Tag: Diesel price

“95% of marketers don’t buy our diesel over low pricing” – ?angote Refinery

Aminu Imam
Dangote diesel

?angote Refinery, one of Africa’s largest oil refineries, has expressed concern over the lack of patronage from petroleum marketers due to low pricing strategies on its product sales. Vice-president of ?angote Industries Limited, Devakumar Edwin, disclosed this on a Twitter Spaces session organised yesterday. He said, “Over 95 percent of petroleum product importers in Nigeria are not buying from the ?angote Refinery. The ?angote Refinery struggles to sell about 29 tankers of diesel per day due to low patronage from local petroleum products importers. As a result of this poor…

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“Our refinery has slashed diesel price by over 60% in Nigeria” – ?angote

Aminu Imam
?angote on diesel

Aliko ?angote, Africa’s richest individual, announced that the supply of diesel from his Dangote Refinery has caused a roughly 60% decrease in the commodity’s price in the local market. ?angote made this statement on Wednesday, during his speech at the Afro-Caribbean Trade & Investment Forum in Nassau, The Bahamas. The business mogul stated that before the ?angote Refinery began operations, diesel was sold at around N1,700. However, the refinery reduced the price to about N1,000, marking a drop of approximately 60%. He also noted that despite the exchange rate rising…

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?”Why diesel won’t sell for N950 despite ?angote Refinery’s price crash’ – Marketers 

Aminu Imam
IPMAN

Marketers have explained that selling diesel to Nigerians at a price below N1,000 is not possible for now, despite the announcement of a price crash by the ?angote Refinery, which offered them the opportunity to purchase at N940 per litre. ?The marketers explained that after purchasing products, they must take into consideration taxes, distribution costs, and regulatory hurdles in order to break-even. ?Recall that ?angote Petroleum Refinery, on Tuesday, announced a further reduction in the prices of diesel and aviation fuel to N940/litre and N980/litre respectively. The price change of…

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Diesel : “Why we can’t sell at new price…” – IPMAN

Aminu Imam
IPMAN

Automotive gas oil (AGO), also known as diesel, sold for as high as N1,500 at fuel stations in Lagos and Abuja on Saturday. According to reports, in Abuja, the price of the product was N1,450 per litre at Eterna, Banex, and N1,500 a litre at Emadeb, Kado. In Lagos, Mobil and TotalEnergies fuel stations in Festac Town, sold for N1,300 per litre and N1,500 per litre, respectively. The prices have remained the same despite Dangote refinery announcing a reduction in its costs of diesel to marketers from N1,200 to N1,000…

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Subsidy Removal: “Nigerians under strain from ‘trilemma’ of high petrol, diesel, gas prices” – Stakeholders

Aminu Imam

Stakeholders have lamented that Nigerians are facing the brutal consequences of government policies that lack adequate planning and the result of bold decisions that lack the benefit of detailed consequence management. Recall that President Bola Tinubu, on Wednesday, while ringing the NASDAQ closing bell, touted his reforms in removing subsidies and unifying different official rates to make a case for investing in Nigeria. However, these decisions have thrown millions into poverty following a poorly managed intervention programme and lack of concrete plans to increase the dollar supply. In the wake…

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Inflation: Diesel crosses N1, 000 per litre in Lagos, Abuja

Aminu Imam

The retail price of automotive gas oil, also known as diesel, has surged in some filling stations in Lagos and Abuja. With inflation reported at 25 percent, the price hike would inflict more pressure on household income and increase the cost of operation of businesses. According to reports yesterday, checks showed that a litre of diesel crossed the N1, 000 mark in some filling stations in Abuja, Ogun, Ondo, and Lagos States. At Shema filling station in Kado, Abuja, the product was reportedly sold for N1, 100 per litre at the…

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Petrol scarcity imminent as diesel price hits N1, 100/litre

Aminu Imam

…“We can’t restock, access loans”- Oil marketers groan Unless the Federal Government steps in to arrest the slide, oil marketers say they can no longer sustain the distribution of petrol and other products nationwide, as the price of diesel used to power their trucks now sells for N1,100/litre in many jurisdictions. The oil marketers, on the platform of Natural Oil and Gas Suppliers’ Association of Nigeria, (NOGASA), raised the alarm in a statement issued yesterday. According to the union’s president, Benneth Korie, diesel has witnessed incessant hike in prices in…

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High cost of diesel, feeds affecting my Agric business – Obasanjo

Aminu Imam

Former President Olusegun Obasanjo has lamented the high cost of diesel, feeds and exchange rate crisis as they affect fish production in Nigeria. Obasanjo said he has been sweating because of the high cost of diesel, saying this has been affecting his fish production. Speaking at the South-West fish farmers’ congress, which was held yesterday at the Olusegun Obasanjo Presidential Library (OOPL), the former President complained that the hike in the cost of diesel, as well as the constant increase in prices of fish feeds, would kick fish farmers out…

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Businesses dying over high cost of diesel – Nsukka Chamber of Commerce cry out

Aminu Imam

The Nsukka Chamber of Commerce, Industries, Mines and Agriculture, (NCCIMA), says agriculture businesses in the area are dying over the increased cost of diesel. The Director-General of the chamber, Dan Ochi, disclosed this yesterday, in an interview with newsmen in Enugu. Ochi, who is also the Managing Director, Global Farms, said the worst affected were the tomatoes and pepper production businesses that depended on diesel for irrigation purposes. “We have stopped the production of our tomatoes and pepper because we can no longer run our irrigation machines at the current…

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MAN threatens shutdown nationwide activities over rising cost of diesel

Aminu Imam

Manufacturers, under the aegis of the Manufacturers Association of Nigeria, (MAN), has threatened that it will shut down manufacturing activities in the country, if nothing is done to address the soaring cost of energy bedevilling the sector. The MAN Director-General, Segun Ajayi-Kadiri, in an issued press statement made available to newsmen yesterday, said the manufacturing sector over the years has been battered by numerous challenges which have reduced the number of industries in Nigeria and converted industrial hubs in many parts of the country to warehouses of imported goods and…

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