Business
Edo Community Kicks Over Relocation Of Aerodrome By Edo Govt
Published
3 years agoon
By
Editor
Okpella community in Etsako East Local Government Area of Edo State is poised for war with the State Government over alleged relocation of the proposed airport project in Edo North Senatorial district of the state.
The community spokesman, Chief Richard David, in a press conference on Sunday, stated that there was already a plan by BUA and Dangote to build an aerodrome in the area, calling on the state government to support the project instead of getting approval for another airport in Etsako West.
David stated that BUA and Dangote were planning to build the aerodrome in Okpella because of their huge investment in the area which has propelled development in the community
The community also expressed surprise that a letter from the Federal Mjinistry of Aviation dated 16/12/2021 with reference number FMA/ADD/402/5.42/C.9/12 conveying approval for an airport project, wrongly mentioned Okpella as being part of Etsako West Local Government Area.
He said they had expected something to be done to correct the anomalies by the FMA but unfortunately nothing was done.
He lamented that despite the immense contribution of Okpella to the economic sustenance of Edo, the community remains the most marginalized in infrastructural consideration.
He said, “It was a thing of joy to the people when the BUA group hinted that it had started the process of setting up an aerodrome in Okpella for which appropriate modalities of location of suitable site, soil tests and payment of compensation to crop owners had been completed.
READ ALSO: Panel Summons Clerk As AG Says National Assembly’s N9.4bn Unaccounted For
“We had expected the government to back this process instead of initiating a fresh move for another airport and erroneously mentioning Okpella as the site.
“We had also expected that the government will commit resources to set up auxiliary infrastructure like access road to and fro the aerodrome, supply of water, improved power supply and others.
“To our surprise, a letter from the federal ministry of Aviation dated 16/12/2021 with reference number FMA/ADD/402/5.42/C.9/12 conveying approval for an airport project, wrongly mentioned Okpella as being part of Etsako West Local Government Area.
“We had expected something to be done to correct this but nothing was done. This action of the FMA, the silence of the Etsako East Council and the body language of the State Government have angered our youths and generality of the community.
“We are sure that the same investors trying to build the airstrip will be used to source for funds for this proposed airport by the state government. But we demand that the investors be allowed to continue with the ongoing project in Okpella.
“We have been appealing to and pacifying our youths, who have been visibly restive and suspicious of government action on this project.
“But if the project is stopped and taken to another place, we cannot quaranteed the peaceful coexistence between the investors and the community unless Okpella ceases to be their host community.”
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Business
JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price
Published
6 days agoon
June 20, 2025By
Editor
Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.
Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.
The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.
The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.
On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.
This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.
Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.
READ ALSO:Dangote Stops Petrol Sale In Naira, Gives Condition For Resumption
On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.
He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.
“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”
He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.
His forecast of increased costs now appears spot on, considering the latest developments.
Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.
Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
Business
BREAKING: Again, Dangote Refinery Cuts Petrol Price
Published
1 month agoon
May 22, 2025By
Editor
The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.
The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.
Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.
A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.
In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.
“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.
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