Tinubu and Lagos State governor, Babajide Sanwo Olu😳🙆 pic.twitter.com/VU47vv52b5

— CHUKS 🍥 (@ChuksEricE) December 21, 2024
The video, which continues to circulate online, has drawn mixed reactions, with some Nigerians condemning the man’s approach in cursing President Tinubu while others see his arrest as an attack on free expression.

See some reactions below:

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@DeeNwuga: “To track dey so easy till e reach time track kidnappers and bandits then everywhere go silent.”

@ourt_destiny: “Abacha regime was not this bad, Tinubu has taken it to a whole new level.”

@GeneralSnow_: “I love his unbothered look. They will only make him a hardened activist.”

@HIBILLIONEAR: “This is just a reminder that e no go better for Tinubu, Sanwa Olu, IG of police and ecery other Nigerian politician. Una go arrest until prison and cells full, no space.”

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@theboyisgreat: “They are afraid of what is coming but it will eventually catch up on them.”

@Chrizkhalifa21: “Na when e reach netizens turn una dey fit track them but track kidnappers and boko Haram una no fit.”

@Victoh: “The tyranny is playing out to our faces but we are still bantering Igbo or Yoruba. Make we dey play 😂Police PRO don first give us update of what is to come.”

@RAZZIEDML: “Na why I no dey do pass myself. Make them no go pick me wey never pick before.”

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BREAKING: FG declares Wednesday, Thursday public holidays for Christmas, New Year

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The President Bola Tinubu has declared Wednesday 25th, Thursday 26th December 2024, and Wednesday 1st January, 2025 as Public Holidays to celebrate Christmas celebrations, Boxing Day and New Year respectively.

Dr, Magdalene Ajani, the Permanent Secretary in the Ministry of Interior, on behalf of Dr. Olubunmi Tunji-Ojo, the Minister of Interior, made the announcement in a statement on Monday in Abuja

According to her, the minister extended greetings to all Nigerians, encouraging them to use the festive period to reflect on the values of love, peace, and unity that the season signifies.

The minister who emphasized the importance of the season, which according to him, is a time to foster harmony and strengthen bonds called on Nigerians to remain committed to the peace, unity and progress of the nation for national development.

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“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” said Dr. Tunji-Ojo.

He assured citizens of the Federal Government’s continued commitment to ensuring peace, security, and prosperity across the nation.

“While wishing Nigerians a merry Christmas and a prosperous 2025, the Minister expressed his confidence in the Renewed Hope Agenda of President Tinubu’s Administration ushering in the new year, a better and prosperous economy that will be the envy of the world”, the statement added.

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