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Dangote Refinery crashes diesel price from N1,075 to N1,020 per litre

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Dangote Petroleum Refinery & Petrochemicals has reduced the cost of its diesel product from N1,075 to N1,020 per litre at the gantry price in an effort to better serve its customers and Nigerians in general.

Since it began diesel production in January 2024, Dangote Refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.

The latest reduction of N55 per litre for diesel follows the revelation by Development Economist and Public Policy Analyst, Prof. Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price nationwide during the Yuletide period.

He also praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.

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Speaking on the transformative impact of the refinery on Arise TV, Prof. Ife explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country.

But it has been reported that the fund owes marketers over N80 billion, according to the development analyst.

“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector.

The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role. If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation.

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However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food.

In response, during this last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” he said.

Prof Ife also said the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit (PMS) towards a diversified range of petroleum-based exports.

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He added that with major international players such as BP and Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market.

The analyst expressed confidence that Nigeria is on the path to self-sufficiency in petroleum products, while simultaneously positioning itself as an energy export powerhouse.

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HAJJ! Saudi Arabia releases fresh 2025 rules, bars kids, updated visa policies

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By Kayode Sanni-Arewa

Saudi Arabia has announced fresh changes to the 2025 Hajj pilgrimage, including a new restriction barring children from participating.

The Ministry of Hajj and Umrah stated that the move aimed to protect children from potential dangers posed by heavy crowds during the pilgrimage.

The decision is part of broader efforts to ensure a safer and more seamless Hajj experience.

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According to the ministry, the large crowds during Hajj pose serious risks to children, making this precautionary measure necessary.

Additionally, priority for the 2025 Hajj will be given to first-time pilgrims to allow more Muslims the opportunity to undertake this religious obligation at least once in their lives.

● Changes in visa regulations

Starting February 1, 2025, Saudi Arabia will issue only single-entry visas for pilgrims from 14 countries, including India, to prevent unauthorized Hajj participation.

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Authorities noted that unauthorized pilgrimages had contributed to overcrowding at key sites, making crowd management and safety more challenging.

The updated visa policy aims to improve the overall Hajj experience by controlling the number of attendees.

Saudi authorities continue to refine Hajj regulations to make the pilgrimage safer and more organized.

Pilgrims are encouraged to register through official channels and follow the new guidelines to avoid complications.

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Meanwhile, Saudi Arabia had also introduced significant changes to its visa policy, effective February 1, 2025, limiting travellers from 14 countries to single-entry visas.

This move aims to address concerns over unauthorized Hajj pilgrims entering the country on long-term visit visas.

● Affected Countries

The new regulations target travellers from the following nations: Algeria, Bangladesh, Egypt, Ethiopia, India, Indonesia, Iraq, Jordan, Morocco, Nigeria, Pakistan, Sudan, Tunisia, and Yemen. As part of the policy shift, the Saudi government has indefinitely suspended the one-year multiple-entry visas for tourism, business, and family visits from these countries.

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●¡Hajj registration and new payment options

Saudi citizens and residents can register for the 2025 Hajj season via the Nusuk app or the official website. Applicants are required to verify their personal details and register their travel companions.

A new instalment-based payment plan has also been introduced for domestic pilgrims. Payments can be made in three stages: a 20% deposit within 72 hours of booking, followed by two 40% instalments due by Ramadan 20 and Shawwal 20. The ministry clarified that reservations will only be confirmed once the final payment is received.

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EFCC drags man to court for refusing to accept naira as legal tender

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By Kayode Sanni-Arewa

The Economic and Financial Crimes Commission (EFCC) on Wednesday, February 5, 2025, arraigned Precious Uzondu on a two-count charge bordering on alleged refusal to accept naira as a legal tender before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos.

One of the counts read: “That you, Precious Chimaobi Uzondu, on the 10th of December 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria’s legal tender) by accepting the sum of $5700 (Five Thousand Seven Hundred USD) as a means of payment for a purchase of a Carter diamond bracelet with serial number (12345678) and you thereby committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”

The defendant pleaded not guilty to the charges.

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Given his pleas, prosecution counsel, Hannatu Naisa, prayed the court for a trial date and for the defendant to be remanded in a correctional centre.

Counsel to the defendant, Jennifer Achinuagole, informed the court of a pending bail application and prayed the court to adopt the same as her oral application.

Responding, Naisa informed the court about a counter-affidavit and a written address to the application. She prayed the court to accept the same and discount the application by the defendant.

After listening to both parties, Justice Owoeye admitted the defendant to bail in the sum of N5 million, with two sureties in like sum. The sureties must own landed property in Lagos which must be verified by the court and also swear to an affidavit of means.

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The judge also ordered the defendant’s remand in the Ikoyi Correctional Centre and adjourned till April 8, 2025, for the commencement of trial.

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SAD ! NYSC Member Beaten To D3ath In Plateau

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By Kayode Sanni-Arewa

Police in Plateau State confirmed that a member of the National Youth Service Corps (NYSC), Safwan Fade, has died after being attacked by a group of people.

According to report the ugly incident occurred in Pankshin Local Government Area when a group of men stormed a local stadium.

Fadec was serving with the Federal University of Education in Pankshin.

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Plateau State Commissioner of Police, Emmanuel Adesina, said at the Command’s headquarters in Jos on Tuesday that two male suspects –Samuel Dang Kat and Zatshinen Wubwerwe – have been arrested in connection with the attack.

The commissioner said, “On 23/01/25 at about 07:00am, we received a report from one Umbule Boreng Reuben of Pankshin LGA, who reported that on 22/01/25 at about 06:00pm, one Safwan Adamu Fade, an NYSC corps member serving at FCE Pankshin was reportedly beaten and severely injured by unknown hoodlums at the Pankshin township stadium.

“Upon receipt of the report, I immediately directed the DPO of Pankshin division to lead a team of policemen to the scene where the victim was quickly rushed to the hospital for medical attention.

“The victim was treated and declared stable by the Medical Doctor on duty. The victim was later transferred to Jos University Teaching Hospital (JUTH) as a result of some complications. The victim eventually died in the process.

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“In the course of our investigation, two suspects, one Samuel Dang Kat and Zatshinen Wubwerwe, both male, have been identified and arrested in connection with the case. Efforts are being intensified with a view to apprehend the fleeing suspects and charge them to Court.”

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