President Bola Tinubu has commended the Implementation Committee on the Naira-based sales of crude oil and refined products, and asked the members to resolve any teething problems. In a review meeting at the State House, Abuja, on Tuesday, the President said using the Naira was conceived to remove the exchange rate hurdle. “Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years. There can be cost and revenue adjustment in the oil sector, but…
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“Ɗangote lied; marketers unable to load petrol at his refinery” – IPMAN
The Independent Petroleum Marketers Association of Nigeria, (IPMAN), says its members can’t load petrol from the Ɗangote Refinery in Lagos despite paying ₦40 billion for the product. IPMAN President, Abubakar Garima stated this during a television programme yesterday. Recall that Ɗangote, on Tuesday held a meeting with President Bola Tinubu in Abuja and told reporters that he has over 500 million litres in tanks at his mammoth refinery but that marketers are not patronising his facility. Garima however, expressed surprise that Ɗangote said marketers were boycotting his refinery to buy…
Read MoreƊangote Refinery’ll raise Nigeria’s GDP to $322bn by 2025 — Report
…Refinery to get 400,000 bpd Ɗangote Oil Refinery will raise Nigeria’s Gross Domestic Product (GDP)to $322bn by 2025, according to a new report. The report, titled: ‘Impact of Dangote Refinery on the Nigerian Economy’, which was released recently by Data Services & Resources Ltd, indicated that without the refinery, Nigeria’s GDP was expected to grow by 3.34 percent in 2024, increasing to 4.13& by 2030. It noted that with the refinery in operation, GDP growth was projected to rise to 4.15% in 2024 and reach 6.21% by 2030. The report…
Read MoreNNPCL plans new price adjustment, as Ɗangote petrol reaches Nigerian markets
The Nigerian National Petroleum Company Limited (NNPCL) is set to introduce a new pricing structure for petrol after sourcing approximately 103 million liters from Ɗangote Refinery between September 15 and 30, according to sources. This follows NNPCL’s recent price increase on September 3, raising petrol prices at its stations from N617 per litre to between N855 and N897. During this period, the refinery dispatched 2,207 out of the 3,621 trucks sent, transporting 102,973,025 liters – just 26% of the planned 400 million liters at a daily target of 25 million…
Read MoreNPA commences coordination of crude oil sale to Ɗangote Refinery in Naira
…Sets up one-stop-shop The Nigerian Port Authority, (NPA), has announced the commencement of the sale of crude oil and petroleum products to Ɗangote Refinery in Naira, and setting-up of a one-stop-shop to enhance smooth sales. This was disclosed on NPA’s X handle, where the Managing Director of the Authority, Abubakar Ɗantsoho, was quoted saying the implementation of the Federal Government’s directive for the NPA to coordinate service provision from all regulatory, security, and other stakeholders for the smooth implementation of the initiative to sell crude oil and petroleum products to…
Read MorePetrol may hit N2,000/litre over Ɗangote’s subsidy scrapping call – Stakeholders
Ɗangote Petroleum Refinery, sole producer of petrol being off-taken and distributed for Nigerians, has declared that the Government should end subsidy, a move that would cause imminent surge in the prices of the product to as high as N1,800 litre to N2,000/ litre. The founder of the 650,000 barrels per day capacity refinery, who threw his full weight behind subsidy removal just nine days after his facility started production of petrol, said in an interview with Bloomberg that this is the right time for the federal government to stop petrol subsidy. The…
Read MorePetrol: Ɗangote Refinery sells to AA Rano, Total, 11 others at N766/litre
Oil marketers, such as A Rano, TotalEnergies and others have commenced purchasing Ɗangote petrol from the Nigerian National Company (NNPC) Trading Limited at N765.99 per litre. According to reports, some petroleum marketers who were able to complete their payment processes on the NNPC trading payment portal, commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery. As of yesterday evening, the NNPCL spokesperson, Femi Soneye, had said that the refinery bought petrol from Ɗangote Refinery at N898 per litre. He said market forces…
Read MoreMajor marketers begin lifting petrol from Ɗangote Refinery
The Nigerian National Petroleum Company Limited, (NNPCL), has authorised major petroleum marketers to commence lifting premium motor spirit, (PMS), better known as petrol, from Ɗangote Petroleum Refinery under the existing agreement between it and the refinery. The initial agreement stated that NNPCL is the sole distributor of the refinery’s petrol with the first batch of the consignment put at 16.8 million liters lifted by NNPCL’s retail entity. Findings indicated that some major marketers have already lifted the product for distribution to their outlets in Lagos and other parts of the…
Read MoreƊangote Refinery to transport 75% of fuel by sea to cut costs
Ɗangote Refinery plans to transport 75% of its local petroleum product supply through sea routes to key locations like Warri, Port Harcourt, and Calabar, despite having the capacity to load 83% by road. “This strategic shift aims to reduce the higher costs associated with road distribution”, Vice President of Oil & Gas at Ɗangote Industries Limited, Devakumar Edwin, explained. As the Ɗangote Refinery officially began petroleum loading on Sunday, billionaire industrialist, Femi Otedola praised the Tinubu administration for facilitating the project, remarking that “fuel queues are now a thing of…
Read MoreNNPCL/Ɗangote: Coalition of Energy Lawyers alleges plot to frustrate Nigerian local refineries
The Coalition of Energy Reforms Lawyers and Activists, (CERLA), has alleged a plot by the Nigerian National Petroleum Company Limited, (NNPCL) to frustrate local refineries. At a press conference in Abuja yesterday, the Coalition alleged that the NNPCL was not being transparent in its deal with the Dangote refinery. There has been confusion over the price of Premium Motor Spirit, (PMS), better known as petrol, purchased by the NNPCL from the Ɗangote Refinery. Recall that NNPCL had claimed it loaded over 70 trucks from Ɗangote Refinery at N898 per litre.…
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