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Fuel Price Hike: Marketers Give Conditions To Buy Dangote Petrol, Eye Import

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Petroleum marketers in Nigeria say they are standing in limbo over the controversy surrounding Dangote Refinery Premium Motor Spirit (petrol) pricing as released by the Nigerian National Petroleum Company Limited on Monday.

This comes as the petroleum marketers demanded that Dangote Refinery should disclose the price it sold petrol to NNPCL for transparency.

Marketers further noted that the country cannot depend on domestic Petrol production to satisfy its daily consumption which stood at N50 million according to Nigerian Midstream and Downstream Petroleum Regulatory Authority latest data.

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The President of the Petroleum Products Retail Outlets Owners Association, PETROAN, Billy Gillis-Harry and the President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi made this demand in a separate interview with DAILY POST on Monday.

Fresh petrol price hike looms

Recall that NNPCL on Monday announced a list of retail prices of Dangote Petrol across its outlets nationwide.

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The new petrol prices showed that petrol will be sold at N950.22 per liter in Lagos State. Oyo and other South West states will pay N960 per liter for Petrol.

In Federal Capital Territory (Abuja), Kano, Kaduna petrol price will stand at N999.22 per litre.

Also in Imo and Rivers states, the price of petrol will be N980.2, while Borno State will pay N1,019.22 per litre.

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READ ALSO: PHOTOS: 300 NNPC Trucks Converge On Dangote Refinery To Lift Petrol

Although it was gathered on Monday that the new prices have not been affected, the pump price of fuel may soon go up across the country.

Meanwhile, it was observed that NNPCL is yet to announce the price it would sell Dangote Refinery Petrol to marketers, owners of a majority of fillings stations in Nigeria.

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The pump price of petrol at Independent marketers’ filling stations usually surpasses that of NNPCL retail outlets by over N100, which may bring the price of fuel to around N1,200 per liter.

Dangote Petrol Price Controversy

Dangote Refinery commenced first distribution of Petrol at the weekend with NNPCL as an official offtaker.

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NNPCL had revealed that Dangote Refinery sold petrol to them at N898 per liter.

However, Dangote Group faulted NNPCL, but did not disclose the actual price it sold its inaugural petrol.

READ ALSO: NNPCL, Dangote In Marathon Meetings Over Petrol Pricing

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The development resulted in a petrol price controversy which further worsened the crisis in the sector.

Why Dangote Refinery should tell Marketers petrol price – Gillis-Harry

Reacting, PETROAN president, Gillis-Harry called for absolute transparency in the oil and gas sector.

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According to him, the Dangote Refinery needs to come open to stakeholders on the exact price of its petrol as a prerequisite for marketers to purchase the product.

“Dangote Refinery should tell us what price it is selling its petrol since NNPCL has given its selling price.

“We should be able to know exactly what price that is coming from Dangote Refinery Petrol to us. We should know how NNPCL will deal with us. As it is now, we are standing in limbo”, he told DAILY POST.

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NNPCL yet to release Dangote Petrol price for Marketers – IPMAN

On his part, IPMAN president, Maigandi said he is waiting for the NNPCL to release the prices it would sell Dangote Petrol to marketers.

READ ALSO: Flood: Health Minister, Pate Provides Medical Outreach To Displaced People

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He expressed displeasure with the scheme of things within the sector over the conflicting petrol pricing coming from Dangote Refinery and NNPCL.

“We are waiting for NNPCL to release prices that independent marketers will be buying petrol. They have not.

“We are buying directly from NNPCL, not Dangote Refinery. Marketers can cope without any rate.

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“We, marketers, are not happy with the high cost of petrol because you have to use a huge amount of money to get the product.

“Dangote Refinery has established its facility, let the government try to make the other refineries function, this may lead to a reduction in the prices of petrol”, he told DAILY POST.

Nigeria can’t depend on Dangote Refinery – Marketers

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When asked whether marketers would look to importation amid the cost of Dangote Refinery Petrol, Gillis-Harry said, “Dangote Refinery is producing about 25 million liters a day. That is just about 15,000 metric tonnes which is less than one cargo.

“And NNPCL has been selling so many cargoes to depot owners, including our members, to distribute to Nigerians previously.

“What it means is that we’re not going to be dependent on the petrol product that is produced in-country. There must be a level of importation to make up for the difference.”

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Fixed Income: CBN Announces Fresh Regulations To Control Nigerian Market

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The Central Bank of Nigeria has announced sweeping regulations to take control of the Nigerian fixed income market.

The regulations expected to begin in November are aimed at boosting transparency across Nigeria’s financial sector.
The apex bank disclosed this in a recent statement.

CBN noted that the intervention is a key part of broader financial market reforms.

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READ ALSO:CBN Establishes New Unit To Tackle Financial Crime

Accordingly, it said its core objective is to enhance regulatory oversight and strengthen the market’s ability to effectively support the transmission of monetary policy and, ultimately, foster economic growth.

This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the bank’s established settlement system for financial market transactions,” the statement read.

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According to DAILY POST, Fixed income securities refer to investments which provide a return in the form of fixed periodic interest payments and the eventual return of the principal at maturity.

