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Likely Price For Dangote Petrol Revealed

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Hopes for cheaper Premium Motor Spirit (PM), otherwise known as petrol, rose, last night, as indications emerged that the product may sell for between N857 and N865 per litre after the Nigerian National Petroleum Corporation Limited (NNPCL) starts lifting the product from Dangote Refinery today.

It was learnt that the NNPCL, as the sole off-taker of petrol from the refinery, is projected to lift the product at N960/N980 per litre and sell to marketers at N840/N850 to enable Nigerians to get it at between N857 and N865 at the pump at filling stations.

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However, whether uniform product prices would apply at filling stations nationwide was unclear.

As of yesterday, petrol sold at N855 per litre at NNPCL retail stations in Lagos and it was the cheapest anyone could buy the product while major marketers sold around N920.

At independent marketers’ outlets, the price was over N1,000.
Elsewhere across the country, PMS sold for more than N1,200 per litre.

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Negotiations

Sources said the new arrangement from the NNPCL and Dangote Refinery negotiations, spanning more than one week, would allow Nigerians to get petrol at between N857 and N865 per litre and represents an average under-recovery of about N130 to NNPCL.

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

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President Bola Tinubu, Vanguard was made to understand by a Presidency source, made it clear to the negotiating parties that “the price at which petrol would be sold to Nigerians should not be such that would place heavy financial burden on them while dealing with the new reality of the prevailing price”.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has, meanwhile, expressed optimism that the deal would reduce the pressure on foreign exchange (FX) demands and shore up the value of the Naira – presently, between 30% and 40% of FX demands go into the importation of PMS.

Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, who confirmed the readiness of the company to start lifting petrol today, told Vanguard, yesterday: “NNPC Ltd has started deploying our trucks and vessels to the Dangote Refinery to lift PMS in preparation for the scheduled lifting date of September 15th, as set by the refinery.

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“Our trucks and personnel are already on-site, ready to begin lifting. We expect more trucks, and the deployment will continue throughout the weekend so we can start loading as soon as the refinery begins operations on September 15, 2024.”

300 trucks

Soneye hinted that at least 100 trucks had already arrived at the refinery for the petrol lifting, adding that the number of trucks could increase to 300 by Saturday evening.

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

On his part, Executive Secretary, of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, said: “We have been lifting diesel (AGO) and aviation fuel (jet fuel) and we look forward to lifting petrol (PMS).”

On pricing, he said: “We await clarity in respect of the pricing mode, and once that is clarified, we’ll do the needful towards meeting the energy needs of Nigerians.”

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Edun, the Minister of Finance and Coordinating Minister of the Economy, yesterday, said the structuring of the NNPCL, Dangote Refinery deal in Naira would assist in reducing pressure on the local currency.

A statement by the Director of information and Public Relations in the ministry, Mohammed Manga, stated: “In a landmark move towards reducing pressure on the Naira, eliminating unnecessary transaction costs, and improving availability of petroleum products, the Federal Government has successfully initiated the sale of crude to local refineries as well as corresponding purchase of petroleum products in Naira.

“The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this today in his office in Abuja shortly after the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira.

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

“Represented by the Executive Chairman, Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, the Minister announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

“Recall that the FEC under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

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Pressure on Naira

“This initiative will help reduce pressure on the Naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products in the country.

“Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval.

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READ ALSO: NNPCL Announces Date Dangote’s Petrol Will Flood Market, Prices To Be determined by Market Forces

“I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September. From 1st October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira.

“In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira. Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker. PMS will only be sold to NNPC; NNPC will then sell to various marketers for now.”

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The agreement, according to analysts, was expected to ease the severe shortage of petrol across the country and probably bring the price which has skyrocketed recently down.
VANGUARD

 

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Sanwo-Olu makes U-turn, Unblocks Lawyer Who Sued Him Over Blocking On X

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Lagos State Governor, Babajide Sanwo-Olu, has unblocked human rights lawyer, Festus Ogun, on X after a meeting with him at Lagos House, Marina, on Friday.

The lawyer, who had accused the governor of rights violations, announced the development in a post on his X account on Saturday.

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According to him, Sanwo-Olu personally invited him for a brief meeting to address his complaints.

Lagos Governor Babajide Sanwo-Olu has unblocked me on X (Twitter). I met briefly with him yesterday at Lagos House Marina, on his invitation, to amicably resolve my complaint of human rights violations. We will continue to hold authorities accountable, regardless. Aluta continua!” Ogun wrote.

READ ALSO:Lawyer Sues Sanwo-Olu For Blocking Him On X

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Tribune Online reports that Ogun had earlier filed a suit against Sanwo-Olu at a Federal High Court in Lagos, accusing him of violating his fundamental rights by blocking him on his verified X account.

In the suit marked FHC/L/CS/1739/25, which he shared on Facebook, the lawyer claimed the governor blocked him over his 2021 “constructive criticisms” and “demand for accountability” on the October 2020 #EndSARS killings.

In 2021, I noticed that the Governor blocked me on his official X handle @jidesanwoolu owing to my constructive criticisms of his policies and demand for accountability in respect of the October 2020 #EndSARS Massacre.”

