News

Likely Price For Dangote Petrol Revealed

Published

1 year ago

September 15, 2024

Editor

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.

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.

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.

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.

“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.

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.”

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.

“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.

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.

“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.”

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

News

BREAKING: Rev Uma Ukpai Is Dead

Published

1 hour ago

October 13, 2025

Editor

Rev. Uma Ukpai, an international evangelist who is the founder and president of Uma Ukpai Evangelistic Association, is dead.

Rev. Uma died at the age of 80.

News

ASUU Declares Two-week Strike, Orders Members To Down Tools On Monday

Published

14 hours ago

October 12, 2025

Editor

The Academic Staff Union of Universities (ASUU) has announced the commencement of a two-week ‘total strike’ and ordered its members to withdraw their services across the country, effective 12:01 a.m. on Monday.

ASUU President, Prof. Christopher Piwuna, disclosed this at a press conference in Abuja on Sunday.

The development comes after the two-week ultimatum issued to the Federal Government to address their long-standing demands expired.

Prof. Piwuna expressed dismay that nothing significant had happened since it issued the two-week ultimatum. “Government has been asking for time with nothing concrete on the ground to resolve it,” he said.

According to him, the decision to embark on the total strike was reached after several rounds of meetings with government representatives ended without any tangible commitment.

He noted that the union had exhausted all avenues for dialogue and patience, emphasising that the strike action was the last resort to compel the government to fulfil its promises.

He further explained that the union had consistently shown restraint in order not to disrupt the academic calendar, but the government’s insensitivity had left them with no alternative.

“Consequently, all branches of ASUU are hereby directed to withdraw their services with effect from midnight (12:01 a.m.) on Monday, 13 October 2025. The warning strike shall be total and comprehensive as agreed at the last NEC meeting,” he said.

He also called on well-meaning Nigerians, civil society organisations, and the media to prevail on the Federal Government to address the lingering issues once and for all. The union warned that unless concrete steps are taken within the two-week period, it will not hesitate to extend the strike indefinitely. “This struggle is not just for university lecturers; it is for the soul of public education in Nigeria,” Prof. Piwuna declared.

The seven-point demands include: re-negotiation of the 2009 ASUU-FGN agreement; sustainable funding of universities; revitalisation of universities; victimisation of ASUU members in Lagos State University (LASU), KSU (now Prince Abubakar Audu University), and Federal University of Technology, Owerri (FUTO).

Others are outstanding 25–35 per cent salary arrears; promotion arrears for over four years; as well as third-party deductions.

News

Nigerian Engineers applaud Gov. Mohammed’s $5bn Investment Deals

Published

15 hours ago

October 12, 2025

Editor

The Nigerian Society of Engineers (NSE), Bauchi state chapter has commended Gov. Bala Mohammed for organising the maiden international investment summit that recorded a 5 billion Dollars investment deal in the state.

It could be recalled that Prof. Murtala Sagagi, Chairman of the Summit Planning Committee, disclosed at the end of the summit that it recorded over 5 billion Dollars investment deals and 47 Memoranda of Understanding (MoUs) signed.

He said that the agreements signed covered agriculture, solid minerals, power, infrastructure, and ICT sectors, adding that one of the MoUs translated into a concrete investment deal worth 1 billion dollars, which would become operational before the end of 2025.

Speaking with newsmen on Sunday, Engr. Abdulkarim Hassan, Chairman, NSE, Bauchi state chapter, congratulated the state government for organizing and the successful completion of the economic and investment summit.

According to him, the summit has also showcased Nigerian engineers’ professional prowess to the world as the newly constructed International Conference Centre (ICC) where the summit was held was built by a Nigerian construction company.

He expressed confidence in the governor for engaging Nigerian engineers to do the job, saying “the feeling is mutual because if he didn’t have confidence in us, he would have engaged foreign engineers to do the work.

“We extend our profound
congratulations to the governor on the successful completion of the Bauchi
Investment Summit.

“This summit was not merely an event, it was a clear demonstration of his visionary leadership and unwavering commitment to transforming Bauchi State into a prime destination for investment.

“The quality of delegates, the insightful discussions, and the tangible commitments secured during the summit have set a new benchmark for economic engagement in the North-East and other
regions in Nigeria.

“As professional engineers, we were particularly encouraged by the strong emphasis placed on infrastructure, industrialisation, and technological development, which are key pillars that will
drive sustainable growth,” he said.

Hassan added that the success of the summit has laid a robust foundation for attracting the capital necessary to execute the ambitious infrastructural projects required for the state’s development.

He expressed the readiness of the NSE, Bauchi branch to partner with the state government by offering its professional expertise and technical support to ensure that the outcomes and MoUs from the summit translated into sustainable reality for the people of Bauchi State.