 

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Confusion Over Euro-Africa CCI’s $250m Investment In Edo

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The $250m investment deal Governor Monday Okpebholo claimed to have secured during his recent trip to Scotland is generating ripples over capacity of the European African Chamber of Commerce and Industry (EACCI) to make such a huge investment.

The EACCI, headed by a Drector General, Dr. Kingsley Obasohan, is not known to have made any prior investment in Edo State or any part of the country.

Obasohan, who attended the Edo State Global Investment Summit virtually, announced the $250m investment.

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He said the investment would be made for a period of three years.

An online search was launched to unravel the EACCI as well as the man Obasohan.

READ ALSO:Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute

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A number on the site was answered by a lady who claimed not to understand English language.

Several foreign partners were listed on the site as board members and advisory council.

Some closed associates of Obasohan said he would have to get clearance from the Board members before talking to journalists on the issue.

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Spokesman for the Edo Peoples Democratic Party, Daniel Noah Osa-Ogbegi, said the party would hold Governor Okpebholo accountable to Edo people and demanded clarity on the $250m investment from Glasgow.

Osa-Ogbegi said the proposed investment has become a source of embarrassment to Edo people because of unfolding information about EACCI.

READ ALSO:JUST IN: Okpebholo Nominates Another 5 Persons As Commissioner-designates

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He said the party would shine light on fiscal management practices that appeared to ignore transparency and responsibility.

Secretary to the State Government (SSG), Umar Musa Ikhilo, had earlier said those that attended the Glasgow summit were interested in keying into the SHINE agenda of Governor Okpebholo.

One of the chambers of commerce that attended, the European African Chamber of Commerce and Industry signed an MoU with the Edo State Government to invest a sum of $250 million over the next three to five years.

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“Last year, diaspora remittances were the second-highest source of foreign income in Nigeria after crude oil, over $20 billion, but only 2% of that went into investment. We are creating a vehicle to help convert more of that into direct investments.”

He added that a delegation from Scotland was expected to visit Edo State in the coming months to explore specific investment projects as a follow-up to the summit.

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Dangote Hits Out At PENGASSAN, Says Union ‘Serial Saboteurs, Serving Oligarchs’

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The management of Dangote Petroleum Refinery has berated the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accusing the union of decades-long sabotage of Nigeria’s oil and gas sector and serving the interests of its leaders rather than ordinary Nigerians.

In a statement issued at the weekend, the refinery described PENGASSAN’s latest directive to cut crude oil and gas supplies to the facility as another act of economic sabotage designed to inflict untold hardship on Nigerians.

“Indeed, over time, the Association has consistently proved itself as serving interests other than those of Nigerians and Nigerian workers,” the statement declared.

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Dangote recalled that in 2007, when the Federal Government sold its moribund Port Harcourt and Kaduna refineries to Blue Star Consortium, led by the Dangote Group, for $750 million, it was PENGASSAN and its ally, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), that sabotaged the deal. “It is now obvious to everyone that the FGN’s decision at the time was the right one and that PENGASSAN and NUPENG ignominiously wrote their names on the wrong pages of history,” the company said.

READ ALSO:Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments

The refinery also faulted the union’s role in the much-publicised rehabilitation of the Port Harcourt Refinery, describing it as a “ruse” which PENGASSAN “knowingly celebrated despite being a scam on Nigerians.” The statement further accused the union of opposing amendments to the Petroleum Industry Act (PIA) that would have freed up federal liquidity and attracted private-sector funding into Nigeria’s upstream oil ventures.

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Beyond policy obstruction, Dangote Refinery accused the association of mismanaging billions of naira in annual check-off dues to allegedly bankroll the “lavish lifestyles” of its leaders, without accountability to members. By contrast, the refinery highlighted its own record of economic contributions within a short period, citing road construction, worker training, the creation of thousands of Nigerian jobs, and a compensation structure that “outdistances the best in the Nigerian oil and gas industry.”

“The Dangote Group is the highest employer of labor in Nigeria and the highest contributor to the tax revenues of Nigeria and its sub-nationals. What comparable social responsibility has PENGASSAN, with its billions of Naira in annual check-off dues and subscriptions, lived up to?” the statement queried, challenging the union to publish its audited accounts for the past ten years. “Can it publish publicly its account for the last 10 years and list out its corporate responsibility activities within that timeframe?”

READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution

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The refinery insisted that PENGASSAN’s recent directive to withdraw services and cut off essential fuel supplies, including but not limited to petrol, diesel, kerosene, cooking gas and aviation fuel was reckless, lawless and dangerous. It said the order is not about protecting Nigerian workers, but it is about a cabal of oligarchs weaponising hardship against over 230 million Nigerians.

In the process, it (PENGASSAN) cares little if at all about the unbearable hardship and terror it would thereby inflict on all Nigerians, including but not limited to the provision of essential services in our hospitals and medical facilities, schools (nursery and right up to tertiary and research institutions), emergency services, communications facilities, transportation systems, etc,” it said.

Dangote Refinery called on the Federal Government and security agencies to step in immediately to protect the facility and the nation’s energy security, stressing that the union must not be allowed to “bully Nigerians into chaos and economic sabotage.”

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According to Tribune Online, the federal government has announced readiness to broker peace between Dangote Refinery and PENGASSAN, inviting both to a meeting scheduled for Monday.

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