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READ ALSO:‘Court Of Corruption’ — Obasanjo Knocks INEC Chairman, Judiciary In New Book

Ogun said the action has prevented him from accessing vital government updates and information.

“Blocking me on X has prevented me from accessing public updates and receiving information about policies and governance in Lagos, which constitutes a violation of my right to receive information without interference,” he said.

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In his originating summons, he asked the court to declare the move unconstitutional, arbitrary, and discriminatory.

 

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Tragedy Deepens As Prime Suspect in Taraba Student’s Death Found Dead

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The investigation into the death of Comfort Jimtop, a 100-level Mass Communication student at Taraba State University, has taken a dramatic turn following the discovery of the lifeless body of Emmanuel Kefas, the prime suspect in the case.

Kefas’s body was discovered on Friday in the Tudiri community, Ardo-Kola Local Government Area, under unclear circumstances, intensifying public concern and adding a tragic dimension to a case that has already gripped the university community and residents across Taraba State.

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Confirming the development on Saturday, the spokesperson for the Taraba State Police Command, James Lashen, said the police received a report from the village head of Tudiri about the discovery.

READ ALSO:Army Kills Notorious Bandit, Babangida, In Kogi

A lifeless body was found in Tudiri, and a Tecno Android phone was recovered beside it,” Lashen stated.

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Upon charging the phone, investigators found a photograph showing the deceased with the late Comfort Jimtop, suggesting they were in a romantic relationship.”

Lashen added that the body has been taken to the Federal Medical Centre (FMC) in Jalingo for autopsy. At the same time, efforts are ongoing to officially identify the remains through the suspect’s family.

READ ALSO:Four Feared Killed As Gunmen Attack Burial Ceremony In Anambra

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Police have yet to determine whether Kefas’s death was the result of suicide, homicide, or an accident. Investigations into both deaths are continuing.

Comfort Jimtop’s mysterious death had earlier sparked outrage on campus and across the state, with students and rights groups demanding justice. Kefas was named a prime suspect in the case, which remains open.

This latest development has left many unanswered questions and deepened the grief surrounding the case.

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Students, residents, and civil society groups are closely monitoring the situation, calling on authorities to ensure a thorough investigation and bring clarity to the tragic chain of events.

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Ossiomo, Chinese Impasse: This Is Our Story — Management

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The management of Ossiomo Power Plant has cleared the air on the dispute between its Chinese partners and the circumstances surrounding the shutting down of the power plant early this month.

Representative of Ossiomo management, Engineer Festus Evbuomwan, during an interactive session with customers on the impasse between the two partners, said contrary to the rumour making the rounds, the management of Ossiomo Power Plant had paid over ₦2bn to its Chinese partner — Jiangsu Communication Clean Energy Technology (CCETC) — since the power plant started operation.

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Recall that representative of CCETC who identified himself as Mr. ‘W’ had, during a telephone phone interview two weeks ago, claimed that “instruction to shutdown was because we lost lots of money and did not get any return on investment,” adding that “all the $20m investment was done by us including the distribution lines.”

But Evbuomwan during the interactive session, said the management was not aware of the $20m investment the Chinese partner claimed, just as he disclosed that “when they generate power, we sell and pay them.”

READ ALSO:Edo Govt Denies Shares As Ownership Tussle Rocks Ossiomo Power

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He disclosed that after shutting down the power plant, the Chinese partners came up with a request of ₦185m to be paid to two Chinese not known to the management, stressing that this was declined.

According to him, the Chinese partner, having seen how lucrative the business is, “went to some quarters and raised some issues probably thinking they can manoeuvre us with the help of some big persons, so that they can use their machines to generate power and sideline us but this is not possible.”

The Chinese partners also claimed that they borrowed $20m from their native land to invest, we are not aware of such investment, and we do not know where the money was invested up till now.

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“They have been also saying they have not been receiving anything, but I want to tell you unequivocally that first, the partners run a joint account where their investment is going into. More so, The Chinese partners have received over ₦2bn so far for the power they generate with their machines. When they generate the power, we sell and pay them.”

READ ALSO: Five Years After, Edo Govt Reconnects To BEDC As Ossiomo Shut Down

Engr. Evbuomwan, while apologising to customers for the power outage caused by the dispute between the two partners, said Ossiomo had started power generation though not in full capacity, assuring that power generation would be fully restored soon.

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“We have purchased turbines, and one have started working. They are working on the second one, so, by the time our five turbines start working we will be in full capacity. Even with that, those connected to the government may not be reached immediately. This is because the government bought the poles and contracted the wiring, and we cannot force the government to do our bid. Also, we are making efforts to site 33kva transformer along Airport Road and Lagos Road as soon as possible, so that our customers there will get power.”

He said the Edo State government does not have a stake in the company, just as he appealed to the “government to let us supply power to customers in through their Lines. I want to emphasise that Ossiomo is not completely shut down.”

He further urged the “government to encourage the Nigerian citizens to invest and not to work against local investors.”

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